1. Cazenove 2004 Media Conference CFO, Reuters Group PLC David Grigson 21 September 2004 Transforming Reuters

2.  Focus on the core  Transform the “back office”  Simplify and improve the product line  Become more service-driven  Transform the way we build, deliver and operate

3.  A focused information company  81 units disposed or closed since 2002  Proceeds from H1 ’04 disposals: £426m  Major portfolio holdings:  Instinet, Radianz remain but intent is clear  Factiva remains a core holding Remaining major holdings Focus on the core

4. Transform the “back office” “Back office” operations completely overhauled:  Better information  Better tools  Stronger governance Corporate Services Headcount  Reduced by 500 since 2001 Corporate Services Costs  Cut by more than half since 2001

5. Sales and Trading Reuters Xtra family Reuters Trader family  Dealing 3000  3000 Xtra  Reuters Station  Reuters Trader  Reuters Trader domestics Research and Asset Management Reuters Knowledge family Reuters Wealth Manager family  Investment Management  Corporates  Investment Banking  Reuters Wealth Manager  Reuters Plus Enterprise  Datafeeds  RMDS  Datascope (EIP)  Kondor + (Risk) Simpler, better product line

6. Launched: Reuters Trader  Migration from legacy 2000/3000 products:  Majority of European accesses switched by end ’05  Positions us to regain market share and build new business  Mid-tier product for sales and trading desks  International, domestic versions Reuters Trader

7. Launched: Reuters Wealth Manager  Migration from Reuters Market Monitor (RMM) already underway  2500+ accesses sold (including 1800 at Credit Suisse)  Positions us to regain market share and build new business  Targeted at European private wealth managers, off-trading floor users  Superior funds coverage (Lipper) Reuters Wealth Manager

8. Overall Customer Satisfaction H1 03 H2 03 H1 04 66.9 68.4 71.0 More service-driven ( ) Strategic alignment with customers  Enterprise deals  Distribution platform for customers’ content and liquidity Customer satisfaction improving  Better products  Investment in training and support

9. Transforming the way we build, deliver and operate  Reduce the number of platforms  Shut down outdated and bespoke distribution networks  Speed up delivery of new products and enhancements  Become great at execution

10. How will we achieve this?  Value-based decision making  Migration to next generation technologies (platform and network)  Leverage product development expertise gained through acquisition

11. What will it mean for Reuters?  The ability to deliver simpler, faster, better service  A scaleable product delivery model  Positions us for a return to growth

13. This presentation may be deemed to include forward- looking statements relating to Reuters within the meaning of Section 27A of the US Securities Act of 1933 and Section 21E of the US Securities Exchange Act of 1934. Certain important factors that could cause actual results to differ materially from those disclosed in such forward-looking statements are described in Reuters Annual Report and Form 20-F 2003 under the heading ‘Risk Factors’. Copies of the Annual Report and Form 20-F 2003 are available on request from Reuters Group PLC, 85 Fleet Street, London EC4P 4AJ.