Document:

EXHIBIT 4.6

[GRAPHIC OMITTED]

REUTERS GROUP PLC GLOBAL
RESTRICTED SHARE PLAN

Approved by resolution of the Company in
general meeting on 22 April 2004. Amended by
resolution of the Board on 25 July 2006

                                 2006

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                                    CONTENTS

CLAUSE                                                               PAGE
1.     DEFINITIONS.....................................................3
2.     GRANT OF AWARDS.................................................3
3.     NUMBER OF SHARES IN RESPECT OF WHICH AWARDS MAY BE GRANTED......3
4.     RELEASE OF AWARDS...............................................3
5.     LAPSE OF AWARDS AND CESSATION OF EMPLOYMENT.....................3
6.     GENERAL OFFER FOR THE COMPANY ETC...............................3
7.     ADJUSTMENTS OF AWARDS...........................................3
8.     TAXATION AND SOCIAL SECURITY CONTRIBUTIONS......................3
9.     AMENDMENT AND ADMINISTRATION....................................3
10.    GENERAL.........................................................3
11.    DATA PROTECTION.................................................3

APPENDIX 1 ............................................................3
US SUB-PLAN ...........................................................3

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REUTERS GROUP PLC GLOBAL RESTRICTED SHARE PLAN

1.       DEFINITIONS

1.1      In this Plan, unless the context otherwise requires, the following
         words and expressions have the following meanings, namely:

         ADS means American Depositary Shares, evidenced by American Depositary
         Receipts, each ADS representing six Shares;

         Adoption Date means the date of adoption of the Plan by the Company in
         general meeting;

         Award means an award granted in the form referred to in rule 2.1 and
         Awarded shall be construed accordingly;

         Award Letter means the notification to a Participant by the Grantor
         setting out the specific conditions of an Award;

         Basic Salary means an Eligible Employee's annual basic salary in
         respect of his employment with the Group;

         Board means the board of directors of the Company or where appropriate
         a duly authorised committee thereof;

         Capital Reorganisation means any variation in the share capital or
         reserves of the Company (including, without limitation by way of
         capitalisation issue, rights issue, sub-division, consolidation or
         reduction);

         Company means Reuters Group PLC registered in England and Wales No.
         03296375 by whatever name from time to time;

         Control has the meaning given by section 840 of the Taxes Act;

         Date of Grant means the date on which the Grantor makes an Award;

         Discretionary Share Plan means an Employees' Share Scheme in which
         participation is solely discretionary;

         Eligible Employee means any bona fide employee of any member of the
         Group;

         Employees' Share Scheme has the meaning given by section 743 of the
         Companies Act 1985;

         Grantor means either:

         (a)      the Board in respect of Awards made or to be made by the
                  Company; or

         (b)      the Trustee in respect of Awards made or to be made by the
                  Trustee.

         Grant Period means the period of 42 days commencing on any of the
         following:

         (a)      the Adoption Date;

         (b)      the day immediately following the day on which the Company
                  makes an announcement of its results for the last preceding
                  year, half year or other period; or

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         (c)      any day on which the Board resolves that exceptional
                  circumstances exist that justify the grant of Awards;

         Group means the Company and its Subsidiaries and member of the Group
         shall be construed accordingly;

         the London Stock Exchange means the London Stock Exchange plc or any
         successor body to it;

         Market Value means in relation to a Share on any day:

         (a)      if and so long as the Shares are listed on the London Stock
                  Exchange, the closing middle market quotation for such a Share
                  on the Date of Grant (as derived from the Daily Official List
                  of the London Stock Exchange); or

         (b)      subject to (a) above, its market value determined in
                  accordance with Part VIII of the Taxation Chargeable Gains Act
                  1992;

         Official List means the Official List of the UK Listing Authority;

         Participant means any individual to whom an Award has been granted
         under the Plan (including where the context permits, the legal personal
         representatives of a deceased Participant);

         Participating Company means the Company or any Subsidiary of the
         Company;

         Performance Conditions means any performance conditions applicable to
         an Award imposed by the Board under rule 2.6;

         the Plan means this Reuters Group PLC Restricted Share Plan as amended
         from time to time;

         Registered Holder means any person or persons nominated by the Grantor
         to hold Shares on behalf of a Participant;

         Release means the transfer to a Participant of the Shares to which he
         is entitled under these rules (whether automatically or pursuant to a
         notice of release), and Release Date shall be construed accordingly;

         Restricted Period means unless foreshortened pursuant to rules 5 and 6
         of this Plan, a period specified by the Grantor on the Date of Grant
         commencing on the Date of Grant and expiring on a Vesting Date;

         Shares means fully paid and irredeemable ordinary shares in the capital
         of the Company or shares representing those shares following any
         Capital Reorganisation;

         Subsidiary has the meaning given by sections 736 and 736A of the
         Companies Act 1985;

         Taxes Act means the Income and Incorporation Taxes Act 1988;

         Treasury Shares means Shares bought and held by the Company in
         accordance with s162 A-G of the Companies Act 1985 (as amended);

         the Trustee means the trustee or trustees for the time being of any
         employee trust established by the Company from time to time for the
         benefit of (inter alia) employees of any member of the Group and which
         is an employees' share scheme as defined in section 743 of the
         Companies Act 1985;

         UK Listing Authority means the Financial Services Authority acting in
         its capacity as the competent authority for the purposes of Part VI of
         the Financial Services and Markets Act 2000;

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         Vesting means the unconditional entitlement of a Participant to call
         for some or all of the Shares comprised in the Award pursuant to these
         rules, and Vest shall be construed accordingly; and

         Vesting Date means the date on which a Restricted Period expires.

1.2      Where the context permits the singular shall include the plural and
         vice versa and the masculine shall include the feminine. Headings shall
         be ignored in construing the Plan.

1.3      References to any act of Parliament shall include any statutory
         modification, amendment or re-enactment thereof.

2.       GRANT OF AWARDS

2.1      The Grantor may, during a Grant Period, in its discretion (but always
         in consultation with the Board if the Board is not Grantor), grant
         Awards in the form of a nil cost option, a right to acquire Shares, a
         contingent right to acquire or receive Shares (or, in exceptional
         circumstances, a contingent right to receive a cash sum equal to the
         Market Value of the number of Shares comprised in the Award), an
         allocation of Shares subject to restrictions on dealings in those
         Shares or a conditional allocation of Shares subject to forfeiture, to
         any Eligible Employees selected by the Board (in consultation with the
         Grantor if the Board is not Grantor). Any reference to an Award being
         "capable of Release" or "Released" shall in the case of an Award which
         is granted in the form of an option be construed as being "exercisable"
         or "exercised" and in the case of an allocation of Shares shall be
         construed as being "no longer subject to any relevant restrictions" or
         as "no longer at risk of forfeiture" (as the case may be).

2.2      Subject to rule 3.4, the number of Shares that may be comprised in an
         Award granted to an Eligible Employee shall be determined by the
         Grantor (with the agreement of the Board where the Board is not
         Grantor).

2.3      The Grantor (in consultation with the Board if the Board is not
         Grantor) shall determine prior to the Date of Grant, and shall ensure
         it is specified in the Award Letter issued to a Participant, whether
         the Participant shall have any beneficial interest in the Shares the
         subject of an Award and whether he shall have any rights to dividends
         in respect of the Shares and such other rights commonly enjoyed by a
         beneficial owner of Shares or whether he shall have only a conditional
         right to acquire or receive such Shares in which case he shall have no
         beneficial interest in the Shares until the Release of such Award. If
         the Grantor determines that a Participant shall have a beneficial
         interest in the Shares, it shall nominate a Registered Holder.

2.4      If a Participant is to have beneficial ownership of the Shares the
         subject of an Award, the Shares shall be registered in the name of the
         nominated Registered Holder and:

         (a)      the Participant shall not be entitled to delivery of a share
                  certificate until the Restricted Period has expired;

         (b)      the Registered Holder shall retain custody of such Shares
                  during the Restricted Period; and

         (c)      the Participant may not sell, transfer, assign, pledge,
                  exchange (or attempt to do so) or otherwise dispose of such
                  Shares during the Restricted Period.

         The Registered Holder shall account to the Participant for any
         dividends paid in respect of the Shares during the Restricted Period
         and shall seek directions from the Participant as to how the Registered
         Holder should vote on a poll in respect of such Shares.

2.5      No Awards shall be granted more than 10 years after the Adoption Date.

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2.6      The Board (subject to the subsequent agreement of the Grantor if the
         Board is not Grantor) may in its absolute discretion specify
         Performance Conditions which must, unless otherwise stated in the
         Rules, be satisfied prior to the Release of an Award. Such conditions:

         (a)      shall be determined prior to the Date of Grant and shall be
                  specified in the Award Letter issued to the Participant; and

         (b)      may be amended or waived after the Date of Grant if:

                  (i)      those circumstances which prevailed at the Date of
                           Grant and which were relevant to the Performance
                           Conditions that were originally imposed regarding the
                           Release of an Award have subsequently changed; and

                  (ii)     the Grantor (with the agreement of the Board if the
                           Board is not Grantor) is satisfied that any such
                           amended Performance Conditions would be a fairer
                           measure of the performance of the Participant and the
                           Board reasonably determines that such amended
                           Performance Conditions are no more difficult to
                           satisfy than the original Performance Conditions.

2.7      There shall be no monetary consideration for the grant of any Award
         under the Plan.

2.8      Each Award shall be made by an Award Letter issued by the Grantor and
         shall be subject to such terms and conditions consistent with the Plan
         as the Grantor may determine with the agreement of the Board (if the
         Board is not Grantor). The Award Letter shall state:

         (a)      the Date of Grant;

         (b)      the Vesting Dates relevant to the Award;

         (c)      the number of Shares comprised in the Award to be Released on
                  each Vesting Date;

         (d)      any Performance Conditions applicable to the Award imposed
                  under rule 2.6 and whether the Release of the Award pursuant
                  to rule 5.2 or rule 6 is subject to the achievement of
                  Performance Conditions; and

         (e)      any Restricted Periods applying to the Award.

2.9      Absent express provisions, nothing in these rules or in an Eligible
         Employee's contract of employment shall be construed as giving to any
         Eligible Employee a right to receive, or be considered for, an Award.

2.10     The grant of any Award under the Plan shall be subject to the
         provisions of the Model Code for Securities Transactions by Directors
         of Listed Companies and to obtaining any approval or consent required
         under the provisions of the Listing Rules published by the UK Listing
         Authority or the City Code on Takeovers and Mergers or of any
         regulation or enactment applicable to such grant.

3.       NUMBER OF SHARES IN RESPECT OF WHICH AWARDS MAY BE GRANTED

3.1      No Award shall be granted to the extent that the result of that grant
         would be that the aggregate number of Shares that could be issued in
         respect of that Award and any other Awards granted at the same time,
         when added to the number of Shares that:

         (a)      could be issued in respect of any subsisting Awards or options
                  granted during the preceding ten years under the Plan or any
                  other Employees' Share Scheme established by the Company or
                  any company under the Control of the Company; and

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         (b)      have been issued in respect of any Awards or options granted
                  during the preceding ten years under the Plan or any other
                  Employees' Share Scheme established by the Company or any
                  company under the Control of the Company,

         would exceed 10 per cent of the ordinary share capital of the Company
         for the time being in issue.

3.2      Reference in this rule 3 to the issue of Shares shall, for the
         avoidance of doubt, mean the issue and allotment (but not transfer) of
         Shares.

3.3      In determining the above limits no account shall be taken of any newly
         issued Shares where the right to acquire/purchase the Shares was
         released, lapsed or otherwise became incapable of exercise.

3.4      An Award shall not be granted to an Eligible Employee if such grant
         would cause the total Market Value of the maximum number of Shares that
         may be acquired on Release of the Award (as measured at the Date of
         Grant of the Award) when aggregated with the total Market Value of the
         maximum number of Shares that may be acquired pursuant to any other
         Award granted to the Eligible Employee under the Plan in the previous
         12 months, to exceed 100% of the Eligible Employee's Basic Salary as at
         the Date of Grant or, if the Board considers that circumstances exist
         which justify a higher amount, such higher amount as the Board may in
         its absolute discretion determine up to and including an amount equal
         to 200% of his Basic Salary.

4.       RELEASE OF AWARDS

4.1      Save as otherwise permitted in these Rules and subject to rule 4.2, an
         Award (or part thereof) shall not Vest and be capable of Release until
         the expiry of the relevant Restricted Period.

4.2      Save as otherwise permitted in these Rules an Award (or part thereof)
         shall not Vest and be capable of Release unless:

         (a)      the Participant remains an employee of any member of the Group
                  until the end of the relevant Restricted Period; and

         (b)      any Performance Condition to which the Award is subject has
                  been satisfied.

4.3      If the Award is subject to a Performance Condition, as soon as
         reasonably practicable after the end of the relevant Restricted Period
         the Board shall determine the extent to which the Performance Condition
         has been satisfied and an Award (or part thereof) has become Vested and
         capable of Release.

4.4      Subject to rule 4.6, the Release of an Award (or part thereof) that is
         granted in the form of an option or a right to acquire Shares shall be
         made no later than six months after the expiry of the relevant
         Restricted Period. A Participant must request the Release of such an
         Award (or part thereof) by giving notice in writing to the Company (or
         such other person or entity as the Grantor may direct) in the
         prescribed form.

4.5      Subject to any necessary consents and to compliance by the Participant
         with the terms of the Plan, the Grantor shall procure not later than 30
         days after receipt of a valid notice of Release of an Award (or part
         thereof) by a Participant or after any date on which an Award (or part
         thereof) has Vested and become capable of Release, the delivery to the
         Participant (or, to his nominee) of the Shares (which may be Treasury
         Shares) to which he is entitled (or where it was so determined at
         grant, a cash sum equal to the Market Value of such Shares) free from
         any liens, charges or encumbrances. The Grantor shall (unless the
         Shares have been issued in uncertified form) as soon as practicable
         deliver or procure the delivery to the Participant (or his nominee) of
         a definitive share certificate or other evidence of title in respect of
         such Shares.

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4.6      Where the Release of an Award (or part thereof) or the issue or
         transfer of Shares under the Plan would be prohibited by law or the
         Model Code for Securities Transactions by Directors of Listed
         Companies, the Award (or part thereof) shall not be treated as having
         Vested and the period during which the Award (or part thereof) may be
         Released and during which Shares may be issued or transferred shall not
         be treated as commencing until such period of prohibition no longer
         applies.

4.7      An Award shall be personal to the Participant and the Participant shall
         not sell, transfer, pledge, assign (or attempt to do so) or otherwise
         dispose of all or any Shares which are the subject of any part of an
         Award which has not reached its Vesting Date or any interest therein
         until the relevant Vesting Date. Any attempt by the Participant to
         sell, transfer, pledge, assign or otherwise dispose of such Shares or
         any interest in them shall result in the immediate lapse of the Award.

4.8      In relation to any Participant resident in the United States of
         America, the Shares to which such Participant is entitled may, at the
         Participant's election, be delivered in the form of ADSs (rounded down
         in the case of any fractional ADSs to a whole number of ADSs).

4.9      On the Release of any Award under rule 5 or rule 6 below the Shares to
         which the Participant is entitled will, in the case of any fractional
         Shares, be rounded down to a whole number of Shares.

5.       LAPSE OF AWARDS AND CESSATION OF EMPLOYMENT

5.1      Save as otherwise provided in these rules, any part of a Participant's
         Award which has not reached its Vesting Date shall lapse automatically
         and any Shares which are subject thereto of which the Participant has
         beneficial ownership shall be forfeited automatically on the earliest
         of:

         (a)      the Participant being declared bankrupt or entering into any
                  general composition with or for the benefit of his creditors,
                  including a voluntary arrangement under the Insolvency Act
                  1986;

         (b)      the Participant ceasing to be an employee of a member of the
                  Group (whether lawfully or unlawfully);

         (c)      any sale, transfer, pledge, assignment (or attempt to do so)
                  or other disposal of the Shares which are the subject of the
                  Award;

         (d)      the expiry of the later of the periods in rule 5.2 or rule
                  5.4;

         (e)      in the expiry of any applicable period under rule 6.

5.2      Where a Participant ceases to be an employee of a member of the Group
         by reason of:

         (a)      injury, disability or ill-health;

         (b)      retirement;

         (c)      redundancy (within the meaning of the Employment Rights Act
                  1996);

         (d)      his employing company ceasing to be a member of the Group;

         (e)      the business (or part of the business) in which he is employed
                  being transferred to a transferee which is not a member of the
                  Group; or

         (f)      any other reason the Board (with the subsequent agreement of
                  the Grantor if the Board is not Grantor) so decides,

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         subject to any different terms specified in the Award Letter (including
         in relation to the achievement of Performance Conditions), the
         Participant's Award (or part thereof) shall Vest and be capable of
         Release from the date on which the Participant's employment ceases in
         respect of: (i) the Shares comprised in any part of the Award that has
         passed its Vesting Date and have not already been Released, and (ii)
         such number of Shares as is calculated by multiplying the number of
         Shares comprised in the next part of the Award (if any) to Vest by the
         fraction A/B (where A is the number of whole months between the date on
         which the Participant's employment ceased and the relevant previous
         Vesting Date and B is 12 or such other number determined by the Board
         (with the subsequent agreement of the Grantor if the Board is not
         Grantor)) and the Grantor will procure the delivery of such Shares to
         the Participant within 90 days and the remainder of the Award shall
         lapse SAVE THAT the Board (with the subsequent agreement of the Grantor
         if the Board is not Grantor) may, prior to such cessation, determine
         that the Participant's Award shall Vest and be capable of Release in
         full.

5.3      For the purpose of rule 5, a female Participant shall not be treated as
         ceasing to be an employee of a member of the Group if absent from work
         wholly or partly because of pregnancy or confinement, until she ceases
         to be entitled to exercise any statutory or contractual entitlement
         right to return to work.

5.4      If the Participant dies while in service or at any time after leaving
         service when he holds an Award (or part thereof), subject to any
         different terms specified in his Award Letter (including in relation to
         the achievement of Performance Conditions), the Participant's Award (or
         part thereof) shall Vest and be capable of Release by his legal
         personal representatives within twelve months of the date on which
         death occurred in respect of: (i) the Shares comprised in any part of
         the Award that has passed its Vesting Date and have not already been
         Released, and (ii) such number of Shares as is calculated by
         multiplying the number of Shares comprised in the next part of the
         Award (if any) to Vest by the fraction A/B (where A is the number of
         whole months between the date on which death occurred and the relevant
         previous Vesting Date and B is 12 or such other number determined by
         the Board (with the subsequent agreement of the Grantor if the Board is
         not Grantor)) and the Grantor will procure the delivery of such Shares
         within 90 days and the remainder of the Award shall lapse SAVE THAT the
         Board (with the subsequent agreement of the Grantor if the Board is not
         Grantor) may determine that the Participant's Award shall Vest and be
         capable of Release in full.

6.       GENERAL OFFER FOR THE COMPANY ETC.

6.1      If any person (either alone or together with any person acting in
         concert with him) makes a general offer to acquire the whole of the
         share capital of the Company (other than those shares which are already
         owned by him and/or any person acting in concert with him), the Company
         shall, as soon as reasonably practicable thereafter, give notice to
         each Participant of such general or other offer and prior to the date
         on which the offer becomes or is declared unconditional in all
         respects. Subject to any different terms specified in the Award Letter
         (including in relation to the achievement of Performance Conditions),
         the Shares comprised in the Participant's Award shall be Released on
         the date on which the offer becomes or is declared unconditional and
         the Grantor shall procure the delivery of the Shares to the Participant
         within 30 days of the date on which the change of Control occurs SAVE
         THAT the Board (with the subsequent agreement of the Grantor if the
         Board is not Grantor) may prior to such date determine that the Award
         shall be Released only in respect of: (i) the number of Shares
         comprised in any part of the Award that has passed its Vesting Date and
         have not already been Released, and (ii) such number of Shares as is
         calculated by multiplying the number of Shares comprised in the next
         part of the Award (if any) to Vest by the fraction A/B (where A is the
         number of whole months between the date on which the offer becomes or
         is declared unconditional in all respects and the relevant previous
         Vesting Date and B is 12 or such other number determined by the Board
         (with the subsequent agreement of the Grantor if the Board is not
         Grantor)) and the remainder of the Award shall lapse.

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         Scheme of Arrangement

6.2      If a Court sanctions a compromise or scheme of arrangement under
         section 425 of the Companies Act 1985 for the purposes of considering a
         scheme of arrangement involving the reconstruction of the Company,
         subject to any different terms specified in the Award Letter (including
         in relation to the achievement of Performance Conditions), the Shares
         comprised in the Participant's Award shall be Released on the date of
         court approval or sanction and the Grantor shall procure the delivery
         of the Shares to the Participant within 30 days of such date SAVE THAT
         the Board (with the subsequent agreement of the Grantor if the Board is
         not Grantor) may prior to such date determine that the Award shall be
         Released only in respect of: (i) the number of Shares comprised in any
         part of the Award that has passed its Vesting Date and have not already
         been Released, and (ii) such number of Shares as is calculated by
         multiplying the number of Shares comprised in the next part of the
         Award (if any) to Vest by the fraction A/B (where A is the number of
         whole months between the date on which the compromise or scheme is
         sanctioned or approved by the court and the relevant previous Vesting
         Date and B is 12 or such other number determined by the Board (with the
         subsequent agreement of the Grantor if the Board is not Grantor)) and
         the remainder of the Award shall lapse PROVIDED THAT other than in
         exceptional circumstances (as determined by the Board (with the
         subsequent agreement of the Grantor if the Board is not Grantor))
         Shares shall not be transferred under this Rule 6.2 if the purpose and
         effect of the scheme of arrangement is to create a new holding company
         for the Company, such company having substantially the same
         shareholders and proportionate shareholdings as those of the Company
         immediately prior to the scheme of arrangement, the Board shall instead
         recommend that the provisions of Rule 6.3 should apply automatically.

6.3      If any person (the Acquiring Company) obtains Control of the Company as
         a result of any of the transactions described in Rules 6.1 or 6.2 above
         then, subject to the proviso to Rule 6.2 above, each Participant may by
         agreement with the Acquiring Company elect that his outstanding Awards
         should continue. On this basis, Participants' Awards (Old Awards) will
         become awards (New Awards) in respect of shares in the Acquiring
         Company. Each New Award will be equivalent to each Old Award before the
         change of Control. The New Awards will not be regarded as equivalent to
         the Old Awards unless:

         (a)      they are governed by the rules of the Plan in effect
                  immediately before the release of the Old Awards; and

         (b)      the total Market Value of the Shares the subject of the Old
                  Awards is equal to the total Market Value immediately after
                  the release of the shares the subject of the New Awards. The
                  provisions of the Plan will, for this purpose, be construed as
                  if the New Awards were granted under the Plan at the same time
                  as the Old Awards.

         References to Shares will, in relation to the New Award, be taken as
         references to shares of the company whose shares are under New Awards.
         References to the Company shall be taken to be references to the
         company whose shares are under the New Awards, where appropriate.

         Demerger

6.4      If the Board becomes aware that the Company is or is expected to be
         affected by any demerger, dividend in specie, super-dividend or other
         transaction which, in the opinion of the Board, would affect the
         current or future value of any Awards, subject to any different terms
         specified in the Award Letter (including in relation to the achievement
         of Performance Conditions), the Board (with the subsequent agreement of
         the Grantor if the Board is not Grantor) may determine that all or some
         of the Shares comprised in the Participant's Award shall be Released on
         a date determined by the Board (with the subsequent agreement of the
         Grantor if the Board is not Grantor) and the Grantor shall procure the
         delivery of such Shares to the Participant within 30 days of the Shares

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         becoming capable of Release. If the Board determines (with the
         subsequent agreement of the Grantor if the Board is not Grantor) that
         Shares may be Released under this rule 6.4, it shall also determine
         whether the remaining Shares comprised in an Award shall lapse.

         Voluntary Winding-up

6.5      If notice is duly given of a resolution for a voluntary winding-up of
         the Company then subject to any different terms specified in the Award
         Letter (including in relation to the achievement of Performance
         Conditions), the Board may determine (with the subsequent agreement of
         the Grantor if the Board is not Grantor) that all or some of the Shares
         comprised in the Participant's Award shall be Released on a date
         determined by the Board (with the subsequent agreement of the Grantor
         if the Board is not Grantor) and the Grantor shall procure the delivery
         of such Shares to the Participant within 30 days of the Shares becoming
         capable of Release SAVE THAT the Board (with the subsequent agreement
         of the Grantor if the Board is not Grantor) may prior to such date
         determine that the Award shall be Released only in respect of: (i) the
         number of Shares comprised in any part of the Award that has passed its
         Vesting Date and have not already been Released, and (ii) such number
         of Shares as is calculated by multiplying the number of Shares
         comprised in the next part of the Award (if any) to Vest by the
         fraction A/B (where A is the number of whole months between the date on
         which the resolution is passed and the relevant previous Vesting Date
         and B is 12 or such other number determined by the Board (with the
         subsequent agreement of the Grantor if the Board is not Grantor)) and
         the remainder of the Award shall lapse.

7.       ADJUSTMENTS OF AWARDS

7.1      In the event of any Capital Reorganisation or the implementation by the
         Company of a demerger or the payment by the Company of a dividend in
         specie or a super-dividend (which in the case of a demerger or payment
         of a dividend would materially affect the value of an Award), the
         definition of Shares and the number of Shares comprised in an Award may
         be adjusted in such manner as the Board (with the subsequent agreement
         of the Grantor if the Board is not Grantor) may determine PROVIDED THAT
         in respect of an Award under which Shares are to be transferred, prior
         notification shall be given to the person holding the Shares to which
         the award relates.

8.       TAXATION AND SOCIAL SECURITY CONTRIBUTIONS

8.1      Any liability of a Participant to taxation arising in respect of any
         Award shall be for the account of the Participant. The grant of any
         Award shall be conditional on the Eligible Employee agreeing to comply
         with any arrangements specified by the Company or the Grantor for the
         payment of taxation and any social security contributions in respect of
         the Award (including without limitation the right of the Company or the
         Grantor to arrange the sale on his behalf of sufficient Shares to
         satisfy any taxation or social security liability on his part which the
         Company or any member of the Group might be liable to withhold were the
         Participant to be subject to the maximum rates of taxation and/or
         social security at the material time and thereafter account to the
         relevant member of the Group with the net proceeds of sale for the
         Shares in order to enable the tax and/or social security liabilities to
         be settled and if following such sale, there shall be any balance of
         the proceeds of sale not required to meet such liabilities, such
         balance shall be paid by the member of the Group to the participant for
         his own use and benefit absolutely).

8.2      To the extent legally possible, the Grantor may determine that the
         Release of an Award is conditional on the Participant entering into

         (a)      an agreement to reimburse any member of the Group that employs
                  the Participant in whole or in part for any secondary Class 1
                  national insurance contributions arising in connection with
                  such Award; or

                                       11

<PAGE>

         (b)      an election with any member of the Group that employs the
                  Participant to assume the liability for any Secondary Class 1
                  national insurance contributions, payable in connection with
                  such an Award including an agreement or election under
                  paragraph 3A or 3B of Schedule 1 to the Social Security
                  Contributions and Benefits Act 1992.

9.       AMENDMENT AND ADMINISTRATION

9.1      The decision of the Board shall be final and binding in all matters
         relating to the Plan, subject to it obtaining the consent of the
         Grantor where specifically provided in these Rules. The Board (with the
         subsequent agreement of the Grantor if the Board is not Grantor) may
         take any actions it considers necessary or desirable to remedy errors
         of a purely administrative nature made in connection with the operation
         of the Plan and may, at any time, discontinue the grant of further
         Awards.

9.2      The Board (with the subsequent agreement of the Grantor where the Board
         is not Grantor) may amend any of the provisions of the Plan in any way
         it thinks fit, provided that:

         (a)      no amendments can be made that would materially prejudice the
                  interests of existing Participants except with the prior
                  consent or sanction of Participants who, if their Awards
                  Vested in full, would thereby become entitled to not less than
                  three-quarters of all the Shares which would fall to be
                  allotted or transferred upon exercise in full of all
                  outstanding Awards; and

         (b)      no amendment to the advantage of Eligible Employees or
                  Participants may be made to:

                  (i)      the definition of Eligible Employee in rule 1.1;

                  (ii)     the limitations on the numbers of Shares subject to
                           the Plan;

                  (iii)    the maximum entitlement of an Eligible Employee under
                           the Plan;

                  (iv)     the basis for determining an Eligible Employee's
                           entitlement to Shares under the Plan;

                  (v)      the terms of Shares to be provided under the Plan;

                  (vi)     the adjustment provisions of rule 7 of the Plan,

                  without the prior approval of the Company in general meeting
                  except in the case of minor amendments to benefit the
                  administration of the Plan, to take account of a change in
                  legislation or to obtain or maintain favourable tax, exchange
                  control or regulatory treatment for Eligible Employees and
                  Participants or any member of the Group; and

         (c)      without prejudice to any provision of the Plan which provides
                  for the lapse of an Award, the Grantor may not cancel an Award
                  unless the Participant agrees in writing to such cancellation.

9.3      Notwithstanding any other provision of the Plan, the Board may
         establish separate plans mirroring the terms of the Plan for the
         purpose of granting Awards to Eligible Employees of non-UK tax resident
         members of the Group, subject to such modifications as may be necessary
         or desirable to take account of tax, exchange control or securities
         laws provided that any Shares made available under such plans shall
         count towards the limit set out in rule 3.

                                       12

<PAGE>

10.      GENERAL

10.1     Any member of the Group may provide money to the Trustees or any other
         person to enable them or him to acquire Shares to be held for the
         purposes of the Plan, or enter into any guarantee or indemnity for that
         purpose, to the extent not prohibited by section 151 of the Companies
         Act 1985.

10.2     The Plan shall terminate upon the tenth anniversary of the Adoption
         Date or at any earlier time by the passing of a resolution by the Board
         or an ordinary resolution of the Company in general meeting.
         Termination of the Plan shall be without prejudice to the subsisting
         rights of Participants.

10.3     The rights and obligations of any individual under the terms of his
         office or employment with the Group shall not be affected by his
         participation in the Plan or any right he may have to participate in
         the Plan. An individual who participates in the Plan waives all and any
         rights to compensation or damages in consequence of the termination of
         his office or employment with any company for any reason whatsoever
         (whether lawfully or unlawfully), insofar as those rights arise or may
         arise from his ceasing to have rights under the Plan as a result of
         such termination, or from the loss or diminution in value of such
         rights or entitlements. In the event of any conflict between the terms
         of this rule 10.3 the Participant's terms of employment, this rule will
         take precedence.

10.4     The existence of any Award shall not affect in any way the right or
         power of the Company or its shareholders to make or authorise any or
         all adjustments, recapitalisations, reorganisations or other changes in
         the Company's capital structure, or any merger or consolidation of the
         Company, or any issue of Company shares, bonds, debentures, preferred
         or prior preference stocks ahead of, or convertible into, or otherwise
         affecting the Shares or the rights thereof, or the dissolution or
         liquidation of the Company or any sale or transfer of all or any part
         of its assets or business, or any other corporate act or proceeding,
         whether of a similar character or otherwise.

10.5     Any notice or other document required to be given under or in
         connection with the Plan may be delivered to a Participant or sent by
         post to him at his home address according to the records of his
         employing company or such other address as may appear to the Grantor to
         be appropriate including any electronic address. Notices sent by post
         shall be deemed to have been given on the first business day following
         the date of posting and notices sent by electronic means shall be
         deemed to have been given twelve hours after the time of despatch or at
         such earlier time as receipt is acknowledged. Any notice or other
         document required to be given to the Company or the Grantor under or in
         connection with the Plan may be delivered or sent by post to it at its
         registered office (or such other place or places as the Company or the
         Grantor may from time to time determine and notify to Participant).

10.6     Benefits under the Plan shall not be pensionable.

10.7     The Company, or where the Board so directs any Participating Company,
         shall pay the appropriate stamp duty on behalf of Participants in
         respect of any transfer of Shares on the Release of Awards except where
         such liability arises as a result of the Participant's request to
         receive ADSs on Release unless the Board directs otherwise.

10.8     These Rules shall be governed by and construed in accordance with
         English law. All disputes arising out of or in connection with the
         rules shall be subject to the exclusive jurisdiction of the courts of
         England and Wales.

                                       13

<PAGE>

11.      DATA PROTECTION

         By participating in the Plan the Participant consents to the holding
         and processing of personal data provided by the Participant to the
         Company for all purposes relating to the operation of the Plan. These
         include, but are not limited to:

         (a)      administering and maintaining Participant records;

         (b)      providing information to trustees of any employee benefit
                  trust, registrars, brokers savings carrier or other third
                  party administrators of the Plan;

         (c)      providing information to future purchasers of the Company or
                  the business in which the Participant works; and

         (d)      transferring information about the Participant to a country or
                  territory outside the European Economic Area.

                                       14

<PAGE>

                                   APPENDIX 1

               THE REUTERS GROUP PLC GLOBAL RESTRICTED SHARE PLAN

                                   US SUB-PLAN

1.       GENERAL

1.1      This US Sub-Plan shall be used for all Participants who are, or may
         become prior to the Release of Awards, US taxpayers. In the event that
         a Participant becomes a US taxpayer after the grant of an Award, such
         Award may be modified in a manner consistent with this Sub-Plan.

1.2      The purpose of this Sub-Plan is to ensure that Awards made under the
         Plan comply with the requirements of section 409A of Title 26 of the
         United States Code (the "Internal Revenue Code") and should be
         interpreted in a manner consistent with such requirements.
         Notwithstanding the foregoing, this Sub-Plan should also be interpreted
         and applied in a manner consistent with other legal requirements under
         laws in relevant jurisdictions, including but not limited to applicable
         securities laws.

1.3      Words and phrases defined in the Plan shall bear the same meaning in
         this US Sub-Plan except as otherwise provided.

1.4      The rules of the Plan apply to this US Sub-Plan except as otherwise
         provided for below.

1.5      The Board (with the subsequent agreement of the Grantor) may amend any
         of the provisions of this US Sub-Plan to take account of a change in US
         legislation, in particular in relation to section 409A of the US
         Internal Revenue Code.

2.       GRANT OF AWARDS

2.1      Clause 2.1 shall be amended as follows:

         "The Grantor may, during a Grant Period, only grant Awards in the form
         of a contingent right to acquire or receive Shares."

3.       RELEASE OF AWARDS

3.1      The following wording shall be inserted in Rule 4.5 of the Plan:

         "If a valid notice of Release of an Award is not returned within 90
         days of Vesting or by 31 January following the end of the calendar year
         of Vesting if earlier, the Participant shall be deemed to have
         submitted a valid notice of Release and the Grantor shall procure not
         later than 30 days after the deemed date of receipt of the notice of
         Release of an Award the delivery to the Participant (or to his nominee)
         of the Shares (which will have been subscribed by the Trustee) to which
         he is entitled (or where it was so determined at grant, a cash sum
         equal to the Market Value of such Shares) free from any liens, charges
         or encumbrances."

4.       LAPSE OF AWARDS AND CESSATION OF EMPLOYMENT

4.1      Rule 5.2 of the Plan is amended as follows:

         "Where a Participant ceases to be an employee of a member of the Group
         by reason of:

         (a)      injury, disability or ill-health;

         (b)      retirement;

                                       15

<PAGE>

         (c)      redundancy (within the meaning of the Employment Rights Act
                  1996);

         (d)      his employing company ceasing to be a member of the Group;

         (e)      the business (or part of the business) in which he is employed
                  being transferred to a transferee which is not a member of the
                  Group; or

         (f)      any other reason the Board (with the subsequent agreement of
                  the Grantor) so decides,

         subject to any different terms specified in the Award Letter (including
         in relation to the achievement of Performance Conditions), the
         Participant's Award (or part thereof) shall Vest and be capable of
         Release from the date on which the Participant's employment ceases in
         respect of: (i) the Shares comprised in any part of the Award that has
         passed its Vesting Date and have not already been Released, and (ii)
         such number of Shares as is calculated by multiplying the number of
         Shares comprised in the next part of the Award (if any) to Vest by the
         fraction A/B (where A is the number of whole months between the date on
         which the Participant's employment ceased and the relevant previous
         Vesting Date and B is 12 or such other number determined by the Board
         (with the subsequent agreement of the Grantor)) and the Grantor will
         procure the delivery of such Shares to the Participant within 90 days,
         or by 15 March following the end of the calendar year of Vesting if
         earlier, and the remainder of the Award shall lapse SAVE THAT the Board
         (with the subsequent agreement of the Grantor) may, prior to such
         cessation, determine that the Participant's Award shall Vest and be
         capable of Release in full.

4.2      Rule 5.4 of the Plan is amended as follows:

         "If the Participant dies while in service or at any time after leaving
         service when he holds an Award (or part thereof), subject to any
         different terms specified in his Award Letter (including in relation to
         the achievement of Performance Conditions), the Participant's Award (or
         part thereof) shall Vest and be capable of Release by his legal
         personal representatives within twelve months of the date on which
         death occurred in respect of: (i) the Shares comprised in any part of
         the Award that has passed its Vesting Date and have not already been
         Released, and (ii) such number of Shares as is calculated by
         multiplying the number of Shares comprised in the next part of the
         Award (if any) to Vest by the fraction A/B (where A is the number of
         whole months between the date on which death occurred and the relevant
         previous Vesting Date and B is 12 or such other number determined by
         the Board (with the subsequent agreement of the Grantor)) and the
         Grantor will procure the delivery of such Shares within 90 days, or 15
         March following the end of the calendar year of Vesting if earlier, and
         the remainder of the Award shall lapse SAVE THAT the Board (with the
         subsequent agreement of the Grantor) may determine that the
         Participant's Award shall Vest and be capable of Release in full."

                                       16EXHIBIT 4.7

                             REUTERS GROUP PLC

                         Rules of the Reuters Group PLC

                                  International

                           SAYE Share Option Plan 1997

<TABLE>
<CAPTION>
<C>                                                               <C>
     Date approved at EGM                               :         16 December 1997

     Date adopted by Board of Directors                 :         12 December 1997

     Date amendments approved at EGM                    :         24 April 2001

     Date EGM amendments adopted by the
     Board of Directors                                 :         12 February 2001

     Date latest amendments approved by SPAC            :         14 March 2005

     Expiry Date                                        :         No grants after 11 December 2007
</TABLE>

    The Board of Reuters Group plc reserves the right up to the time of the
    Extraordinary General Meeting on 24 April 2001 to make such amendments to
    the Rules of this Plan as it may consider necessary or desirable, provided
    that such amendments or additions do not conflict in any material respects
    with the details of the proposed changes to the Plan set out in the circular
    dated 14 March 2001 to the Shareholders of Reuters Group PLC.

           THIS DOCUMENT IS AVAILABLE FOR INSPECTION ONLY AND MAY NOT
                         BE REMOVED FROM THE OFFICES OF
               REUTERS GROUP PLC, 85 FLEET STREET, LONDON EC4P 4AJ
                     OR, AS THE CASE MAY BE, THE OFFICES OF
                THE US DEPOSITARY, 60 WALL STREET, NEW YORK 10260

<PAGE>

1.       Definitions

         (a)     In these Rules the following words and expression have the
                 following meanings:

                 Act                        means the Income and Corporation
                                            Taxes Act 1988.

                 Announcement Date          means the date on which the Company
                                            announces its half yearly or final
                                            results to The London Stock
                                            Exchange.

                 Associated Company         shall have the meaning it bears in
                                            paragraph 47(1) of Schedule 3 to
                                            ITEPA.

                 Board                      means the board of directors for the
                                            time being of the Company or the
                                            directors present at a duly convened
                                            meeting of the directors of the
                                            Company at which a quorum is
                                            present, or a committee appointed by
                                            the board of directors.

                 Bonus                      means the interest deemed by the
                                            Board to be payable to Participants
                                            in respect of the relevant Savings
                                            Contract.

                 Company                    means Reuters Group PLC registered
                                            in England number 3296375.

                 Control                    means control within the meaning of
                                            Section 840 of the Act (and
                                            "Controlled" shall be construed
                                            accordingly).

                 Date of Grant              the date on which an Option is
                                            granted under Rule 3.

                 Eligible Employee          means any person who:

                                            (i)  either is an employee or an
                                                 executive director of a
                                                 Participating Company; and

                                            (ii) was an employee or an executive
                                                 director of a Participating
                                                 Company on 31 December in the
                                                 year immediately preceding the
                                                 Invitation Date, or any other
                                                 qualifying period as the Board
                                                 may from time to time
                                                 determine.

                                            In addition, it means any person who
                                            is designated by the Board as an
                                            eligible employee, including a
                                            trustee acting on behalf of any
                                            person, provided that the person
                                            agrees to enter into a Savings
                                            Contract in accordance with the
                                            Rules.

<PAGE>

                 Exercise Price             the price at which Shares may be
                                            acquired in respect of each Option
                                            shall be such amount as the Board
                                            may determine in each Plan Location
                                            being not less than the greater of:

                                            (i)  80 per cent of middle market
                                                 quotation of a Share as derived
                                                 from the Daily Official List of
                                                 The Stock Exchange or such
                                                 other exchange on which the
                                                 Shares are directly or
                                                 indirectly listed on the
                                                 dealing day which immediately
                                                 precedes the relevant
                                                 Invitation Date; or

                                            (ii) in respect of Options giving a
                                                 right to subscribe for Shares,
                                                 the nominal value of a Share.

                 Group                      means the Company and any company
                                            for the time being under the Control
                                            of the Company whether incorporated
                                            in any part of the United Kingdom or
                                            elsewhere.

                 Invitation Date            means the date on which the Board
                                            invites Eligible Employees to apply
                                            for the grant of an Option.

                 ITEPA                      means the Income Tax (Earnings and
                                            Pensions) Act 2003.

                 The Stock Exchange         means the London Stock Exchange plc
                                            or its successor.

                 Maturity Date              means the termination date of the
                                            relevant Savings Contract.

                 Minimum Monthly
                 Contribution               means the minimum monthly limit, if
                                            any, determined by the Board for a
                                            Plan Location from time to time.

                 Maximum Monthly
                 Contribution               means the maximum monthly limit
                                            determined by the Board for a Plan
                                            Location from time to time being not
                                            more than the greater of:

                                            (i)  (pound)250 or if greater the
                                                 monthly contribution specified
                                                 in ITEPA; or

                                            (ii) 10% of the Eligible Employee's
                                                 Salary

                                            provided that for the purposes of
                                            calculating the above sterling
                                            limits in any Plan Location local
                                            currency equivalents shall be taken
                                            at a rate of conversion specified by
                                            the Board in its discretion from
                                            time to time.

                                       3
<PAGE>

                 Option                     means the right to acquire Shares to
                                            be granted pursuant to the Plan or
                                            which has been so granted and is
                                            still subsisting.

                 Participating Company      means:

                                            (i)  the Company; and

                                            (ii) any Company which is under the
                                                 Control of the Company whether
                                                 incorporated in the UK or
                                                 elsewhere;

                                            except for those companies which are
                                            designated by the Board as
                                            non-participating companies for the
                                            purposes of the Plan.

                 Participant                any person who has been granted and
                                            still has subsisting an Option under
                                            the Plan. Reference to a Participant
                                            shall include, where the context so
                                            admits or requires, his personal
                                            representatives.

                 Plan                       means the Reuters Group PLC
                                            International SAYE Share Option Plan
                                            1997 constituted for the time being
                                            and established by the Rules.

                 Plan Location              means a territory in which persons
                                            are employed by one or more
                                            Participating Companies.

                 Rules                      means these rules as amended from
                                            time to time in accordance with the
                                            provisions hereof.

                 Salary                     means the base salary of an Eligible
                                            Employee or in the case of an
                                            Eligible Employee on assignment to
                                            another company in any country but
                                            continuing employment with a
                                            Participating Company their notional
                                            home base salary as determined by
                                            the Company.

                 Savings Contract           means an agreement to save with a
                                            savings body or the Company for a
                                            period not exceeding 60 months as
                                            extended by up to six months if
                                            applicable by reason of any failure
                                            to pay a contribution on or before
                                            its due date (or any such other
                                            period as is necessary to comply
                                            with any local securities, exchange
                                            or preferential tax legislation) in
                                            accordance with the terms designated
                                            by the Board.

                 Schedules                  means the schedules to these Rules.

                                       4
<PAGE>

                 Shares                     means fully paid ordinary shares of
                                            25 pence of the Company that comply
                                            with paragraphs 18 to 22 of Schedule
                                            3 to ITEPA.

(b)      Words or expressions defined in the Act and in the Companies Acts 1985
         and 1989 of England and Wales shall bear the same meanings in these
         Rules and where there is a conflict the definitions in the Act shall
         take precedence.

(c)      Where the context so admits or requires words importing the singular
         shall include the plural and vice versa and words importing the
         masculine shall include the feminine.

(d)      Any reference to a statutory provision shall be deemed to include that
         provision as the same may from time to time be amended or re-enacted
         and any statutory instrument pursuant thereto.

2.       Application for Options

         (a)     The Board may, in their absolute discretion, invite
                 applications for Options from all Eligible Employees within any
                 Plan Location:

                 (i)    during the period of 42 days immediately following the
                        date on which the Shares are admitted to the Daily
                        Official List of The Stock Exchange;

                 (ii)   in any year during the period of 42 days immediately
                        following an Announcement Date;

                 (iii)  at any other time in the event local securities, company
                        and tax legislation does not allow the invitation to be
                        sent out within the period of 42 days immediately
                        following an Announcement Date.

         (b)     The Board shall determine and upon inviting applications for
                 Options, announce in relation to that invitation:

                 (i)    either the Exercise Price or the date the Exercise Price
                        will be fixed:

                 (ii)   subject to Rule 4(b) the maximum aggregate number of
                        Shares over which Options may be granted, if any;

                 (iii)  the Minimum Monthly Contribution and Maximum Monthly
                        Contribution that may be made under the Savings
                        Contract;

                 (iv)   the Bonus;

                 (v)    when the Option will become exercisable; and

                 (vi)   the closing date for receipt by the Company of
                        applications for the Options being not less than 14 days
                        after the issue of the invitation.

         (c)     An invitation shall be made to all Eligible Employees to apply
                 for an Option at the relevant Exercise Price subject to the
                 limits specified by paragraph (b)(iii) above and paragraph (f)
                 below and shall be made by means of notices on notice boards of
                 all

                                       5
<PAGE>

                 Participating Companies, circulars, letters or such other
                 method as the Board may determine.

         (d)     Each Eligible Employee may, before the closing date stated in
                 the invitation, apply for an Option. Each application shall be
                 in writing or electronically in such form as the Board may from
                 time to time prescribe and shall:

                 (i)    state the monthly amount which such Eligible Employee
                        wishes to save under a Savings Contract;

                 (ii)   state the Eligible Employee's agreement to the terms of
                        the Savings Contract; and;

                 (iii)  authorise the Board to complete and/or amend such
                        application on behalf of the Eligible Employee in such
                        manner as the Board may determine having regard to the
                        requirements of paragraphs (b)(ii) and (iii) above, (f)
                        below and Rules 3(b) and 3(c).

         (e)     The number of Shares over which an Option is applied for under
                 this Rule shall be deemed to be the whole number of Shares
                 (rounding down) obtained by dividing the amount repayable under
                 the relevant Savings Contract (including Bonus) by the relevant
                 Exercise Price.

         (f)     No Option shall be granted to an Eligible Employee if the
                 contribution payable by such Eligible Employee in any month
                 under the Savings Contract to be entered into by him in
                 connection with the Option for which he has applied:

                 (i)    is less than the Minimum Monthly Contribution; or

                 (ii)   when added to the contribution or contributions payable
                        in such month under any other Savings Contract in
                        respect of this Plan or any other savings related or
                        share purchase scheme operated by the Company or any
                        company under its Control or an Associated Company
                        previously entered into by such Eligible Employee is
                        greater than the Maximum Monthly Contribution.

3.       Grant of Options

         (a)     Options will be granted by the Board in accordance with Rule 2
                 and paragraphs (b) and (c) below within a reasonable time
                 following the Invitation Date to those Eligible Employees who
                 have applied hereunder (and not withdrawn such application) and
                 to no other person whatsoever provided that the person is still
                 an Eligible Employee at the Date of Grant.

         (b)     In the event that following any invitation pursuant to Rule 2
                 the Board receives valid applications which would result in the
                 grant of Options over a greater number of Shares than permitted
                 under Rule 4(b) or than specified by the Board in accordance
                 with Rule 2(b)(ii) then the Board shall scale down pro rata the
                 monthly contribution proposed by each Eligible Employee in
                 excess of the Minimum Monthly Contribution (referred to in Rule
                 2(b)(iii)).
         (c)     In the event this results in insufficient Shares to cover the
                 Minimum Monthly Contribution (referred to in Rule 2(b)(iii)) of
                 applicants, Options based on such

                                       6
<PAGE>

                 Minimum Monthly Contribution shall be granted to those Eligible
                 Employees who are selected by lot.

         (d)     An Option certificate will be issued in such form as the Board
                 may from time to time prescribe and will be sent to each
                 Participant specifying the Date of Grant, the number of Shares
                 over which the Option is granted and the Exercise Price within
                 30 days after the grant of the Option.

         (e)     All Options shall be deemed to be a right to subscribe for
                 Shares in accordance with these Rules unless and until they are
                 designated as a right to require the Company to procure the
                 transfer of Shares, by the Company including the relevant
                 provisions in the Option certificate or where an Option has
                 already been granted by serving notice to that effect on the
                 relevant Participant. Options granted in and after 2004 will
                 only be options to subscribe for new Shares.

         (f)     No Option shall be capable of transfer or assignment and if a
                 Participant shall do or suffer any act or thing whereby he
                 parts with or is deprived of the legal and/or beneficial
                 ownership of an Option, that Option shall lapse.

4.       Limitation on the Issue of Shares

         (a)     No Option shall be granted more than 10 years after the date of
                 adoption of the Plan.

         (b)     In respect of Options giving a right to subscribe for Shares
                 the total number of such Shares over which Options may be
                 granted under the Plan, when added to the number of Shares
                 issued and remaining issuable pursuant to rights to subscribe
                 for Shares granted under any other share option or share
                 acquisition scheme of the Company or of Reuters Holdings PLC
                 other than under Plan 2000 or under any sub plans to Plan 2000
                 during the preceding 10 years shall not exceed 10 per cent of
                 the issued Shares from time to time on the relevant Date of
                 Grant.

5.       Exercise of Options

         (a)     Subject to Rule 8 and paragraph (b) below, Options may be
                 exercised by a Participant only within six months following the
                 Maturity Date of the relevant Savings Contract or if earlier
                 within six months of:

                 (i)    ceasing to hold an office or employment within the Group
                        by reason of injury, illness, disability, redundancy or
                        on reaching retirement age; or

                 (ii)   attaining pensionable age while continuing to hold an
                        office or employment within the Group; or

                 (iii)  ceasing to hold an office or employment within the Group
                        by reason only that:

                        (aa)      his office or employment is in a company of
                                  which the Company ceases to have Control; or

                        (bb)      his office or employment relates to a business
                                  or part of a business which is transferred to
                                  a person who is neither an Associated

                                       7
<PAGE>

                                  Company of the Company nor a company of which
                                  the Company has Control; or

                 (iv)   in the circumstances and within the periods specified in
                        Rule 8.

         (b)     No Participant shall be treated for the purposes of paragraphs
                 (a)(i) and (iii) above as ceasing to hold the office or
                 employment by virtue of which he is eligible to participate in
                 the Plan until he ceases to hold an office or employment in the
                 Company or any Associated Company of the Company or any company
                 of which the Company has Control.

         (c)     If a Participant dies prior to the Maturity Date of the
                 relevant Savings Contract his Option may be exercised within
                 the period of 12 months after the date of his death or if he
                 dies within six months after the completion of the Savings
                 Contract, his Option may be exercised within the period of 12
                 months after the completion of the Savings Contract.

         (d)     No Option shall be exercisable more than thirty months after
                 the Maturity Date of the relevant Savings Contract.

         (e)     Save as provided in paragraphs (a)(i), (iii) and (iv) and (b)
                 above an Option shall be exercised by a Participant only if at
                 the date of exercise he is a director or employee of a company
                 in the Group or an Associated Company.

         (f)     Subject to paragraph (g) below an Option shall be exercisable
                 once only in whole or in part during the periods referred to in
                 paragraphs (a) and (b) above by the Participant delivering to
                 the Secretary of the Company at the registered office of the
                 Company notice in writing or by e-mail in such form as the
                 Board may from time to time determine specifying the number of
                 Shares in respect of which the Option is exercised together
                 with the relevant remittance to be delivered in a form
                 specified by the Board, [and any evidence of saving and
                 termination if required by the Board]. Subject to Rule 8(c) the
                 date of receipt by the Secretary of the Company of such notice
                 together with such remittance shall be the date upon which the
                 Option is deemed to be exercised.

         (g)     If upon exercise of an Option the remittance as referred to in
                 paragraph [(f)] above is less than the amount required to pay
                 for all the Shares in respect of which the Option is
                 exercisable the Option shall be deemed to have been exercised
                 in respect of such whole number of Shares as may be acquired
                 with the amount of the remittance and the Option to the extent
                 not so deemed to be exercised shall immediately lapse.

         (h)     If a Participant exercises an Option the Board may in lieu of
                 allotting or transferring Shares in accordance with Rule 9(a)
                 of the Scheme:

                 (i)    pay to such Participant a cash sum equal to the amount
                        by which the value of the Shares in respect of which the
                        notice of exercise was given (calculated as the middle
                        market quotation of The Stock Exchange for the dealing
                        day prior to the date of exercise) exceeds the Exercise
                        Price of those Shares; or

                 (ii)   transfer to him such number of Shares as may be acquired
                        with the cash sum calculated in accordance with (i)
                        above at the relevant date of exercise,

                                       8
<PAGE>

                        provided that if a payment or a transfer of Shares is
                        made to a Participant pursuant to this paragraph, he
                        shall have no further rights in respect of the Shares
                        for which the notice of exercise is given, and return
                        the remittance of the Option Price.

         (i)     The Participant shall pay all expenses and taxes which arise or
                 result from the exercise of an Option or payment of cash or
                 transfer of Shares, provided that the Company in its absolute
                 discretion may meet any stamp duty liability arising from the
                 exercise of an Option giving a right to require the Company to
                 acquire Shares or any other taxes or expenses which it deems
                 necessary.

         (j)     Prior to exercise of an Option and delivery of Shares, the
                 Participant shall have no rights to any dividends nor shall the
                 Participant be entitled to any voting rights on any Shares
                 represented by outstanding Options.

6.       Lapse and Surrender of Options

         (a)     An Option shall immediately lapse and cease to be exercisable:

                 (i)    as provided in Rule 3(f);

                 (ii)   upon the Participant ceasing to hold an office or
                        employment within the Group in any circumstances other
                        than those described in Rule 5(a)(i), (iii), (iv) and
                        (b);

                 (iii)  upon the expiration of any of the periods referred to in
                        Rule 5(a), (b) and (c) (except that referred to in Rule
                        5(a)(ii)) and in the event of more than one period
                        applying to an Option it shall be upon the expiry of the
                        earlier (except as provided for in Rule 5(b));

                 (iv)   as provided in Rule 5(g);

                 (v)    as provided in Rule 8;

                 (vi)   upon the Participant:

                        (aa)      making a written application to the nominated
                                  building society, bank or other savings
                                  institution for repayment under the related
                                  Savings Contract prior to the Option becoming
                                  exercisable; or

                        (bb)      giving notice to the building society, bank or
                                  savings institution that he intends to stop
                                  paying contributions under the related Savings
                                  Contract; or

                        (cc)      failing to pay a monthly contribution under
                                  the related Savings Contract on or before the
                                  due date on seven occasions,

                        in each case before the earliest date on which the
                        Option becomes exercisable under Rule 5(a);

                 (vii)  upon the Participant being adjudicated bankrupt; or

                                       9
<PAGE>

                 (viii) the date on which the resolution is passed or order is
                        made by the Court for the compulsory winding up of the
                        Company.

         (b)     A Participant may at any time prior to the exercise thereof
                 surrender an Option (in whole but not in part) by serving
                 notice in writing on the Board of such intention. The surrender
                 shall be effective from the date of receipt of such notice by
                 the Board, upon which date the relevant Option shall
                 immediately lapse.

         (c)     It shall be a condition of the Plan that a Participant shall
                 not be entitled to any compensation in the event of cessation,
                 lapse or alteration of any rights under the Plan or under any
                 Option granted pursuant thereto. No provisions of the Plan form
                 part of any contract of employment between the Company or any
                 Participating Company and a Participant.

         (d)     Nothing in this Plan or in any instrument executed pursuant
                 hereto shall confer upon any person any right to continue in
                 the employ of the Company or any company Controlled by the
                 Company or an Associated Company, or shall affect the right of
                 the Company or any company Controlled by the Company to
                 terminate the employment of any person without liability at any
                 time with or without cause, or shall impose upon the Company or
                 any company Controlled by the Company, the Board or their
                 respective agents and employees any liability for any
                 forfeiture or termination of Options which may result if that
                 person's employment is so terminated.

7.       Adjustments

         (a)     If any variation of the issued ordinary share capital of the
                 Company shall take place then:

                 (i)    the Exercise Price; and

                 (ii)   the number of shares subject to any Option;

                 shall be adjusted in such manner and with effect from such date
                 as the Board may determine to be appropriate (not excluding
                 retrospective adjustments).

         (b)     If an adjustment made to the Exercise Price of unissued Shares
                 would have the effect of reducing the Exercise Price to less
                 than the nominal value of a Share it shall only be made if and
                 to the extent that the Board is authorised to capitalise from
                 the reserves of the Company a sum equal to the amount by which
                 the nominal value of the Shares in respect of which the Option
                 is exercisable exceeds the adjusted Exercise Price. The Board
                 may apply such sum in paying up such amount on such Shares so
                 that on the exercise of any Option in respect of which such a
                 reduction shall have been made, the Board shall capitalise such
                 sum (if any) and apply the same in paying up such amount
                 aforesaid.

         (c)     Notice of any such adjustments shall be given to participants
                 by the Board who may call in Option certificates for
                 endorsement or replacement.

8.       Change in Control, Reconstruction and Winding up of the Company

                                       10
<PAGE>

         (a)     If, in consequence of any general offer made to the holders of
                 Shares or otherwise, as specified in paragraph 37 of Schedule 3
                 to ITEPA, any person obtains Control of the Company, then the
                 Board shall as soon as practicable thereafter notify every
                 Participant accordingly and each Participant shall be entitled
                 at any time within the period of six months after such Control
                 has been obtained but not later than six months following the
                 Maturity Date to exercise his Option. To the extent that it has
                 not been so exercised, any Option shall upon the expiry of such
                 period lapse provided that if during such period any person
                 becomes entitled or bound to acquire Shares in the Company
                 under Sections 428 and 430F of the Companies Act 1985 and gives
                 notice to any holders of Shares that he intends to exercise
                 such rights the Board shall as soon as practicable thereafter
                 notify each Participant accordingly. All Options may be
                 exercised at any time when such person remains so entitled or
                 bound and if not so exercised shall then cease to be
                 exercisable but will continue to be capable of release under
                 the provisions of Rule 8(d) until the end of the six month
                 period pursuant to this Rule 8(a). For the purpose of this
                 paragraph Control shall include the obtaining of control by a
                 person and others acting in concert with him.

         (b)     If under Section 425 of the Companies Act 1985 the Court
                 sanctions a compromise or arrangement proposed for the purposes
                 of or in connection with a scheme for the reconstruction of the
                 Company or its amalgamation with any other companies any Option
                 held by a Participant may be exercised within six months of the
                 Court sanctioning the compromise or arrangement and if not so
                 exercised shall lapse.

         (c)     If notice is duly given of a General Meeting of the Company at
                 which a resolution will be proposed for the voluntary
                 winding-up of the Company, Options granted under the Plan may
                 be exercised until the expiry of one month following the
                 passing of the resolution for such winding-up (within the
                 meaning of Section 165 of the Insolvency Act 1986) provided
                 that the purported exercise of an Option under this paragraph
                 shall be of no effect if the resolution is not passed before
                 the expiry of six months after the Maturity Date of the
                 relevant Savings Contract. Subject thereto all Options shall
                 lapse upon the commencement of the winding up of the Company.

         (d)     Where the person mentioned in paragraphs (a) above is a company
                 within the meaning of ITEPA or where another company has
                 obtained Control of the Company in circumstances where Rule 5
                 (b) applies (in either case "the Acquiring Company"), any
                 Option holder may, by agreement with the Acquiring Company and
                 notwithstanding anything to the contrary in this Plan, release,
                 within the appropriate period within the meaning of paragraph
                 38(3) of Schedule 3 to ITEPA, his rights under this Plan ("the
                 old rights") in consideration of the grant to him of rights
                 ("the new rights") which, within the meaning of paragraph 39 of
                 Schedule 3 to ITEPA, are equivalent to the old rights but
                 relate to shares in a different company (whether the Acquiring
                 Company or some other company falling within paragraph 18(b) or
                 (c) of Schedule 3 to ITEPA) and references in Rules 7, this
                 Rule, Rule 9, 10 and 12 to the term "Shares" shall be construed
                 accordingly with effect from the date of release and references
                 to "the Company" and "the Board" shall, in relation to the new
                 rights, be considered as references to the Acquiring Company or
                 that other company and to the board of such company as the case
                 may be.

9.       Allotment, Transfer and Listing

                                       11
<PAGE>

         (a)     Subject to receipt of the appropriate remittance and to
                 paragraph (b) below, any Shares to be issued pursuant to the
                 exercise of an Option will be allotted and issued, and any
                 Shares to be transferred shall be transferred to the relevant
                 Participant or a nominee nominated by a Participant not later
                 than 30 days after the date of exercise of the Option. Such
                 Shares will not carry the right to dividends paid by reference
                 to a record date falling before the date of such exercise but
                 otherwise will rank pari passu in all respects and form one
                 uniform class with the Shares in issue on the date of exercise.

         (b)     (i)    Any allotment and issue or transfer of Shares hereunder
                        shall be subject to such consents (if any) of HM
                        Treasury or other authorities (whether of the United
                        Kingdom or elsewhere) as may from time to time be
                        required and it shall be the responsibility of the
                        Participant to obtain such consents.

                 (ii)   In a case where a Participating Company is obliged to
                        account for any tax and/or social security contributions
                        for which the Participant is liable by reference to the
                        exercise of an Option, any such allotment and issue or
                        transfer of Shares shall be further subject to such
                        company either being able to make a full withholding
                        from the relevant Participant's remuneration, receiving
                        payment in full from him of the full amount required to
                        be withheld, by selling sufficient shares on behalf of
                        the Participant to cover the full amount to be withheld,
                        or by making any other arrangements as it considers
                        necessary.

         (c)     As soon as practicable following the exercise of an Option
                 giving a right to subscribe to Shares the Company will apply to
                 The Stock Exchange or such other exchange on which the Shares
                 are directly or indirectly listed for Shares subscribed to be
                 admitted to the Official List as soon as practicable after
                 allotment.

10.      Availability of Shares, etc

         (a)     The Company shall at all times keep available for issue
                 sufficient authorised and unissued Shares to satisfy all rights
                 to subscribe for Shares from time to time subsisting under
                 Options granted pursuant to the Plan, taking account of any
                 other obligations of the Company to allot and issue unissued
                 Shares.

         (b)     The Company shall ensure that at all times there are available
                 for transfer sufficient existing Shares to satisfy all rights
                 to acquire Shares from time to time subsisting under Options
                 granted pursuant to the Plan, taking account of any other
                 obligations of the Company to arrange for the transfer of
                 shares.

         (c)     The Company shall bear the costs of establishing and
                 administering the Plan.

         (d)     The Company shall maintain or cause to be maintained all
                 necessary accounts and records relating to the Plan.

11.      Regulations, Amendments and Termination

         (a)     The Plan shall be administered by the Board who may from time
                 to time make such regulations not being inconsistent with these
                 Rules as necessary. Any question concerning the interpretation
                 of these Rules or of such regulations as aforesaid

                                       12
<PAGE>

                 including the eligibility of a person to participate or the
                 extent to which he shall participate or continue to participate
                 in the Plan or as to whether an event has occurred upon which
                 any Option has become exercisable or has lapsed or any issue
                 relating to the Plan shall be determined by the Board in its
                 sole discretion and such decision shall be final and binding
                 upon both the Company and the Participant.

         (b)     The Board by resolution shall be entitled to amend all or any
                 of the provisions of the Scheme provided that:

                 (i)    no amendment to the advantage of existing or future
                        Participants will be made to Rules 4(b), and 7 and the
                        definitions of "Eligible Employee" and "Maximum Monthly
                        Contribution" (except for minor amendments to benefit
                        its administration to take account of a change in
                        legislation or to obtain or maintain favourable tax,
                        exchange control or regulatory treatment for
                        Participants or the Company or members of the
                        Participating Companies) without the prior consent of
                        the Company in general meeting; and

                 (ii)   no amendment shall be effective which would materially
                        prejudice the interests of Participants in relating to
                        Options already granted to them unless with such prior
                        consent or sanction of Participants as would be required
                        under the provisions for the alteration of class rights
                        contained in the Articles of Association of the Company
                        for the time being if the Shares to be allotted or
                        transferred on the exercise of the Options constituted a
                        separate but single class of Shares (or two or more
                        classes of such shares according to the respective Dates
                        of Grant as the Board may deem appropriate) and such
                        shares were entitled to such rights.

         (c)     The Board may determine to issue no further invitations or to
                 grant no further Options and may from time to time modify or at
                 any time suspend or terminate the Scheme (but without prejudice
                 to Options already granted).

         (d)     No Options shall be granted hereunder more than ten years after
                 the date on which the Plan is adopted by the Company but any
                 rights of Participants still subsisting will remain in force.

                                       13
<PAGE>

12.      Data Protection

         By participating in the Plan the Participant consents to the holding
         and processing of personal data provided by the Participant to the
         Company, any member of the Group, trustee or third party service
         provider for all purposes relating to the operation of the Plan. These
         include, but are not limited to:

         (a)     administering and maintaining Participant records;

         (b)     providing information to members of the Group, trustees of any
                 employee benefit trust, registrars, brokers, savings carrier or
                 other third party administrators of the Plan;

         (c)     providing information to future purchasers of the Company or
                 the business in which the Participant works;

         (d)     transferring information about the Participant to a country or
                 territory outside the European Economic Area that may not
                 provide the same statutory protection for the information as
                 the Participant's home country.

13.      Notices

         (a)     The provisions of the Company's Articles of Association for the
                 time being with regard to the service of notices on members
                 shall apply in the same way to any notice to be given under the
                 Plan to a Participant.

         (b)     A Participant shall not be entitled to receive copies of any
                 notice or other document sent by the Company to its
                 Shareholders prior to the exercise of an Option by that
                 Participant.

14.      Governing Law

         These Rules and Options granted pursuant thereto shall be governed by
         and construed in accordance with English Law.

                                       14
<PAGE>

                              SCHEDULE - AUSTRALIA

1.       Options shall be granted under this Australian Schedule subject to the
         requirements stated herein.

2.       For the purposes of this Schedule the following definitions will amend
         or be additional to the definitions in the Rules and will take
         precedence over such definitions:

         Savings Contract              means an agreement to save with a bank
                                       registered in Australia in an interest
                                       bearing account for a period not
                                       exceeding 60 months as extended by up to
                                       six months if applicable by reason of any
                                       failure to pay a contribution on or
                                       before its due date in accordance with
                                       the terms designated by the Board.

3.       The following shall be added at the end of Rule 2(c) after ".... The
         Board may determine":

         "and shall include a summary of the Plan Rules."

4.       The following paragraph will be added to Rule 2:

         "(g)    Within 7 days of any invitation being made to Eligible
                 Employees the Board will submit the documents provided to
                 Eligible Employees to the Australian Securities Commission."

5.       The following paragraph will be added to Rule 3:

         "(g)    No Option shall be granted before the date an exemption has
                 been obtained for the Savings Contract from the Australian
                 Securities Commission."

6.       The following paragraph will be added to Rule 4:

         "(c)    In respect of Options giving a right to subscribe for Shares to
                 Eligible Employees in Australia the total number of such Shares
                 over which Options may be granted under the Plan, when added to
                 the number of Shares issued and remaining issuable pursuant to
                 rights to subscribe for Shares under any other share option or
                 share acquisition scheme of the Company or of Reuters Holdings
                 PLC during the preceding five years shall not exceed five per
                 cent of the issued Shares from time to time on the relevant
                 Date of Grant."

7.       The following paragraph will be added to Rule 5:

        "(k)      During the 21 days preceding the date upon which an Option
                  becomes exercisable and throughout the period the Option
                  remains exercisable the Board shall at the request of a
                  Participant provide the Participant with the Exercise Price
                  and the middle market quotation of a Share as derived from the
                  Daily Official List of The Stock Exchange or such other
                  exchange on which the Shares are directly or indirectly listed
                  converted to Australian dollars."

                                SCHEDULE - CANADA

                                       15
<PAGE>

1.       Options shall be granted under this Canadian Schedule subject to the
         requirements stated herein.

2.       For the purposes of this Schedule the definition "Exercise Price" and
         the meaning given thereto shall be deleted and the following definition
         substituted therefor:

         Exercise Price                the price at which Shares may be acquired
                                       in respect of each Option being the
                                       middle market quotation of a Share as
                                       derived from the Daily Official List of
                                       The Stock Exchange or such other exchange
                                       on which the Shares are directly or
                                       indirectly listed on the dealing day
                                       which immediately precedes the relevant
                                       Invitation Date, provided that in respect
                                       of Options giving a right to subscribe
                                       for Shares it shall be the nominal value
                                       of a Share if this is greater.

                                       16
<PAGE>

                                SCHEDULE - FRANCE

1.       Options shall be granted under this French Schedule subject to the
         requirements state herein.

2.       For the purposes of this Schedule the following definitions will amend
         or be additional to the definitions in the Rules and will take
         precedence over such definitions:

         Board                         means the board of directors for the time
                                       being of the Company or the directors
                                       present at a duly convened meeting of the
                                       directors of the Company at which quorum
                                       is present or a committee appointed by
                                       the board of directors comprising mainly
                                       board directors.

         Eligible Employee             means any person who:

                                       (i)  either is an employee or an
                                            executive director (within the
                                            meaning of Article L.225-185 of the
                                            French Commercial Code) of a
                                            Participating Company; and

                                       (ii) was an employee or an executive
                                            director of a Participating Company
                                            on 31 December in the year
                                            immediately preceding the Invitation
                                            Date, or any other qualifying period
                                            as the Board may from time to time
                                            determine.

                                       In addition, it means any person who is
                                       designated by the Board as an eligible
                                       employee, provided that the person agrees
                                       to enter into a Savings Contract in
                                       accordance with the Rules, and provided
                                       that the person owns less than 10% of the
                                       Shares of the Company.

         Exercise Price                the price at which Shares may be acquired
                                       in respect of each Option shall be such
                                       amount as the Board may determine being
                                       not less than the greater of:

                                       (i)  80 per cent of the middle market
                                            quotation of a Share as derived from
                                            the Daily Official List of The Stock
                                            Exchange or such other exchange on
                                            which the Shares are directly or
                                            indirectly listed on the dealing day
                                            which immediately precedes the
                                            relevant Invitation Date; or

                                       (ii) in respect of Options giving a right
                                            to subscribe for Shares, the nominal
                                            value of a Share,

                                       but which in any event may not be less
                                       than 80 per cent of the average of the
                                       middle market quotations of a Share as
                                       derived from the Daily Official List of
                                       the London Stock Exchange or such other
                                       exchange on which the Shares are directly
                                       or

                                       17
<PAGE>

                                       indirectly listed for the twenty dealing
                                       days which immediately precede the
                                       relevant Date of Grant.

         Participating Company         means a subsidiary of the Company as
                                       defined in the 1966 French Companies Law
                                       Section 208-4.

3.       The following shall be added at the end of rule 2(a):

         "subject to the provision that no invitations may be made in the period
         of twenty dealing days after Shares are traded ex-dividend, ex-rights
         or ex any other distribution on The Stock Exchange or such other
         exchange on which the Shares are directly or indirectly listed."

4.       The following paragraph shall replace (a) of Rule 5:

         (a)     Subject to Rule 8 and paragraph (b) below Options may be
                 exercised by a Participant only within six months following the
                 Maturity Date of the relevant Savings Contract or if earlier
                 within:

                 (i)    six months of:

                        (aa)      attaining pensionable age while continuing to
                                  hold an office or employment within the Group;
                                  or

                        (bb)      ceasing to hold an office or employment within
                                  the Group by reason only that:

                                  (1)     his office or employment is a company
                                          of which the Company ceases to have
                                          Control; or

                                  (2)     his office or employment relates to a
                                          business or part of a business which
                                          is transferred to a person who is
                                          neither an Associated Company of the
                                          Company nor a company of which the
                                          Company has Control;

                                  (3)     it is due to injury, illness,
                                          disability or redundancy; or

                        (cc)      in the circumstances and within the periods
                                  specified in Rule 8.

                 (ii)   four months prior to ceasing to hold office or
                        employment within the Group by reason of retirement.

5.       The following paragraph shall replace paragraph (c) of Rule 5:

         "(c)    If a Participant dies prior to the Maturity Date of the
                 relevant Savings Contract or within 6 months after the
                 completion of the Savings Contract, his Option may be exercised
                 within the period of six months after the date of his death."

6.       Rule 5(h) shall not apply to Options granted under this Schedule.

7.       Rule 8(d) shall not apply to Options granted under this Schedule.

                                       18
<PAGE>

8.       The following paragraphs will be added to Rule 9:

         "(d)    Participants may not sell, transfer, assign or otherwise
                 dispose of or be deprived of the legal ownership of the Shares
                 acquired on the exercise of an Option under the Plan until
                 after the fourth anniversary of the Date of Grant, except in
                 the specific circumstances set out in paragraph (f) below.

         (e)     The share certificates of the Shares acquired on the exercise
                 of an Option under the Plan will be retained by the Company and
                 will only be released to the Participant after the fourth
                 anniversary of the Date of Grant, except in the specific
                 circumstances set out in paragraph (f) below.

         (f)     Notwithstanding paragraphs 9(d) and (e) above, Participants
                 will be entitled to sell or otherwise dispose of the Shares
                 acquired upon exercise of an Option under the Plan before the
                 expiry of a period of 4 years from the Date of Grant in the
                 following circumstances:

                 (i)    dismissal of the Participant, provided that the Option
                        had been exercised in accordance with the Rules and at
                        least 3 months before the date of notification of the
                        dismissal; or

                 (ii)   forced retirement of the Participant, provided that the
                        Option had been exercised in accordance with the Rules
                        and at least 3 months before the date of termination of
                        the contract of employment; or

                 (iii)  disability of the Participant under the meaning of
                        Article L.341-4 of the Social Security Code; or

                 (iv)   death of the Participant."

                                       19
<PAGE>

                                SCHEDULE - ITALY

1.       Options shall be granted under this Italian Schedule subject to the
         requirements stated herein.

2.       The following paragraph shall be added to paragraph 2(b):

         "(vii)  the maximum number of Shares over which Options may be granted
                 to Eligible Employees of a Participating Company."

3.       Paragraph 5(h) is deleted.

                                       20
<PAGE>

                             SCHEDULE - NEW ZEALAND

1.       Options shall be granted under this New Zealand Schedule subject to the
         requirements stated herein.

2.       For the purposes of this Schedule, the following definitions will amend
         or be additional to the definitions in the Rules and will take
         precedence over such definitions:

         Participating Company         means a subsidiary of the Company.

3.       The following shall be added to the end of Rule 2(c) after "... or such
         other method as the Board may determine":

         "but in any event shall include as part of the invitation a copy of the
         current rules of the Plan and a copy of the most recent Company annual
         report and accounts."

4.       The following paragraph will be added to Rule 3:

         "(g)    No option shall be granted before the date an exemption is
                 obtained from the Securities Commission of New Zealand for the
                 Company and any company under the Control of the Company
                 incorporated in New Zealand."

                                       21
<PAGE>

                                  SCHEDULE - UK

1.       Options shall be granted under this UK Schedule in accordance with
         Schedule 3 of ITEPA and so shall be subject to the requirements stated
         in this Schedule.

2.       For the purposes of this Schedule the following definitions will amend
         or be additional to the definitions in the Rules and will take
         precedence over such definitions:

         Approval Date                 means the date [ ] on which the Scheme
                                       was formally approved by the Inland
                                       Revenue.

         Bonus                         means the terminal bonus payable under
                                       the relevant Savings Contract.

         Bonus Date                    means the earliest date on which the
                                       Bonus (or the maximum Bonus in the case
                                       of a seven year Option) is payable.

         Eligible Employee             means any person who satisfies the
                                       conditions set out below. The conditions
                                       are that the person:

                                       (i)   either is an employee (but not a
                                             director) of a Participating
                                             Company, or is a director of a
                                             Participating Company who is
                                             required to work for the company
                                             for at least 25 hours a week
                                             (excluding meal breaks); and

                                       (ii)  has earnings in respect of his
                                             office or employment within
                                             paragraph (i) above which are
                                             general earnings (or would be if
                                             there were any) to which Section 15
                                             or Section 21 of ITEPA applies; and

                                       (iii) has such qualifying period (if any)
                                             of continuous service (not
                                             exceeding five years prior to the
                                             Date of Grant) as the Directors may
                                             from time to time determine;

                                       In addition, it means any person who is
                                       an executive director or employee of a
                                       Participating Company who is nominated by
                                       the Directors (or is nominated as a
                                       member of a category of such executive
                                       directors or employees).

                                       However, the definition of "Eligible
                                       Employee" does not include anyone who is
                                       excluded from participation because of
                                       paragraph 11 of Schedule 3 to ITEPA
                                       (material interest provisions);

         Grantor                       means either:

                                       22
<PAGE>

                                       (i)  the Board in respect of Options
                                            granted or to be granted by the
                                            Company; or

                                       (ii) the Trustee in respect of Options
                                            granted or to be granted by the
                                            Trustee.

         Maximum Monthly
         Contribution                  means the maximum monthly limit
                                       determined by the Board from time to time
                                       being not more than the greater of
                                       (pound)250 or the monthly contribution
                                       specified in the regulations governing
                                       Savings Contracts in force from time to
                                       time which shall not be more than the
                                       amount permitted under ITEPA.

         Minimum Monthly
         Contribution                  means the minimum monthly limit, if any,
                                       determined by the Board from time to time
                                       being not less than (pound)5 per month
                                       nor greater than (pound)10 per month.

         Participating Company         means:

                                       (i)  the Company; and

                                       (ii) any company which is under the
                                            Control of the Company whether
                                            incorporated in the UK or elsewhere,

                                       except for those companies which are
                                       designated by the Board as
                                       non-participating companies for the
                                       purposes of the Plan provided such
                                       company has been notified to the Inland
                                       Revenue as a participating company.

         Plan Location                 means the United Kingdom

         Savings Contract              means a savings contract between an
                                       Eligible Employee and an approved savings
                                       authority (within the meaning of Section
                                       326 of the Act), approved by the Inland
                                       Revenue for the purposes of Schedule 3 to
                                       ITEPA, nominated by the Board for a
                                       maximum period of 60 months as extended
                                       by up to six months if applicable by
                                       reason of any failure to pay a
                                       contribution on or before its due date.

         Trustee                       means the trustee or trustees for the
                                       time being of any employee share
                                       ownership trust which has been or may be
                                       established from time to time by any
                                       Group Company and which is an employees'
                                       share scheme as defined in section 743 of
                                       the Companies Act 1985.

                                       23
<PAGE>

3.       Rule 3(a) will be replaced with:

         "Options will be granted by the Grantor in accordance with Rule 2 not
         later than:

         (i)     the twenty-ninth day following the Invitation Date to those
                 Eligible Employees who have applied hereunder (and not
                 withdrawn such application) and to no other person whatsoever;
                 or

         (ii)    the forty-first day following the Invitation Date if the number
                 of applications pursuant results in the Board exercising the
                 powers of scaling down under Rules 3(b) and (c),

         provided that the person is still an Eligible Employee at the Date of
         Grant".

4.       The following paragraph will be added to Rule 3:

         "(g)    no Option shall be granted before the Approval Date."

5.       Redundancy as referred to in Rule 5(a)(i) will have the same meaning as
         within the Employment Rights Act 1996.

6.       Retirement as referred to in Rule 5(a)(i) will mean age 62 or any other
         age at which he is bound to retire in accordance with the terms of his
         contract of employment.

7.       Pensionable age as referred to in Rule 5(a)(ii) will be age 62.

8.       There shall be an additional paragraph to Rule 5(a) as follows:

         (v)     "ceasing to hold the office or employment by virtue of which he
                 is eligible to participate in the Plan more than three years
                 after the relevant Date of Grant by reason of retirement in
                 circumstances (other than those specified in sub paragraph (i)
                 above) which entitle him to receive an immediate pension from
                 his employing company."

9.       Rule 5(d) shall not apply to Options granted under this Schedule.

10.      Rule 5(e) will be replaced with:

         "Save as provided in paragraphs (a)(i), (iii), (iv) and (v) and (b)
         above an Option shall be exercised by a Participant only if at the date
         of exercise he is a director or employee of a Participating Company
         provided that, if at the Bonus Date a Participant is a director or
         employee of a company which is not a Participating Company but which is
         an Associated Company or a company of which the Company has Control,
         subject to sub-rule (c) above an Option held by such Participant may be
         exercised within six months of the Bonus Date."

11.      Rule 5(h) shall not apply to Options granted under this Schedule.

12.      The following paragraphs will be added to Rule 5:

         "(k)    It is a condition of the exercise of an Option under the Scheme
                 that the Shares acquired on such exercise shall be paid for
                 with monies not exceeding the amount of

                                       24
<PAGE>

                repayment (including any Bonus or interest) made under the
                related Savings Contract. For this purpose repayment under the
                Savings Contract shall exclude the repayment of an monthly
                contributions, the due date for payment of which falls more than
                one month after the date on which repayment was made.

         (1)    No Option may be exercised by a Participant who is excluded by
                paragraph 11 of Schedule 3 to ITEPA".

13.      There shall be added at the end of Rule 7(a) after "retrospective
         adjustments)" the words "subject to prior Inland Revenue approval."

14.      Rule 9(b)(ii) shall not apply to Options granted under this Schedule.
         However, for the avoidance of doubt, in circumstances where a
         Participant who has been granted an approved Option under this Schedule
         is abroad and a tax charge is triggered in the host country, Rule
         9(b)(ii) will apply to enable the appropriate tax to be withheld.

15.      The following paragraphs will be added to Rule 11(b):

         "(iii)  If the approved status of the Plan is to be maintained, any
                 change to a key feature of the Rules after it has been approved
                 under ITEPA will take effect from the later of:

         (a)     the date that the change is approved by the Inland Revenue; and

         (b)     the date the Board resolve to approve the amendment. A "key
                 feature" is any provision necessary to meet the requirements of
                 ITEPA."

16.      (i)     In Rules 2(a), 2(b), 2(f), 3(a) 3(b) and 7(a) references to the
                 "Board" will be replaced with "Grantor with the prior approval
                 of the Board" provided that in Rule 3(b) the first reference to
                 the "Board" shall instead be replaced with the "Board as agent
                 for the Grantor".

         (ii)    In Rule 5(f) insert after "Secretary of the Company" the words
                 "as agent of the Trustee" and after "Subject to paragraph (g)"
                 the words "and paragraph (n).

17.      The following paragraph will be added to Rule 5:

         (m)     Where another company has obtained Control of the Company
                 pursuant to an arrangement or compromise sanctioned by a Court
                 pursuant to section 425 of the Companies Act 1985, then an
                 Option shall be exercisable in whole or in part by delivering
                 written notice and remittance to the Secretary of the Company
                 as agent for the Trustee as specified in Rule 5(f) only in so
                 far as the trustee holds sufficient Shares to satisfy an
                 Option. For the purposes of this Rule the Trustee shall be
                 deemed to satisfy each Option so exercised in the order in
                 which the relevant written notice and remittance are received
                 by the Secretary of the Company and where written notices and
                 remittances in respect of more than one such Option are
                 received by the Secretary of the Company at the same time the
                 Trustee shall be deemed to satisfy such proportion of those
                 Options as they have sufficient Shares available to satisfy
                 (treating notices and remittances received from all
                 Optionholders in the same manner). In so far as the Trustee
                 does not hold sufficient Shares to satisfy all such Options
                 then an Option shall be exercisable in whole or in part by
                 delivering written

                                       25
<PAGE>

                 notice and remittance to the Secretary of the Company in the
                 same manner as described in Rule 5(f) however with the
                 Secretary of the Company acting as principal and not as agent
                 for the Trustee.

18.      The following paragraph will be added to Rule 5:

         "(n)    Notwithstanding paragraph 5(i) above the Company shall meet any
                 stamp duty liability arising on the exercise of an option".

                            SCHEDULE -- UNITED STATES

1.       Options shall be granted under this US Schedule subject to the
         requirements stated herein.

                                       26
<PAGE>

2.       For the purposes of this Schedule the following definitions will amend
         or be additional to the definitions in the Rules and will take
         precedence over such definitions:

                              means American Depositary Receipts evidencing ADSs
ADRs
ADSs                          means American Depositary Shares, each of which
                              currently represents six (6) shares

Bonus                             (i)  means in the case of all Options, the
                                       interest deemed by the Board to be
                                       payable to Participants in respect of the
                                       relevant Savings Contract, and (ii) shall
                                       include, in the case of Incentive Stock
                                       Options equal to 20% of the Exercise
                                       Price of such Incentive Stock Options.

Code                         Means the US Internal Revenue Code of 1986, as
                             amended from time to time, and any successor
                             thereto.

Eligible Employee            Means any person who at the relevant Invitation
                             Date is an employee of a Participating Company who:

                                  (a)  is on a US payroll, or is employed
                                       outside the US but is considered US-based
                                       for benefits purpose
                                  (b)  was an employee or an executive director
                                       of a Participating Company on 31 December
                                       in the year immediately preceding the
                                       Invitation Date, or any other qualifying
                                       period as the Board may from time to time
                                       determine;
                                  (c)  is scheduled to work 17.5 hours or more
                                       per week;
                                  (d)  is not actively contributing to Reuters
                                       America Inc. Employee Stock Purchase
                                       Plan; and
                                  (e)  is not (1) a foreign national on
                                       temporary assignment in the US or (2) a
                                       person included in a unit of employees
                                       covered by a collective bargaining
                                       agreement that does not expressly provide
                                       for participation in the plan.

Exercise Price               The price at which Shares or ADSs may be acquired
                             in respect of an Option, determined as follows;

                                  (a)  in the case of an Incentive Stock Option,
                                       the Exercise Price shall be equal to the
                                       Fair Market Value of the Shares or ADSs
                                       as the case may be, on the relevant Date
                                       of Grant; and
                                  (b)  in the case of a Non-qualified option,
                                       the Exercise Price shall be such amount
                                       as the Board may determine being not less
                                       that 80% of the Fair Market Value of the
                                       Shares or ADSs, as the case may be, on
                                       the trading day immediately preceding the
                                       relevant Invitation Date.

                                       27
<PAGE>

Fair Market Value            Means as of any given day;

                                  (a)  in the case of Shares, the middle market
                                       quotation of a Share on the relevant date
                                       derived from the Daily Official List of
                                       The London Stock Exchange or such other
                                       exchange on which the Shares are then
                                       directly on indirectly listed.
                                  (b)  in the case of ADSs, the average of the
                                       reported high and low sale prices of an
                                       ADS on the relevant date on the on The
                                       Nasdaq Stock Market or such other
                                       exchange on which the ADRs are the
                                       directly or indirectly listed.

First Exercise               Means, in any calendar year, the date on which an
Date                         Option first becomes exercisable by a Participant.

Incentive                    Stock Means an Option that is intended to qualify
Option                       as an "incentive stock option" under Section 422 of
                             the Code or any successor provision.

Non-qualified                Means an Option that does not qualify as an
Option                       Incentive Stock Option

Option                       Means the right to acquire Shares or ADSs granted
                             pursuant to the Plan. The term "Option" shall
                             include Options granted as Incentive Stock Options
                             and Options granted as Non-qualified Options.

Shares                       Means fully paid ordinary shares of 25 pence of the
                             Company that comply with paragraphs 10-14 of
                             Schedule 9 to the Act. Unless the context otherwise
                             requires, the term "Shares" includes Shares
                             represented by ADSs.

2.       The following paragraph will be added to Rule 2(b);
         "(vii) whether the option is intended to qualify as an Incentive Stock
         Option or is a Non-qualified Option"

3.       Rule 2(e) is amended to add the words "or ADSs" after the word "Shares"
         in both places in which it appears.

4.       Rule 4(b) is amended (ad) to add "(i)" between the words "exceed" and
         "10 per cent", and (b) to add the following at the end of the
         paragraph; "or (ii) in the case of Incentive Stock Options, 142,237,
         527 Shares."

5.       The following paragraphs will be added to Rule 4:

         "(c) To the extent required to qualify for "Incentive Stock Option"
         treatment under section 422 of the Code, the aggregate Fair Market
         Value (determined as of the First Exercise Date) of the Shares with
         respect to which Incentive Stock Options are exercisable for the first
         time by a Participant during any calendar year under the Plan and/or
         any other share option plan

                                       28
<PAGE>

         of the Company or any subsidiary corporation (within the meaning of
         Section 424 of the Code) shall not exceed $100,000."

         "(d) No option which is intended to qualify for "Incentive Stock
         Option" treatment under section 422 of the Code shall be granted to any
         employee who, on the relevant Date of Grant, owns Shares (or ADSs)
         possessing more that 10 per cent of the total combined voting power of
         all Shares on such date."

6.       Rule 5(h)(i) is amended by adding after the words "date of exercise"
         the following: "or, in the case of an Option to purchase ADSs,
         calculated as the last reported sale price of an ADS on The Nasdaq
         Stock Market for the dealing day prior to the date of exercise)".

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