1. Merrill Lynch TMT Conference Fast Forward: mid point review Chief Executive8 June 2004 Tom Glocer Chief Executive 8 June 2004

2. June ‘04Jan ‘03Dec ‘05Jan ‘04Jan ‘05June ‘03June ‘05 Tibco sell-down Move to Canary Wharf £75m cost savings More competitive Less complex More service-driven More efficient Multex acquisition Begin to release new products First positive global monthly sales Fully segmented product line Fast Forward £220m cost savings Fast Forward: half way there

3. 2001 200220032004 9% 11% 10% 8.4% Quarterly underlying revenue increase / decline (%) Quarterly average net sales / cancellations (£) Guidance of 6- 6.5% Trend in Reuters net sales and recurring revenue

4. Market Data Systems: £157m More competitive  Enterprise “bridgehead” creates unique competitive advantage  Revitalising our offer Direct feeds from exchanges Focus on growth areas  Commercial advantage in deals with largest customers Reference & Pricing, Other: £133m Real Time Datafeeds: £184m Risk: £86m Enterprise segment 2003 Core revenues: £2664m Enterprise: £560m

5. More competitive  Disciplined global sales campaign  Strengthened product offer  Over 250 new Dealing accesses so far this year Sales & Trading: £1300m Sales & Trading segment – successful defence of Treasury franchise 2003 Core revenues: £2664m

6. More competitive  Strong sales of Reuters Knowledge product family Over 7000 positions installed  Independent research solutions Supplying 6 out of 10 Spitzer settlement firms  Reuters Wealth Manager Launch later this year 2003 Core revenues: £2664m Research & Asset Management: £290m Research & Asset Management segment

7. Less complex Instinet Market cap of Reuters 63% stake: £700m Tibco Total proceeds from disposal: £311m 8.8% stake remaining Other holdings Disposed,restructured or closed: 79 units Cash proceeds from disposal: £150m FactivaRadianz Portfolio

8. More service driven  Closing the gap with our major competitor Gap reduced by two thirds in Europe since H1 2003  Satisfaction levels higher for users of latest version of Xtra Reuters Overall Satisfaction 69.6 Change vs. H2 03 Q1 2004 +1.2

9. More efficient  Committed to achieve £440m Fast Forward cost savings  Structural change to our cost base  Margin * target of 17-20% in sight ‘03 ‘04 ‘05 ‘06 savings 885 520 £ 665 0 100 200 300 400 500 600 700 800 900 1000 75 220 440 Savings from previous initiatives Savings from Fast Forward * before amortisation of subsidiary goodwill and intangibles, impairments and restructuring

10. Fast Forward to growth?  Better positioned to take revenues positive Customers starting to see Reuters products and service at their best Improving market conditions  Positioning ourselves to beat assumed market growth of 2-4% Reuters brand Global scale Strong installed base

11. 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.