1. Transforming Reuters for growth Morgan Stanley TMT Conference 18 November 2004 Devin Wenig Executive Director & President of Customer Segments

2. Fast Forward - well understood transformation story  Fast Forward delivering as promised  Fully segmented product line in place  Customer satisfaction improving  £230m of annualised savings expected by end 2004  Over 12 months to go, but confident on progress More competitive Less complex More service driven More efficient Company stabilised and off ‘critical list’ Rediscovered competitive position

3. Scaling growth opportunities Sales & TradingEnterprise Research & Asset Management Media TRANSACTIONSRISK / EIPPRODUCTSCONSUMER New Geographic Markets

4. Sales & Trading: the electronic opportunity  Traditional roles breaking down  Electronic trading set to become dominant  More instruments, across all asset classes  Lower costs, fewer traders  Increased volume of market data  Regulation driving transparency and best execution EuroMTS ArcaEx TradeWeb Instinet eSpeed MarketAxess BrokerTec ABN Amro to execute 50% trades electronically over next 18 months 88% of US buy sides have connectivity to at least one ECN Citigroup to automate 50% of its trades within 5 years

5. Bringing coherence to a fragmented marketplace Liquidity Provider Liquidity Provider Liquidity Provider Liquidity Provider Liquidity Provider Liquidity Provider Trading Customer Liquidity Aggregator Liquidity Aggregator Liquidity Aggregator Liquidity Aggregator

6. Bringing coherence to a fragmented marketplace Liquidity Provider Liquidity Provider Liquidity Provider Liquidity Provider Liquidity Provider Liquidity Provider Trading Customer Liquidity Aggregation Platform (Reuters) Liquidity Aggregation Platform (Reuters)

7. Putting together the jigsaw pieces  Extensive range of instruments and pricing  Liquidity from eight leading dealers  12,000 fixed income securities across 21 currencies  Algorithmic trading on desktop  Seven price makers signed up  Order routing for equities  Links to almost 200 brokers worldwide  Responding to changing markets  Linking CME and Reuters FX liquidity pools  System brought to market in six months Fixed Income EquitiesTreasury

8.  Protect & grow existing businesses  Build value in the desktop  Monetise by  Growing user positions  Growing usage based revenues  Q3 2004 Dealing Matching revenues up 6% yoy Generating growth from usage Core Reuters revenue by type H1 2004 Usage5% Recurring & Outright 95%

9. Research & Asset Management: winning through products  Market leading products  Unique content and analytics  Support to customers’ workflow  In 2005 we expect  Strong revenue growth  Increasing market share Reuters Knowledge Reuters Wealth Manager

10. Enterprise: targeting growth opportunities  Risk revenue up 20% in Q3 2004*  Enterprise Information Product revenue up 81% in Q3 2004*  Front, mid and back office automation – further growth expected *underlying revenue growth (yoy) Financial Markets Value Chain

11. Summary: well positioned in a dynamic marketplace  Fast Forward delivering as promised  Targeting Reuters to exceed the rate of market growth post Fast Forward  Electronic trading capability positions Reuters well in a dynamic marketplace

12. 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.