1. Reuters brightspot – New York 2004 Executive Director & President of Customer Segments Devin Wenig 21 September 2004 Transforming Reuters

2.  What progress have we made?  What remains to be done?  What should you expect from Reuters?

3. Progress to date: simplifying the business Rationalised organisational structure – Corporate Services costs halved since ‘01 Over 1300 products; no coherent framework Fragmented and inefficient organisational structure Broad, unfocused portfolio Inefficient cost structure Streamlined portfolio – 81 units closed/disposed since ’02. Disciplined focus on core No coherent product framework; over 1,300 products Simplified, segmented product line in four “families”. On target for 50 desktop products by ‘06 Aggressive transformation. £155m Fast Forward savings to date – committed to £440m by ‘06 2002 2004

4. Progress to date: great products and service Poor customer service Invested in training, CRM tools, and upgraded account management Content dependent on news Best in class investment research, fundamental data, major enhancements in fixed income and credit data Launched new products (Trader, Wealth Manager, ReutersStation and 3000Xtra). Obsoleted many others Weak and aged product line up 2002 2004

5. Progress to date: customer satisfaction Overall Customer Satisfaction H1 03 H2 03 H1 04 66.9 68.4 71.0  Customer satisfaction improving  Customers recognise unique value in enterprise-wide deals  Winning market share in the premium tier  Growing off trading-floor presence

6. Sales and Trading Reuters Xtra family Reuters Trader family  Dealing 3000  3000 Xtra  Reuters Station  Reuters Trader  Trader Domestics Research and Asset Management Reuters Knowledge family Reuters Wealth Manager family  Investment Management  Corporates  Investment Banking  Reuters Plus  Reuters Wealth Manager Enterprise  Datafeeds  RMDS  Datascope (EIP)  Kondor + (Risk) Progress to date: segmented product line in place

7. Progress to date: new products well received Trader family  Reuters Trader now available in many versions:  International, North America, UK, Germany, Euronext, Commodities  2000/3000 products expected to migrate by end ‘05 Knowledge family  RKIM gaining significant traction on the buy-side – ability to embed in 3000 Xtra and Reuters Station  ‘Best in class’ consensus estimates and fundamentals Wealth Manager family  Wealth Manager launched 13 September – 2,500+ positions sold  Reuters Plus - 20,000 users secured at Citigroup (USA)

8. Progress to date: recent business wins ENTERPRISE-WIDE DEALS  Two more deals signed  Opportunity to build desktop market share STEADILY BUILDING PRESENCE IN CHINA  Strong Editorial coverage about China and for China  Five Risk Management deals with Chinese banks GLOBAL ROLL OUT - ORDER ROUTING FOR EQUITIES  Connects 750 institutions to 200 brokers & execution venues  Transactions at the centre of our desktops

9. What remains to be done ?  Continue to reduce the number of platforms  Shut down outdated and bespoke distribution networks  Speed up delivery of new products and enhancements

10. What should you expect from Reuters?  Segmented product line delivering  Migration of legacy products  Market share gains  Continued shift in business model  Build out next generation transaction capabilities  Broaden participation in asset classes  Less reliance on subscription revenues  Grow new business opportunities

11. Conclusion  Continued focus on the core  More service driven  Transforming the way we build, deliver and operate  Better execution  Positions us for a return to growth  Led by the best product line up in our industry…see for yourself today!

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.