Issuing companies and guarantors

Diagram explaining debt issued

(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.

(3) The simplification of our corporate structure as announced on 26 February 2015 has no impact on the ultimate ownership of the group, any of our financing arrangements or the guarantees over them.