Rule 8 - Reed Executive plc

RNS Number:9754J
Altium Cap Ltd
11 April 2003


                                                                    FORM 8.1/8.3

Lodge with a RIS or Newstrack and the Takeover Panel. Use separate form for each
class of securities in which dealings have been made.


                                                Date of disclosure 10 April 2003

DISCLOSURE UNDER RULES 8.1(a), 8.1(b)(i) AND 8.3
OF THE CITY CODE ON TAKEOVERS AND MERGERS

Date of dealing 10 April 2003


Dealing in Reed Executive PLC (name of company)


(1)   Class of securities (eg ordinary shares) Ordinary shares of 2p each
      ("Reed Ordinary Shares")

(2)   Amount bought            Amount sold            Price per unit

      435,500                  None                   140 pence


(3)   Resultant total of the same class owned or controlled
      (and percentage of class) 435,500 (2.43%) (Note 1.)


(4)   Party making disclosure Altium Capital Limited


(5)   EITHER        
      (a)     Name of purchaser/vendor

              James Reed & Partners plc

      OR        
      (b)    If dealing for discretionary client(s), name of fund management organisation

       
................................................................................


(6)   Reason for disclosure

      (a)        associate of       (i)    offeror (Note 3) YES

                                    (ii)   offeree company NO


      Specify which category or categories of associate (1-8 overleaf)
      Category 2


      (b)   Rule 8.3 (ie disclosure because of ownership or control of 1% or
            more of the class of relevant securities dealt in) NO


Signed, for and on behalf of the party named in (4) above 

.............................................................


Also print name of signatory) Garry Levin


Telephone and extension number 020 7484 4040
                     ______________________________________


Note 1.

This market purchase of 435,500 Reed Ordinary Shares (representing approximately
2.43 per cent. of the Reed Ordinary Shares) takes the total number of Reed
Ordinary Shares in respect of which those persons acting in concert with James
Reed & Partners plc ("JRP")have given irrevocable undertakings to accept the
Offers or have been acquired by JRP during the offer period, in aggregate, to
7,123,750 Reed Ordinary Shares (representing approximately 39.82 per cent. of
the Reed Ordinary Shares) and 26,827,500 Reed 'B' Shares (representing
approximately 99.94 per cent. of the Reed 'B' Shares), which together represent
approximately 75.90 per cent. of the entire issued share capital of Reed
Executive.




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DCCUARBROORSAAR