(1) The debt originally issued by Harcourt General, Inc. is not guaranteed by Reed Elsevier PLC and Reed Elsevier NV.

(2) Includes debt issued in the name of Harcourt General, Inc. that was merged into Reed Elsevier Inc. on 30 November 2002. As such, all Harcourt General, Inc. debt is an obligation of Reed Elsevier Inc. and this debt was not part of the sale of the Harcourt Education businesses.