On 13 October 1997 Elsevier N.V. and Wolters Kluwer N.V. (WKL) announced their intention to merge. When the merger becomes effective, the option class Elsevier (ELS) will be converted into a new option class Elsevier Wolters Kluwer. According to the press release, shareholders in Wolters Kluwer will receive 7.85 shares in Elsevier Wolters Kluwer N.V. for each share they hold on Wolters Kluwer. On the assumption that the exchange ratio is still the same at the time the merger becomes effective, one Wolters Kluwer option will be converted into seven options in the new option class Elsevier Wolters Kluwer, with a unit of trading of 100, and one option in another new option class Elsevier Wolters Kluwer, with a unit trading of 85. Options from the Elsevier class will be transferred one on one into the new option class, with a trading unit of 100. The exercise prices of the new series will be calculated by dividing the exercise prices of the old Wolters Kluwer series by the exchange ratio 7.85, applying the usual rounding rules. We will inform you further as soon as any official announcements on the merger become available.

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For further information contact Raymond Salet, Amsterdam Exchanges AEX Amsterdam: 00 31 20 550 4433 or Paddy Manning, St James Corporate Communications London: 44 171 436 4101.