----

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|   |                                           |                                                                                                                                                                                                | Page   |
|--------|------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|   |                                           |                                                                                                                                                                                                |   |
| 1.     | EXCLUSION      OF OTHER REGULATIONS            | 2                                                                                                                                                                                                   |
| 2.     | DEFINITIONS      AND INTERPRETATION            | 2                                                                                                                                                                                                   |
|   | 2.1                                            | Headings                                                                                                                                                                                            | 2      |
|   | 2.2                                            | References      to Articles                                                                                                                                                                         | 2      |
|   | 2.3                                            | References      to shareholders                                                                                                                                                                     | 3      |
|   | 2.4                                            | Definitions                                                                                                                                                                                         | 3      |
| 3.     | SHARE      CAPITAL                             | 36                                                                                                                                                                                                  |
| 4.     | VARIATION      OF RIGHTS                       | 37                                                                                                                                                                                                  |
|   | 4.1                                            | Consents      required for variation                                                                                                                                                                | 37     |
|   | 4.2                                            | When      shares not a separate class                                                                                                                                                               | 38     |
|   | 4.3                                            | Rights      not varied by issue of further shares or permission to hold or transfer      Uncertificated Shares; exception for Reuters FoundersShare                                                 | 39     |
| 5.     | ALTERATION      OF SHARE CAPITAL               | 40                                                                                                                                                                                                  |
|   | 5.1                                            | Company      may increase capital; consent of the holder of the Reuters Founders Share      required for creation of shares with voting rights not identical to those      of Ordinary Shares       | 40     |
|   | 5.2                                            | Company      may consolidate, cancel and subdivide shares (other than the Reuters      Founders Share)                                                                                              | 40     |
|   | 5.3                                            | Fractional      entitlements to shares                                                                                                                                                              | 41     |
|   | 5.4                                            | Company      may purchase its own shares (other than the Reuters Founders      Share)                                                                                                               | 43     |
|   | 5.5                                            | Company      may reduce its capital – exception regarding the Reuters Founders      Share                                                                                                     | 43     |
| 6.     | SHARES                                         | 44                                                                                                                                                                                                  |
|   | 6.1                                            | Company      may issue shares with whatever rights or restrictions, but consent of the      holder of the Reuters Founders Share required for issue of shares not      identical to Ordinary Shares | 44     |
|   | 6.2                                            | Directors      may issue shares, but consent of the holder of the Reuters Founders Share      required for issue of shares not identical to Ordinary    Shares                                      | 45     |
|   | 6.3                                            | Section      80 authority for allotments of relevant securities                                                                                                                                     | 45     |
|   | 6.4                                            | Disapplication      of section 89(1) (pre-emption) for allotments under section 80      authority                                                                                                   | 45     |
|   | 6.5                                            | Company      may pay commissions and brokerages                                                                                                                                                     | 48     |
|   | 6.6                                            | Company      may recognise renunciations of allotments                                                                                                                                              | 48     |
|   | 6.7                                            | Company      not bound to recognise trusts of shares                                                                                                                                                | 49     |
| 7.     | RIGHTS      IN RELATION TO AN ACQUIRING PERSON | 49                                                                                                                                                                                                  |
|   | 7.1                                            | Service      of notice on Acquiring Person                                                                                                                                                          | 49     |
|   | 7.2                                            | Voting      rights of the holder of the Reuters Founders Share                                                                                                                                      | 50     |
|   | 7.3                                            | Directors’      resolution as to a person being Acquiring Personconclusive                                                                                                                    | 55     |
|   | 7.4                                            | Directors’      resolution as to shares being shares of an Acquiring Person      conclusive                                                                                                   | 56     |
|   | 7.5                                            | Notices      under Article 7 to be in writing                                                                                                                                                       | 56     |
|   | 7.6                                            | No      obligation to serve notice if address unknown                                                                                                                                               | 57     |
|   | 7.7                                            | Articles      on notices to apply                                                                                                                                                                   | 57     |
|   | 7.8                                            | Service      of notices on non-shareholders                                                                                                                                                         | 57     |
|   | 7.9                                            | Directors’      decisions conclusive                                                                                                                                                          | 58     |
|   | 7.10                                           | Company      register of share Interests                                                                                                                                                            | 58     |
|   | 7.11                                           | Directors      to inform other Directors regarding Acquiring Persons                                                                                                                                | 59     |
|   | 7.12                                           | ADR      Custodians and ADS holders                                                                                                                                                                 | 59     |
|   | 7.13                                           | Interests      in shares – exclusions                                                                                                                                                         | 59     |
|   | 7.14                                           | Suspension      of voting rights                                                                                                                                                                    | 60     |
|   | 7.15                                           | Calculation      of votes                                                                                                                                                                           | 61     |
| 8.     | UNCERTIFICATED      SHARES                     | 61                                                                                                                                                                                                  |
|   | 8.1                                            | Directors      may permit shares to be a Participating Security                                                                                                                                     | 61     |
|   | 8.2                                            | Shares      may be changed from uncertificated to certificated form and vice      versa                                                                                                             | 61     |
|   | 8.3                                            | Uncertificated      Shares are not a separate class                                                                                                                                                 | 62     |
|   | 8.4                                            | Disapplication      of inconsistent Articles                                                                                                                                                        | 62     |

----

| 9.     | POWER      OF SALE OF UNCERTIFICATED SHARES | 62                                                                                                                                                                       |
|--------|---------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | 9.1                                         | Powers      of Company in respect of procuring sales of Uncertificated      Shares                                                                                       | 62 |
| 10.    | ORDINARY      SHARES                        | 64                                                                                                                                                                       |
|   | 10.1                                        | Notice      of meetings and voting rights                                                                                                                                | 64 |
|   | 10.2                                        | Dividends                                                                                                                                                                | 65 |
|   | 10.3                                        | Liquidation,      dissolution and winding up                                                                                                                             | 65 |
| 11.    | SPECIAL      VOTING SHARE                   | 65                                                                                                                                                                       |
|   | 11.1                                        | Notice      of meetings and voting rights                                                                                                                                | 66 |
|   | 11.2                                        | Adjustments                                                                                                                                                              | 68 |
|   | 11.3                                        | Dividends                                                                                                                                                                | 70 |
|   | 11.4                                        | Liquidation,      dissolution and winding up                                                                                                                             | 71 |
|   | 11.5                                        | Redemption                                                                                                                                                               | 71 |
|   | 11.6                                        | No      transfer of Special Voting Share                                                                                                                                 | 73 |
|   | 11.7                                        | Amendment      of rights and obligations                                                                                                                                 | 73 |
| 12.    | THE      REUTERS FOUNDERS SHARE             | 74                                                                                                                                                                       |
|   | 12.1                                        | Reuters      Founders Share may defeat resolution to vary or abrogate its      rights                                                                                    | 74 |
|   | 12.2                                        | Deemed      variations or abrogations of Reuters Founders Share rights                                                                                                   | 74 |
|   | 12.3                                        | Action      without consent of the holder of the Reuters Founders Share a deemed      variation or abrogation                                                            | 75 |
|   | 12.4                                        | Definition      and interpretation as regards "Control" of Company                                                                                                       | 76 |
|   | 12.5                                        | Directors      to inform other Directors (and Directors to inform the holder of the      Reuters Founders Share) of attempts to gain Control                             | 77 |
|   | 12.6                                        | Reuters      Founders Share Control Notices                                                                                                                              | 77 |
|   | 12.7                                        | Rescission      of Reuters Founders Share Control Notice                                                                                                                 | 78 |
|   | 12.8                                        | Voting      rights of Reuters Founders Share whilst Reuters Founders Share Control      Notice in force                                                                  | 79 |
|   | 12.9                                        | Opinions      of the holder of the Reuters Founders Share conclusive                                                                                                     | 87 |
|   | 12.10                                       | Holder      of the Reuters Founders Share may requisition general meetings other than      annual general meetings                                                       | 88 |
|   | 12.11                                       | Directors      to convene requisitioned meeting and circulate any statement of the holder      of the Reuters Founders Share                                             | 88 |
|   | 12.12                                       | Holder      of the Reuters Founders Share may convene meeting if Directors in      default                                                                               | 89 |
|   | 12.13                                       | Holder      of the Reuters Founders Share may convene general meetings other than      annual general meetings while Reuters Founders Share Control Notice in      force | 90 |
|   | 12.14                                       | Holder      of the Reuters Founders Share may receive notice of and attend and speak      at general meetings                                                            | 91 |
|   | 12.15                                       | Consultation      between Directors and Reuters Trustees                                                                                                                 | 92 |
|   | 12.16                                       | Reuters      Trustees entitled to make representations to the Directors                                                                                                  | 92 |
|   | 12.17                                       | Dividends                                                                                                                                                                | 93 |
|   | 12.18                                       | Liquidation,      dissolution and winding up                                                                                                                             | 93 |
|   | 12.19                                       | No      transfer of Reuters Founders Share                                                                                                                               | 93 |
|   | 12.20                                       | Consent      of the holder of the Reuters Founders Share                                                                                                                 | 93 |
|   | 12.21                                       | Notices      and other communications                                                                                                                                    | 94 |
| 13.    | SHARE      CERTIFICATES                     | 94                                                                                                                                                                       |
|   | 13.1                                        | Contents      of share certificates                                                                                                                                      | 94 |
|   | 13.2                                        | Certificates      for Joint holders                                                                                                                                      | 95 |
|   | 13.3                                        | Entitlement      of shareholders holding Certificated Shares to share      certificates                                                                                  | 95 |
|   | 13.4                                        | Entitlement      to balancing certificates                                                                                                                               | 95 |
|   | 13.5                                        | Entitlement      to consolidating certificates                                                                                                                           | 96 |
|   | 13.6                                        | Directors      may issue split certificates                                                                                                                              | 96 |
|   | 13.7                                        | Replacement      of damaged, lost or stolen certificates                                                                                                                 | 96 |
|   | 13.8                                        | Requests      for replacement certificates for joint holders                                                                                                             | 97 |
|   | 13.9                                        | Entitlement      to certificate for shares changed to Certificated Shares                                                                                                | 97 |
|   | 13.10                                       | No      entitlement to certificate in respect of Uncertificated    Shares                                                                                                | 97 |
| 14.    | CALLS      ON SHARES                        | 98                                                                                                                                                                       |
|   | 14.1                                        | Directors      may make calls for amounts unpaid on shares                                                                                                               | 98 |
|   | 14.2                                        | Obligation      to pay calls                                                                                                                                             | 98 |
|   | 14.3                                        | Interest      on unpaid calls                                                                                                                                            | 98 |

----

|   | 14.4                                 | Calls      deemed to be made when so provided by terms of issue of    shares                                                                                                                    | 99  |
|--------|--------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----|
|   | 14.5                                 | Directors'      discretion as to amounts and times of calls on issue of    shares                                                                                                               | 99  |
|   | 14.6                                 | Directors      may accept and pay interest on moneys in advance of calls                                                                                                                        | 99  |
| 15.    | FORFEITURE      AND LIEN             | 100                                                                                                                                                                                             |
|   | 15.1                                 | Directors      may serve payment notice in respect of unpaid calls                                                                                                                              | 100 |
|   | 15.2                                 | Notice      to provide for forfeiture of shares                                                                                                                                                 | 100 |
|   | 15.3                                 | Forfeiture      of shares                                                                                                                                                                       | 101 |
|   | 15.4                                 | Forfeited      or surrendered share the property of the Company                                                                                                                                 | 101 |
|   | 15.5                                 | Ex-shareholder      to remain liable for moneys unpaid on forfeited shares                                                                                                                      | 102 |
|   | 15.6                                 | Company      to have lien on shares not fully paid                                                                                                                                              | 102 |
|   | 15.7                                 | Company's      power of sale under lien                                                                                                                                                         | 102 |
|   | 15.8                                 | Application      of sale proceeds                                                                                                                                                               | 103 |
|   | 15.9                                 | Title      to shares sold under lien or after forfeiture                                                                                                                                        | 103 |
| 16.    | TRANSFER      OF SHARES              | 104                                                                                                                                                                                             |
|   | 16.1                                 | Requirements      as to form of transfers of Certificated Shares                                                                                                                                | 104 |
|   | 16.2                                 | Requirements      as to transfers of Uncertificated Shares                                                                                                                                      | 104 |
|   | 16.3                                 | Transferor      to remain holder until transfer actually registered                                                                                                                             | 105 |
|   | 16.4                                 | Directors      may suspend registration of transfers                                                                                                                                            | 105 |
|   | 16.5                                 | Directors      may refuse to register certain renunciations and transfers of Certificated      Shares                                                                                           | 105 |
|   | 16.6                                 | Directors      may refuse to register transfers of Certificated Shares of more than one      class of share, unstamped transfers or transfers unaccompanied by proof of      transferor's title | 106 |
|   | 16.7                                 | Registration      of transfers of Uncertificated Shares                                                                                                                                         | 106 |
|   | 16.8                                 | Directors      to notify refusals to register transfers of Uncertificated      Shares                                                                                                           | 107 |
|   | 16.9                                 | Company      may retain registered transfers                                                                                                                                                    | 107 |
|   | 16.10                                | No      fee for registration of transfers or related documents                                                                                                                                  | 107 |
|   | 16.11                                | Company      may destroy documents after certain periods                                                                                                                                        | 107 |
| 17.    | TRANSMISSION      OF SHARES          | 109                                                                                                                                                                                             |
|   | 17.1                                 | Personal      representatives of deceased holders entitled to shares but liabilities of      estate continue                                                                                    | 109 |
|   | 17.2                                 | Registration      of persons entitled to shares by operation of law                                                                                                                             | 109 |
|   | 17.3                                 | Registration      of other persons                                                                                                                                                              | 109 |
|   | 17.4                                 | Limitations      apply to such transfers                                                                                                                                                        | 110 |
|   | 17.5                                 | Entitlement      to share rights pending registration of persons entitled to shares by      operation of law                                                                                    | 110 |
| 18.    | UNTRACED      SHAREHOLDERS           | 111                                                                                                                                                                                             |
|   | 18.1                                 | Company      may sell shares of untraced holders after certain periods                                                                                                                          | 111 |
|   | 18.2                                 | Power      of sale to extend to additional shares                                                                                                                                               | 112 |
|   | 18.3                                 | Procedures      for exercise of power of sale                                                                                                                                                   | 113 |
| 19.    | TAKEOVER      BIDS                   | 114                                                                                                                                                                                             |
|   | 19.1                                 | Equivalent      Treatment Principle                                                                                                                                                             | 114 |
|   | 19.2                                 | Qualifying      Takeover Bids                                                                                                                                                                   | 116 |
| 20.    | GENERAL      MEETINGS                | 120                                                                                                                                                                                             |
|   | 20.1                                 | Annual      general meetings to be held                                                                                                                                                         | 120 |
|   | 20.2                                 | Directors      to convene general meetings other than annual general    meetings                                                                                                                | 120 |
| 21.    | NOTICE      OF GENERAL MEETINGS      | 121                                                                                                                                                                                             |
|   | 21.1                                 | Periods      of notice for general meetings                                                                                                                                                     | 121 |
|   | 21.2                                 | Determination      of record date for serving notices of meetings                                                                                                                               | 122 |
|   | 21.3                                 | Accidental      non-delivery of notice to or non-receipt of notice by any person (except      to the holder of the Reuters Founders Share) not to invalidate proceedings      at meeting        | 122 |
|   | 21.4                                 | Contents      of notices of general meetings                                                                                                                                                    | 123 |
|   | 21.5                                 | Notice      of annual general meeting                                                                                                                                                           | 123 |
|   | 21.6                                 | Notices      to identify general nature of business                                                                                                                                             | 123 |
|   | 21.7                                 | Determination      of record date for entitlement to attend and vote at general      meetings                                                                                                   | 123 |
| 22.    | PROCEEDINGS      AT GENERAL MEETINGS | 124                                                                                                                                                                                             |
|   | 22.1                                 | Directors      may attend and speak at general meetings                                                                                                                                         | 124 |

----

|   | 22.2                                       | Directors      may make provision for persons (other than the holder of the Reuters      Founders Share) to attend general meetings at satellite    venues                                                | 124 |
|--------|--------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----|
|   | 22.3                                       | Discretion      of Chairman to interrupt or adjourn general meetings                                                                                                                                      | 125 |
|   | 22.4                                       | Directors      may arrange for persons to hear, see and speak at general meetings by      audio-visual means                                                                                              | 125 |
|   | 22.5                                       | Validity      of meetings if accommodation inadequate                                                                                                                                                     | 126 |
|   | 22.6                                       | Rights      of shareholders to take part in general meetings                                                                                                                                              | 127 |
|   | 22.7                                       | Chairman's      power to adjourn in certain circumstances                                                                                                                                                 | 127 |
|   | 22.8                                       | Notice      of adjournment not required                                                                                                                                                                   | 128 |
|   | 22.9                                       | Amendments      to resolutions                                                                                                                                                                            | 128 |
|   | 22.10                                      | Arrangements      for security of general meetings                                                                                                                                                        | 129 |
| 23.    | VOTES      OF SHAREHOLDERS                 | 129                                                                                                                                                                                                       |
|   | 23.1                                       | Votes      on show of hands and on polls                                                                                                                                                                  | 129 |
|   | 23.2                                       | Votes      of joint holders                                                                                                                                                                               | 130 |
|   | 23.3                                       | Votes      by receivers and others on behalf of shareholders suffering from mental      disorder                                                                                                          | 130 |
|   | 23.4                                       | No      shareholders to vote if sums unpaid on shares                                                                                                                                                     | 130 |
|   | 23.5                                       | Direction      Notices to shareholders and others not entitled to vote because in default      under section 793                                                                                          | 131 |
|   | 23.6                                       | Cesser      of effect of Direction Notices                                                                                                                                                                | 133 |
|   | 23.7                                       | Direction      Notices and depositaries                                                                                                                                                                   | 134 |
|   | 23.8                                       | Obligations      of depositary under Direction Notice                                                                                                                                                     | 134 |
|   | 23.9                                       | Interpretation      of paragraphs 23.4 to 23.8                                                                                                                                                            | 135 |
|   | 23.10                                      | Saving      for Directors' powers under section 794(1)                                                                                                                                                    | 136 |
|   | 23.11                                      | Holder      of the Reuters Founders Share may require Directors to serve notice under      section 793 of the CA 2006 or a Direction Notice or to apply to Court      under section 794(1) of the CA 2006 | 137 |
|   | 23.12                                      | Objections      to admissibility of votes to be raised only at the relevant meeting –      saving for votes of Reuters Founders Share                                                               | 138 |
|   | 23.13                                      | Votes      on a poll may be given personally or by proxy                                                                                                                                                  | 138 |
|   | 23.14                                      | Proxy      need not be a shareholder                                                                                                                                                                      | 138 |
|   | 23.15                                      | Requirements      as to form of appointment of proxy                                                                                                                                                      | 139 |
|   | 23.16                                      | Proxy      may exercise a shareholder's rights to attend, speak and    vote                                                                                                                               | 140 |
|   | 23.17                                      | Validity      of votes by proxies                                                                                                                                                                         | 140 |
| 24.    | CORPORATION      ACTING BY REPRESENTATIVES | 142                                                                                                                                                                                                       |
|   | 24.1                                       | Requirements      for appointment of representative by corporation                                                                                                                                        | 142 |
|   | 24.2                                       | Representatives      of Reuters Founders Share Company                                                                                                                                                    | 143 |
| 25.    | MEETINGS      OF SHAREHOLDERS              | 143                                                                                                                                                                                                       |
|   | 25.1                                       | Notice      with respect to Joint Electorate Action or Class Rights    Action                                                                                                                             | 143 |
|   | 25.2                                       | Manner      of voting                                                                                                                                                                                     | 143 |
|   | 25.3                                       | Withdrawal      of demand for poll                                                                                                                                                                        | 144 |
|   | 25.4                                       | Procedure      for polls                                                                                                                                                                                  | 145 |
|   | 25.5                                       | Voting      by proxy                                                                                                                                                                                      | 145 |
|   | 25.6                                       | Objections      to validity of votes                                                                                                                                                                      | 146 |
|   | 25.7                                       | Quorum                                                                                                                                                                                                    | 146 |
|   | 25.8                                       | Meetings      where no quorum present                                                                                                                                                                     | 147 |
|   | 25.9                                       | Scrutineers                                                                                                                                                                                               | 148 |
|   | 25.10                                      | Adjournment      of meetings                                                                                                                                                                              | 148 |
|   | 25.11                                      | Actions      for shareholder approval                                                                                                                                                                     | 149 |
|   | 25.12                                      | Procedure      for approval of Joint Electorate Actions and Class Rights      Actions                                                                                                                     | 149 |
|   | 25.13                                      | Co-ordination      with TR Corporation                                                                                                                                                                    | 150 |
|   | 25.14                                      | Discretionary      matters                                                                                                                                                                                | 151 |
| 26.    | FINANCIAL      YEAR                        | 151                                                                                                                                                                                                       |
| 27.    | MANAGEMENT      OF THE COMPANY             | 151                                                                                                                                                                                                       |
|   | 27.1                                       | Constitution      of the Board of Directors                                                                                                                                                               | 151 |
|   | 27.2                                       | Management      generally                                                                                                                                                                                 | 152 |
|   | 27.3                                       | No      share qualification – Directors may attend and speak at general      meetings                                                                                                               | 153 |
|   | 27.4                                       | Powers      to give pensions to Directors                                                                                                                                                                 | 153 |

----

|   | 27.5                                                                     | Appointment      to any executive office not to cease with Directorship unless contract so      provides   | 153 |
|--------|--------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------|-----|
| 28.    | APPOINTMENT,      RETIREMENT AND REMOVAL OF DIRECTORS                    | 154                                                                                                        |
|   | 28.1                                                                     | Vacation      of office as Director                                                                        | 154 |
|   | 28.2                                                                     | Appointment      of Directors by Company                                                                   | 155 |
|   | 28.3                                                                     | Resolutions      to appoint two or more Directors to be subject to consent of general      meeting         | 156 |
|   | 28.4                                                                     | Company      and Directors may fill casual vacancies and appoint additional      Directors                 | 156 |
| 29.    | MANAGEMENT      IN RELATION TO THE EQUALIZATION AND GOVERNANCE AGREEMENT | 157                                                                                                        |
| 30.    | OBSERVANCE      OF REUTERS TRUST PRINCIPLES                              | 158                                                                                                        |
| 31.    | MEETINGS      OF THE BOARD OF DIRECTORS                                  | 159                                                                                                        |
|   | 31.1                                                                     | Quorum                                                                                                     | 159 |
|   | 31.2                                                                     | Calling      of meetings                                                                                   | 160 |
|   | 31.3                                                                     | Notice      of meetings                                                                                    | 160 |
|   | 31.4                                                                     | Chairman                                                                                                   | 160 |
|   | 31.5                                                                     | Voting      at meetings                                                                                    | 161 |
|   | 31.6                                                                     | Resolutions      of Directors in writing                                                                   | 161 |
|   | 31.7                                                                     | Form      of written resolutions                                                                           | 161 |
|   | 31.8                                                                     | Resolutions      in writing by committees                                                                  | 162 |
|   | 31.9                                                                     | Communications      through electronic means                                                               | 162 |
|   | 31.10                                                                    | Remuneration      and expenses                                                                             | 162 |
|   | 31.11                                                                    | Directors      may delegate to committees                                                                  | 162 |
|   | 31.12                                                                    | Meetings      and proceedings of committees                                                                | 163 |
|   | 31.13                                                                    | Validity      of acts of Directors or committees                                                           | 163 |
|   | 31.14                                                                    | Participation      in meetings by audio-visual means                                                       | 164 |
| 32.    | DIRECTORS'      INTERESTS                                                | 165                                                                                                        |
|   | 32.1                                                                     | Directors'      interests other than in relation to transactions or arrangements with the      Company     | 165 |
|   | 32.2                                                                     | Declaration      of interests other than in relation to transactions or arrangements with      the Company | 167 |
|   | 32.3                                                                     | Declaration      of interests in a proposed transaction or arrangement with the      Company               | 168 |
|   | 32.4                                                                     | Declaration      of interest in an existing transaction or arrangement with the      Company               | 168 |
|   | 32.5                                                                     | Provisions      applicable to declarations of interest                                                     | 168 |
|   | 32.6                                                                     | Directors'      interests and voting                                                                       | 170 |
| 33.    | OFFICERS                                                                 | 175                                                                                                        |
|   | 33.1                                                                     | General                                                                                                    | 175 |
|   | 33.2                                                                     | Chairman                                                                                                   | 175 |
|   | 33.3                                                                     | Deputy      Chairman                                                                                       | 176 |
|   | 33.4                                                                     | President                                                                                                  | 176 |
|   | 33.5                                                                     | Vice      President                                                                                        | 176 |
|   | 33.6                                                                     | Directors      may appoint attorneys                                                                       | 176 |
|   | 33.7                                                                     | Secretary      to the Board of Directors                                                                   | 177 |
|   | 33.8                                                                     | Variation      of duties                                                                                   | 177 |
|   | 33.9                                                                     | Term      of office                                                                                        | 177 |
| 34.    | BORROWING      POWERS                                                    | 178                                                                                                        |
| 35.    | REGISTERS                                                                | 178                                                                                                        |
|   | 35.1                                                                     | Entries      on Registers of numbers of Uncertificated Shares and Certificated      Shares                 | 178 |
|   | 35.2                                                                     | Directors      may keep branch Registers                                                                   | 178 |
| 36.    | CORPORATE      SEAL                                                      | 179                                                                                                        |
| 37.    | EXECUTION      OF INSTRUMENTS                                            | 179                                                                                                        |
| 38.    | AUTHENTICATION      OF DOCUMENTS                                         | 179                                                                                                        |
| 39.    | AMENDMENTS      TO ARTICLES                                              | 180                                                                                                        |
|   | 39.1                                                                     | Joint      Electorate Action amendments                                                                    | 180 |
|   | 39.2                                                                     | Class      Rights Action amendments                                                                        | 180 |
|   | 39.3                                                                     | Amendments      upon termination of Equalization and Governance Agreement                                  | 181 |
|   | 39.4                                                                     | Amendments      upon a change to Part 22 of the CA 2006                                                    | 182 |

----

| 40.    | RESERVES                                    | 183                                                                                                                       |
|--------|---------------------------------------------|---------------------------------------------------------------------------------------------------------------------------|
| 41.    | CASH      DISTRIBUTIONS                     | 184                                                                                                                       |
|   | 41.1                                        | Equivalent      Distributions                                                                                             | 184 |
|   | 41.2                                        | Equalisation      Payment                                                                                                 | 185 |
|   | 41.3                                        | Timing      of Cash Distribution                                                                                          | 185 |
| 42.    | DIVIDEND      PAYMENTS                      | 186                                                                                                                       |
|   | 42.1                                        | Directors      may declare and pay fixed and interim dividends                                                            | 186 |
|   | 42.2                                        | Dividends      to be paid pro rata to amounts paid on shares                                                              | 186 |
|   | 42.3                                        | Directors      may pay dividends to ADR Custodians and shareholders in currencies other      than sterling                | 187 |
|   | 42.4                                        | Distributable      reserves                                                                                               | 187 |
|   | 42.5                                        | Pre-acquisition      profits distributable                                                                                | 187 |
|   | 42.6                                        | No      dividends to bear interest against the Company                                                                    | 187 |
|   | 42.7                                        | Directors      may make deductions from dividends                                                                         | 188 |
|   | 42.8                                        | Directors      may retain dividends on shares of persons entitled by operation of law      pending registration           | 188 |
|   | 42.9                                        | Waivers      of dividends                                                                                                 | 188 |
|   | 42.10                                       | Directors      may pay dividends in kind                                                                                  | 188 |
|   | 42.11                                       | Payment      of foreign currency dividends to ADR Custodians                                                              | 189 |
|   | 42.12                                       | Receipts      for dividends to joint holders                                                                              | 189 |
|   | 42.13                                       | Dividend      resolution may specify record date at any time                                                              | 190 |
|   | 42.14                                       | Method      of cash dividend payments                                                                                     | 190 |
|   | 42.15                                       | Non-receipt      of cheques                                                                                               | 192 |
|   | 42.16                                       | Unclaimed      dividends                                                                                                  | 192 |
| 43.    | CAPITALISATION      OF PROFITS AND RESERVES | 192                                                                                                                       |
| 44.    | SCRIP      DIVIDENDS                        | 194                                                                                                                       |
|   | 44.1                                        | Directors      may offer shares in lieu of dividends with authority of Ordinary      Resolution                           | 194 |
|   | 44.2                                        | Period      and other terms of authority for scrip dividends                                                              | 194 |
|   | 44.3                                        | Offer      to be communicated to shareholders                                                                             | 195 |
|   | 44.4                                        | Number      of shares to which shareholders entitled                                                                      | 195 |
|   | 44.5                                        | No      fractional entitlements                                                                                           | 195 |
|   | 44.6                                        | Directors      may capitalise profits and reserves for issue of scrip      dividends                                      | 196 |
|   | 44.7                                        | Scrip      dividend shares to rank pari passu with existing shares                                                        | 197 |
|   | 44.8                                        | Directors      may determine terms and conditions of offers of scrip      dividends                                       | 197 |
| 45.    | ACCOUNTS                                    | 198                                                                                                                       |
|   | 45.1                                        | Accounting      records to be kept at Office; shareholders' right of      inspection                                      | 198 |
|   | 45.2                                        | Balance      sheets and profit and loss accounts to be sent to shareholders and      others                               | 198 |
| 46.    | AUDITORS                                    | 199                                                                                                                       |
|   | 46.1                                        | Validity      of acts of auditors                                                                                         | 199 |
|   | 46.2                                        | Auditors      entitled to notice of and to attend and be heard at general      meetings                                   | 200 |
| 47.    | COMMUNICATIONS                              | 200                                                                                                                       |
|   | 47.1                                        | Mode      of delivery of communications, when communications deemed      delivered                                        | 200 |
|   | 47.2                                        | Transferees      and persons entitled by operation of law bound by notices in respect of      shares pending registration | 202 |
|   | 47.3                                        | Notices      to joint holders                                                                                             | 202 |
|   | 47.4                                        | Persons      entitled following death or bankruptcy entitled to delivery of notices      pending registration             | 203 |
|   | 47.5                                        | Entitlement      to receipt of notices                                                                                    | 204 |
|   | 47.6                                        | Notices      of general meetings by advertisement                                                                         | 204 |
|   | 47.7                                        | Serving      for statutory requirements                                                                                   | 205 |
| 48.    | LIQUIDATION                                 | 205                                                                                                                       |
| 49.    | WINDING      UP                             | 205                                                                                                                       |
|   | 49.1                                        | Directors      may petition court for winding up with consent of holder of the Reuters      Founders Share                | 205 |
|   | 49.2                                        | Directors      may distribute assets in kind on a winding up                                                              | 206 |
| 50.    | THOMSON REUTERS      NEWS SERVICES     | 206                                                                                                                       |

----

----

|   | (a) | "Acquiring Person" means,      at any particular time, any Person, other than an Approved Person or a      member of the TR Group, who (i) is or becomes Interested in 15% or more of      the outstanding Voting Shares or (ii) is deemed to be an Acquiring      Person pursuant to paragraph 7.3 or paragraph 7.4; provided, however,      that, for the purpose of calculating whether or not any Person is      Interested in 15% or more of the outstanding Voting Shares, shares of such      class held by the Company as treasury shares shall be      disregarded; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | "Action" means, in      relation to the Company or TR Corporation, any Distribution or action      affecting the amount or nature of issued share capital of the Company or      TR Corporation, including any offer by way of rights, bonus issue,      sub-division or consolidation, repurchase or buy-back, or offer to      purchase, or amendment of the rights of any Shares, or a series of one or      more such actions; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | "ADR Custodian" means a      custodian (or depositary), approved by the Company, under arrangements      whereby such custodian (or depositary) holds shares in the Company and      either itself or some other person issues American Depositary Receipts      evidencing American Depositary Shares which represent such shares in the      Company (or evidence of a right to receive the  same); |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | "Applicable Laws"      means: |
|--------|-----|-------------------------------|

|   | (i) | any      applicable law, statute, rule or regulation and any judgment, order,      decree, licence, permit, directive or requirement of any Governmental      Agency having jurisdiction over the Company and/or TR Corporation;      and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      rules, regulations and guidelinesof: |
|--------|------|-----------------------------------------------|

----

|   | (A) | any      stock exchange or other trading market on which any shares or other      securities or depositary receipts representing such shares or securities      of either the Company or TR Corporation are listed, traded or quoted;      and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | any      other body with which entities with securities listed or quoted on such      exchanges customarily comply, |
|--------|-----|---------------------------------------------------------------------------------------------------------------------|

|   | (e) | "Approved Person" means,      at any particular time, any Person who has been designated as such for the      purposes of these Articles by the holder of the Reuters Founders Share, in      its sole and absolute discretion, by notice given in writing to the      Company, unless such designation has been revoked in accordance with the      Terms of Approval; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | "Board of Directors" or      "Board" means the      board of directors of the Company (or a duly authorised committee of the      board of directors of the Company) from time to  time; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | "CA 1985" means the      Companies Act 1985 as in force from time to  time; |
|--------|-----|-----------------------------------------------------------------------------|

|   | (h) | "CA 2006" means the      Companies Act 2006 as in force from time to  time; |
|--------|-----|-----------------------------------------------------------------------------|

|   | (i) | "Certificated Share"      means a share which is recorded in the Register as being held in      certificated form; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------|

|   | (j) | "Class Rights Action"      means each of the following actions if proposed to be taken by either the      Company or TR Corporation: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      voluntary Liquidation of suchcompany; |
|--------|-----|------------------------------------------------|

|   | (ii) | any      adjustment to the Equalization Ratio other than an adjustment made      pursuant to Section 3.1.1(C) of the Equalization and Governance      Agreement; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (iii) | any      amendment to, or termination of (including, for the avoidance of doubt,      the voluntary termination of), the Equalization and Governance Agreement,      the Special Voting Share Agreement, the Cross-Guarantees, other than any      amendment which is formal or technical in nature and which is not      materially prejudicial to the interests of the shareholders of the Company      or TR Corporation or is necessary to correct any inconsistency or manifest      error as may be agreed by the TRBoard; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | any      amendment to, removal or alteration of the effect of (which shall include      the ratification of any breach of) any of the TR PLC Entrenched DLC      Provisions or the TR Corporation Entrenched DLC Provisions, other than any      amendment which is formal or technical in nature and which is not      materially prejudicial to the interests of the shareholders of the Company      or TR Corporation or is necessary to correct any inconsistency or manifest      error as may be agreed by the TRBoard; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | a      change in the corporate status of the Company from a public limited      company incorporated in England and Wales with its primary listing on the      Official List of the UK Listing Authority or of TR Corporation from a      corporation existing under the OBCA with its primary listing on the TSX or      the NYSE (unless such change occurs in connection with a termination of      the Equalization and Governance Agreement in accordance with Section      11.1.1 or Section 11.1.2(B)thereof); |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | any      other action or matter the TR Board determines (either in a particular      case or generally), should be approved as a Class Rights Action because      the interests of holders of Ordinary Shares and holders of TR Corporation      Common Shares may diverge; and |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vii) | any      Action to be approved as a Class Rights Action pursuant to Section      3.1.1(C) of the Equalization and Governance  Agreement; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (k) | "Company" means Thomson      Reuters PLC, a public limited company incorporated in England and      Wales; |
|--------|-----|------------------------------------------------------------------------------------------------------------|

|   | (l) | "Control" means, save for      the purposes of paragraphs 12.4 to12.9: |
|--------|-----|------------------------------------------------------------------------|

|   | (i) | when      applied to the relationship between a Person and a corporation, the      beneficial ownership by such Person (in the case of the Company or TR      Corporation, either alone or together with the other corporation) at the      relevant time of shares of such corporation carrying more than the greater      of (A) 50% of the voting rights ordinarily exercisable at meetings of      shareholders of such corporation and (B) the percentage of voting rights      ordinarily exercisable at meetings of shareholders of such corporation      that are sufficient to elect a majority of the directors of such      corporation; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | when      applied to the relationship between a Person and a partnership, joint      venture or other unincorporated entity, the beneficial ownership by such      Person (in the case of the Company or TR Corporation, either alone or      together with the other corporation) at the relevant time of more than 50%      of the ownership interests of the partnership, joint venture or other      unincorporated entity in circumstances where it can reasonably be expected      that such Person directs or has the power to direct the affairs of the      partnership, joint venture or other unincorporated  entity; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (m) | "Cross-Guarantees" means,      collectively, the TR Corporation Guarantee and the TR PLC Guarantee, and      "Cross-Guarantee"      means either one of them; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (n) | "Directors" means those      individuals appointed or elected to the Board of Directors from time to      time and "Director" means any one      of them; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (o) | "Distribution" means, in      relation to the Company or TR Corporation, any dividend or other      distribution, whether of income or capital, and in cash or any other form,      made by such company or any of its Subsidiaries to the holders of Ordinary      Shares, in the case of the Company, or TR Corporation Common Shares, in      the case of TR Corporation; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (p) | "Disclosure and Transparency      Rules" means the disclosure and transparency rules for the time      being in force, as published by the Financial Services Authority in its      Handbook of Rules and Guidance; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (q) | "DLC Equalization      Principle" means the principles set out in Section 3 of the      Equalization and Governance Agreement, in particular, Section      3.1; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (r) | "DLC Structure" means the      dual listed company structure effected pursuant to the Equalization and      Governance Agreement and the transactions contemplated thereby, including      the Special Voting Share Agreement, these Articles, the Memorandum of      Association, the TR Corporation Articles, the TR Corporation By-Laws and      the Cross-Guarantees; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (s) | "Effective Date" means      the date on which the proposed Scheme of Arrangement to be made under      section 425 of the CA 1985 in connection with the offer made on behalf of      the Company to acquire Reuters Group PLC becomes  effective; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (t) | "electronic form" has the      same meaning as in the CA 2006; |
|--------|-----|----------------------------------------------------------------|

|   | (u) | "electronic means" has      the same meaning as in the CA 2006; |
|--------|-----|-----------------------------------------------------------------|

|   | (v) | "electronic signature"      has the meaning given in section 7 of the Electronic Communications Act      2000; |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

|   | (w) | "Equalization and Governance      Agreement" means the Equalization and Governance Agreement, dated      as of 17 April 2008, between the Company and TR Corporation, as the same      may be amended or modified from time to time in accordance with its      terms; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (x) | "Equalization Ratio"      means, at any time, the ratio of (i) one to (ii) the TR PLC Equivalent      Number at such time; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------|

|   | (y) | "Equivalent Distribution"      has the meaning attributed thereto in      subparagraph 41.1.1; |
|--------|-----|-----------------------------------------------------------------------------------------------------|

----

|   | (z) | "Equivalent Resolution"      means, in relation to a resolution of the Company, a resolution of TR      Corporation that is certified by a duly authorised officer of TR      Corporation as equivalent in nature and effect to such resolution of the      Company; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (aa) | "Governmental Agency"      means a court of competent jurisdiction, any government or any      governmental, regulatory, self-regulatory or administrative authority,      agency, commission, body or other governmental entity and shall include      any relevant competition authorities, the UK Panel on Takeovers and      Mergers, the European Commission, the London Stock Exchange, the UK      Listing Authority, the Canadian securities regulatory authorities, the      TSX, the U.S. Securities and Exchange Commission, the NYSE and      NASDAQ; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (bb) | "holder", with respect to      any shares in the capital of the Company or TR Corporation, means the      registered holder of such shares; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | (cc) | "Interest" means, save      for the purposes of Article 19, and subject to paragraphs 7.13 and 39.4,      in relation to shares, an interest in shares as defined in Part 22 of the      CA 2006 and the words "Interested in" and      similar words have correspondingmeanings; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (dd) | "Joint Electorate Action"      means any action put to shareholders of either the Company or TR      Corporation, except for a Class Rights Action or a Procedural      Resolution.  For the avoidance of doubt, each of the following      actions, if put to the holders of Ordinary Shares or the holders of TR      Corporation Common Shares, shall be put to the TR Shareholders as a Joint      Electorate Action: |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      appointment, election, re-election or removal of any director of the      Company or TR Corporation; |
|--------|-----|---------------------------------------------------------------------------------------------------------------|

|   | (ii) | to      the extent such receipt or adoption is required by Applicable Laws, the      receipt or adoption of the financial statements or accounts of the Company      or TR Corporation, or financial statements or accounts prepared on a      consolidated basis, other than any financial statements or accounts in      respect of the period(s) ended prior to 17 April  2008; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | a      change of name of the Company or TR Corporation;  and |
|--------|-------|--------------------------------------------------------------|

----

|   | (iv) | the      appointment or removal of the auditors of the Company or TR      Corporation; |
|--------|------|----------------------------------------------------------------------------------------|

|   | (ee) | "Liquidation" means, with      respect to either the Company or TR Corporation, any liquidation,      winding up, receivership, dissolution, insolvency or equivalent or      analogous proceedings pursuant to which the assets of such company will be      liquidated and distributed to creditors and other holders of provable      claims against such company; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ff) | "London Stock Exchange"      means the London Stock Exchange plc or any successor    thereto; |
|--------|------|-----------------------------------------------------------------------------------------------|

|   | (gg) | "Matching Action" means,      in relation to an Action of TR Corporation (the "Primary Action"), an      Action by the Company the overall effect of which, as determined by the TR      Board, is such that, when taken together with the Primary Action, the      economic benefits and voting rights in relation to Joint Electorate      Actions of a holder of an Ordinary Share relative to the rights of a      holder of a TR Corporation Common Share are maintained in proportion to      the then prevailing EqualizationRatio; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (hh) | "Memorandum of      Association" means the Memorandum of Association of the      Company; |
|--------|------|-------------------------------------------------------------------------------------------|

|   | (ii) | "month" means a calendar      month; |
|--------|------|--------------------------------------|

|   | (jj) | "NASDAQ" means the      National Association of Security Dealers, Inc. Automated Quotations System      or any successor thereto; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (kk) | "NYSE" means the New York      Stock Exchange, Inc. or any successorthereto; |
|--------|------|------------------------------------------------------------------------------|

|   | (ll) | "OBCA" means the Business Corporations      Act (Ontario), as it may be amended from time to time and any      successor legislation thereto; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (mm) | "Office" means the      registered office of the Company from time to  time; |
|--------|------|------------------------------------------------------------------------------|

|   | (nn) | "Operator" has the      meaning given to that expression in the Uncertificated Securities      Regulations; |
|--------|------|-------------------------------------------------------------------------------------------------------------|

|   | (oo) | "Ordinary Resolution" has      the meaning attributed thereto in section 282 of the CA    2006; |
|--------|------|-------------------------------------------------------------------------------------------------|

----

|   | (pp) | "Ordinary Shares" means      the issued ordinary shares in the Company (including the underlying      ordinary shares to each TR PLCADS); |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (qq) | "Parallel Shareholder      Meeting", in relation to a meeting of shareholders of the Company,      means any meeting of the shareholders of TR Corporation which      is: |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | nearest      in time to, or is contemporaneous with, such meeting of the shareholders      of the Company and at which some or all of the same resolutions or some or      all Equivalent Resolutions are to be considered;  or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | designated      by the TR Corporation Board as the parallel meeting of shareholders of TR      Corporation of such meeting of shareholders of the  Company; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (rr) | "Participating Issuer"      means a participating issuer, as defined in the Uncertificated Securities      Regulations; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------|

|   | (ss) | "Participating Security"      means a share or class of shares or a renounceable right of allotment of a      share, title to which is permitted to be transferred by means of a      Relevant System in accordance with the Uncertificated Securities      Regulations; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (tt) | "Permitted Bid      Acquisition" has the meaning attributed thereto in subparagraph      19.2.1(d); |
|--------|------|-----------------------------------------------------------------------------------------------------|

|   | (uu) | "Person" includes an      individual, sole proprietorship, partnership, unincorporated association,      unincorporated syndicate, unincorporated organisation, trust, body      corporate, and a natural person in his or her capacity as trustee,      executor, administrator, or other legal  representative; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vv) | "Procedural Resolution"      means a resolution of a procedural or technical nature put to shareholders      at any meeting of the Company or TR Corporation, whether annual, general      or otherwise, including, without limitation, any    resolution: |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | that      certain Persons be allowed to attend or be excluded from attending the      meeting; |
|--------|-----|------------------------------------------------------------------------------------------------|

|   | (ii) | that      discussion be closed and the question put to the vote (provided no      amendments have been raised); |
|--------|------|-----------------------------------------------------------------------------------------------------------------|

|   | (iii) | that      the question under discussion not be put to the  vote; |
|--------|-------|------------------------------------------------------------------|

----

|   | (iv) | to      proceed with matters in an order other than that set out in the notice of      the meeting; |
|--------|------|-----------------------------------------------------------------------------------------------------|

|   | (v) | to      adjourn the debate (for example, to a subsequent meeting);    and |
|--------|-----|---------------------------------------------------------------------------|

|   | (vi) | to      adjourn the meeting; |
|--------|------|------------------------------|

|   | (ww) | "Qualifying Takeover Bid"      has the meaning attributed thereto in subparagraph    19.2.1(e); |
|--------|------|-------------------------------------------------------------------------------------------------|

|   | (xx) | "Redemption Price" in      relation to the Special Voting Share, means the amount for the time being      paid up on the Special Voting Share together with all unpaid dividends on      the Special Voting Share, whether or not such dividends have been earned      or declared, calculated down to the redemption  date; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (yy) | "Register" means, unless      the context otherwise requires, the register of shareholders kept pursuant      to section 352 of the CA 1985 and any successive legislation and any      register maintained by the Company of persons holding any renounceable      right of allotment of a share; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (zz) | "Relevant System" means a      relevant system, as defined in the Uncertificated Securities      Regulations; |
|--------|------|---------------------------------------------------------------------------------------------------------------|

|   | (aaa) | "Requisite Majority"      means, in the case of an Ordinary Resolution, a majority or, in the case      of a Special Resolution, 75%; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------|

|   | (bbb) | "Rescission Notice" has      the meaning attributed thereto in paragraph  12.7; |
|--------|-------|---------------------------------------------------------------------------------|

|   | (ccc) | "Reuters Founders Share"      has the meaning attributed thereto in paragraph  3(c); |
|--------|-------|--------------------------------------------------------------------------------------|

|   | (ddd) | "Reuters Founders Share      Company" means Reuters Founders Share Company Limited, a company      incorporated and existing in accordance with the laws of England and      Wales; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (eee) | "Reuters Founders Share Control      Notice" has the meaning attributed thereto in paragraph      12.6; |
|--------|-------|---------------------------------------------------------------------------------------------------------|

|   | (fff) | "Reuters Founders Share      Provisions" means paragraphs 4.1 to 4.3, Article 5, paragraphs      6.1 and 6.2, Article 7, paragraph 9.1, Article 12, paragraphs 21.1 to      21.3, paragraphs 22.2 to 22.7, paragraph 22.10, paragraphs 23.4 to      23.15, Article 24, Article 25, Article 30, paragraph 31.11, Article 39,      paragraphs 42.2, 42.3, 42.10 and 42.13, paragraph 47.1,      paragraph 49.1 and Article 50 of these Articles and the      definitions of any defined terms incorporated  therein; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (ggg) | "Reuters Trust      Principles" has the meaning attributed thereto in Article      30; |
|--------|-------|----------------------------------------------------------------------------------------|

|   | (hhh) | "Reuters Trustees" means      the members and directors from time to time of Reuters Founders Share      Company; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------|

|   | (iii) | "Securities Intermediary"      means: |
|--------|-------|---------------------------------------|

|   | (i) | a      clearing house; or |
|--------|-----|---------------------------|

|   | (ii) | a      person, including a broker, bank, or trust company, that in the ordinary      course of its business maintains securities accounts for others and is      acting in that capacity; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (jjj) | "Shareholder Rights Plan"      means a plan adopted by the Company which provides for a distribution to      all holders of its Shares and/or Shares of TR Corporation (other than a      Person in respect of whom the Company and TR Corporation are taking      actions to procure a Qualifying Takeover Bid pursuant to subparagraph      19.1.2) of rights which entitle such holders to subscribe for or purchase      Shares at a price which is substantially less than the respective market      values thereof; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (kkk) | "Shares" means, in      relation to the Company, the Ordinary Shares and, in relation to TR      Corporation, the TR Corporation CommonShares; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (lll) | "Special Resolution" has      the meaning attributed thereto in section 283 of the CA    2006; |
|--------|-------|------------------------------------------------------------------------------------------------|

|   | (mmm) | "Special Voting Share"      has the meaning attributed thereto in paragraph  3(b); |
|--------|-------|------------------------------------------------------------------------------------|

|   | (nnn) | "Special Voting Share      Agreement" means the Special Voting Share Agreement, dated as of 17      April 2008, TR Corporation, the TR PLC Special Voting Share Trustee and      the TR Corporation Special Voting Share Trustee, as the same may be      amended or modified from time to time in accordance with its      terms; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ooo) | "Subsidiary" with respect      to any Person, means a Person Controlled by such  Person; |
|--------|-------|------------------------------------------------------------------------------------------|

----

|   | (ppp) | "Takeover Bid Thresholds"      has the meaning attributed thereto in subparagraph    19.2.1(f); |
|--------|-------|-------------------------------------------------------------------------------------------------|

|   | (qqq) | "Tax" or "Taxes" means any taxes,      levies, imposts, deductions, charges, withholdings or duties levied by any      authority (including goods and services taxes, value added taxes and any      other stamp and transaction duties) (together with any related interest,      penalties, fines and expenses in connection with  them); |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (rrr) | "Tax Benefit" means any      credit, rebate, exemption, deduction or benefit in respect of Tax      available to any Person; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------|

|   | (sss) | "Terms of Approval"      means, in relation to an Approved Person, an agreement or undertaking, if      any, entered into by that Approved Person with the holder of the Reuters      Founders Share in connection with being designated as an Approved      Person; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ttt) | "Thomson Reuters News      Services" means any news services which may from time to time be      supplied by theTR Group; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------|

|   | (uuu) | "TR Board" means each of      the Board of Directors and the TR Corporation  Board; |
|--------|-------|-------------------------------------------------------------------------------------|

|   | (vvv) | "TR Corporation" means      Thomson Reuters Corporation, a corporation incorporated and existing in      accordance with the laws of the Province of  Ontario; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (www) | "TR Corporation Acquiring      Person" means a Person who is an "Acquiring Person" for the      purposes of the TR CorporationArticles; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | (xxx) | "TR Corporation Articles"      means the articles of incorporation of TR Corporation, as amended or      supplemented from time to time; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------|

|   | (yyy) | TR Corporation By-Laws"      means the by-laws of TR Corporation, as amended or supplemented from time      to time; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------|

|   | (zzz) | "TR Corporation Board"      means the board of directors of TR Corporation (or a duly authorised      committee of the board of directors of TR Corporation) from time to      time; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (aaaa) | "TR Corporation Common      Shares" means the issued and outstanding common shares of TR      Corporation from time to time, as the same may be subdivided or      consolidated from time to time and any capital shares into which such      common shares may be reclassified, converted or otherwise      changed; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (bbbb) | "TR CorporationEntrenched DLC      Provisions" has the meaning attributed thereto in the TR      Corporation Articles; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------|

|   | (cccc) | "TR Corporation Group"      means, collectively, TR Corporation and its Subsidiaries from time to      time, and a member of the TR Corporation Group means any one of      them; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (dddd) | "TR Corporation      Guarantee" means the deed of guarantee dated as of 17 April 2008      between TR Corporation and the Company whereby TR Corporation agrees      to guarantee certain obligations of the Company for the benefit of      creditors of the Company, as the same may be amended or modified from time      to time in accordance with itsterms; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (eeee) | "TR Corporation Reuters Founders      Share" means the Reuters founders share in the capital of TR      Corporation; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------|

|   | (ffff) | "TR Corporation Special Voting      Share" means the special voting share in the capital of TR      Corporation; |
|--------|--------|------------------------------------------------------------------------------------------------------------------|

|   | (gggg) | "TR Corporation Special Voting      Share Trust" means the trust created by the TR Corporation Special      Voting Share Trust Deed; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------|

|   | (hhhh) | "TR Corporation Special Voting      Share Trust Deed" means the deed dated as of 17 April 2008 between      Thomson Reuters Corporation, as settlor, and the TR Corporation Special      Voting Share Trustee; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iiii) | "TR Corporation Special Voting      Share Trustee" means Computershare Trust Company of Canada as      initial trustee of the  TR Corporation Special Voting Share      Trust, and includes any successor trustee of the TR Corporation Special      Voting Share Trust; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (jjjj) | "TR Group" means,      collectively, the TR PLC Group and the TR Corporation Group operating as a      unified group pursuant to the DLCStructure; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (kkkk) | "TR PLC ADS" means an      American Depositary Share of the Company listed on NASDAQ, each of which      represents six Ordinary Shares; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------|

|   | (llll) | "TR PLC Entrenched DLC      Provisions" means Article 11, Article 19, Article 25,      subparagraph 27.1.2, subparagraph 27.2.2, subparagraph 27.2.3, Article 29,      Article 39, Article 41 and Article 48 and the definitions of any defined      terms incorporated therein; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (mmmm) | "TR PLCEquivalent Number" means      the number of TR PLC Ordinary Shares that enjoy equivalent rights to      Distributions (calculated having regard to Section 3.2(A) of the      Equalization and Governance Agreement) and voting rights in relation to      Joint Electorate Actions as one TR Corporation Common      Share.  Initially, the TR PLC Equivalent Number shall be one but      shall be adjusted as provided in Section 3 of the Equalization and      Governance Agreement.  In all cases, the TR PLC Equivalent      Number shall be rounded to four decimalplaces; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (nnnn) | "TR PLC Group" means,      collectively, the Company and its Subsidiaries from time to time, and a      member of the TR PLC Group means any one of  them; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (oooo) | "TR PLC Guarantee" means      the deed of guarantee dated as of 17 April 2008 between the Company and TR      Corporation whereby the Company agrees to guarantee certain obligations of      TR Corporation for the benefit of creditors of TR Corporation, as the same      may be amended or modified from time to time in accordance with its      terms; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (pppp) | "TR PLC Special Voting Share      Trust" means the trust created by the TR PLC Special Voting Share      Trust Deed; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------|

|   | (qqqq) | "TR PLC Special Voting Share      Trust Deed" means the agreement dated as of 17 April 2008 between      Thomson Reuters Corporation, as settlor, and the TR PLC Special Voting      Share Trustee; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (rrrr) | "TR PLC Special Voting Share      Trustee" means Computershare Trust Company of Canada, as initial      trustee of the TR PLC Special Voting Share Trust, and includes any      successor trustee of the TR PLC Special Voting Share  Trust; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ssss) | "TR Shareholders" means,      collectively, the holders of Ordinary Shares and the holders of TR      Corporation Common Shares; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------|

|   | (tttt) | "Transfer Office" means      the place where the Register is situate from time to  time; |
|--------|--------|------------------------------------------------------------------------------------------|

|   | (uuuu) | "Triggering Event" has      the meaning attributed thereto in subparagraph  19.1.2; |
|--------|--------|-------------------------------------------------------------------------------------|

----

|   | (vvvv) | "TSX" means the Toronto      Stock Exchange or any successorthereto; |
|--------|--------|----------------------------------------------------------------------|

|   | (wwww) | "Uncertificated Securities      Regulations" means the Uncertificated Securities Regulations 2001      including any modification thereof or any regulations in substitution      thereof; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (xxxx) | "Uncertificated Share"      means a share title to which is recorded in the Register as being held in      uncertificated form and title to which may, by virtue of the      Uncertificated Securities Regulations, be transferred by means of a      Relevant System; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (yyyy) | "UK Listing Authority"      means the Financial Services Authority in its capacity as competent      authority for the purposes of Part VI of the UK Financial Services and      Markets Act 2000 or any successorthereto; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (zzzz) | "Voting Shares"      means |
|--------|--------|----------------------------|

|   | (aaaaa) | "Wholly-Owned Subsidiary"      means, in relation  to any Person, any Subsidiary of which that      Person at the time of determination, directly and/or indirectly, through      one or more other Subsidiaries, Beneficially Owns (as defined in      subparagraph 19.2.1(a)) and/or is Interested in 100% of the securities of      such Subsidiary (excluding debt securities and, in the case of the      Company, the Special Voting Share and the Reuters Founders Share and, in      the case of TR Corporation, the TR Corporation Special Voting Share and      the TR Corporation Reuters Founders Share) carrying at that time a voting      right ordinarily exercisable at meetings of shareholders either under all      circumstances or under some circumstances that have occurred and are      continuing; and |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (bbbbb) | "year" means a calendar      year. |
|--------|---------|------------------------------------|

----

|   | (a) | the      expression "employees’ share scheme" shall have the meaning given to it by      section 1166 of the CA 2006; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      word "Secretary" shall include any person appointed by the Directors to      perform any of the duties of the Secretary, and where two or more persons      are appointed to act as Joint Secretaries shall include any one or more of      those persons; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the      expression "debenture" shall include debenture  stock; |
|--------|-----|-----------------------------------------------------------------|

|   | (d) | the      expressions "recognised clearing house" and "recognised investment      exchange" shall mean any clearing house or investment exchange (as the      case may be) granted recognition under the Financial Services and Markets      Act 2000; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | the      word "company" shall include any body corporate incorporated or registered      in any part of the world and the expressions "subsidiary undertaking" and      "parent undertaking" shall have the respective meanings given to them by      section 1162 of the CA 2006; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | any      reference to a signature or to something being signed or executed includes      a signature printed or reproduced by mechanical or other means or any      stamp or other distinctive marking made by or with the authority of the      person required to sign the document to indicate it is approved by such      person, or in respect of communications in electronic form only any other      means of verifying the authenticity of a communication in electronic form      which the Board of Directors may from time to time specify or, where no      means has otherwise been specified by the Board of Directors, an      electronic signature (which shall for the purposes of the CA 2006 be a      manner of authentication specified by the Company for the purposes of      section 1146(3)(a) of the CA 2006), provided that the Company has no      reason to doubt the authenticity of that electronic    signature; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | any      reference to a document being sealed or executed under seal or under the      common seal of any body corporate (including the Company) or any similar      expression includes a reference to its being executed in any other manner      which has the same effect as if it were executed under    seal; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | references      to "writing" and to any form of "written" communication include references      to any method of representing or reproducing words in a legible and      non-transitory form including by way of electronic form or electronic      means where specifically provided in a particular Article or where      permitted by the Directors in their absolute discretion but exclude such      method in respect of consent or notices given to or by the holder of the      Reuters Founders Share; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | such      of the provisions of these Articles as apply to paid-up shares shall apply      to stock, and the words "share" and "shareholder" shall be construed      accordingly; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | words      denoting the singular shall include the plural and vice versa; words      denoting the masculine gender shall include the feminine gender; and words      denoting persons shall include bodiescorporate; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | any      reference to any statute or statutory provision shall be construed as      including a reference to any statutory modification or re-enactment      thereof from time to time in force; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (l) | references      to a Relevant System shall be deemed to relate to the Relevant System on      which the particular share or class of shares or renounceable right of      allotment of a share concerned in the capital of the Company is a      Participating Security for the time being and any references in these      Articles to the giving of an instruction by means of a Relevant System      shall be deemed to relate to a properly authenticated dematerialised      instruction given in accordance with the Uncertificated Securities      Regulations. Such instructions shall only be given to the      extent: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | permitted      by the Uncertificated SecuritiesRegulations; |
|--------|-----|-------------------------------------------------------------|

|   | (ii) | permitted      by and practicable under the rules and practices from time to time of the      Operator of the Relevant System;and |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | practicable      under and in accordance with the facilities and requirements of the      Relevant System; |
|--------|-------|------------------------------------------------------------------------------------------------------------|

|   | (m) | subject      as aforesaid or as otherwise expressly provided by these Articles any      words or expressions defined in the CA 2006 or in the Uncertificated      Securities Regulations shall (if not inconsistent with the subject or      context) bear the same meanings in these  Articles; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (n) | a      Special Resolution shall be effective for any purpose for which an      Ordinary Resolution is expressed to be required under any provision of      these Articles; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (o) | any      determinations or decisions made by the Board of Directors pursuant to      these Articles shall be final andbinding. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------|

----

|   | 4.2.1 | the      restrictions set out in section 454 of the CA  1985; |
|--------|-------|---------------------------------------------------------------|

|   | 4.2.2 | suspension      of voting rights or rights to receive dividends or other distributions      pursuant to these Articles; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------|

----

|   | 4.2.3 | any      requirement pursuant to these Articles that a person dispose of such      shares or any Interest in them; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------|

|   | 4.2.4 | any      provisions of these Articles enabling the Directors to dispose of such      shares or requiring the Directors not to register transfers of such      shares; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.2.5 | they      are enabled or permitted in accordance with the Uncertificated Securities      Regulations to become a Participating Security, or cease to be a      Participating Security; or |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.2.6 | any      shares of that class are from time to time held in uncertificated      form. |
|--------|-------|---------------------------------------------------------------------------------------|

| 4.3 | Rights not varied by issue of      further shares or permission to hold or transfer Uncertificated Shares;      exception for Reuters FoundersShare |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | ALTERATION      OF SHARE CAPITAL |
|----|----------------------------------|

| 5.1 | Company may increase capital;      consent of the holder of the Reuters Founders Share required for creation      of shares with voting rights not identical to those of Ordinary      Shares |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5.2 | Company may consolidate, cancel      and subdivide shares (other than the Reuters Founders      Share) |
|-----|--------------------------------------------------------------------------------------------------------|

|   | 5.2.1 | consolidate      and divide all or any of its capital (other than the Reuters Founders      Share) into shares of larger amounts than its existing    shares; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.2.2 | cancel      any shares (other than the Reuters Founders Share) which, at the date of      the passing of the resolution, have not been taken, or agreed to be taken,      by any person and diminish the amount of its capital by the amount of the      shares so cancelled; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.2.3 | sub-divide      its shares, or any of them (other than the Reuters Founders Share), into      shares of smaller amount than is fixed by the Memorandum of Association      (subject nevertheless to the provisions of the Applicable Laws), and so      that the resolution whereby any share is sub-divided may determine that,      as between the holders of the shares resulting from such sub-division, one      or more of the shares may, as compared with the others, have any such      preferred, deferred or other special rights, or be subject to any such      restrictions, as the Company has power to attach to unissued or new      shares. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.3 | Fractional entitlements to      shares |
|-----|----------------------------------------|

|   | 5.3.1 | sell      fractions of a share to a person (including, subject to the Applicable      Laws, to the Company) for the best price reasonably obtainable and      distribute the net proceeds of sale in due proportion amongst the persons      entitled (except that if the amount due to a person is less than £3, or      such other sum as the Board of Directors may decide, the sum may be      retained for the benefit of the Company).  To give effect to a      sale the Directors may authorise a person to execute an instrument of      transfer of Certificated Shares or, in respect of Uncertificated Shares,      the Directors may exercise any of the powers conferred on the Company by      Article 9 to effect transfer of the shares to the purchaser or his nominee      to be entered in the Register as the holder of the shares.  The      purchaser is not bound to see to the application of the purchase money and      the title of the transferee to the shares is not affected by an      irregularity or invalidity in the proceedings connected with the sale;      or |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.3.2 | subject      to the Applicable Laws, issue to a shareholder credited as fully paid by      way of capitalisation the minimum number of shares required to round up      his holding of shares to a number which, following consolidation and      division or sub-division, leaves a whole number of shares (such issue      being deemed to have been effected immediately before consolidation or      sub-division, as the case may be).  The amount required to pay      up those shares may be capitalised as the Directors think fit out of      amounts standing to the credit of reserves (including a share premium      account, capital redemption reserve and profit and loss account), whether      or not available for distribution, and applied in paying up in full the      appropriate number of shares.  A resolution of the Directors      capitalising part of the reserves has the same effect as if the      capitalisation had been declared by Ordinary Resolution of the Company      pursuant to Article 43.  In relation to the capitalisation the      Board of Directors may exercise all the powers conferred on it by Article      43 without an Ordinary Resolution of the  Company. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5.4 | Company may purchase its own      shares (other than the Reuters Founders  Share) |
|-----|-----------------------------------------------------------------------------------|

| 5.5 | Company may reduce its capital      – exception regarding the Reuters Founders  Share |
|-----|---------------------------------------------------------------------------------------------|

| 6. | SHARES |
|----|--------|

| 6.1 | Company may issue shares with      whatever rights or restrictions, but consent of the holder of the Reuters      Founders Share required for issue of shares not identical to Ordinary      Shares |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 6.2 | Directors may issue shares, but      consent of the holder of the Reuters Founders Share required for issue of      shares not identical to OrdinaryShares |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.3 | Section 80 authority for      allotments of relevantsecurities |
|-----|----------------------------------------------------------------|

| 6.4 | Disapplication of section 89(1)      (pre-emption) for allotments under section 80    authority |
|-----|-------------------------------------------------------------------------------------------------|

|  | 6.4.1 | The      Directors have general power for each prescribed period to allot equity      securities pursuant to the authority conferred by paragraph 6.3 above and      to sell treasury shares wholly forcash: |
|--|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | in      connection with a rights issue; and |
|--------|-----|---------------------------------------------|

|   | (b) | otherwise      than in connection with a rights issue, up to an aggregate nominal amount      equal to the section 89 amount; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

|  | 6.4.2 | By      the authority and power conferred by paragraph 6.3 and      subparagraph 6.4.1 above, the Board of Directors may during a      prescribed period make an offer or agreement which would or might require      equity securities or other relevant securities to be allotted after the      prescribed period and may allot securities in pursuance of that offer or      agreement. |
|--|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 6.4.3 | In      paragraphs 6.3 and 6.4: |
|--------|-------|---------------------------------|

|   | (a) | "equity securities" has      the meaning given in section 94(2) of the CA  1985; |
|--------|-----|----------------------------------------------------------------------------------|

|   | (b) | "prescribed period" means      any period for which the authority conferred by paragraph 6.3 above is      given by Ordinary or Special Resolution stating the section 80 amount      and/or the power conferred by subparagraph 6.4.1 above is given by Special      Resolution stating the section 89amount; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | "rights issue" means an      offer of equity securities open for acceptance for a period fixed by the      Directors to holders (other than the Company) of equity securities on the      Register on a fixed record date in proportion to their respective holdings      of such securities or in accordance with the rights attached thereto (but      subject to such exclusions or other arrangements as the Directors may deem      necessary or expedient in relation to fractional entitlements or legal or      practical problems under the laws of, or the requirements of any      recognised regulatory body or any stock exchange in, any      territory); |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | "section 80 amount"      means, for any prescribed period, the amount stated in the relevant      Ordinary or Special Resolution or, in either case, another amount fixed by      resolution of the Company; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | "section 89 amount"      means, for any prescribed period, the amount stated in the relevant      Special Resolution; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------|

|   | (f) | the      nominal amount of securities is, in the case of rights to subscribe for or      convert any securities into shares of the Company, the nominal amount of      shares which may be allotted pursuant to those  rights. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.5 | Company may pay commissions and      brokerages |
|-----|-------------------------------------------------|

| 6.6 | Company may recognise      renunciations ofallotments |
|-----|-------------------------------------------------------|

----

| 6.7 | Company not bound to recognise      trusts of shares |
|-----|------------------------------------------------------|

| 7. | RIGHTS      IN RELATION TO AN ACQUIRINGPERSON |
|----|-----------------------------------------------|

| 7.1 | Service of notice on Acquiring      Person |
|-----|--------------------------------------------|

| 7.2 | Voting rights of the holder of the Reuters      Founders Share |
|-----|----------------------------------------------------------------|

|   | 7.2.1 | in      relation to a resolution of the Company to approve a Joint Electorate      Action, the rights: |
|--------|-------|--------------------------------------------------------------------------------------------------------|

|   | (a) | to      cast such number of votes in favour of and against such resolution, to      withhold such number of votes from such resolution and to abstain from      voting such number of votes in respect of such resolution as were cast in      favour of and against such resolution, withheld therefrom or recorded as      abstentions in respect thereof, respectively, by the holder of the Special      Voting Share pursuant to  subparagraph 11.1.1; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | to      cast such number of votes in favour of such resolution as were cast in      favour of such resolution by holders of Voting Shares other than any      Voting Shares in which an Acquiring Person is  Interested; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | to      cast such number of votes against such resolution as were cast against      such resolution by holders of Voting Shares other than any Voting Shares      in which an Acquiring Person isInterested; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | to      withhold such number of votes from such resolution as were withheld from      such resolution by holders of Voting Shares other than any Voting Shares      in which an Acquiring Person is Interested;and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | to      abstain from voting such number of votes in respect of such resolution as      were recorded as abstentions in respect of such resolution by holders of      Voting Shares other than any Voting Shares in which an Acquiring Person is      Interested; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.2.2 | in      relation to a resolution of the Company to approve a Class Rights      Action: |
|--------|-------|----------------------------------------------------------------------------------------|

|   | (a) | if      the Equivalent Resolution is approved by the requisite number (as      determined in accordance with the TR Corporation Articles, the TR      Corporation By-Laws and Applicable Laws) of the holders of TR Corporation      Common Shares at the Parallel Shareholder Meeting, the    rights: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | to      cast such number of votes in favour of such resolution as were cast in      favour of such resolution by holders of Voting Shares other than any      Voting Shares in which an Acquiring Person is  Interested; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | to      cast such number of votes against such resolution as were cast against      such resolution by holders of Voting Shares other than any Voting Shares      in which an Acquiring Person isInterested; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | to      withhold such number of votes from such resolution as were withheld from      such resolution by holders of Voting Shares other than any Voting Shares      in which an Acquiring Person is Interested;and |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (iv) | to      abstain from voting such number of votes in respect of such resolution as      were recorded as abstentions in respect of such resolution by holders of      Voting Shares other than any Voting Shares in which an Acquiring Person is      Interested; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | if      the Equivalent Resolution is not approved by the requisite number (as      determined in accordance with the TR Corporation Articles, the TR      Corporation By-Laws and Applicable Laws) of the holders of TR Corporation      Common Shares at the Parallel Shareholder Meeting, no right to cast any      vote; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.2.3 | in      relation to a Procedural Resolution, therights: |
|--------|-------|---------------------------------------------------------|

|   | (a) | to      cast such number of votes in favour of such Procedural Resolution as were      cast in favour of such Procedural Resolution by holders of Voting Shares      other than any Voting Shares in which an Acquiring Person is      Interested; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | to      cast such number of votes against such Procedural Resolution as were cast      against such Procedural Resolution by holders of Voting Shares other than      any Voting Shares in which an Acquiring Person is    Interested; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | to      withhold such number of votes from such Procedural Resolution as were      withheld from such Procedural Resolution by holders of Voting Shares other      than any Voting Shares in which an Acquiring Person is Interested;      and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | to      abstain from voting such number of votes in respect of such Procedural      Resolution as were recorded as abstentions in respect of such Procedural      Resolution by holders of Voting Shares other than any Voting Shares in      which an Acquiring Person isInterested; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 7.2.4 | in      respect of any resolution pertaining to any matter on which the holder of      the Reuters Founders Share is required by Applicable Laws or otherwise      entitled to vote separately as a class, the right to cast one      vote. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.3 | Directors’ resolution as to a      person being Acquiring Personconclusive |
|-----|----------------------------------------------------------------------------------|

| 7.4 | Directors’ resolution as to      shares being shares of an Acquiring Person    conclusive |
|-----|-------------------------------------------------------------------------------------------------|

| 7.5 | Notices under Article      7 to be in      writing |
|-----|----------------------------------------------------|

| 7.6 | No obligation toserve notice if address      unknown |
|-----|------------------------------------------------------|

----

| 7.7 | Articles on notices to      apply |
|-----|-----------------------------------|

| 7.8 | Service of notices on      non-shareholders |
|-----|---------------------------------------------|

| 7.9 | Directors’ decisions      conclusive |
|-----|--------------------------------------------|

| 7.10 | Company register of share      Interests |
|------|------------------------------------------|

| 7.11 | Directors to inform other      Directors regarding AcquiringPersons |
|------|---------------------------------------------------------------------|

----

| 7.12 | ADR Custodians and ADS      holders |
|------|-------------------------------------|

| 7.13 | Interests in shares –      exclusions |
|------|---------------------------------------------|

|  | 7.13.1 | such      Person is the registered holder of such securities as a result of carrying      on the business of or acting as a nominee of a securities      depositary; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 7.13.2 | such      Person is an underwriter or member of a banking group or selling group      acting in such capacity that has become Interested in such securities in      connection with a distribution of securities pursuant to a prospectus or      by way of private placement provided such Person is not Interested in such      securities for a period in excess of oneyear; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 7.13.3 | such      Person holds such securities in its capacity as trustee of a trust under      which such Person has no independent powers, discretions or      responsibilities and must act on the instructions of the beneficiaries;      or |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 7.13.4 | such      Person is acting as a Securities Intermediary in relation to such      securities and does not exercise independent control or direction over      such securities. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.14 | Suspension of voting      rights |
|------|----------------------------------|

| 7.15 | Calculation of      votes |
|------|---------------------------|

----

| 8. | UNCERTIFICATED      SHARES |
|----|----------------------------|

| 8.1 | Directors may permit shares to      be a ParticipatingSecurity |
|-----|----------------------------------------------------------------|

| 8.2 | Shares may be changed from      uncertificated to certificated form and vice  versa |
|-----|-------------------------------------------------------------------------------------|

| 8.3 | Uncertificated Shares are not a      separate class |
|-----|-----------------------------------------------------|

| 8.4 | Disapplication of inconsistent      Articles |
|-----|----------------------------------------------|

|   | 8.4.1 | the      holding of shares in that class in uncertificated  form; |
|--------|-------|-------------------------------------------------------------------|

|   | 8.4.2 | the      transfer of title to shares in that class by means of a Relevant System;      and |
|--------|-------|--------------------------------------------------------------------------------------------|

|   | 8.4.3 | the      Uncertificated SecuritiesRegulations. |
|--------|-------|------------------------------------------------|

| 9. | POWER      OF SALE OF UNCERTIFICATEDSHARES |
|----|--------------------------------------------|

| 9.1 | Powers of Company in respect of      procuring sales of UncertificatedShares |
|-----|------------------------------------------------------------------------------|

----

|   | 9.1.1 | request      or require the deletion of any computer-based entries in the Relevant      System relating to such shares; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------|

|   | 9.1.2 | alter      such computer-based entries so as to divest the registered holder of such      shares of the power to transfer them to any person other than a transferee      identified by the Company; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 9.1.3 | require      by notice in writing any holder of suchshares: |
|--------|-------|-------------------------------------------------------------|

|   | (a) | to      change his holding of such shares into certificated form within such      period as may be specified in the notice;or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | direct      the holder to take such steps as may be necessary to sell or transfer such      shares; |
|--------|-----|-----------------------------------------------------------------------------------------------------|

|   | 9.1.4 | appoint      any person to take such steps in the name of the holder of such shares as      may be required to effect transfer of such shares and such steps shall be      as effective as if they had been taken by the registered holder of the      shares concerned. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10. | ORDINARY      SHARES |
|-----|----------------------|

| 10.1 | Notice of meetings and voting      rights |
|------|-------------------------------------------|

----

| 10.2 | Dividends |
|------|-----------|

| 10.3 | Liquidation, dissolution and      winding up |
|------|----------------------------------------------|

| 11. | SPECIAL      VOTING SHARE |
|-----|---------------------------|

| 11.1 | Notice of meetings and voting      rights |
|------|-------------------------------------------|

|  | 11.1.1 | in      relation to a resolution of the Company to approve a Joint Electorate      Action, the rights: |
|--|--------|--------------------------------------------------------------------------------------------------------|

|   | (a) | to      cast such number of votes in favour of such resolution as were cast in      favour of the Equivalent Resolution by holders of TR Corporation      Common Shares at the Parallel Shareholder  Meeting; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | to      cast such number of votes against such resolution as were cast against the      Equivalent Resolution by holders of TR Corporation Common Shares at the      Parallel Shareholder Meeting; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | to      withhold such number of votes from such resolution as were withheld from      the Equivalent Resolution by holders of TR Corporation Common Shares      at the Parallel Shareholder Meeting;and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | to      abstain from voting such number of votes in respect of such resolution as      were recorded as abstentions in respect of the Equivalent Resolution by      holders of TR Corporation Common Shares at the Parallel Shareholder      Meeting; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 11.1.2 | in      relation to a resolution of the Company to approve a Class Rights      Action: |
|--|--------|----------------------------------------------------------------------------------------|

|   | (a) | if      the Equivalent Resolution was approved by the requisite number (as      determined in accordance with the TR Corporation Articles, the TR      Corporation By-Laws and Applicable Laws) of the holders of      TR Corporation Common Shares at the Parallel Shareholder Meeting, no      right to cast any vote; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | if      the Equivalent Resolution was not approved by the requisite number (as      determined in accordance with the TR Corporation Articles, the TR      Corporation By-Laws and Applicable Laws) of the holders of      TR Corporation Common Shares at the Parallel Shareholder Meeting, the      right to cast such number of votes against such resolution as would be      sufficient to defeat it; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 11.1.3 | in      respect of any Procedural Resolution, no right to cast any vote;      and |
|--|--------|-----------------------------------------------------------------------------------|

|  | 11.1.4 | in      respect of any resolution pertaining to any matter on which the holder of      the Special Voting Share is required by Applicable Laws to vote separately      as a class, the right to cast onevote. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.2 | Adjustments |
|------|-------------|

|  | 11.2.1 | For      the purposes of determining the number of votes the holder of the Special      Voting Share is entitled to cast pursuant to subparagraphs 11.1.1(a) to      (d), in the event that the holder of the TR Corporation Reuters Founders      Share has exercised its voting rights pursuant to Section 1.6.6(b) of the      TR Corporation Articles in relation to an Equivalent Resolution, each vote      cast in favour of or against that Equivalent Resolution, withheld      therefrom or recorded as an abstention in respect thereof at the Parallel      Shareholder Meeting by a TR Corporation Acquiring Person shall be divided      by one hundred. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 11.2.2 | At      all times when the holder of the TR Corporation Reuters Founders Share is      entitled to exercise voting rights pursuant to Section 1.6.7(d) of the TR      Corporation Articles, the holder of the Special Voting Share shall be      entitled, in relation to a resolution of the Company to approve a Joint      Electorate Action, to exercise the right to cast such number of votes in      favour of and against such resolution, to withhold such number of votes      therefrom and to abstain from voting such number of votes in respect      thereof as were cast in favour and against the Equivalent Resolution,      withheld therefrom or recorded as abstentions in respect thereof,      respectively, by the holder of the TR Corporation Reuters Founders Share      at the Parallel Shareholder Meeting. For avoidance of doubt, the rights of      the holder of the Special Voting Share pursuant to this subparagraph      11.2.2 are in addition to, and shall be deemed to be exercised by the      holder of the Special Voting Share upon the exercise of, its other rights      pursuant tosubparagraph 11.1.1. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.3 | Dividends |
|------|-----------|

|  | 11.3.1 | Subject      to Applicable Laws, the holder of the Special Voting Share shall be      entitled to receive a fixed cumulative dividend (the "Special Voting Share      dividend") at the annual rate of 6% on the amount for the time      being paid up on the Special VotingShare. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 11.3.2 | The      Special Voting Share dividend is payable yearly on 31 December in each      year (the "dividend      payment date") (or if the dividend payment date is a Saturday, a      Sunday or a day which is a public holiday in England, on the next date      which is not such a day) in respect of the year ending on that date,      except that the first Special Voting Share dividend is payable on the      dividend payment date next following the date of allotment of the Special      Voting Share and is payable on a pro rata basis in respect of the period      from the date of its allotment to that dividend payment date (both dates      inclusive). |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 11.3.3 | If      any Special Voting Share dividend is not paid in full on the relevant      dividend payment date then, to the extent unpaid, the amount of such      dividend shall be increased at the annual rate of 6% calculated on a daily      basis (and compounded annually) from the date on which the relevant      dividend was to have been paid to the date of  payment. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 11.3.4 | The      Special Voting Share shall not entitle the holder to any further rights of      participation in the profits of theCompany. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------|

----

| 11.4 | Liquidation, dissolution and      winding up |
|------|----------------------------------------------|

|  | 11.4.1 | Subject      to any provision made under section 719 of the CA 1985 and any special      rights which may be attached to any other class of shares, the holder of      the Special Voting Share shall have rights on a return of assets on a      winding-up to be repaid in priority to any payment to the holders of the      Ordinary Shares and the holder of the Reuters Founders Share a sum equal      to the Redemption Price. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 11.4.2 | Except      as provided in paragraph 11.5 below, the Special Voting Share does not      entitle the holder to any further rights of participation in the capital      of the Company. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.5 | Redemption  |
|------|------------------|

|  | 11.5.1 | The      Company shall (subject to Applicable Laws and unless earlier redeemed)      redeem the Special Voting Share: |
|--|--------|-----------------------------------------------------------------------------------------------------------------------|

|   | (a) | on      presentation to the Board of Directors of a notice or instrument of      transfer purporting to require or demand registration or acknowledgement      of the transfer of the Special Voting Share by the TR PLC Special Voting      Share Trustee out of the TR PLC Special Voting Share Trust to (or at the      direction of) the Beneficiaries (as defined in the TR PLC Special Voting      Share Trust Deed) of the TR PLC Special Voting Share Trust;    or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | on      the TR PLC Special Voting Share Trust being terminated in respect of the      Special Voting Share or the Special Voting Share becoming held by the TR      PLC Special Voting Share Trustee on terms other than as set out in the TR      PLC Special Voting Share Trust Deed (as it may be amended from time to      time in accordance with its terms). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 11.5.2 | If      the Company is not permitted by Applicable Laws or some other provision of      these Articles to redeem the Special Voting Share on a date determined in      accordance with the foregoing provisions, it shall redeem the Special      Voting Share as soon after that date as it shall be permitted to do      so. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 11.5.3 | If      any redemption date would otherwise fall on a Saturday, a Sunday or a day      which is a public holiday in England, then the redemption date shall be      the next date which is not such aday. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 11.5.4 | On      the redemption date the Company shall redeem the Special Voting Share and      pay to the holder the RedemptionPrice. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------|

|  | 11.5.5 | As      from the relevant redemption date of the Special Voting Share the Special      Voting Share dividend shall cease to accrue on the Special Voting      Share. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 11.5.6 | If      the Company redeems the Special Voting Share without having received the      certificate therefore, the holder shall deliver the certificate to the      Company as soon as practicable after the redemption  date. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.6 | No transfer of Special Voting      Share |
|------|------------------------------------------|

| 11.7 | Amendment of rights and      obligations |
|------|------------------------------------------|

| 12. | THE      REUTERS FOUNDERS SHARE |
|-----|---------------------------------|

| 12.1 | Reuters Founders Share may      defeat resolution to vary or abrogate its  rights |
|------|-----------------------------------------------------------------------------------|

| 12.2 | Deemed variations or      abrogations of Reuters Founders Share  rights |
|------|-------------------------------------------------------------------------|

|  | 12.2.1 | any      Special Resolution the effect of which, if duly passed, would be to amend,      remove or alter the effect of (which shall include the ratification of any      breach of) any of the Reuters Founders Share  Provisions; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 12.2.2 | any      resolution to wind up the Company voluntarily or pursuant to      paragraph (a) of section 122 of the Insolvency Act    1986; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------|

|  | 12.2.3 | any      resolution for, or approving or sanctioning, any reconstruction of the      Company (other than an internal reorganisation involving the Company and      its Subsidiaries); |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 12.2.4 | any      resolution the effect of which, if duly passed, would be to attach or to      authorise the attachment to any share (whether issued or unissued) of any      voting rights which are not identical in all respects with those attached      to the Ordinary Shares; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 12.2.5 | any      resolution to amend any such resolution as is described in any of the      preceding subparagraphs of this paragraph12.2. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------|

| 12.3 | Action without consent of the      holder of the Reuters Founders Share a deemed variation or      abrogation |
|------|---------------------------------------------------------------------------------------------------------------|

| 12.4 | Definition and interpretation      as regards "Control" ofCompany |
|------|-------------------------------------------------------------------|

|  | 12.4.1 | where      a person is Interested in shares in which another person is Interested or      would be taken to be Interested, such other person shall be deemed to be      his associate; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 12.4.2 | in      addition, two or more persons shall be deemed to be associates if there      are, in the opinion of the holder of the Reuters Founders Share,      reasonable grounds for believing that they have or are attempting to      obtain Control pursuant (either wholly or in part) to some arrangement      between them; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 12.4.3 | arrangement      means any agreement, understanding or arrangement of any kind, whether      formal or tacit, and whether or not legally binding, other than the Deed      of Mutual Covenant; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 12.4.4 | "Control" means the      ability to control the exercise of 30% or more of the voting rights      ordinarily exercisable at meetings of shareholders of the Company      (disregarding the rights of the holder of the Reuters Founders Share and      the holder of the Special Voting Share and disregarding any suspension of      the voting rights of any shares pursuant to the Applicable Laws or these      Articles); and |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 12.4.5 | "Deed of Mutual Covenant"      means the deed of mutual covenant to be entered into on or before the      Effective Date among PA Group Limited, NPA Nominees Limited, Australian      Associated Press Pty Limited, New Zealand Press Association Limited,      Reuters Founders Share Company, TR Corporation, the Company and Reuters      Group PLC, as the same may be amended or modified from time to time in      accordance with its terms. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 12.5 | Directors to inform other      Directors (and Directors to inform the holder of the Reuters Founders      Share) of attempts to gainControl |
|------|---------------------------------------------------------------------------------------------------------------------------------------------|

| 12.6 | Reuters Founders Share Control      Notices |
|------|---------------------------------------------|

| 12.7 | Rescission of Reuters Founders      Share Control Notice |
|------|----------------------------------------------------------|

----

| 12.8 | Voting rights of Reuters      Founders Share whilst Reuters Founders Share Control Notice in      force |
|------|---------------------------------------------------------------------------------------------------------|

|  | 12.8.1 | in      relation to a resolution of the Company to approve a Joint Electorate      Action, the rights: |
|--|--------|--------------------------------------------------------------------------------------------------------|

|   | (a) | if,      at the time such votes are cast, there are no Approved Persons or Approved      Persons are Interested in such number of outstanding Ordinary Shares      and/or TR Corporation Common Shares to which are attached, in the      aggregate (after giving effect to the Equalization Ratio), the right to      cast not more than 35% of all votes entitled to be cast on that Joint      Electorate Action by all shareholders of the Company and TR Corporation      (excluding the holder of the Special Voting Share and the holder of the TR      Corporation Special Voting Share), to cast such number of votes as would      be sufficient to approve or defeat such  resolution; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | if,      at the time such votes are cast, Approved Persons are Interested in such      number of outstanding Ordinary Shares and/or TR Corporation Common Shares      to which are attached, in the aggregate (after giving effect to the      Equalization Ratio), the right to cast more than 35% but less than the      Requisite Majority of all votes entitled to be cast on that Joint      Electorate Action by all shareholders of the Company and TR Corporation      (excluding the holder of the Special Voting Share and the holder of the TR      Corporation Special Voting Share), to cast the greater  of: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | such      number of votes as is equal to the sum of (x) the number of votes attached      to all Voting Shares in which Acquiring Persons are Interested and (y) one      vote; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | such      number of votes as will cause the votes attached to all Voting Shares in      which Approved Persons are Interested, and which are cast in accordance      with the relevant Terms of Approval, when combined with the votes entitled      to be cast by the holder of the Reuters Founders Share, to constitute the      Requisite Majority of all votes entitled to be cast on such resolution by      all shareholders of the Company (including the holder of the Special      Voting Share); and |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | if,      at the time such votes are cast, Approved Persons are Interested in, and      cast in accordance with the relevant Terms of Approval the votes attached      to, such number of outstanding Ordinary Shares and/or TR Corporation      Common Shares to which are attached, in the aggregate (after giving effect      to the Equalization Ratio), the right to cast at least the Requisite      Majority of all votes entitled to be cast on that Joint Electorate Action      by all shareholders of the Company and TR Corporation (excluding the      holder of the Special Voting Share and the holder of the TR Corporation      Special Voting Share), no right to cast any  vote; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 12.8.2 | in      relation to a resolution of the Company to approve a Class Rights      Action: |
|--|--------|----------------------------------------------------------------------------------------|

|   | (a) | if      the Equivalent Resolution is approved by the requisite number (as      determined in accordance with the TR Corporation Articles, the TR      Corporation By-Laws and Applicable Laws) of the holders of TR Corporation      Common Shares at the Parallel Shareholder Meeting, the    rights: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | if,      at the time such votes are cast, there are no Approved Persons or Approved      Persons are Interested in such number of outstanding Ordinary Shares to      which are attached, in the aggregate, the right to cast not more than 35%      of all votes entitled to be cast on such resolution by all shareholders of      the Company (excluding the holder of the Special Voting Share), to cast      such number of votes as would be sufficient to approve or defeat such      resolution; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | if,      at the time such votes are cast, Approved Persons are Interested in such      number of outstanding Ordinary Shares to which are attached, in the      aggregate, the right to cast more than 35% but less than the Requisite      Majority of all votes entitled to be cast on such resolution by all      shareholders of the Company (excluding the holder of the Special Voting      Share), to cast the greater of: |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (A) | such      number of votes as is equal to the sum of (x) the number of votes attached      to all Voting Shares in which Acquiring Persons are Interested and (y) one      vote; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (B) | such      number of votes as will cause the votes attached to all Voting Shares in      which Approved Persons are Interested, and which are cast in accordance      with the relevant Terms of Approval, when combined with the votes entitled      to be cast by the holder of the Reuters Founders Share, to constitute the      Requisite Majority of all votes entitled to be cast on such resolution by      all shareholders of the Company (excluding the holder of the Special      Voting Share); and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | if,      at the time such votes are cast, Approved Persons are Interested in, and      cast in accordance with the relevant Terms of Approval the votes attached      to, such number of outstanding Ordinary Shares to which are attached, in      the aggregate, the right to cast at least the Requisite Majority of all      votes entitled to be cast on such resolution by all shareholders of the      Company (excluding the holder of the Special Voting Share), no right to      cast any vote; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | if      the Equivalent Resolution is not approved by the requisite number (as      determined in accordance with the TR Corporation Articles, the TR      Corporation By-Laws and Applicable Laws) of the holders of TR Corporation      Common Shares at the Parallel Shareholder Meeting, no right to cast any      vote; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 12.8.3 | in      relation to a Procedural Resolution, therights: |
|--|--------|---------------------------------------------------------|

|   | (a) | if,      at the time such votes are cast, there are no Approved Persons or Approved      Persons are Interested in such number of outstanding Ordinary Shares to      which are attached, in the aggregate, the right to cast not more than 35%      of all votes entitled to be cast on that Procedural Resolution by all      shareholders of the Company (excluding the holder of the Special Voting      Share), to cast such number of votes as would be sufficient to approve or      defeat such Procedural Resolution; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | if,      at the time such votes are cast, Approved Persons are Interested in such      number of outstanding Ordinary Shares to which are attached, in the      aggregate, the right to cast more than 35% but less than the Requisite      Majority of all votes entitled to be cast on that Procedural Resolution by      all shareholders of the Company (excluding the holder of the Special      Voting Share), to cast the greaterof: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | such      number of votes as is equal to the sum of (x) the number of votes attached      to all Voting Shares in which Acquiring Persons are Interested and (y) one      vote; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | such      number of votes as will cause the votes attached to all Voting Shares in      which Approved Persons are Interested, and which are cast in accordance      with the relevant Terms of Approval, when combined with the votes entitled      to be cast by the holder of the Reuters Founders Share, to constitute the      Requisite Majority of all votes entitled to be cast on that Procedural      Resolution by all shareholders of the Company (excluding the holder of the      Special Voting Share); and |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | if,      at the time such votes are cast, Approved Persons are Interested in, and      cast in accordance with the relevant Terms of Approval the votes attached      to, such number of outstanding Ordinary Shares to which are attached, in      the aggregate, the right to cast at least the Requisite Majority of all      votes entitled to be cast on that Procedural Resolution by all      shareholders of the Company (excluding the holder of the Special Voting      Share), no right to cast any vote;and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 12.8.4 | at      any meeting of the holder of the Reuters Founders Share at which the      holder of the Reuters Founders Share is entitled to vote separately as a      class, the right to cast one vote. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.9 | Opinions of the holder of the      Reuters Founders Shareconclusive |
|------|---------------------------------------------------------------------|

| 12.10 | Holder of the Reuters Founders      Share may requisition general meetings other than annual general      meetings |
|-------|--------------------------------------------------------------------------------------------------------------------|

|  | 12.10.1 | to      convene a general meeting other than an annual general meeting of the      Company for the purposes specified in such requisition (including      proposing resolutions to be put to shareholders at the meeting in the form      (if any) specified by the holder of the Reuters Founders Share in such      requisition); and |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 12.10.2 | to      ensure that every copy of any notice by which a general meeting is      convened pursuant to such requisition shall be accompanied by a copy of      such statement in writing (if any) of not more than five thousand words as      shall be attached to suchrequisition. |
|--|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.11 | Directors to convene      requisitioned meeting and circulate any statement of the holder of the      Reuters Founders Share |
|-------|------------------------------------------------------------------------------------------------------------------------------|

| 12.12 | Holder of the Reuters Founders      Share may convene meeting if Directors in  default |
|-------|----------------------------------------------------------------------------------------|

|  | 12.12.1 | any      general meeting which is so convened by the holder of the Reuters Founders      Share shall be convened in the same manner, as nearly as possible, in      which general meetings of the Company are to be convened by the Directors      pursuant to paragraph 12.11, but so that the requirement as to minimum      notice referred to in paragraph 12.11 shall not apply;      and |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 12.12.2 | the      holder of the Reuters Founders Share shall be entitled to procure that      each copy of the notice by which any such general meeting is convened by      the holder of the Reuters Founders Share shall be accompanied by a copy of      such statement of not more than five thousand words as the holder of the      Reuters Founders Share shall in its absolute discretion think fit, and so      that the holder of the Reuters Founders Share shall have this entitlement      whether or not such requisition had attached thereto, in accordance with      paragraph 12.11, any copy of anystatement. |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 12.13 | Holder of the Reuters Founders      Share may convene general meetings other than annual general meetings      while Reuters Founders Share Control Notice in  force |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.14 | Holder of the Reuters Founders      Share may receive notice of and attend and speak at general      meetings |
|-------|---------------------------------------------------------------------------------------------------------------|

|  | 12.14.1 | to      receive notice of every general meeting of the Company, and of every      separate general meeting of the holders of the shares of any class in the      Company's issued share capital; and |
|--|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 12.14.2 | to      attend, either by a representative appointed in accordance with      section 323(1) of the CA 2006, or by any proxy, at any such general      meeting or separate general meeting;and |
|--|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 12.14.3 | through      any such representative or proxy, to speak at any such general meeting or      separate general meeting, |
|--|---------|-----------------------------------------------------------------------------------------------------------------------|

----

| 12.15 | Consultation between Directors      and Reuters Trustees |
|-------|----------------------------------------------------------|

| 12.16 | Reuters Trustees entitled to      make representations to theDirectors |
|-------|------------------------------------------------------------------------|

| 12.17 | Dividends |
|-------|-----------|

| 12.18 | Liquidation, dissolution and      winding up |
|-------|----------------------------------------------|

| 12.19 | No transfer of Reuters Founders      Share |
|-------|--------------------------------------------|

| 12.20 | Consent of the holder of the      Reuters Founders Share |
|-------|----------------------------------------------------------|

----

| 12.21 | Notices and other      communications |
|-------|---------------------------------------|

| 13. | SHARE      CERTIFICATES |
|-----|-------------------------|

| 13.1 | Contents of share      certificates |
|------|-------------------------------------|

| 13.2 | Certificates for Joint      holders |
|------|-------------------------------------|

| 13.3 | Entitlement of shareholders      holding Certificated Shares to share  certificates |
|------|-------------------------------------------------------------------------------------|

| 13.4 | Entitlement to balancing      certificates |
|------|--------------------------------------------|

----

| 13.5 | Entitlement to consolidating      certificates |
|------|------------------------------------------------|

| 13.6 | Directors may issue split      certificates |
|------|---------------------------------------------|

| 13.7 | Replacement of damaged, lost or      stolen certificates |
|------|----------------------------------------------------------|

| 13.8 | Requests for replacement      certificates for jointholders |
|------|-------------------------------------------------------------|

| 13.9 | Entitlement to certificate for      shares changed to CertificatedShares |
|------|--------------------------------------------------------------------------|

| 13.10 | No entitlement to certificate      in respect of UncertificatedShares |
|-------|-----------------------------------------------------------------------|

----

| 14. | CALLS      ON SHARES |
|-----|----------------------|

| 14.1 | Directors may make calls for      amounts unpaid onshares |
|------|-----------------------------------------------------------|

| 14.2 | Obligation to pay      calls |
|------|------------------------------|

| 14.3 | Interest on unpaid      calls |
|------|-------------------------------|

| 14.4 | Calls deemed to be made when so      provided by terms of issue ofshares |
|------|--------------------------------------------------------------------------|

| 14.5 | Directors' discretion as to      amounts and times of calls on issue of  shares |
|------|---------------------------------------------------------------------------------|

| 14.6 | Directors may accept and pay      interest on moneys in advance ofcalls |
|------|-------------------------------------------------------------------------|

----

| 15. | FORFEITURE      AND LIEN |
|-----|--------------------------|

| 15.1 | Directors may serve payment      notice in respect of unpaidcalls |
|------|-------------------------------------------------------------------|

| 15.2 | Notice to provide for      forfeiture of shares |
|------|-------------------------------------------------|

| 15.3 | Forfeiture of      shares |
|------|---------------------------|

| 15.4 | Forfeited or surrendered share      the property of theCompany |
|------|----------------------------------------------------------------|

----

| 15.5 | Ex-shareholder to remain liable      for moneys unpaid on forfeitedshares |
|------|---------------------------------------------------------------------------|

| 15.6 | Company to have lien on shares      not fully paid |
|------|----------------------------------------------------|

| 15.7 | Company's power of sale under      lien |
|------|-----------------------------------------|

| 15.8 | Application of sale      proceeds |
|------|-----------------------------------|

| 15.9 | Title to shares sold under lien      or after forfeiture |
|------|----------------------------------------------------------|

----

| 16. | TRANSFER      OF SHARES |
|-----|-------------------------|

| 16.1 | Requirements as to form of      transfers of CertificatedShares |
|------|-----------------------------------------------------------------|

| 16.2 | Requirements as to transfers of      Uncertificated Shares |
|------|------------------------------------------------------------|

| 16.3 | Transferor to remain holder      until transfer actuallyregistered |
|------|--------------------------------------------------------------------|

| 16.4 | Directors may suspend      registration oftransfers |
|------|-----------------------------------------------------|

| 16.5 | Directors may refuse to      register certain renunciations and transfers of Certificated      Shares |
|------|-------------------------------------------------------------------------------------------------------|

----

| 16.6 | Directors may refuse to      register transfers of Certificated Shares of more than one class of share,      unstamped transfers or transfers unaccompanied by proof of transferor's      title |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.7 | Registration of transfers of      Uncertificated Shares |
|------|---------------------------------------------------------|

| 16.8 | Directors to notify refusals to      register transfers of Uncertificated  Shares |
|------|-----------------------------------------------------------------------------------|

| 16.9 | Company may retain registered      transfers |
|------|----------------------------------------------|

| 16.10 | No fee for registration of      transfers or relateddocuments |
|-------|---------------------------------------------------------------|

----

| 16.11 | Company may destroy documents      after certain periods |
|-------|----------------------------------------------------------|

|  | 16.11.1 | the      provisions aforesaid shall apply only to the destruction of a document in      good faith and without notice of any claim (regardless of the parties      thereto) to which the document might be  relevant; |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 16.11.2 | nothing      herein contained shall be construed as imposing upon the Company any      liability in respect of the destruction of any such document earlier than      as aforesaid or in any other circumstances which would not attach to the      Company in the absence of this Article;and |
|--|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 16.11.3 | references      herein to the destruction of any document include references to disposal      thereof in any manner. |
|--|---------|----------------------------------------------------------------------------------------------------------------------|

| 17. | TRANSMISSION      OF SHARES |
|-----|-----------------------------|

| 17.1 | Personal representatives of      deceased holders entitled to shares but liabilities of estate      continue |
|------|--------------------------------------------------------------------------------------------------------------|

| 17.2 | Registration of persons      entitled to shares by operation oflaw |
|------|--------------------------------------------------------------------|

----

| 17.3 | Registration of other      persons |
|------|------------------------------------|

|  | 17.3.1 | in      the case of a Certificated Share, execute an instrument of transfer of the      Certificated Share to that person;or |
|--|--------|------------------------------------------------------------------------------------------------------------------------------|

|  | 17.3.2 | in      the case of an Uncertificated Share, either procure that instructions are      given by means of the Relevant System to effect the transfer of such      Uncertificated Share to that person in accordance with the Uncertificated      Securities Regulations, or procure that the Uncertificated Share is      changed to certificated form and execute an instrument of transfer of that      Certificated Share to that person. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.4 | Limitations apply to such      transfers |
|------|------------------------------------------|

| 17.5 | Entitlement to share rights      pending registration of persons entitled to shares by operation of      law |
|------|--------------------------------------------------------------------------------------------------------------|

| 18. | UNTRACED      SHAREHOLDERS |
|-----|----------------------------|

| 18.1 | Company may sell shares of      untraced holders after certainperiods |
|------|-----------------------------------------------------------------------|

|  | 18.1.1 | during      the period of 12 years prior to the date of the publication of the      advertisements referred to in subparagraph 18.1.2 below (or, if published      on different dates, the first thereof) no communication has been received      by the Company from the shareholder or the person entitled by transmission      and no cheque or warrant sent by the Company through the post in a      pre-paid letter addressed to the shareholder or to the person entitled by      transmission to the shares at his postal address on the Register or      otherwise the last known postal address given by the shareholder or the      person entitled by transmission to which cheques and warrants are to be      sent has been cashed or no payment made by the Company by any other means      permitted by these Articles has been claimed or accepted and at least      three dividends in respect of the shares in question have become payable      and no dividend in respect of those shares has been    claimed; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 18.1.2 | the      Company shall on expiry of the said period of 12 years have inserted      advertisements in both a national daily newspaper and in a newspaper      circulating in the area in which the last known postal address of the      shareholder or the postal address at which service of notices may be      effected in the manner authorised by these Articles is located giving      notice of its intention to sell the said shares;  and |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 18.1.3 | during      the said period of 12 years and the period of three months following the      publication of the said advertisements the Company shall have received no      communication from such shareholder orperson. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.2 | Power of sale to extend to      additional shares |
|------|---------------------------------------------------|

| 18.3 | Procedures for exercise of      power of sale |
|------|-----------------------------------------------|

----

| 19. | TAKEOVER      BIDS |
|-----|--------------------|

| 19.1 | Equivalent Treatment      Principle |
|------|-------------------------------------|

|  | 19.1.1 | The      Company shall not accept, approve or recommend, or propose publicly to      approve or recommend, or enter into any agreement, arrangement or      understanding with a third party related to, any takeover bid or similar      transaction with respect to the Company’s Ordinary Shares unless such      takeover bid or similar transaction constitutes a Qualifying Takeover      Bid. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 19.1.2 | If      at any time a Person offers to acquire or acquires one or more Ordinary      Shares and/or TR Corporation Common Shares, or proposes a similar      transaction or transaction, and, after giving effect to such acquisition      or similar transaction or transactions, such Person would be Interested in      or is Interested in or, as applicable, such Person would Beneficially Own      or Beneficially Owns Ordinary Shares and/or TR Corporation Common Shares      in an amount equal to or in excess of any of the Takeover Bid Thresholds      (such offer or acquisition being a "Triggering Event"), the      Company shall, subject to the Applicable Laws, take all actions within its      control as are, in the view of the Board, necessary or appropriate to      procure that such Person make a Qualifying Takeover Bid, including      adopting a Shareholder Rights Plan and/or requesting that Governmental      Agencies prohibit or otherwise prevent such offer or acquisition or      similar transaction or transactions,unless: |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | either      prior to or simultaneously with the Triggering Event, such Person makes a      Qualifying Takeover Bid (and, in the event that such Qualifying Takeover      Bid was made prior to the Triggering Event, such Qualifying Takeover Bid      has not been withdrawn, abandoned or terminated prior to or simultaneously      with the Triggering Event); or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      Triggering Event was a Permitted Bid  Acquisition. |
|--------|-----|-------------------------------------------------------------|

|  | 19.1.3 | A      Person in respect of whom the Company and TR Corporation are taking      actions to procure a Qualifying Takeover Bid pursuant to      subparagraph 19.1.2 shall be deemed to be acting in breach of these      Articles. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 19.1.4 | This      Article 19 does not apply to offers to acquire or acquisitions of Ordinary      Shares or TR Corporation Common Shares, or similar proposals or      transactions, by either the Company or TR Corporation or any of their      respective Subsidiaries. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 19.1.5 | For      avoidance of doubt, the provisions of this Article 19 shall not be      interpreted to diminish, limit, restrict or otherwise affect in any way      the right of the Board of Directors to make a recommendation to accept or      reject any take-over bid or similar transaction that constitutes a      Qualifying Take-Over Bid. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.2 | Qualifying Takeover      Bids |
|------|-------------------------------|

|  | 19.2.1 | In      this Article 19: |
|--|--------|--------------------------|

|   | (a) | "Beneficial Owner",      "Beneficial      Ownership" and "Beneficially Own" have      the meanings attributed thereto in the TR Corporation Articles (including      but not limited to in Section 8.4 of the TR Corporation      Articles); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | "City Code" means the UK      City Code on Takeovers and Mergers (as amended from time to      time); |
|--------|-----|-------------------------------------------------------------------------------------------------------|

|   | (c) | "Interest" means, in      relation to Ordinary Shares, an interest in shares within the meaning of      the City Code and the words "Interested in" and      similar words have correspondingmeanings; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | "Permitted Bid      Acquisition" means an offer to acquire or acquisition of      outstanding Ordinary Shares and/or TR Corporation Common Shares or similar      transaction made pursuant to an exemption from the takeover bid provisions      of Applicable Laws, where the value of the consideration paid for any such      Ordinary Shares and/or TR Corporation Shares acquired is not in excess of      the respective market values thereof at the date of the      acquisition; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | "Qualifying Takeover Bid"      means an offer or offers to acquire (by way of takeover bid or similar      transaction) all of the outstanding Ordinary Shares and TR Corporation      Common Shares: (i) which are made in compliance with Applicable Laws;      and (ii) which (provided that compliance with the following is not      inconsistent with Applicable Laws): |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | are      made to all holders of Ordinary Shares and TR Corporation Common      Shares; |
|--------|-----|---------------------------------------------------------------------------------------------|

----

|   | (ii) | are      undertaken with respect to the Ordinary Shares and TR Corporation Common      Shares at or about the same time;and |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | are      equivalent (although not necessarily the same) in all material respects to      the holders of Ordinary Shares, on the one hand, and the holders of      TR Corporation Common Shares, on the other hand, including with      respect to: |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (A) | the      consideration offered for such shares (taking into account exchange rates      and the Equalization Ratio); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------|

|   | (B) | the      information provided to suchholders; |
|--------|-----|-----------------------------------------------|

|   | (C) | the      time available to such holders to consider such offer;  and |
|--------|-----|----------------------------------------------------------------------|

|   | (D) | the      conditions to which the offers are subject;and |
|--------|-----|---------------------------------------------------------|

|   | (f) | "Takeover Bid Thresholds"      means, at any time: |
|--------|-----|----------------------------------------------------|

|   | (i) | Beneficial      Ownership of 20% or more of the outstanding TR Corporation Common      Shares; |
|--------|-----|------------------------------------------------------------------------------------------------|

|   | (ii) | an      Interest in 30% or more of the outstanding Ordinary Shares (taking into      account Ordinary Shares in which Persons acting in concert (within the      meaning of the City Code) are Interested);or |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | an      Interest in such number of outstanding Ordinary Shares and/or TR      Corporation Common Shares (taking into account Ordinary Shares and/or TR      Corporation Common Shares in which Persons acting in concert (within the      meaning of the City Code) are Interested) to which are attached, in the      aggregate (after giving effect to the Equalization Ratio), the right to      cast 30% or more of all votes entitled to be cast on a Joint Electorate      Action by all shareholders of the Company and TR Corporation (excluding      the holder of the Special Voting Share and the holder of the TR      Corporation Special Voting Share), |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 20. | GENERAL      MEETINGS |
|-----|-----------------------|

| 20.1 | Annual general meetings to be      held |
|------|-----------------------------------------|

| 20.2 | Directors to convene general      meetings other than annual general  meetings |
|------|--------------------------------------------------------------------------------|

| 21. | NOTICE      OF GENERAL MEETINGS |
|-----|---------------------------------|

| 21.1 | Periods of notice for general      meetings |
|------|---------------------------------------------|

|  | 21.1.1 | in      the case of an annual general meeting by all the shareholders entitled to      attend and vote thereat which for this purpose shall include the holder of      the Reuters Founders Share; and |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 21.1.2 | in      the case of any other general meeting by a majority in number of the      shareholders having a right to attend and vote thereat, being a majority      together holding not less than 95% in nominal value of the shares giving      that right, and by the holder of the Reuters Founders    Share. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.2 | Determination of record date      for serving notices ofmeetings |
|------|------------------------------------------------------------------|

----

| 21.3 | Accidental non-delivery of      notice to or non-receipt of notice by any person (except to the holder of      the Reuters Founders Share) not to invalidate proceedings at      meeting |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 21.3.1 | Accidental      omission to give any notice to any shareholder, Director, auditor or      member of a committee of the Board of Directors, non receipt of any notice      or any error in a notice not affecting the substance thereof shall not      invalidate any action taken at any meeting held pursuant to such      notice. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 21.3.2 | Subparagraph      21.3.1 shall not apply if the person entitled to receive a notice is the      holder of the Reuters FoundersShare. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------|

| 21.4 | Contents of notices of general      meetings |
|------|----------------------------------------------|

| 21.5 | Notice of annual general      meeting |
|------|---------------------------------------|

| 21.6 | Notices to identify general      nature of business |
|------|-----------------------------------------------------|

| 21.7 | Determination of record date      for entitlement to attend and vote at general    meetings |
|------|---------------------------------------------------------------------------------------------|

----

| 22. | PROCEEDINGS      AT GENERAL MEETINGS |
|-----|--------------------------------------|

| 22.1 | Directors may attend and speak      at general meetings |
|------|---------------------------------------------------------|

| 22.2 | Directors may make provision      for persons (other than the holder of the Reuters Founders Share) to      attend general meetings at satellite  venues |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.3 | Discretion of Chairman to      interrupt or adjourn generalmeetings |
|------|---------------------------------------------------------------------|

| 22.4 | Directors may arrange for      persons to hear, see and speak at general meetings by audio-visual      means |
|------|--------------------------------------------------------------------------------------------------------------|

----

| 22.5 | Validity of meetings if      accommodationinadequate |
|------|------------------------------------------------------|

| 22.6 | Rights of shareholders to take      part in generalmeetings |
|------|-------------------------------------------------------------|

| 22.7 | Chairman's power to adjourn in      certain circumstances |
|------|-----------------------------------------------------------|

----

| 22.8 | Notice of adjournment not      required |
|------|-----------------------------------------|

| 22.9 | Amendments to      resolutions |
|------|--------------------------------|

| 22.10 | Arrangements for security of      general meetings |
|-------|----------------------------------------------------|

| 23. | VOTES      OF SHAREHOLDERS |
|-----|----------------------------|

| 23.1 | Votes on show of hands and on      polls |
|------|------------------------------------------|

|  | 23.1.1 | on      any show of hands every shareholder who is present in person or by proxy      at such general meeting (other than the holder of the Reuters Founders      Share) shall have one vote; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 23.1.2 | on      any poll every holder of Ordinary Shares who is present in person or by      proxy shall have one vote for every Ordinary Share of which he is the      holder. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 23.2 | Votes of joint      holders |
|------|-----------------------------|

| 23.3 | Votes by receivers and others      on behalf of shareholders suffering from mental      disorder |
|------|--------------------------------------------------------------------------------------------------|

| 23.4 | No shareholders to vote if sums      unpaid on shares |
|------|-------------------------------------------------------|

| 23.5 | Direction Notices to      shareholders and others not entitled to vote because in default under      section 793 |
|------|------------------------------------------------------------------------------------------------------------------|

|  | 23.5.1 | in      respect of the shares in relation to which the default occurred (the      "DefaultShares") the shareholder      shall not be entitled to attend or vote (either in person or by proxy) at      a general meeting or at a separate general meeting of the holders of a      class of shares or on a poll; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 23.5.2 | where      the Default Shares represent at least 0.25% of the class of shares      concerned (excluding any shares of that class held as treasury shares),      then the Direction Notice may additionally direct that any of the      following shall be effected: |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | in      respect of the Default Shares any dividend or other money which would      otherwise be payable on such shares shall be retained by the Company      without any liability to pay interest thereon when such money is finally      paid to the shareholder and any shares issued in lieu of dividend be      withheld by the Company; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | no      transfer of any Default Shares which are held in certificated form shall      be registered unless the transfer is an approved transfer    or: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      shareholder is not himself in default as regards supplying the information      requested; and |
|--------|-----|---------------------------------------------------------------------------------------------------------|

|   | (ii) | the      transfer is of part only of the shareholder's holding and when presented      for registration is accompanied by a certificate from the shareholder in a      form satisfactory to the Directors to the effect that after due and      careful enquiry the shareholder is satisfied that no person in default as      regards supplying such information is Interested in any of the shares the      subject of the transfer; and |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | if      the Directors so determine, the Company shall be entitled to require the      holder of any such Default Shares which are held in uncertificated form,      by notice in writing to the holder concerned, to change his holding of      uncertificated Default Shares to certificated form within such period as      may be specified in the notice and require such holder to continue to hold      such Default Shares in certificated form for so long as the default      subsists.  The Directors may also appoint any person to take      such other steps, by instruction by means of a Relevant System or      otherwise, in the name of the holder of such Default Shares, to effect      conversion of such shares to certificated form and such steps shall be as      effective as if they had been taken by the registered holder of the      uncertificated Default Shares. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23.6 | Cesser of effect of Direction      Notices |
|------|--------------------------------------------|

|  | 23.6.1 | receipt      by the Company of notice of an approved transfer, but only in relation to      the shares transferred; and |
|--|--------|-------------------------------------------------------------------------------------------------------------------------|

----

|  | 23.6.2 | receipt      by the Company, in a form satisfactory to the Directors, of all the      information required by the section 793notice. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------|

| 23.7 | Direction Notices and      depositaries |
|------|-----------------------------------------|

| 23.8 | Obligations of depositary under      Direction Notice |
|------|-------------------------------------------------------|

| 23.9 | Interpretation of paragraphs      23.4 to 23.8 |
|------|------------------------------------------------|

|  | 23.9.1 | a      person shall be treated as appearing to be Interested in any shares if the      shareholder holding such shares has given to the Company a notification      under the said section 793 which either (a) names such person as being so      Interested or (b) fails to establish the identities of those Interested in      the shares and (after taking into account the said notification and any      other relevant section 793 notification) the Company knows or has      reasonable cause to believe that the person in question is or may be      Interested in the shares; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 23.9.2 | the      prescribed period in respect of any particular shareholder is 14 days from      the date of service of the said notice under the said section      793; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 23.9.3 | a      transfer of shares is an approved transfer if but only  if: |
|--|--------|--------------------------------------------------------------------|

|   | (a) | it      is a transfer of shares to an offeror by way or in pursuance of acceptance      of a takeover offer (as defined in section 974 of the CA 2006);      or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      Directors are satisfied that the transfer is made pursuant to a sale of      the whole of the beneficial ownership of the shares to a party unconnected      with the shareholder and with other persons appearing to be Interested in      such shares; or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | the      transfer results from a sale made through an investment exchange      recognised by the Financial Services Authority under Part XVIII of the      Financial Services and Markets Act 2000 or any other stock exchange      outside the United Kingdom on which the Company's shares are normally      traded; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 23.9.4 | a      recognised depositary is an ADR Custodian or a trustee (acting in his      capacity as such) of any employees' share scheme established by the      Company where such scheme has been approved by the Directors for the      purposes of this Article. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23.10 | Saving for Directors' powers      under section 794(1) |
|-------|--------------------------------------------------------|

| 23.11 | Holder of the Reuters Founders      Share may require Directors to serve notice under section 793 of the CA      2006 or a Direction Notice or to apply to Court under section 794(1) of      the CA 2006 |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 23.11.1 | to      serve in accordance with section 793 of the CA 2006 such notice or notices      upon such person or respective persons as shall be specified in such      requisition; and/or |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 23.11.2 | to      serve in accordance with paragraph 23.5 a Direction Notice or Notices upon      such person or respective persons and applying such of the provisions of      paragraph 23.5 as shall be specified in such requisition;      and/or |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 23.11.3 | to      apply to the Court under section 794(1) of the CA 2006 for such order      against such person or respective persons as shall be specified in such      requisition, |
|--|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23.12 | Objections to admissibility of      votes to be raised only at the relevant meeting – saving for votes of      Reuters Founders Share |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------|

----

| 23.13 | Votes on a poll may be given      personally or by proxy |
|-------|----------------------------------------------------------|

| 23.14 | Proxy need not be a      shareholder |
|-------|--------------------------------------|

| 23.15 | Requirements as to form of      appointment of proxy |
|-------|------------------------------------------------------|

|  | 23.15.1 | in      the case of an individual shall be signed by the appointor or his      attorney; and |
|--|---------|----------------------------------------------------------------------------------------------|

|  | 23.15.2 | in      the case of a corporation shall be either executed under its common seal      or signed on its behalf by an attorney or a duly authorised officer of the      corporation, or in the case of the holder of the Reuters Founders Share      may be signed by any one of the Reuters  Trustees. |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23.16 | Proxy may exercise a      shareholder's rights to attend, speak and  vote |
|-------|---------------------------------------------------------------------------|

| 23.17 | Validity of votes by      proxies |
|-------|-----------------------------------|

----

----

| 24. | CORPORATION      ACTING BY REPRESENTATIVES |
|-----|--------------------------------------------|

| 24.1 | Requirements for appointment of      representative bycorporation |
|------|-------------------------------------------------------------------|

| 24.2 | Representatives of Reuters      Founders Share Company |
|------|--------------------------------------------------------|

| 25. | MEETINGS      OF SHAREHOLDERS |
|-----|-------------------------------|

| 25.1 | Notice with respect to Joint      Electorate Action or Class RightsAction |
|------|---------------------------------------------------------------------------|

| 25.2 | Manner of      voting |
|------|-----------------------|

----

| 25.3 | Withdrawal of demand for      poll |
|------|------------------------------------|

| 25.4 | Procedure for      polls |
|------|--------------------------|

| 25.5 | Voting by      proxy |
|------|----------------------|

| 25.6 | Objections to validity of      votes |
|------|--------------------------------------|

| 25.7 | Quorum |
|------|--------|

----

|  | 25.7.1 | at      any meeting the business of which includes the consideration of any      resolution on which the holder of the Special Voting Share is entitled to      vote, a quorum shall not be present for any purpose unless the holder of      the Special Voting Share is present in person or by proxy or is      represented by a duly authorised representative;  and |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 25.7.2 | at      any meeting the business of which includes the consideration of any      resolution on which the holder of the Reuters Founders Share is entitled      to vote, a quorum shall not be present for any purpose unless the holder      of the Reuters Founders Share is present in person or by proxy or is      represented by a duly authorisedrepresentative. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.8 | Meetings where no quorum      present |
|------|---------------------------------------|

| 25.9 | Scrutineers |
|------|-------------|

----

| 25.10 | Adjournment of      meetings |
|-------|------------------------------|

| 25.11 | Actions for shareholder      approval |
|-------|---------------------------------------|

|  | 25.11.1 | All      actions put to shareholders of the Company, except for Class Rights      Actions or Procedural Resolutions, will be Joint Electorate      Actions. |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 25.11.2 | No      resolution of the Company with respect to a Joint Electorate Action or a      Class Rights Action shall be approved unless a Parallel Shareholder      Meeting is held at which an Equivalent Resolution in respect of such Joint      Electorate Action or Class Rights Action is approved in accordance with      25.12.2 below. |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.12 | Procedure for approval of Joint      Electorate Actions and Class Rights  Actions |
|-------|-----------------------------------------------------------------------------------|

|  | 25.12.1 | an      Ordinary Resolution of the Company (or, if these Articles or Applicable      Laws require such Joint Electorate Action or Class Rights Action to be      approved by a Special Resolution of the Company, by a Special Resolution);      and |
|--|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 25.12.2 | an      ordinary resolution of TR Corporation (or, if the TR Corporation Articles,      the TR Corporation By-Laws, the Equalization and Governance Agreement or      Applicable Laws require such Joint Electorate Action or Class Rights      Action to be approved by a special resolution of TR Corporation, by a      special resolution). |
|--|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.13 | Co-ordination with TR      Corporation |
|-------|----------------------------------------|

|  | 25.13.1 | the      Board of Directors shall (unless such action is proposed for an annual      meeting of shareholders of the Company) convene a special meeting of      shareholders as close in time as practicable to the TR Corporation      shareholders meeting at which such Joint Electorate Action or Class Rights      Action is to be proposed; |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 25.13.2 | the      Board of Directors shall propose for consideration at such meeting an      Equivalent Resolution in respect of such Joint Electorate Action or Class      Rights Action; |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 25.13.3 | the      Board of Directors shall submit such Equivalent Resolution to shareholders      as an Ordinary Resolution (or, if these Articles or Applicable Laws      require the action to be approved by a Special Resolution of the Company,      by a Special Resolution); and |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 25.13.4 | the      Company shall co-operate fully with TR Corporation in preparing      resolutions, information circulars or statements, explanatory memoranda or      any other information or material required in connection with the proposed      Joint Electorate Action or Class RightsAction. |
|--|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.14 | Discretionary      matters |
|-------|----------------------------|

|  | 25.14.1 | decide      to seek the approval by Ordinary Resolution of the shareholders (or any      class of shareholders) of either or both of the Company and      TR Corporation for any matter that would not otherwise require such      approval; or |
|--|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 25.14.2 | specify      a higher vote threshold for any resolution than would otherwise be      required pursuant to these      Articles. |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------|

| 26. | FINANCIAL      YEAR |
|-----|---------------------|

| 27. | MANAGEMENT      OF THE COMPANY |
|-----|--------------------------------|

| 27.1 | Constitution of the Board of      Directors |
|------|---------------------------------------------|

|  | 27.1.1 | The      Board of Directors shall consist of no less than five and no more than 20      members.  Within the said minimum and maximum, the number of      Directors shall be set forth by resolution of the Board of      Directors. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 27.1.2 | Each      Director shall also consent to serve, and be properly elected or      appointed, as a director of TR Corporation in order to qualify to      serve as a Director.  A Director shall cease to hold office when      he or she ceases to be a Director of TR  Corporation. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 27.2 | Management      generally |
|------|---------------------------|

|  | 27.2.1 | The      Directors shall manage or supervise the management of the business and      affairs of the Company. |
|--|--------|--------------------------------------------------------------------------------------------------------------|

|  | 27.2.2 | Except      to the extent prohibited or restricted by Applicable Laws, but without      prejudice to any indemnity to which a Director, former Director, officer      or other person may otherwise be entitled, the Board of Directors may      grant indemnities to Directors, former Directors, officers and other      persons (including directors, former directors, officers and employees of      TR Corporation and its Subsidiaries) and make loans to such persons to      fund their defence of claims and proceedings initiated or threatened      against them. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 27.2.3 | The      Company may purchase and maintain insurance for the benefit of any      individual referred to in subparagraph 27.2.2 to the extent permitted by      Applicable Laws. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 27.3 | No share qualification –      Directors may attend and speak at general  meetings |
|------|-----------------------------------------------------------------------------------------|

| 27.4 | Powers to give pensions to      Directors |
|------|-------------------------------------------|

| 27.5 | Appointment to any executive      office not to cease with Directorship unless contract so      provides |
|------|----------------------------------------------------------------------------------------------------------|

| 28. | APPOINTMENT,      RETIREMENT AND REMOVAL OFDIRECTORS |
|-----|------------------------------------------------------|

| 28.1 | Vacation of office as      Director |
|------|-------------------------------------|

|  | 28.1.1 | if      prohibited from acting by law: |
|--|--------|----------------------------------------|

----

|  | 28.1.2 | on      resignation: |
|--|--------|----------------------|

|  | 28.1.3 | on      insolvency: |
|--|--------|---------------------|

|  | 28.1.4 | as      a consequence of mental disorder: |
|--|--------|-------------------------------------------|

| 28.2 | Appointment of Directors by      Company |
|------|------------------------------------------|

|  | 28.2.1 | where      at such meeting it is expressly resolved not to fill such office or a      resolution for the re-election of such Director is put to the meeting and      lost; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 28.2.2 | where      such Director has given notice in writing to the Company that he is      unwilling to be re-elected; |
|--|--------|-----------------------------------------------------------------------------------------------------------------|

|  | 28.2.3 | where      the default is due to the moving of a resolution in contravention of the      next following Article, |
|--|--------|------------------------------------------------------------------------------------------------------------------|

----

| 28.3 | Resolutions to appoint two or      more Directors to be subject to consent of general      meeting |
|------|----------------------------------------------------------------------------------------------------|

| 28.4 | Company and Directors may fill      casual vacancies and appoint additional  Directors |
|------|----------------------------------------------------------------------------------------|

|  | 28.4.1 | the      Company may by Ordinary Resolution appoint any person to be a Director      either to fill a casual vacancy or as an additional Director;      and |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 28.4.2 | without      prejudice to subparagraph 28.4.1 the Directors may at any time appoint any      person to be a Director either to fill a casual vacancy or as an      additional Director. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29. | MANAGEMENT      IN RELATION TO THE EQUALIZATION AND GOVERNANCE  AGREEMENT |
|-----|---------------------------------------------------------------------------|

|  | 29.1 | are      authorised and directed to carry into effect the provisions of the      Equalization and Governance Agreement, the Special Voting Share Agreement      and the Cross-Guarantees and any further or other agreements or      arrangements contemplated by the Equalization and Governance Agreement,      the Special Voting Share Agreement and the Cross-Guarantees;      and |
|--|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 29.2 | may,      in addition to their duties to the Company, have regard to, and take into      account in the exercise of their powers, the best interests of TR      Corporation and of both the holders of Ordinary Shares and the holders of      TR Corporation Common Shares, |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 30. | OBSERVANCE      OF REUTERS TRUST PRINCIPLES |
|-----|---------------------------------------------|

|   | 30.1 | that      the TR Group shall at no time pass into the hands of any one interest,      group or faction; |
|--------|------|---------------------------------------------------------------------------------------------------------|

|   | 30.2 | that      the integrity, independence and freedom from bias of the TR Group shall at      all times be fully preserved; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------|

|   | 30.3 | that      the TR Group shall supply unbiased and reliable news services to      newspapers, news agencies, broadcasters and other media subscribers and to      businesses, governments, institutions, individuals, and others with whom      the TR Group has or may havecontracts; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 30.4 | that      the TR Group shall pay due regard to the many interests which it serves in      addition to those of the media; and |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------|

|   | 30.5 | that      no effort shall be spared to expand, develop and adapt the news and other      services and products of the TR Group so as to maintain its leading      position in the international news and information    business. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31. | MEETINGS      OF THE BOARD OF DIRECTORS |
|-----|-----------------------------------------|

| 31.1 | Quorum |
|------|--------|

----

| 31.2 | Calling of      meetings |
|------|--------------------------|

| 31.3 | Notice of      meetings |
|------|-------------------------|

| 31.4 | Chairman |
|------|----------|

| 31.5 | Voting at      meetings |
|------|-------------------------|

| 31.6 | Resolutions of Directors in      writing |
|------|------------------------------------------|

| 31.7 | Form of written      resolutions |
|------|----------------------------------|

----

| 31.8 | Resolutions in writing by      committees |
|------|-------------------------------------------|

| 31.9 | Communications through      electronic means |
|------|----------------------------------------------|

| 31.10 | Remuneration and      expenses |
|-------|--------------------------------|

| 31.11 | Directors may delegate to      committees |
|-------|-------------------------------------------|

| 31.12 | Meetings and proceedings of      committees |
|-------|---------------------------------------------|

| 31.13 | Validity of acts of Directors      or committees |
|-------|--------------------------------------------------|

----

| 31.14 | Participation in meetings by      audio-visual means |
|-------|------------------------------------------------------|

| 32. | DIRECTORS'      INTERESTS1 |
|-----|----------------------------|

| 32.1 | Directors'      interests other than in relation to transactions or arrangements with the      Company |
|------|--------------------------------------------------------------------------------------------------------|

| (a) | Subject      to Article 29 (Management in relation to the Equalization and Governance      Agreement), if a situation (a "Relevant Situation")      arises in which a Director has, or can have, a direct or indirect interest      that conflicts, or possibly may conflict, with the interests of the      Company (including, without limitation, in relation to the exploitation of      any property, information or opportunity, whether or not the Company could      take advantage of it but excluding any situation which cannot reasonably      be regarded as likely to give rise to a conflict of interest) the      following provisions shall apply if the conflict of interest does not      arise in relation to a transaction or arrangement with the      Company: |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | if      the Relevant Situation arises from the appointment or proposed appointment      of a person as a Director of the Company, the Directors (other than the      Director, and any other Director with a similar interest, who shall not be      counted in the quorum at the meeting and shall not vote on the resolution)      may resolve to authorise the appointment of the Director and the Relevant      Situation on such terms as they maydetermine; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | if      the Relevant Situation arises in circumstances other than in paragraph (i)      above, the Directors (other than the Director and any other Director with      a similar interest who shall not be counted in the quorum at the meeting      and shall not vote on the resolution) may resolve to authorise the      Relevant Situation and the continuing performance by the Director of his      duties on such terms as they maydetermine. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 1  This      Article was altered, with effect from 1 October 2008, by special      resolution passed on 22 February2008. |
|--------|------------------------------------------------------------------------------------------------------------------------------------|

----

| (b) | Any      reference in paragraph (a) above to a conflict of interest includes a      conflict of interest and duty and a conflict of  duties. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | Any      terms determined by Directors under paragraphs (a)(i) or (a)(ii) above may      be imposed at the time of the authorisation or may be imposed or varied      subsequently and may include (without  limitation): |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | whether      the interested Directors may vote (or be counted in the quorum at a      meeting) in relation to any resolution relating to the Relevant      Situation; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      exclusion of the interested Directors from all information and discussion      by the Company of the Relevant Situation;and |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | (without      prejudice to the general obligations of confidentiality) the application      to the interested Directors of a strict duty of confidentiality to the      Company for any confidential information of the Company in relation to the      Relevant Situation. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | An      interested Director must act in accordance with any terms determined by      the Directors under paragraphs (a)(i) or (a)(ii)  above. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | Except      as specified in paragraph (a) above, any proposal made to the Directors      and any authorisation by the Directors in relation to a Relevant Situation      shall be dealt with in the same way as any other matter may be proposed to      and resolved upon by the Directors in accordance with the provisions of      these Articles. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) | Any      authorisation of a Relevant Situation given by the Directors under      paragraph (a) above may provide that, where the interested Director      obtains (other than through his position as a Director of the Company)      information that is confidential to a third party, he will not be obliged      to disclose it to the Company or to use it in relation to the Company's      affairs in circumstances where to do so would amount to a breach of that      confidence. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.2 | Declaration      of interests other than in relation to transactions or arrangements with      the Company |
|------|------------------------------------------------------------------------------------------------------------|

|   | A      Director shall declare the nature and extent of his interest in a Relevant      Situation within paragraph 32.1(a)(i) or 32.1(a)(ii) to the other      Directors. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.3 | Declaration      of interests in a proposed transaction or arrangement with the      Company |
|------|----------------------------------------------------------------------------------------------|

|   | If      a Director is in any way, directly or indirectly, interested in a proposed      transaction or arrangement with the Company, he must declare the nature      and extent of that interest to the other  Directors. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 32.4 | Declaration      of interest in an existing transaction or arrangement with the      Company |
|------|----------------------------------------------------------------------------------------------|

|   | Where      a Director is in any way, directly or indirectly, interested in a      transaction or arrangement that has been entered into by the Company, he      must declare the nature and extent of his interest to the other Directors,      unless the interest has already been declared under paragraph 32.3      above. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a) | The      declaration of interest must (in the case of paragraph 32.4) and may, but      need not (in the case of paragraph 32.2 or 32.3) be  made: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | If      a declaration of interest proves to be, or becomes, inaccurate or      incomplete, a further declaration must bemade. |
|-----|-------------------------------------------------------------------------------------------------------------------------------|

| (c) | Any      declaration of interest required by paragraph 32.2 above must be made as      soon as is reasonably practicable.  Failure to comply with this      requirement does not affect the underlying duty to make the declaration of      interest. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | Any      declaration of interest required by paragraph 32.3 above must be made      before the Company enters into the transaction or    arrangement. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | Any      declaration of interest required by paragraph 32.4 above must be made as      soon as is reasonably practicable.  Failure to comply with this      requirement does not affect the underlying duty to make the declaration of      interest. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) | A      declaration in relation to an interest of which the Director is not aware,      or where the Director is not aware of the transaction or arrangement in      question, is not required.  For this purpose, a Director is      treated as being aware of matters of which he ought reasonably to be      aware. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g) | A      Director need not declare aninterest: |
|-----|----------------------------------------------|

|   | (i) | if      it cannot reasonably be regarded as likely to give rise to a conflict of      interest; |
|--------|-----|-------------------------------------------------------------------------------------------------|

|   | (ii) | if,      or to the extent that, the other Directors are already aware of it (and      for this purpose the other Directors are treated as aware of anything of      which they ought reasonably to be aware);or |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | if,      or to the extent that, it concerns terms of his service contract that have      been or are to be considered: |
|--------|-------|------------------------------------------------------------------------------------------------------------------------|

----

|   | (B) | by      a committee of the Directors appointed for the purpose under these      Articles. |
|--------|-----|-------------------------------------------------------------------------------------------|

| (a) | Subject      to Applicable Laws and to declaring his interest in accordance with      paragraph 32.2, 32.3 or 32.4 above, a Director  may: |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | enter      into or be interested in any transaction or arrangement with the Company,      either with regard to his tenure of any office or position in the      management, administration or conduct of the business of the Company or as      vendor, purchaser or otherwise; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | hold      any other office or place of profit with the Company (except that of      auditor) in conjunction with his office of Director for such period      (subject to Applicable Laws) and upon such terms as the Board may decide      and be paid such extra remuneration for so doing (whether by way of      salary, commission, participation in profits or otherwise) as the Board      may decide, either in addition to or in lieu of any remuneration under any      other provision of these Articles; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | act      by himself or his firm in a professional capacity for the Company (except      as auditor) and be entitled to remuneration for professional services as      if he were not a Director; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | be      or become a member or director of, or hold any other office or place of      profit under, or otherwise be interested in, any holding company or      subsidiary undertaking of that holding company or any other company in      which the Company may be interested.  The Board may cause the      voting rights conferred by the shares in any other company held or owned      by the Company or exercisable by them as directors of that other company      to be exercised in such manner in all respects as it thinks fit (including      the exercise of voting rights in favour of any resolution appointing the      Directors or any of them as directors or officers of the other company or      voting or providing for the payment of any benefit to the directors or      officers of the other company); and |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | be      or become a director of any other company in which the Company does not      have an interest if that cannot reasonably be regarded as likely to give      rise to a conflict of interest at the time of his appointment as a      director of that other company. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | A      Director shall not, by reason of his holding office as Director (or of the      fiduciary relationship established by holding that office), be liable to      account to the Company for any remuneration, profit or other benefit      resulting from: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | any      Relevant Situation authorised under paragraph 32.1(a);  or |
|--------|-----|---------------------------------------------------------------------|

|   | (ii) | any      interest permitted under paragraph (a)above, |
|--------|------|-------------------------------------------------------|

|   | and      no contract shall be liable to be avoided on the grounds of any Director      having any type of interest authorised under paragraph 32.1(a) or      permitted under paragraph (a)above. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (c) | A      Director shall not vote (or be counted in the quorum at a meeting) in      respect of any resolution concerning his own appointment (including fixing      or varying its terms), or the termination of his own appointment, as the      holder of any office or place of profit with the Company or any other      company in which the Company is interested but, where proposals are under      consideration concerning the appointment (including fixing or varying its      terms), or the termination of the appointment, of two or more Directors to      offices or places of profit with the Company or any other company in which      the Company is interested, those proposals may be divided and a separate      resolution may be put in relation to each Director and in that case each      of the Directors concerned (if not otherwise debarred from voting under      this Article) shall be entitled to vote (and be counted in the quorum) in      respect of each resolution unless it concerns his own appointment or the      termination of his own appointment. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | A      Director shall also not vote (or be counted in the quorum at a meeting) in      relation to any resolution relating to any transaction or arrangement with      the Company in which he has an interest which may reasonably be regarded      as likely to give rise to a conflict of interest and, if he purports to do      so, his vote shall not be counted, but this prohibition shall not apply      and a Director may vote (and be counted in the quorum) in respect of any      resolution concerning any one or more of the following      matters: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | any      transaction or arrangement in which he is interested by virtue of an      Interest in shares, debentures or other securities of the Company or      otherwise in or through theCompany; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      giving of any guarantee, security or indemnity in respect    of: |
|--------|------|---------------------------------------------------------------------------|

|   | (A) | money      lent or obligations incurred by him or by any other person at the request      of, or for the benefit of, the Company or any of its subsidiary      undertakings; or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | a      debt or obligation of the Company or any of its subsidiary undertakings      for which he himself has assumed responsibility in whole or in part      (either alone or jointly with others) under a guarantee or indemnity or by      the giving of security; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | indemnification      (including loans made in connection with it) by the Company in relation to      the performance of his duties on behalf of the Company or of any of its      subsidiary undertakings; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | any      issue or offer of shares, debentures or other securities of the Company or      any of its subsidiary undertakings in respect of which he is or may be      entitled to participate in his capacity as a holder of any such securities      or as an underwriter orsub-underwriter; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | any      transaction or arrangement concerning any other company in which he does      not hold, directly or indirectly as shareholder, or through his direct or      indirect holdings of financial instruments (within the meaning of Chapter      5 of the Disclosure and Transparency Rules) voting rights representing 1%      or more of any class of shares in the capital of that    company; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (vi) | any      arrangement for the benefit of employees of the Company or any of its      subsidiary undertakings which does not accord to him any privilege or      benefit not generally accorded to the employees to whom the arrangement      relates; and |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vii) | the      purchase or maintenance of insurance for the benefit of Directors or for      the benefit of persons includingDirectors. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------|

|  | (e) | If      any question arises at any meeting as to whether an interest of a Director      (other than the chairman of the meeting) may reasonably be regarded as      likely to give rise to a conflict of interest or as to the entitlement of      any Director (other than the chairman of the meeting) to vote in relation      to a transaction or arrangement with the Company and the question is not      resolved by his voluntarily agreeing to abstain from voting, the question      shall be referred to the chairman of the meeting and his ruling in      relation to the Director concerned shall be final and conclusive except in      a case where the nature or extent of the interest of the Director      concerned, so far as known to him, has not been fairly      disclosed.  If any question shall arise in respect of the      chairman of the meeting and is not resolved by his voluntarily agreeing to      abstain from voting, the question shall be decided by a resolution of the      Board (for which purpose the chairman shall be counted in the quorum but      shall not vote on the matter) and the resolution shall be final and      conclusive except in a case where the nature or extent of the interest of      the chairman of the meeting, so far as known to him, has not been fairly      disclosed. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (f) | Subject      to Applicable Laws, the Company may by Ordinary Resolution suspend or      relax the provisions of this Article to any extent or ratify any      transaction or arrangement not duly authorised by reason of a      contravention of thisArticle. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 33. | OFFICERS |
|-----|----------|

| 33.1 | General |
|------|---------|

| 33.2 | Chairman |
|------|----------|

| 33.3 | Deputy      Chairman |
|------|----------------------|

----

| 33.4 | President |
|------|-----------|

| 33.5 | Vice      President |
|------|---------------------|

| 33.6 | Directors may appoint      attorneys |
|------|--------------------------------------|

| 33.7 | Secretary to the Board of      Directors |
|------|------------------------------------------|

| 33.8 | Variation of      duties |
|------|--------------------------|

| 33.9 | Term of      office |
|------|---------------------|

----

| 34. | BORROWING      POWERS |
|-----|-----------------------|

| 35. | REGISTERS |
|-----|-----------|

| 35.1 | Entries on Registers of numbers      of Uncertificated Shares and Certificated  Shares |
|------|----------------------------------------------------------------------------------------|

| 35.2 | Directors may keep branch      Registers |
|------|------------------------------------------|

| 36. | CORPORATE      SEAL |
|-----|---------------------|

| 37. | EXECUTION      OF INSTRUMENTS |
|-----|-------------------------------|

| 38. | AUTHENTICATION      OF DOCUMENTS |
|-----|----------------------------------|

----

| 39. | AMENDMENTS      TO ARTICLES |
|-----|-----------------------------|

| 39.1 | Joint Electorate Action      amendments |
|------|-----------------------------------------|

| 39.2 | Class Rights Action      amendments |
|------|-------------------------------------|

| 39.3 | Amendments upon termination of      Equalization and GovernanceAgreement |
|------|--------------------------------------------------------------------------|

|  | 39.3.1 | the      Company shall have an irrevocable authority to redeem the Special Voting      Share at the Redemption Price at any time specified by the Directors      provided always that if the Company shall at any time be unable in      compliance with Applicable Laws to redeem the Special Voting Share on the      date specified by the Directors then the Company shall redeem the Special      Voting Share as soon as it is able to comply with such provisions of the      Applicable Laws; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 39.3.2 | the      TR PLC Entrenched DLC Provisions and all references in these Articles      thereto shall be null and void and of no further force or      effect; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 39.3.3 | only      in the case of the Company becoming a Wholly-Owned Subsidiary of TR      Corporation and, for so long as Reuters Founders Share Company is the      holder of the Reuters Founders Share, so long as the effect thereof is, to      the satisfaction of the Reuters Trustees, substantially to preserve and      not to impair the legal rights of the holder of the TR Corporation Reuters      Founders Share in relation to the TR Group, the Company shall have an      irrevocable authority to redeem the Reuters Founders Share at its nominal      value at any time specified by the Directors provided always that if the      Company shall at any time be unable in compliance with Applicable Laws to      redeem the Reuters Founders Share on the date specified by the Directors      then the Company shall redeem the Reuters Founders Share as soon as it is      able to comply with such provisions of the Applicable  Laws; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 39.3.4 | only      in the case of the Company becoming a Wholly-Owned Subsidiary of TR      Corporation and, for so long as Reuters Founders Share Company is the      holder of the Reuters Founders Share, so long as the effect thereof is, to      the satisfaction of the Reuters Trustees, substantially to preserve and      not to impair the legal rights of the holder of the TR Corporation Reuters      Founders Share in relation to the TR Group, the Reuters Founders Share      Provisions and all references in these Articles thereto shall be null and      void and of no further force or effect;and |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 39.3.5 | these      Articles shall be restated as amended with such incidental or      consequential modifications as are necessary to give effect to this      paragraph 39.3. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 39.4 | Amendments upon a change to      Part 22 of the CA 2006 |
|------|---------------------------------------------------------|

|  | 39.4.1 | if      required by the holder of the Reuters Founders Share by notice in writing      to the Company, such change shall not have effect in or for the purposes      of these Articles such that the provisions of these Articles relating to      Interests in shares as in force on the date of adoption of these Articles      remain in force as articles of association of the Company, notwithstanding      the change in the law; and |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 39.4.2 | if      required, these Articles shall be restated as amended with such incidental      or consequential modifications as are necessary to give effect to this      paragraph 39.4. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 40. | RESERVES |
|-----|----------|

----

| 41. | CASH      DISTRIBUTIONS |
|-----|-------------------------|

| 41.1 | Equivalent      Distributions |
|------|-------------------------------|

|  | 41.1.1 | Subject      to subparagraphs 41.1.2 and 41.1.3, and paragraphs 41.2 and 41.3, if TR      Corporation declares or otherwise becomes obligated or proposes to pay or      pays a cash Distribution to holders of TR Corporation Common Shares, then      the Company shall declare or otherwise become obligated or propose to pay      or pay a cash Distribution to holders of Ordinary Shares that is a      Matching Action (an "Equivalent      Distribution").  For the avoidance of doubt, where the      Equalization Ratio is 1:1, if TR Corporation declares a cash dividend in      an amount per TR Corporation Common Share, the Company shall, in      accordance with the Equalization and Governance Agreement, declare a cash      dividend in an equivalent amount per Ordinary  Share. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 41.1.2 | The      Company shall not declare or otherwise become obligated or propose to pay      or pay any cash Distribution in respect of Ordinary Shares, other than an      Equivalent Distribution in accordance with subparagraph      41.1.1. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 41.1.3 | The      DLC Equalization Principle shall not restrict the Company’s ability to      offer holders of Ordinary Shares the ability to receive further Ordinary      Shares at market value in lieu of receiving the whole or any part of a      cash Distribution. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 41.2 | Equalisation      Payment |
|------|---------------------------|

| 41.3 | Timing of Cash      Distribution |
|------|----------------------------------|

|  | 41.3.1 | co-ordinate      with the TR Corporation Board to agree to the amount of any Equivalent      Distributions; |
|--|--------|-------------------------------------------------------------------------------------------------------------|

|  | 41.3.2 | co-ordinate      with the TR Corporation Board to agree the basis of exchange rates on      which the amounts of any Equivalent Distributions shall be      calculated; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 41.3.3 | co-ordinate      with the TR Corporation Board to ensure that the record dates for receipt      of Equivalent Distributions are as close in time as is practicable to the      record dates for cash Distributions to the holders of Ordinary Shares;      and |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 41.3.4 | generally      co-ordinate with the TR Corporation Board regarding the timing of all      other aspects of the payment or making of any Equivalent      Distributions. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 42. | DIVIDEND      PAYMENTS |
|-----|------------------------|

| 42.1 | Directors may declare and pay      fixed and interim dividends |
|------|----------------------------------------------------------------|

| 42.2 | Dividends to be paid pro rata      to amounts paid on shares |
|------|--------------------------------------------------------------|

| 42.3 | Directors may pay dividends to      ADR Custodians and shareholders in currencies other than      sterling |
|------|------------------------------------------------------------------------------------------------------------|

| 42.4 | Distributable      reserves |
|------|-----------------------------|

----

| 42.5 | Pre-acquisition profits      distributable |
|------|--------------------------------------------|

| 42.6 | No dividends to bear interest      against the Company |
|------|--------------------------------------------------------|

| 42.7 | Directors may make deductions      from dividends |
|------|---------------------------------------------------|

| 42.8 | Directors may retain dividends      on shares of persons entitled by operation of law pending      registration |
|------|-----------------------------------------------------------------------------------------------------------------|

| 42.9 | Waivers of      dividends |
|------|---------------------------|

| 42.10 | Directors may pay dividends in      kind |
|-------|------------------------------------------|

----

| 42.11 | Payment of foreign currency      dividends to ADR Custodians |
|-------|--------------------------------------------------------------|

| 42.12 | Receipts for dividends to joint      holders |
|-------|----------------------------------------------|

| 42.13 | Dividend resolution may specify      record date at any time |
|-------|--------------------------------------------------------------|

| 42.14 | Method of cash dividend      payments  |
|-------|---------------------------------------------|

----

| 42.15 | Non-receipt of      cheques |
|-------|-----------------------------|

| 42.16 | Unclaimed      dividends |
|-------|--------------------------|

| 43. | CAPITALISATION      OF PROFITS AND RESERVES |
|-----|---------------------------------------------|

----

| 44. | SCRIP      DIVIDENDS |
|-----|----------------------|

| 44.1 | Directors may offer shares in      lieu of dividends with authority of Ordinary    Resolution |
|------|-----------------------------------------------------------------------------------------------|

| 44.2 | Period and other terms of      authority for scripdividends |
|------|-------------------------------------------------------------|

| 44.3 | Offer to be communicated to      shareholders |
|------|-----------------------------------------------|

| 44.4 | Number of shares to which      shareholders entitled |
|------|------------------------------------------------------|

----

| 44.5 | No fractional      entitlements |
|------|---------------------------------|

| 44.6 | Directors may capitalise      profits and reserves for issue of scrip  dividends |
|------|----------------------------------------------------------------------------------|

| 44.7 | Scrip dividend shares to rank      pari passu with existingshares |
|------|-------------------------------------------------------------------|

| 44.8 | Directors may determine terms      and conditions of offers of scrip  dividends |
|------|---------------------------------------------------------------------------------|

----

| 45. | ACCOUNTS |
|-----|----------|

| 45.1 | Accounting records to be kept      at Office; shareholders' right of  inspection |
|------|----------------------------------------------------------------------------------|

| 45.2 | Balance sheets and profit and      loss accounts to be sent to shareholders and  others |
|------|-----------------------------------------------------------------------------------------|

| 46. | AUDITORS |
|-----|----------|

| 46.1 | Validity of acts of      auditors |
|------|-----------------------------------|

----

| 46.2 | Auditors entitled to notice of      and to attend and be heard at general  meetings |
|------|-------------------------------------------------------------------------------------|

| 47. | COMMUNICATIONS |
|-----|----------------|

| 47.1 | Mode of delivery of      communications, when communications deemed  delivered |
|------|--------------------------------------------------------------------------------|

----

| 47.2 | Transferees and persons      entitled by operation of law bound by notices in respect of shares pending      registration |
|------|---------------------------------------------------------------------------------------------------------------------------|

| 47.3 | Notices to joint      holders |
|------|-------------------------------|

| 47.4 | Persons entitled following      death or bankruptcy entitled to delivery of notices pending      registration |
|------|---------------------------------------------------------------------------------------------------------------|

----

| 47.5 | Entitlement to receipt of      notices |
|------|----------------------------------------|

| 47.6 | Notices of general meetings by      advertisement |
|------|---------------------------------------------------|

| 47.7 | Serving for statutory      requirements |
|------|-----------------------------------------|

| 48. | LIQUIDATION |
|-----|-------------|

----

| 49. | WINDING      UP |
|-----|-----------------|

| 49.1 | Directors may petition court      for winding up with consent of holder of the Reuters Founders      Share |
|------|------------------------------------------------------------------------------------------------------------|

| 49.2 | Directors may distribute assets      in kind on a winding up |
|------|--------------------------------------------------------------|

| 50. | THOMSON      REUTERS NEWS SERVICES |
|-----|------------------------------------|

|   | 50.1 | The      Press Association Limited shall be entitled to receive Thomson Reuters      News Services for the use of its members, such use to be limited to the      incorporation thereof in newspapers owned by such members or any      Subsidiary of such members. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 50.2 | The      Newspaper Publishers Association Limited shall be entitled to receive      Thomson Reuters News Services for the use of its members, such use to be      limited to the incorporation thereof in newspapers owned by such members      or any Subsidiary of such members. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 50.3 | Australian      Associated Press Pty Limited shall be entitled to receive Thomson Reuters      News Services for the use of its members, such use to be limited to the      incorporation thereof in newspapers owned by such members or any      Subsidiary of such members. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 50.4 | New      Zealand Press Association Limited shall be entitled to receive Thomson      Reuters News Services for the use of its members, such use to be limited      to the incorporation thereof in newspapers owned by such members or any      Subsidiary of such members. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----