Agenda 2001 Performance Review - Revenue - Operating margin - Bridge progress - JVs, associates and investments 2001 Performance Review - Revenue - Operating margin - Bridge progress - JVs, associates and investments Key issues for ReutersKey issues for Reuters Outlook and summaryOutlook and summary

Reuters Performance Review Recurring Revenue Significant high tier progress Xtra - 6,000 units ahead of sales target - Dealing installs 7% ahead of targetSignificant high tier progress Xtra - 6,000 units ahead of sales target - Dealing installs 7% ahead of target 2001 (underlying) Q1Q2Q3Q4FY 6%5%2%0%3%

Reuters Performance Review Outright/Solutions Revenue 21% growth in Consulting revenue stream21% growth in Consulting revenue stream Reuters now deeply integrated in customers’ business infrastructureReuters now deeply integrated in customers’ business infrastructure Q1Q2Q3Q4FY 47%4%25%-9%7% 2001 (underlying)

Reuters Performance Review Operating Margin Operating margin of 7% reflects - Bridge integration costs - Business Transformation - Once-off severance chargesOperating margin of 7% reflects - Bridge integration costs - Business Transformation - Once-off severance charges Headcount reductions – 1400 of 1800 completed; all identifiedHeadcount reductions – 1400 of 1800 completed; all identified Efficiency gainsEfficiency gains Investing in next generation products - Reuters Dealing Link - Instant MessagingInvesting in next generation products - Reuters Dealing Link - Instant Messaging

Reuters Performance Review Bridge Progress Rapid integrationRapid integration Monthly loss reduced to $2m from $6m at time of announcementMonthly loss reduced to $2m from $6m at time of announcement Reuters US back office functions to be consolidated at St Louis campusReuters US back office functions to be consolidated at St Louis campus Neutral in 2003, earnings accretive in 2004Neutral in 2003, earnings accretive in 2004

Reuters Performance Review JVs, associates and investments Dispassionate look at the portfolioDispassionate look at the portfolio Reorganisation of Greenhouse to reflect strategic role in GroupReorganisation of Greenhouse to reflect strategic role in Group Greater focus on investments with strong strategic significance - Instinet - Tibco - Radianz - FactivaGreater focus on investments with strong strategic significance - Instinet - Tibco - Radianz - Factiva

Key Issues for Reuters Delivering future revenue growthDelivering future revenue growth Strengthening our competitive positionStrengthening our competitive position Maximising the value of Instinet to the Reuters GroupMaximising the value of Instinet to the Reuters Group Improving our operating marginImproving our operating margin Capturing value through investment and resource allocationCapturing value through investment and resource allocation

IBB Reuters Knowledge STP Future Revenue Growth Dealing 3000 Datafeed Accesses 3000 Xtra Domestic Services C&M Numerous vertical market segments Treasury Lower Entry Points Solutions Suite Focus & Innovation Solutions Selling Global Scale AM Smart Trading Advisor Workstation

Strengthening our Competitive Position Reuters remains leader as market consolidatesReuters remains leader as market consolidates Concentrating our efforts where they will count most - Global scale for operating advantage - Great, differentiating customer service - Superior open technology to drive solutions salesConcentrating our efforts where they will count most - Global scale for operating advantage - Great, differentiating customer service - Superior open technology to drive solutions sales Fewer, better, scaleable productsFewer, better, scaleable products

Instinet Volatile market conditionsVolatile market conditions More than a sell side ECNMore than a sell side ECN Profitable business with strong buy side penetrationProfitable business with strong buy side penetration New products to be released in 2002New products to be released in 2002 Well positioned to participate in evolving marketWell positioned to participate in evolving market

Outlook Recurring revenueRecurring revenue - Overall growth in 2002 driven by Bridge - 2-3% underlying decline in H1 - H2 rate of decline slightly higher than H1 Outright revenueOutright revenue - Further solutions sales growth in 2002

Summary Put the customer at the heart of what we do Make global scale count Focus and innovate Unrelenting performance culture Sustainable, double-digit earnings growth