DATED 17 July 2013 REED ELSEVIER PLC REED ELSEVIER N.V. GOVERNING AGREEMENTGoverning Agreement • March 11th, 2014 • Reed Elsevier Nv • Miscellaneous publishing
provided that if, pursuant to the above formula, either DR or DE would be less than zero, the amount required to be paid to the relevant shareholder shall be nil and the amount required to be paid to the other shareholder shall equal the Residual Amount.
