Materials Supporting Fairness Opinion-jp Morgan

Exhibit (c)(2) Confidential Project Quark Board of Directors Materials February 17, 2003


Materials Delivered to Board of Directors of Reuters in Connections with Fairness Opinion

Agenda Proposed transaction summary Valuation overview Pro forma impact to Proton Appendix Shareholder analysis Supplemental valuation materials 1


Overview of transaction terms 1 Existing Neutron cash includes $50.6MM of projected cash on Neutron balance sheet at 2/18/03 valuation date and $10.9MM which represents 50% of MIE/MIJ cash net of integration costs, decreased by $13.2MM tied to deferred revenue stream incorporated as cash income in valuation and $5.0MM tied to a contingent liability 2 Subject to NASDAQ stockholder vote requirement for issuance of shares exceeding 20% of shares outstanding 2


Key code names and terms Target Acquiror Proton's estimates of Neutron's projected performance Average of thirteen equity research analysts' projections of Proton's performance1 Neutron Proton Proton management case Proton Wall Street consensus case 1 Analyst reports from JPMorgan (10/21/02), Credit Suisse First Boston (1/10/03), Bank of America (1/10/03), SG Cowen (1/10/03), Merrill Lynch (1/27/03), Cazenove (2/12/03), Goldman Sachs (2/12/03), Lehman Brothers (2/12/03), Deutsche Bank (2/12/03), Sanford Bernstein (2/12/03), Morgan Stanley (2/12/03), Salomon Smith Barney (2/12/03), UBS Warburg (2/12/03); certain analyst reports not accessible by JPMorgan provided by Proton management 3


Trading statistics Neutron public market overview $ millions, except per share data 1 Based on 32.4MM basic shares outstanding, calculated using the treasury method and options and warrants information disclosed in 2001 Form 10-K 2 As of December 31, 2002 (most recent publicly available information) 3 Multiples based on most recent equity research available, RBC Capital - 10/24/02 (coverage has since been dropped) 4 As of December 31, 2001 (most recent publicly available information) 5 Excludes all restructuring, impairment, and other non-recurring charges; 2002 revenue includes $0.4MM of revenue recognized in connection with the surrender of performance-based warrants by Merrill Lynch; EBIT includes (a) amortization of capitalized software costs and (b) performance based warrants 6 Reported operating cash flow less purchases of property and equipment and acquisitions net of cash, plus proceeds from sale of equipment Historical summary financials5 CLOSE Line 2 2/15/2002 5 2/18/2002 5 2/19/2002 4.84 2/20/2002 4.51 2/21/2002 4.2 2/22/2002 4.3 2/25/2002 4.15 2/26/2002 4.2 2/27/2002 4 2/28/2002 3.97 3/1/2002 4.36 3/4/2002 4.52 3/5/2002 4.39 3/6/2002 4.47 3/7/2002 4.33 3/8/2002 4.6 3/11/2002 4.45 3/12/2002 4.64 3/13/2002 4.45 3/14/2002 4.43 3/15/2002 4.35 3/18/2002 4.4 3/19/2002 4.27 3/20/2002 4.12 3/21/2002 4.45 3/22/2002 4.33 3/25/2002 4.54 3/26/2002 4.64 3/27/2002 4.95 3/28/2002 4.53 3/29/2002 4.53 4/1/2002 4.65 4/2/2002 4.47 4/3/2002 4.47 4/4/2002 4.5 4/5/2002 4.44 4/8/2002 4.45 4/9/2002 4.44 4/10/2002 4.8 4/11/2002 4.38 4/12/2002 4.81 4/15/2002 4.5 4/16/2002 4.5 4/17/2002 4.46 4/18/2002 4.5 4/19/2002 4.4 4/22/2002 4.4 4/23/2002 4.38 4/24/2002 4.37 4/25/2002 4.47 4/26/2002 4.4 4/29/2002 4.75 4/30/2002 4.44 5/1/2002 4.35 5/2/2002 4.4 5/3/2002 4.25 5/6/2002 4.2 5/7/2002 4.25 5/8/2002 4.25 5/9/2002 3.97 5/10/2002 3.78 5/13/2002 3.85 5/14/2002 4 5/15/2002 4.14 5/16/2002 4 5/17/2002 4.02 5/20/2002 3.93 5/21/2002 3.89 5/22/2002 3.75 5/23/2002 3.85 5/24/2002 3.74 5/27/2002 3.74 5/28/2002 3.68 5/29/2002 3.51 5/30/2002 3.72 5/31/2002 3.26 6/3/2002 3.6 6/4/2002 3.77 6/5/2002 3.7 6/6/2002 3.85 6/7/2002 3.96 6/10/2002 4.05 6/11/2002 4.1 6/12/2002 4.15 6/13/2002 4.07 6/14/2002 3.98 6/17/2002 3.9 6/18/2002 3.87 6/19/2002 3.86 6/20/2002 3.86 6/21/2002 3.99 6/24/2002 3.92 6/25/2002 3.97 6/26/2002 3.95 6/27/2002 3.95 6/28/2002 4.08 7/1/2002 3.75 7/2/2002 3.7 7/3/2002 3.72 One year historical stock price performance One-year return = (8.4%) 4


Agenda Proposed transaction summary Valuation overview Pro forma impact to Proton Appendix Shareholder analysis Supplemental valuation materials 5


High Low Current 2003E Revenue trading comps 6.12 4.06 7.35 4.58 DCF base no synergies 5.09 3.46 7.35 4.58 DCF base tactical cost synergies 7.84 5.44 7.35 4.58 DCF base tactical cost and revenue synergies 8.59 5.83 7.35 4.58 DCF base no synergies 10.82 7.19 7.35 4.58 Transaction comps 7.95 5.73 7.35 4.58 Target valuation summary Note: Existing Neutron cash includes $50.6MM of projected cash on Neutron balance sheet at 2/18/03 valuation date and $10.9MM which represents 50% of MIE/MIJ cash net of integration costs, decreased by $13.2MM tied to deferred revenue stream incorporated as cash income in valuation and $5.0MM tied to a contingent liability; Excludes potential value of NOL and R&D credit carry forward benefits to Proton because initial due diligence has indicated that utilization of these NOLs will not be possible or is highly unlikely 1 Includes five full years of projections; assumes perpetuity growth rate of 2.5-5.0% for the company and revenue synergies, perpetuity growth rate of 1.5%-2.5% on cost synergies and a 9.0%-10.5% WACC; excludes value of NOLs and R&D credits 2 Tactical cost synergies comprised of staff reduction, rental expense, professional fee and marketing synergies net of transaction related expenses including severance, retention, and integration costs; tactical revenue synergies consist of cross-selling Neutron Fundamentals and Net to Proton customers; strategic revenue synergies include regulatory research settlement, bespoke research model and enabling of end-to-end provision of research to consumers 3 Source: Proton management case Equity value per share 1.0x-1.8x FY 2003E sales of $95.3MM3 Comparable publicly traded companies 1.7x-2.6x FY 2002 sales of $92.4MM Comparable transactions Offer price = $7.35 DCF - Proton management case1 Tactical cost and revenue synergies2 No synergies Tactical cost synergies2 Current price = $4.58 Strategic synergies2 6


Financial services content trading comparables 1 Based on most recent equity research available, RBC Capital - 10/24/02 (coverage has since been dropped) Note: excludes Hoover's which has signed an agreement to be acquired by D&B, and Track ...