<SUBMISSION>
<ACCESSION-NUMBER>0001047469-07-004247
<TYPE>425
<PUBLIC-DOCUMENT-COUNT>1
<FILING-DATE>20070515
<DATE-OF-FILING-DATE-CHANGE>20070515
<SUBJECT-COMPANY>
<COMPANY-DATA>
<CONFORMED-NAME>REUTERS GROUP PLC   /ADR/
<CIK>0001056084
<ASSIGNED-SIC>2721
<IRS-NUMBER>000000000
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>425
<ACT>34
<FILE-NUMBER>333-08354
<FILM-NUMBER>07849431
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>85 FLEET STREET
<STREET2>7TH FLOOR
<CITY>LONDON
<STATE>X0
<ZIP>EC4P 4AJ
<PHONE>44 (0) 207 250 1122
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>85 FLEET STREET
<STREET2>7TH FLOOR
<CITY>LONDON
<STATE>X0
<ZIP>EC4P 4AJ
</MAIL-ADDRESS>
</SUBJECT-COMPANY>
<FILED-BY>
<COMPANY-DATA>
<CONFORMED-NAME>THOMSON CORP /CAN/
<CIK>0001075124
<ASSIGNED-SIC>2741
<IRS-NUMBER>980176673
<STATE-OF-INCORPORATION>A6
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>425
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>METRO CENTER
<STREET2>ONE STATION PLACE
<CITY>STAMFORD
<STATE>CT
<ZIP>06902
<PHONE>2035398000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>METRO CENTER
<STREET2>ONE STATION PLACE
<CITY>STAMFORD
<STATE>CT
<ZIP>06902
</MAIL-ADDRESS>
</FILED-BY>
<DOCUMENT>
<TYPE>425
<SEQUENCE>1
<FILENAME>a2178001z425.htm
<DESCRIPTION>FORM 425
<TEXT>
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<TD WIDTH="32%"><FONT SIZE=1>Filed pursuant to Rule&nbsp;425 under the Securities Act of 1933, as amended.</FONT></TD>
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Filed by: The Thomson Corporation</FONT></TD>
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Subject Company: Reuters Group&nbsp;PLC</FONT></TD>
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Exchange Act File Number of Subject Company: 333-08354</FONT></TD>
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<TD WIDTH="32%"><FONT SIZE=1><BR>
Note: The press release below was issued jointly by The Thomson Corporation and Reuters Group&nbsp;PLC today. The filing of this press release under Rule&nbsp;425 shall not be deemed an acknowledgment that such a filing is required or that an offer
requiring registration under the Securities Act of 1933, as amended, may ever occur in connection with the possible business combination transaction described herein.</FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=2>NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO<BR>
AUSTRALIA OR JAPAN </FONT></P>

<P><FONT SIZE=2>15&nbsp;May&nbsp;2007
</FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>THE THOMSON CORPORATION AND REUTERS GROUP&nbsp;PLC<BR>
RECOMMENDED TRANSACTION  </B></FONT></P>

<P><FONT SIZE=2><B>SUMMARY  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further to the announcements of 4, 7 and 8&nbsp;May&nbsp;2007, the boards of Thomson and Reuters announce that they have today agreed to combine the two
groups. The boards of Thomson and Reuters intend to recommend the Transaction to their shareholders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodbridge,
the Thomson family holding company which controls approximately 70% of Thomson, has irrevocably committed to vote in favour of the Transaction and the Reuters Founders Share
Company, which controls a special share in Reuters, has resolved to support the Transaction. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
boards of Thomson and Reuters believe there is a natural fit and compelling logic in creating a global leader in electronic information services, trading systems and&nbsp;news: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Customers
will benefit from seamless access to richer content and broader capabilities across financial and professional markets from a trusted provider
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
Combined Business will be positioned to benefit from the continuing shift towards electronic delivery of information to professional and financial customers
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Complementary
geographic and product markets
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Diversified
revenue streams and a larger capital base will provide a stable platform from which to invest and&nbsp;grow
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Thomson
and Reuters brands will be maintained in their key areas of strength
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Synergies
at an annual run-rate of in excess of US$500&nbsp;million expected by the end of the third year after&nbsp;closing
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Complementary
management culture and values
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Dual
listed company structure will allow the Combined Business to have listings in Canada, the UK and the US and will enable both sets of shareholders to participate in
further value&nbsp;creation
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
Combined Business will adopt the Reuter Trust Principles </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
combination will be effected through a dual listed company structure. The companies will be separate legal entities but will be managed and operated as if they were a single economic
enterprise. The companies' economic interests will be aligned and they will pursue common objectives. The boards of the two companies will be identical and the Combined Business will be managed by a
single senior executive management team. Thomson will be renamed Thomson-Reuters Corporation. The Combined Business will be called Thomson-Reuters and the combined Thomson Financial unit and Reuters
financial and media businesses will be called Reuters. The existing Thomson professional businesses&nbsp;&#151;&nbsp;Legal, Tax&nbsp;&amp; Accounting, Scientific and
Healthcare&nbsp;&#151;&nbsp;will together be known as Thomson-Reuters Professional. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>1</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
effect the Transaction, Reuters will be acquired by a newly formed UK holding company, Thomson-Reuters&nbsp;PLC, through a scheme of arrangement in which each Reuters Share will be
entitled to 352.5&nbsp;pence per share in cash and 0.16&nbsp;Thomson-Reuters&nbsp;PLC shares. Each Thomson-Reuters&nbsp;PLC Share will be equivalent to one Thomson-Reuters Corporation Share.
Based on the closing Thomson share price of C$48.46 on the Toronto Stock Exchange on Thursday 3&nbsp;May&nbsp;2007, the day before the initial announcement by Reuters (and&nbsp;at an exchange
rate of &pound;1: C$2.19795), this would value each Reuters share at approximately 705&nbsp;pence representing a premium of approximately 43% to the closing share price of Reuters on Thursday
3&nbsp;May&nbsp;2007. Based on the closing Thomson share price of C$46.36 and exchange rate of &pound;1: C$2.19360 on 14&nbsp;May&nbsp;2007, the day before this announcement, this would
value each Reuters Share at approximately 691&nbsp;pence and values the entire existing issued share capital of Reuters at approximately &pound;8.7&nbsp;billion. The cash consideration for
the Transaction will be funded by&nbsp;Thomson. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on current issued share capital, 201,095,235&nbsp;shares in Thomson-Reuters&nbsp;PLC will be issued to Reuters Shareholders in the Transaction on completion. On that basis,
Woodbridge will own approximately 53% of the Combined Business, other Thomson Shareholders approximately 23% and Reuters Shareholders approximately&nbsp;24%. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Combined Business will adopt the Reuter Trust Principles and Reuters Founders Share Company structure. Woodbridge has agreed that it will use its voting control to support the Reuter
Trust Principles. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Transaction is subject to the pre-conditions of anti-trust clearances, all of which are waivable. Thomson has undertaken to take whatever steps are required
to procure such clearances. Upon receipt of anti-trust clearances, documentation will be posted to Reuters Shareholders to approve a court-approved scheme of arrangement to establish
Thomson-Reuters&nbsp;PLC as the new holding company of Reuters. Around the same time, documentation will be posted to Thomson Shareholders to effect a court-approved Ontario Plan of Arrangement to
effect the Transaction. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reuters
CEO, Tom Glocer, 47, will become CEO of the Combined Business at the time the Transaction closes. Thomson President and CEO, Richard J. Harrington, 60, who led the transformation
of the company from traditional publishing to electronic solutions, software and services, will retire at the completion of the Transaction. Devin Wenig, currently COO of Reuters, will be CEO of
Reuters (the&nbsp;combined Thomson Financial unit and Reuters financial and media businesses) and Jim Smith, currently COO of Thomson, will be CEO of Thomson-Reuters Professional. Other members of
the senior management team will include Bob Daleo (currently Thomson CFO) as CFO, Michael Wilens (currently Thomson CTO) as CTO, Stephen Dando (currently Reuters Group HR Director) as Chief Human
Resources Officer, and David Schlesinger (currently Reuters Editor-in-Chief) as Editor-in-Chief. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Chairman will be David Thomson, and the Deputy Chairmen will be W. Geoffrey Beattie and Niall FitzGerald who will also serve as Senior Independent Director. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David
Thomson, Chairman of Thomson, said "We are enormously proud of the evolution of The Thomson Corporation and the value it has created for all our shareholders. We recognize the rich
history of Reuters and are committed to uphold the Reuter Trust Principles. I am pleased to welcome Niall and Tom and look forward to working with them to grow our&nbsp;business." </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Niall
FitzGerald, Chairman of Reuters, said "This is an historic day for Reuters and represents an important chapter in the development of our company and the commitment to our heritage.
The shared expertise and complementary strengths of these two companies makes for a strategically compelling and financially attractive combination. I am especially proud that Reuters journalism will
continue to be governed by the powerful Reuter Trust Principles of independence, integrity and freedom from&nbsp;bias." </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomson
President and CEO, Richard J. Harrington, said "This combination marks a strategic milestone for both companies. For Thomson, it is a defining moment in our journey to become the
information provider of choice for the world's business and professional markets. Thomson has a long history of creating value for all its stakeholders and this Transaction builds on that tradition." </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tom
Glocer, CEO of Reuters, said "I am looking forward to the opportunity of being the first CEO of Thomson-Reuters. The combination of these two great businesses will create an
exceptional global information company guided by the Reuter Trust Principles. It will provide a broader offering to our customers, deliver value to our shareholders and create great opportunities for
our&nbsp;people." </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pehr
Gyllenhammar, Chairman of the Trustees, said "The Trustees are pleased to give their support to the proposed business combination of Thomson and Reuters. We believe that the
formation of Thomson-Reuters marks a watershed in the global information business, and will underpin the strength, integrity and sustainability of Reuters as a global leader in news and financial
information for many years to&nbsp;come." </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
summary should be read in conjunction with the full text of this announcement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Thomson and Reuters briefing for investors and analysts will be webcast live today at 09:30&nbsp;BST / 04:30&nbsp;EDT and available for replay at 14:00&nbsp;BST /
09:00&nbsp;EDT at http://www.thomson.com/investor_relations/ and http://about.reuters.com/investors/ announcements/. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomson
and Reuters will also hold a conference call and webcast for U.S.&nbsp;investors at 08:30&nbsp;EDT / 13:30&nbsp;BST. To participate in the call and webcast, please register
online at http://www.thomson.com/investor_relations/ or http://about.reuters.com/ investors/announcements/. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
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<A NAME="page_da45003_1_4"> </A>

<P><FONT SIZE=2>Enquiries: </FONT></P>

<P><FONT SIZE=2><B>Thomson:  </B></FONT></P>

<P><FONT SIZE=2><B>Investor Relations enquiries  </B></FONT></P>

<P><FONT SIZE=2>Frank
J. Golden<BR>
Vice President, Investor Relations<BR>
+1 (203)&nbsp;539 8470<BR>
frank.golden@thomson.com </FONT></P>

<P><FONT SIZE=2><B>US Media enquiries  </B></FONT></P>

<P><FONT SIZE=2>Jason
Stewart<BR>
Vice President, Media Relations<BR>
+1 (203)&nbsp;539 8339<BR>
jason.stewart@thomson.com </FONT></P>

<P><FONT SIZE=2><B>UK Media enquiries  </B></FONT></P>


<P><FONT SIZE=2>James
Leviton<BR>
Finsbury<BR>
+44 (0)&nbsp;207&nbsp;251 3801<BR>
james.leviton@finsbury.com </FONT></P>

<P><FONT SIZE=2><B>Reuters:  </B></FONT></P>

<P><FONT SIZE=2><B>Investor Relations enquiries  </B></FONT></P>

<P><FONT SIZE=2>Miriam
McKay<BR>
Global Head of Investor Relations, Reuters<BR>
+44 (0)&nbsp;207&nbsp;542 7057<BR>
+44 (0)&nbsp;7990 567057<BR>
miriam.mckay@reuters.com </FONT></P>

<P><FONT SIZE=2><B>Media enquiries  </B></FONT></P>

<P><FONT SIZE=2>Ed
Williams<BR>
Director of Corporate Affairs, Reuters<BR>
+44 (0)&nbsp;207&nbsp;542 6005<BR>
+44 (0)&nbsp;7990 563717<BR>
ed.williams@reuters.com </FONT></P>

<P><FONT SIZE=2>Nick
Claydon<BR>
Brunswick Group&nbsp;LLP<BR>
+44 (0)&nbsp;7974 982547<BR>
nclaydon@brunswickgroup.com </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
directors of Thomson and Reuters accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the directors of Thomson and
Reuters (who&nbsp;have taken all reasonable care to ensure such is the case), the information contained herein for which they accept responsibility is in accordance with the facts and does not omit
anything likely to affect the import of such information. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bear
Stearns is acting as financial adviser to Thomson and no one else in connection with the Transaction and will not be responsible to anyone other than Thomson for providing the
protections afforded to the clients of Bear Stearns nor for providing advice in relation to the Transaction or any other matter referred to&nbsp;herein. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perella
Weinberg is acting as financial adviser to Thomson and no one else in connection with the Transaction and will not be responsible to anyone other than Thomson for providing the
protections afforded to the clients of Perella Weinberg nor for providing advice in relation to the Transaction or any other matter referred to&nbsp;herein. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS
is acting as financial adviser and is also providing corporate broking advice to Reuters and no one else in connection with the Transaction and will not be responsible to anyone
other than Reuters for providing the protections afforded to the clients of UBS nor for providing advice in relation to the Transaction or any other matter referred to&nbsp;herein. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone
is acting as financial adviser to Reuters and no one else in connection with the Transaction and will not be responsible to anyone other than Reuters for providing the
protections afforded to the clients of Blackstone nor for providing advice in relation to the Transaction or any other matter referred to&nbsp;herein. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citi
and JPMorgan Cazenove are acting as joint corporate brokers to Reuters and are also providing financial advice to Reuters. They are acting for no one else in connection with the
Transaction and will not be responsible to anyone other than Reuters for providing the protections afforded to the clients of Citi and JPMorgan Cazenove, respectively, nor for providing advice in
relation to the Transaction or any other matter referred to&nbsp;herein. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan
Stanley has also provided financial advice to Reuters and is acting for no one else in connection with the Transaction and will not be responsible to anyone other than Reuters for
providing the protections afforded to the clients of Morgan Stanley nor for providing advice in relation to the Transaction or any other matter referred to&nbsp;herein. </FONT></P>

<P><FONT SIZE=2>DEALING
DISCLOSURE REQUIREMENTS </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the provisions of Rule&nbsp;8.3 of the Takeover Code (the&nbsp;'Code'), if any person is, or becomes, 'interested' (directly or indirectly) in 1% or more of any class of
'relevant securities' of Thomson or of Reuters, all 'dealings' in any 'relevant securities' of that company (including by means of an option in respect of, or a derivative referenced to, any such
'relevant securities') must be publicly disclosed by no later than 3.30&nbsp;pm (London time) on the London business day following the date of the relevant transaction. This requirement will
continue until the date on which the Transaction becomes, or is declared, unconditional, lapses or is otherwise withdrawn or on which the 'offer period' otherwise ends. If two or more persons act
together pursuant to an agreement or understanding, whether formal or informal, to acquire an 'interest' in 'relevant securities' of Thomson or Reuters, they will be deemed to be a single person for
the purpose of Rule&nbsp;8.3. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the provisions of Rule&nbsp;8.1 of the Code, all 'dealings' in 'relevant securities' of Thomson or Reuters by Thomson or Reuters, or by any of their respective 'associates', must
be disclosed by no later than 12.00&nbsp;noon (London time) on the London business day following the date of the relevant transaction. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
disclosure table, giving details of the companies in whose 'relevant securities' 'dealings' should be disclosed, and the number of such securities in issue, can be found on the
Takeover Panel's website at www.thetakeoverpanel.org.uk. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;'Interests
in securities' arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person
will be treated as having an 'interest' by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to,&nbsp;securities. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terms
in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a 'dealing'
under Rule&nbsp;8, you should consult the&nbsp;Panel. </FONT></P>

<P><FONT SIZE=2>CAUTIONARY
NOTE CONCERNING FACTORS THAT MAY AFFECT FUTURE RESULTS </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
press release includes forward-looking statements, such as Thomson's and Reuters beliefs and expectations regarding the proposed combination of the two businesses. These statements
are based on certain assumptions and reflect Thomson's and Reuters current expectations. Forward-looking statements also include statements about Thomson's and Reuters beliefs and expectations related
to the proposed Transaction structure and consideration, benefits that would be afforded to customers, benefits to the Combined Business that are expected to be obtained as a result of the
Transaction, as well as the parties' ability to enhance shareholder value through, among other things, the delivery of expected synergies. There can be no assurance that the proposed Transaction will
be consummated or that the anticipated benefits will be realised. The proposed Transaction is subject to various regulatory approvals and the fulfilment of certain conditions, and there can be no
assurance that any such approvals will be obtained and/or such conditions will be met. All forward-looking statements in this press release are subject to a number of risks and uncertainties that
could cause actual results or events to differ materially from current expectations. These risks and uncertainties include: the ability to achieve the cost savings and synergies contemplated through
the proposed Transaction; the failure of Reuters shareholders to approve the proposed Transaction; the effect of regulatory conditions, if any, imposed by regulatory authorities; the reaction of
Thomson's and Reuters customers, employees and suppliers to the proposed Transaction; the ability to promptly and effectively integrate the businesses of Thomson and Reuters; and the diversion of
management time on proposed Transaction-related issues. Additional factors that could cause actual results or events to differ materially from current expectations are discussed in Thomson's and
Reuters respective materials filed with the securities regulatory authorities in Canada, the United&nbsp;Kingdom and the United&nbsp;States (as&nbsp;the case may be) from time to time including
The Thomson Corporation's 2006 Annual Report on Form&nbsp;40-F and&nbsp;Reuters Group&nbsp;PLC's 2006 Annual Report on Form&nbsp;20-F, each of which has been filed with
the US Securities and Exchange Commission (SEC). Any forward-looking statements made by or on behalf of Thomson or Reuters speak only as of the date they are made. Thomson and Reuters each disclaim
any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or&nbsp;otherwise. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
document does not constitute an offer for sale of any securities or an offer or an invitation to purchase any such securities. Following satisfaction or waiver of the
pre-conditions to the proposed Transaction, documents relating to the proposed Transaction will be furnished to or filed with the SEC. Shareholders are urged to read such documents
regarding the proposed Transaction if and when they become available, because they will contain important information. Shareholders will be able to obtain free copies of these documents, as well as
other filings containing information about the companies, without charge, at the SEC's web site at www.sec.gov, at the Canadian securities regulatory authorities' web site at www.sedar.com
(in&nbsp;the case of Thomson) and from Thomson and Reuters. These documents will also be available for inspection and copying at the public reference room maintained by the SEC at 100&nbsp;F
Street, N.E., Washington,&nbsp;D.C. 20549, US. For further information about the public reference room, call the SEC at +1&nbsp;800&nbsp;732 0330. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_dc45003_1_8"> </A> </FONT> <FONT SIZE=2>
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO<BR>
AUSTRALIA OR JAPAN </FONT></P>

<P><FONT SIZE=2>15&nbsp;May&nbsp;2007
</FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>THE THOMSON CORPORATION AND REUTERS GROUP&nbsp;PLC<BR>
RECOMMENDED TRANSACTION  </B></FONT></P>


<P><FONT SIZE=2><B>1.&nbsp;&nbsp;&nbsp;&nbsp;Introduction  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The boards of Thomson and Reuters announce that they have reached agreement to combine the two companies through a dual listed company structure. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomson-Reuters&nbsp;PLC,
a new UK holding company, will acquire Reuters by way of a Scheme for a mixture of cash and shares. Subject to certain conditions described in this
announcement, Thomson-Reuters&nbsp;PLC and Thomson will enter into agreements and will modify their constitutional documents in order to implement the Transaction. The cash consideration will be
funded by&nbsp;Thomson. </FONT></P>


<P><FONT SIZE=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;Recommendations  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Reuters Board, which has been so advised by UBS and Blackstone, considers the terms of the Transaction to be fair and reasonable. In providing advice to the
Reuters Board, UBS and Blackstone have taken into account the commercial assessment of the Reuters Board. Accordingly, the Reuters Board intends unanimously to recommend that Reuters
Shareholders vote in favour of the Scheme as the directors of Reuters have undertaken to do in respect of their own respective beneficial holdings of Reuters Shares (representing, in aggregate,
approximately 0.1% of the Reuters Shares currently in&nbsp;issue). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Thomson Board intends unanimously to recommend that Thomson Shareholders vote in favour of an Ontario Plan of Arrangement. Bear Stearns and Perella Weinberg are acting as financial
adviser to Thomson. Bear Stearns also provided an opinion that the Transaction is fair from a financial point of view to&nbsp;Thomson. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodbridge,
the Thomson family holding company, has irrevocably committed to vote in favour of the Transaction in respect of the approximately 70% of the Thomson Shares
it&nbsp;controls. </FONT></P>

<P><FONT SIZE=2><B>3.&nbsp;&nbsp;&nbsp;&nbsp;The Transaction  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Transaction is a means of enabling Thomson and Reuters to combine their management and operations as if they were a single economic enterprise, while
retaining their separate legal identities. To effect the Transaction, Thomson-Reuters&nbsp;PLC will acquire Reuters through a Scheme&nbsp;for: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>8</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><B>352.5p in cash and 0.16&nbsp;Thomson-Reuters&nbsp;PLC Shares for each Reuters Share  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The equalisation ratio in the Transaction will be such that one Thomson-Reuters&nbsp;PLC share will be equivalent to one Thomson-Reuters Corporation share.
Fractions of shares will be aggregated and sold in the market with the proceeds in excess of &pound;1&nbsp;being distributed to those shareholders entitled to them. Reuters American Depositary
Shares, each of which represents six Reuters Shares, will participate in the Transaction on an equivalent basis. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomson-Reuters&nbsp;PLC
and Thomson-Reuters Corporation will then enter into a series of contractual agreements providing for identical boards of directors, a unified management
structure and equalisation of the economic interests of shareholders of Thomson-Reuters&nbsp;PLC and Thomson-Reuters Corporation. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
part of the Transaction, Thomson will change its name to Thomson-Reuters Corporation, a matter which will be submitted to Thomson Shareholders at the Thomson shareholder meetings. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomson-Reuters
Corporation will retain its existing listings on the Toronto Stock Exchange and on the New&nbsp;York Stock Exchange and Thomson-Reuters&nbsp;PLC will apply for its
ordinary shares to be listed on the London Stock Exchange and intends to apply for its American Depositary Shares to be listed on Nasdaq. Thomson-Reuters Corporation will retain its existing inclusion
in the S&amp;P/TSX series of indices and Thomson-Reuters&nbsp;PLC is expected to be included in the FTSE UK series of&nbsp;indices. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on current issued share capital, Woodbridge will own approximately 53% of the Combined Business, other Thomson Shareholders approximately 23% and Reuters Shareholders
approximately&nbsp;24%. </FONT></P>

<P><FONT SIZE=2><B>4.&nbsp;&nbsp;&nbsp;&nbsp;Background to and Reasons for the Transaction  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The boards of Thomson and Reuters believe that the principal benefits of the Transaction include: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Creation
of a global leader in electronic information services, trading systems and&nbsp;news </FONT></DD></DL>

<UL>

<P><FONT SIZE=2>The
Combined Business will benefit from significantly greater scale together with geographic and product diversification. It will be positioned to optimise the development of existing brands, products
and technologies and to invest in the business. It will benefit from the continuing shift towards electronic delivery of information to professional and financial customers. </FONT></P>

<P><FONT SIZE=2>The
combination will bring together adjacent businesses and complementary assets that fit together well. This will offer the marketplace a new choice of complementary content, applications and
transactional services that can help make clients more efficient and create greater opportunity to participate profitably in&nbsp;markets. </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>9</FONT></P>

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<UL>
<UL>

<P><FONT SIZE=2>The
Thomson and Reuters brands will be maintained in their key areas of&nbsp;strength. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Significant
value creation through deliverable synergies </FONT></DD></DL>
</UL>
<UL>
<UL>

<P><FONT SIZE=2>The
combination of Thomson and Reuters is expected to deliver synergies at an annual run-rate of in excess of US$500&nbsp;million by the end of the third year after closing. Synergies
are expected to be generated through creating efficiencies and rationalisation in key areas such as shared technology platforms, third party content and corporate services. These synergies are in
addition to the anticipated cost-savings benefits from the previously announced THOMSON</FONT><FONT SIZE=2><I>plus</I></FONT><FONT SIZE=2> and Reuters Core Plus initiatives. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Combination
of two strong, experienced management teams </FONT></DD></DL>
</UL>
<UL>
<UL>

<P><FONT SIZE=2>The
combination creates an opportunity to bring together a world-class management team. The team has the depth of market and customer experience necessary to ensure clients will benefit strongly from
the opportunities created by the Combined Business. Between them they also have substantial integration experience and are well equipped to lead the formation of the new&nbsp;group. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
dual listed company structure allows the Combined Business to have listings in Canada, the UK and the US and enables both sets of shareholders to participate in further
value&nbsp;creation. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>5.&nbsp;&nbsp;&nbsp;&nbsp;Reuters Founders Share Company and the Reuter Trust Principles  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customers in all parts of the world depend on Reuters to provide them with reliable and objective news and information. Reuters share structure therefore includes
two mechanisms to safeguard its independence and&nbsp;integrity: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>No
person may hold 15% or more of Reuters.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>If
any person acquires, or seeks to acquire, 30% or more of Reuters, the Reuters Founders Share Company, through the Founders Share which it holds in Reuters, may exercise
whatever votes are necessary to pass or defeat any resolution of shareholders. </FONT></DD></DL>
</UL>
<UL>

<P><FONT SIZE=2>Upon
implementation of the Transaction the following changes will be made: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
Reuters Founders Share Company will hold similar Founders Shares in both Thomson-Reuters Corporation and Thomson-Reuters&nbsp;PLC, which will each adopt the Reuter
Trust Principles. The voting powers of the Reuters Founders Share Company will be modified as described in Appendix&nbsp;I.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Woodbridge
has undertaken to use its shareholding to support the Reuter Trust Principles and an exemption from the shareholding limits will be available to it so long as it
remains under the control of the Thomson&nbsp;family. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>10</FONT></P>

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<UL>
<UL>
</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomson-Reuters
Corporation and Thomson-Reuters&nbsp;PLC agree to provide Reuters Founders Share Company with regular information meetings and presentations. Reuters Founders Share
Company will expand its programme of visits, presentations etc, especially to Thomson-Reuters Corporation entities to facilitate the discharge of Reuters Founders Share Company's functions. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomson-Reuters
Corporation and Thomson-Reuters&nbsp;PLC will consult with the Chairman of Reuters Founders Share Company before the appointment or removal of the
Editor-in-Chief. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
Appendix&nbsp;I for&nbsp;more information on the Reuter Trust Principles and the Reuters Founders Share&nbsp;Company. </FONT></P>

<P><FONT SIZE=2><B>6.&nbsp;&nbsp;&nbsp;&nbsp;Dividends and accounting  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reuters has declared a dividend of 12p for 2007, with 5p payable as an interim dividend and 7p payable as a final dividend subject to proportionate adjustment if
closing occurs before year end. If closing occurs after the year end, a proportionate 2008 dividend will also be paid. Relative to the 2007 dividend, the Reuters 2008 dividend will change in the same
proportion as the Thomson 2008 dividend. Any dividend subject to proportionate adjustment will be paid around completion. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomson
will pay dividends in the ordinary course prior to completion of the Transaction, subject to proportionate adjustment if completion occurs before the end of a financial period.
Any dividend subject to proportionate adjustment will be paid around completion. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
completion of the Transaction, Reuters Shareholders will receive dividends declared by Thomson-Reuters&nbsp;PLC and Thomson Shareholders will continue to receive dividends
declared by Thomson-Reuters Corporation. Dividends in respect of both Thomson-Reuters&nbsp;PLC shares and Thomson-Reuters Corporation shares declared after completion of the Transaction will be paid
at about the same time and in equalised amounts in accordance with the equalisation ratio. Payments will be equalised on a gross basis, disregarding any amounts required to be deducted or withheld in
respect of taxes and the amount of any applicable tax&nbsp;credits. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
boards of Thomson-Reuters Corporation and Thomson-Reuters&nbsp;PLC will declare quarterly dividends in US dollars. Thomson-Reuters Corporation Shareholders will continue to be able
to elect to receive the dividend in US dollars, Canadian dollars or pounds sterling, based on the exchange rates prevailing on the record date. Thomson-Reuters&nbsp;PLC Shareholders will have the
option to elect to receive dividends in US dollars, Canadian dollars or pounds sterling, based on the exchange rates prevailing on the record&nbsp;date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Combined Business will report combined financial statements in US dollars. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>11</FONT></P>

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<P><FONT SIZE=2><B>7.&nbsp;&nbsp;&nbsp;&nbsp;Key features of the Transaction  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomson, Thomson-Reuters&nbsp;PLC, Reuters and Woodbridge have entered into an Implementation Agreement which contains provisions governing the implementation
of the Transaction. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
key features of the Transaction are summarised below. </FONT></P>

<P><FONT SIZE=2><B>7.1&nbsp;&nbsp;&nbsp;&nbsp;Name changes  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomson will change its name to Thomson-Reuters Corporation. Reuters will be known as Thomson-Reuters&nbsp;PLC. The combined Thomson Financial unit and Reuters
financial and media businesses will be called Reuters. The existing Thomson professional businesses&nbsp;&#151;&nbsp;Legal, Tax&nbsp;&amp; Accounting, Scientific and
Healthcare&nbsp;&#151;&nbsp;will together be known as Thomson-Reuters Professional. </FONT></P>

<P><FONT SIZE=2><B>7.2&nbsp;&nbsp;&nbsp;&nbsp;Common economic interests  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agreements between Thomson-Reuters Corporation and Thomson-Reuters&nbsp;PLC, including an equalisation agreement and deeds of guarantee, will align the economic
interests of the two companies to ensure that they will be operated as a single economic enterprise. Thomson-Reuters Corporation Shareholders and Thomson-Reuters&nbsp;PLC Shareholders will have
equalised rights to income and capital distributions from the Combined Business. The economic interests represented by an individual share in one company relative to the economic interests of an
individual share in the other company will be determined by reference to the equalisation ratio. The equalisation ratio will initially be one Thomson-Reuters Corporation share to each
Thomson-Reuters&nbsp;PLC share. Accordingly, one Thomson-Reuters&nbsp;PLC share will initially have rights to income and capital equivalent to that of one Thomson-Reuters Corporation share. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
equalisation ratio will be subject to change if one group of shareholders receives a benefit which is not also received by the other group of shareholders. </FONT></P>

<P><FONT SIZE=2><B>7.3&nbsp;&nbsp;&nbsp;&nbsp;Separate entities with identical boards and management  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomson-Reuters Corporation and Thomson-Reuters&nbsp;PLC will be separate legal entities but will be managed and operated as if they were a single economic
enterprise. The companies' economic interests will be aligned and they will pursue common objectives. The boards of Thomson-Reuters Corporation and Thomson-Reuters&nbsp;PLC will be identical and the
Combined Business will be managed by a single senior executive management&nbsp;team. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to their normal fiduciary duties, the directors of each company will be required to have regard to the interests of the other company and to the Reuter Trust Principles. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
boards of the companies will be identical and initially consist of 15&nbsp;Directors, five of whom will be current Directors of Reuters and an additional one of whom will be the
CEO. Of the remaining nine, four will be from Woodbridge. Woodbridge will be entitled to nominate the Chairman. The Chairman will be David Thomson, and the Deputy Chairmen will be W. Geoffrey Beattie
and Niall FitzGerald who will also serve as Senior Independent Director. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>12</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tom
Glocer, 47, the CEO of Reuters, will become CEO of both Thomson-Reuters Corporation and Thomson-Reuters&nbsp;PLC. Thomson President and CEO, Richard J. Harrington, 60, who led the
transformation of the company from traditional publishing to electronic solutions, software and services, will retire at the completion of the Transaction. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Devin
Wenig, currently COO of Reuters, will be CEO of Reuters (the&nbsp;combined Thomson Financial unit and Reuters financial and media businesses) and Jim Smith, currently COO of
Thomson, will be CEO of Thomson-Reuters Professional. Other members of the senior management team will include Bob Daleo (currently Thomson CFO) as CFO, Michael Wilens (currently Thomson CTO) as CTO,
Stephen Dando (currently Reuters Group HR Director), as Chief Human Resources Officer, and David Schlesinger (currently Reuters Editor-in-Chief) as
Editor-in-Chief. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resolutions
relating to the appointment, election, removal and re-election of directors after completion will be considered as a Joint Electorate Action and voted upon by the
shareholders of each company effectively voting together as a single decision-making&nbsp;body. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Combined Business will, after completion, comply with applicable corporate governance standards in Canada, the United&nbsp;Kingdom, and the United&nbsp;States. </FONT></P>


<P><FONT SIZE=2><B>7.4&nbsp;&nbsp;&nbsp;&nbsp;Voting arrangements  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of the Transaction, special voting arrangements will be implemented through the constitutional documents of the two companies, an equalisation agreement
and special voting shares. In most cases the shareholders of both companies will effectively vote together as a single decision-making body on matters requiring the approval of shareholders of either
company, except in cases where an issue affects the shares of one company differently from the shares of the other. The voting interests represented by an individual share in one company relative to
the voting interests of an individual share in the other company will be determined by reference to the equalisation ratio. One Thomson-Reuters&nbsp;PLC share will initially have voting rights
equivalent to those of one Thomson-Reuters Corporation share. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the Reuters Founders Share Company will have a special share in each company, further details of which are contained in Appendix&nbsp;I. </FONT></P>

<P><FONT SIZE=2><B>7.5&nbsp;&nbsp;&nbsp;&nbsp;Restrictions on shareholdings and takeovers  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suitable arrangements will be put in place in the constitutions of both companies such that an offer for either Thomson-Reuters Corporation or
Thomson-Reuters&nbsp;PLC would require an equivalent offer to be made to the shareholders of the&nbsp;other. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
constitution of Thomson-Reuters&nbsp;PLC will contain provisions requiring the directors to force divestiture of any shareholding to below 15%. Further, if any shareholder acquires
30% or more of Thomson-Reuters&nbsp;PLC then the Reuters Founders Share Company will receive further votes as described in Appendix&nbsp;I. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>13</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a shareholder acquires 15% or more of the shares in Thomson-Reuters Corporation the voting rights of all other shareholders will be multiplied by one million so as effectively to
deprive such shareholder of votes in relation to his&nbsp;holding. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
exemption to these provisions will apply to Woodbridge and its affiliates for so long as they remain controlled by the Thomson&nbsp;family. </FONT></P>

<P><FONT SIZE=2><B>7.6&nbsp;&nbsp;&nbsp;&nbsp;Buy-Backs of Combined Business shares  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to applicable law and any necessary approvals, each of Thomson-Reuters Corporation and Thomson-Reuters&nbsp;PLC may purchase its own shares or shares in
the&nbsp;other. </FONT></P>

<P><FONT SIZE=2><B>7.7&nbsp;&nbsp;&nbsp;&nbsp;Break fee  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Implementation Agreement includes a Break Fee to be paid by Thomson or Reuters, as set out in Appendix&nbsp;II. </FONT></P>

<P><FONT SIZE=2><B>8.&nbsp;&nbsp;&nbsp;&nbsp;Pre-conditions and Conditions  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The posting of the Reuters Circular and the Thomson Circular will take place only if certain anti-trust pre-conditions are satisfied or
waived in accordance with the Implementation Agreement. These are the only pre-conditions to the Transaction and are waivable. Further details of the anti-trust
pre-conditions are set out in Appendix&nbsp;III. The conditions of the Transaction are set out in Appendix&nbsp;IV. </FONT></P>

<P><FONT SIZE=2><B>9.&nbsp;&nbsp;&nbsp;&nbsp;Shareholder approval process and timetable  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the satisfaction or waiver of the anti-trust pre-conditions, Reuters will, as soon as reasonably practicable, publish the
Reuters Circular and convene the Reuters shareholder meetings for a time within six weeks after the posting of the Reuters Circular (or&nbsp;such other period as may be agreed between the parties or
required by the English Court, the FSA or the&nbsp;Panel). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
the satisfaction or waiver of the anti-trust pre-conditions, Thomson will, as soon as reasonably practicable, publish the Thomson Circular and convene
the Thomson shareholder meetings for a time within six weeks after the posting of the Thomson Circular (or&nbsp;such other period as may be agreed between the parties or required by the Canadian
Court). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
documentation relating to the Transaction will be filed with the CSI and the FSA, as applicable, as soon as practicable following the satisfaction or waiver of the
anti-trust pre-conditions. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
copy of the CSI filings will be available on the CSI website shortly after filing. The implementation of the Transaction is subject to, among other things, shareholder approval by both
Reuters Shareholders and Thomson Shareholders at their respective shareholder meetings. Full details will be contained in the documentation to be sent to Reuters Shareholders and Thomson Shareholders
in advance of their shareholder meetings. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>14</FONT></P>

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<A NAME="page_dc45003_1_15"> </A>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodbridge
has irrevocably committed to vote in favour of the Transaction in respect of its beneficial holding of Thomson Shares representing approximately 70% of the Thomson Shares
currently in&nbsp;issue. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
directors of Reuters have undertaken to vote in favour of the Transaction in respect of their own respective beneficial holdings of Reuters Shares (representing, in aggregate,
approximately 0.1% of the Reuters Shares currently in&nbsp;issue). </FONT></P>


<P><FONT SIZE=2><B>10.&nbsp;&nbsp;&nbsp;&nbsp;Employees  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The combination of Thomson and Reuters will offer employees the benefit of a larger operating platform and a business of greater international size and scope.
Thomson confirms that the existing employment rights, including pension rights, of Reuters employees will be fully safeguarded. </FONT></P>

<P><FONT SIZE=2><B>11.&nbsp;&nbsp;&nbsp;&nbsp;Interests in Reuters shares  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David Thomson, Chairman of Thomson, owns 5,000&nbsp;Reuters Shares. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
Thomson, nor any of the directors of Thomson other than David Thomson, nor, so far as Thomson is aware, any other party acting in concert with Thomson, owns or controls any
Reuters Shares or holds any option to purchase any Reuters Shares or has entered into any derivatives referenced to Reuters&nbsp;Shares. </FONT></P>

<P><FONT SIZE=2><B>12.&nbsp;&nbsp;&nbsp;&nbsp;General  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Transaction is subject to the applicable provisions of the Takeover Code. In particular, in accordance with Rule&nbsp;13 of the Takeover Code, neither
Thomson-Reuters Corporation nor Thomson-Reuters&nbsp;PLC may rely on certain conditions to the Implementation Agreement as a reason not to proceed with completion of the Transaction, without prior
consent from the&nbsp;Panel. </FONT></P>

<P><FONT SIZE=2><B>13.&nbsp;&nbsp;&nbsp;&nbsp;Financing  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The cash consideration payable under the Transaction will be provided to Thomson-Reuters&nbsp;PLC by or on behalf of Thomson. Thomson will fund the cash
consideration using a mixture of available cash and existing and new credit facilities including an acquisition bridge financing commitment provided by Bear Stearns. Bear Stearns and Perella Weinberg
have confirmed that they are satisfied that the necessary cash resources are available to Thomson to enable it to satisfy in full the cash consideration payable under the Transaction. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
definitions used in this announcement are contained in Appendix&nbsp;VII. The sources and bases of information used in this announcement are contained in Appendix&nbsp;VI. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>15</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_dc45003_1_16"> </A>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
announcement does not constitute an offer or an invitation to acquire shares or&nbsp;securities. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Thomson and Reuters briefing for investors and analysts will be webcast live today at 09:30&nbsp;BST / 04:30&nbsp;EDT and available for replay at 14:00&nbsp;BST /
09:00&nbsp;EDT at http://www.thomson.com/investor_relations/ and http://about.reuters.com/investors/ announcements/. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomson
and Reuters will also hold a conference call and webcast for U.S.&nbsp;investors at 08:30&nbsp;EDT / 13:30&nbsp;BST. To participate in the call and webcast, please register
online at http://www.thomson.com/investor_relations/ or http://about.reuters.com/ investors/announcements/. </FONT></P>

<P><FONT SIZE=2>Enquiries: </FONT></P>

<P><FONT SIZE=2><B>Thomson:  </B></FONT></P>

<P><FONT SIZE=2><B>Investor Relations enquiries  </B></FONT></P>

<P><FONT SIZE=2>Frank
J. Golden<BR>
Vice President, Investor Relations<BR>
+1 (203)&nbsp;539 8470<BR>
frank.golden@thomson.com </FONT></P>


<P><FONT SIZE=2><B>US Media enquiries  </B></FONT></P>

<P><FONT SIZE=2>Jason
Stewart<BR>
Vice President, Media Relations<BR>
+1 (203)&nbsp;539 8339<BR>
jason.stewart@thomson.com </FONT></P>

<P><FONT SIZE=2><B>UK Media enquiries  </B></FONT></P>

<P><FONT SIZE=2>James
Leviton<BR>
Finsbury<BR>
+44 (0)&nbsp;207&nbsp;251 3801<BR>
james.leviton@finsbury.com </FONT></P>

<P><FONT SIZE=2><B>Reuters:  </B></FONT></P>

<P><FONT SIZE=2><B>Investor Relations enquiries  </B></FONT></P>

<P><FONT SIZE=2>Miriam
McKay<BR>
Global Head of Investor Relations, Reuters<BR>
+44 (0)&nbsp;207&nbsp;542 7057<BR>
+44 (0)&nbsp;7990 567057<BR>
miriam.mckay@reuters.com </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>16</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_dc45003_1_17"> </A>

<P><FONT SIZE=2><B>Media enquiries  </B></FONT></P>

<P><FONT SIZE=2>Ed
Williams<BR>
Director of Corporate Affairs, Reuters<BR>
+44 (0)&nbsp;207&nbsp;542 6005<BR>
+44 (0)&nbsp;7990 563717<BR>
ed.williams@reuters.com </FONT></P>

<P><FONT SIZE=2>Nick
Claydon<BR>
Brunswick Group&nbsp;LLP<BR>
+44 (0)&nbsp;7974 982547<BR>
nclaydon@brunswickgroup.com </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
directors of Thomson and Reuters accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the directors of Thomson and
Reuters (who&nbsp;have taken all reasonable care to ensure such is the case), the information contained herein for which they accept responsibility is in accordance with the facts and does not omit
anything likely to affect the import of such information. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bear
Stearns is acting as financial adviser to Thomson and no one else in connection with the Transaction and will not be responsible to anyone other than Thomson for providing the
protections afforded to the clients of Bear Stearns nor for providing advice in relation to the Transaction or any other matter referred to&nbsp;herein. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perella
Weinberg is acting as financial adviser to Thomson and no one else in connection with the Transaction and will not be responsible to anyone other than Thomson for providing the
protections afforded to the clients of Perella Weinberg nor for providing advice in relation to the Transaction or any other matter referred to&nbsp;herein. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS
is acting as financial adviser and is also providing corporate broking advice to Reuters and no one else in connection with the Transaction and will not be responsible to anyone
other than Reuters for providing the protections afforded to the clients of UBS nor for providing advice in relation to the Transaction or any other matter referred to&nbsp;herein. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone
is acting as financial adviser to Reuters and no one else in connection with the Transaction and will not be responsible to anyone other than Reuters for providing the
protections afforded to the clients of Blackstone nor for providing advice in relation to the Transaction or any other matter referred to&nbsp;herein. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citi
and JPMorgan Cazenove are acting as joint corporate brokers to Reuters and are also providing financial advice to Reuters. They are acting for no one else in connection with the
Transaction and will not be responsible to anyone other than Reuters for providing the protections afforded to the clients of Citi and JPMorgan Cazenove, respectively, nor for providing advice in
relation to the Transaction or any other matter referred to&nbsp;herein. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>17</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_dc45003_1_18"> </A>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan
Stanley has also provided financial advice to Reuters and is acting for no one else in connection with the Transaction and will not be responsible to anyone other than Reuters for
providing the protections afforded to the clients of Morgan Stanley nor for providing advice in relation to the Transaction or any other matter referred to&nbsp;herein. </FONT></P>

<P><FONT SIZE=2>DEALING
DISCLOSURE REQUIREMENTS </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the provisions of Rule&nbsp;8.3 of the Takeover Code (the&nbsp;'Code'), if any person is, or becomes, 'interested' (directly or indirectly) in 1% or more of any class of
'relevant securities' of Thomson or of Reuters, all 'dealings' in any 'relevant securities' of that company (including by means of an option in respect of, or a derivative referenced to, any such
'relevant securities') must be publicly disclosed by no later than 3.30&nbsp;pm (London time) on the London business day following the date of the relevant transaction. This requirement will
continue until the date on which the Transaction becomes, or is declared, unconditional, lapses or is otherwise withdrawn or on which the 'offer period' otherwise ends. If two or more persons act
together pursuant to an agreement or understanding, whether formal or informal, to acquire an 'interest' in 'relevant securities' of Thomson or Reuters, they will be deemed to be a single person for
the purpose of Rule&nbsp;8.3. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the provisions of Rule&nbsp;8.1 of the Code, all 'dealings' in 'relevant securities' of Thomson or Reuters by Thomson or Reuters, or by any of their respective 'associates', must
be disclosed by no later than 12.00&nbsp;noon (London time) on the London business day following the date of the relevant transaction. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
disclosure table, giving details of the companies in whose 'relevant securities' 'dealings' should be disclosed, and the number of such securities in issue, can be found on the
Takeover Panel's website at www.thetakeoverpanel.org.uk. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;'Interests
in securities' arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person
will be treated as having an 'interest' by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to,&nbsp;securities. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terms
in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a 'dealing'
under Rule&nbsp;8, you should consult the&nbsp;Panel. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>18</FONT></P>

<HR NOSHADE>
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<A NAME="page_dc45003_1_19"> </A>

<P><FONT SIZE=2>CAUTIONARY
NOTE CONCERNING FACTORS THAT MAY AFFECT FUTURE RESULTS </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
press release includes forward-looking statements, such as Thomson's and Reuters beliefs and expectations regarding the proposed combination of the two businesses. These statements
are based on certain assumptions and reflect Thomson's and Reuters current expectations. Forward-looking statements also include statements about Thomson's and Reuters beliefs and expectations related
to the proposed Transaction structure and consideration, benefits that would be afforded to customers, benefits to the Combined Business that are expected to be obtained as a result of the
Transaction, as well as the parties' ability to enhance shareholder value through, among other things, the delivery of expected synergies. There can be no assurance that the proposed Transaction will
be consummated or that the anticipated benefits will be realised. The proposed Transaction is subject to various regulatory approvals and the fulfilment of certain conditions, and there can be no
assurance that any such approvals will be obtained and/or such conditions will be met. All forward-looking statements in this press release are subject to a number of risks and uncertainties that
could cause actual results or events to differ materially from current expectations. These risks and uncertainties include: the ability to achieve the cost savings and synergies contemplated through
the proposed Transaction; the failure of Reuters shareholders to approve the proposed Transaction; the effect of regulatory conditions, if any, imposed by regulatory authorities; the reaction of
Thomson's and Reuters customers, employees and suppliers to the proposed Transaction; the ability to promptly and effectively integrate the businesses of Thomson and Reuters; and the diversion of
management time on proposed Transaction-related issues. Additional factors that could cause actual results or events to differ materially from current
expectations are discussed in Thomson's and Reuters respective materials filed with the securities regulatory authorities in Canada, the United&nbsp;Kingdom and the United&nbsp;States
(as&nbsp;the case may be) from time to time including The Thomson Corporation's 2006 Annual Report on Form&nbsp;40-F and&nbsp;Reuters Group&nbsp;PLC's 2006 Annual Report on
Form&nbsp;20-F, each of which has been filed with the US Securities and Exchange Commission (SEC). Any forward-looking statements made by or on behalf of Thomson or Reuters speak only as
of the date they are made. Thomson and Reuters each disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events
or&nbsp;otherwise. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
document does not constitute an offer for sale of any securities or an offer or an invitation to purchase any such securities. Following satisfaction or waiver of the
pre-conditions to the proposed Transaction, documents relating to the proposed Transaction will be furnished to or filed with the SEC. Shareholders are urged to read such documents
regarding the proposed Transaction if and when they become available, because they will contain important information. Shareholders will be able to obtain free copies of these documents, as well as
other filings containing information about the companies, without charge, at the SEC's web site at www.sec.gov, at the Canadian securities regulatory authorities' web site at www.sedar.com
(in&nbsp;the case of Thomson) and from Thomson and Reuters. These documents will also be available for inspection and copying at the public reference room maintained by the SEC at 100&nbsp;F
Street, N.E., Washington,&nbsp;D.C. 20549, US. For further information about the public reference room, call the SEC at +1&nbsp;800&nbsp;732 0330. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>19</FONT></P>

<HR NOSHADE>
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NAME="page_de45003_1_20"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de45003_appendix_i"> </A>
<A NAME="toc_de45003_1"> </A>
<BR></FONT><FONT SIZE=2><B>APPENDIX I    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>REUTER TRUST PRINCIPLES AND THE REUTERS FOUNDERS SHARE COMPANY  </B></FONT></P>

<P><FONT SIZE=2><B>The Reuter Trust Principles  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reuters is dedicated to preserving its independence, integrity and freedom from bias in the gathering and dissemination of news and information. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
constitution of Reuters requires Reuters directors, in the performance of their functions, to have due regard to the Reuter Trust Principles in so far as, by the proper exercise of
their powers and in accordance with their other duties as directors, those principles are capable of being&nbsp;observed. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Reuter Trust Principles are: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>that
Reuters shall at no time pass into the hands of any one interest, group or&nbsp;faction;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>that
the integrity, independence and freedom from bias of Reuters shall at all times be fully preserved;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>that
Reuters shall supply unbiased and reliable news services to newspapers, news agencies, broadcasters and other media subscribers and to businesses, governments,
institutions, individuals and others with whom Reuters has or may have&nbsp;contracts;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>that
Reuters shall pay due regard to the many interests which it serves in addition to those of the media;&nbsp;and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>that
no effort shall be spared to expand, develop and adapt the news and other services and products of Reuters so as to maintain its leading position in the international
news and information business. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>The Reuters Founders Share Company  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Reuters Founders Share Company was established in 1984 at the time of Reuters public flotation on the London Stock Exchange and Nasdaq. Under the constitution
of the Reuters Founders Share Company, the directors of Reuters Founders Share Company are required to act generally in accordance with the Reuter Trust Principles, and to endeavour to ensure, as far
as they are able by the proper exercise of the powers vested in them (as&nbsp;described below), that the Reuter Trust Principles are complied&nbsp;with. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Directors of Reuters Founders Share Company are: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pehr
Gyllenhammar (Chairman); Len Berkowitz; The Hon Mrs&nbsp;Anson Chan GBM CBE JP; Sir Michael Checkland; Uffe Ellemann-Jensen; Bertrand Collomb; Sir Christopher Mallaby GCMG GCVO;
Mammen Mathew; John H McArthur; The Rt Hon The Baroness Noakes, DBE; Sir William Purves CBE DSO; Jaakko Rauramo; Dr&nbsp;Mark Wossner; Dr&nbsp;Frene Ginwala, Joseph Lelyveld; John Fairfax; Jiri
Dienstbier and Alejandro Junco. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>20</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_de45003_1_21"> </A>

<P><FONT SIZE=2><B>Independence of Reuters  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reuters share structure includes two mechanisms designed to ensure that a change of control in Reuters will not affect its independence: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Limitation
on shareholdings: </FONT></DD></DL>
</UL>
<UL>
<UL>

<P><FONT SIZE=2>Reuters
constitution requires that no person may be interested in 15% or more of Reuters issued shares. If any person does become interested in 15% or more of Reuters issued shares, then the Reuters
directors must serve a notice requiring that person to make a disposal of sufficient shares to take that person's interest below 15% again, and disenfranchising such shareholder pending
such&nbsp;disposal. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
Founders Share: </FONT></DD></DL>
</UL>
<UL>
<UL>

<P><FONT SIZE=2>In
addition to Reuters publicly traded shares, there is a single Founders Share, which carries certain voting powers. The Founders Share is owned by Reuters Founders Share Company Limited. If the
directors of Reuters Founders Share Company believe that any person, together with any associates, is seeking to obtain or has obtained control of Reuters, they may require the special voting rights
attaching to the Founders Share to be exercised. "Control" for this purpose means the ability to control the exercise of 30% or more of the votes which may be cast on a poll at general meetings of
Reuters. In such circumstances, Reuters Founders Share Company, through the exercise of these special voting rights, has the right to cast sufficient votes at any general meeting of Reuters to pass or
defeat any resolution of Reuters Shareholders. </FONT></P>

<P><FONT SIZE=2>In
addition, the voting rights attaching to the Founders Share enable the directors of the Reuters Founders Share Company to defeat any resolution which would alter any of the Articles of Association
of Reuters relating to the Reuter Trust Principles. </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2><B>Thomson-Reuters and the Reuter Trust Principles  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following completion of the Transaction, Woodbridge, Thomson and Reuters have agreed that the Reuter Trust Principles and the Reuters Founders Share Company
structure should apply to both Thomson-Reuters Corporation and Thomson-Reuters&nbsp;PLC, and that Thomson-Reuters Corporation, Thomson-Reuters&nbsp;PLC and Woodbridge should support the Trust
Principles, and Woodbridge has further agreed to exercise its voting rights to give effect to this&nbsp;support. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomson-Reuters
Corporation and Thomson-Reuters&nbsp;PLC shall each adopt the Reuter Trust Principles. The application of the Principles will be adjusted so as to apply to each of them
and their respective subsidiaries. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>21</FONT></P>

<HR NOSHADE>
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<A NAME="page_de45003_1_22"> </A>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomson-Reuters&nbsp;PLC's
Articles of Association will contain the existing 15% shareholding limit, with its Board being obliged to require a shareholder breaching this limit to sell
down below the 15% level and disfranchising such shareholder pending such&nbsp;disposal. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reuters
Founders Share Company would retain its right, through the Founders Shares, to defeat any shareholders resolution of either Thomson-Reuters Corporation or
Thomson-Reuters&nbsp;PLC which constitutes a variation of rights of the Founders Share (including an amendment to designated constitutional provisions and designated provisions of the agreements
constituting the dual listed company structure). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reuters
Founders Share Company's voting rights at any general meeting in the event of an actual or threatened change of control (30%+) are to be changed. At present, Reuters Founders
Share Company would have enhanced voting rights to pass or defeat any shareholders' resolution with respect to Reuters. For so long as Woodbridge remains under the control of the Thomson family and
retains at least 35% of the votes in the Combined Business, then the Reuters Founders Share Company shall have such number of votes as exceeds the percentage of votes capable of being cast by the
person acquiring or seeking to acquire control or, if greater, such number as when added to Woodbridge's votes, constitutes a majority. If Woodbridge holds 35% or less of the votes in the Combined
Business (or&nbsp;ceases to be controlled by the Thomson family) the Reuters Founders Share Company's rights revert to those pre-existing the dual listed company structure but apply in
both Thomson-Reuters Corporation and Thomson-Reuters&nbsp;PLC. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
the Transaction is implemented, an exemption will be provided, in respect of both the 15% and 30% limits, in relation to Woodbridge's holding for so long as Woodbridge remains under
the control of the Thomson&nbsp;family. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
constitution of Thomson-Reuters Corporation will be amended to create a Special Voting A Share and a Founders Share and add provisions which may not be amended without the approval
of Reuters Founders Share&nbsp;Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that a shareholder acquires 15% or more of the voting rights in Thomson-Reuters Corporation, the Special Voting A Share will multiply the rights of all shares other than
those held by such shareholder. This is designed to give substantially the same level of protection under Canadian law as is conferred by provisions in Thomson-Reuters&nbsp;PLC's&nbsp;Articles. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Founders Share in Thomson-Reuters Corporation will be held by Reuters Founders Share Company, and will have rights which have substantially the same effect as in
Thomson-Reuters&nbsp;PLC. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions
relating to a shareholder holding 15% or 30%, or acquiring or seeking to acquire control, also apply to persons acting together. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>22</FONT></P>

<HR NOSHADE>
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<A NAME="page_de45003_1_23"> </A>

<P><FONT SIZE=2><B>Founders Share Company Agreement  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodbridge, Thomson-Reuters Corporation, Thomson-Reuters&nbsp;PLC and Reuters Founders Share Company will enter into an agreement (the&nbsp;"FSC Agreement"),
which will contain the following provisions. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodbridge
will undertake to use its best endeavours as a shareholder itself, or through its subsidiaries as shareholders, to ensure that the Reuter Trust Principles are complied with in
their application to both Thomson-Reuters Corporation and Thomson-Reuters&nbsp;PLC. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with any shareholders' resolution of Thomson-Reuters Corporation or Thomson-Reuters&nbsp;PLC, Woodbridge shall give notice to Reuters Founders Share Company as to
whether, and, if so, the manner in which, it will vote its shares. If Reuters Founders Share Company believes that the manner in which Woodbridge will vote its shares is inconsistent with the Reuter
Trust Principles, Reuters Founders Share Company shall notify Woodbridge. If Reuters Founders Share Company and Woodbridge cannot agree, the matter shall be referred for resolution through binding
international arbitration, and the meeting shall be deferred until the issue is&nbsp;resolved. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodbridge
shall not increase its holdings in Thomson-Reuters Corporation or Thomson-Reuters&nbsp;PLC so as to result in either ceasing to be a publicly-traded company in Canada or the
United&nbsp;States, or the United&nbsp;Kingdom, respectively. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodbridge
shall cause each of its affiliates (including Thomson family members) that beneficially owns shares in either Thomson-Reuters Corporation or Thomson-Reuters&nbsp;PLC to
comply with the provisions of the Reuters Founders Share Company Agreement on the same basis as Woodbridge and shall be responsible for any breach thereof by any affiliate. Any shares disposed of to
non-affiliates will be governed by the 15% and 30%&nbsp;limits. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
Reuters Founders Share Company does not have the right to convene a Thomson-Reuters Corporation shareholders' meeting itself, and Thomson-Reuters Corporation does not convene a
shareholders' meeting when so requested by Reuters Founders Share Company, Woodbridge will agree to use its rights as a shareholder to convene such a&nbsp;meeting. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomson-Reuters
Corporation and Thomson-Reuters&nbsp;PLC agree to provide Reuters Founders Share Company with regular information meetings and presentations. Reuters Founders Share
Company will expand its programme of visits, presentations etc, especially to Thomson-Reuters Corporation entities to facilitate the discharge of Reuters Founders Share Company functions. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomson-Reuters
Corporation and Thomson-Reuters&nbsp;PLC will consult with the Chairman of Reuters Founders Share Company before the appointment or removal of the
Editor-in-Chief. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>23</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_dg45003_1_24"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg45003_appendix_ii"> </A>
<A NAME="toc_dg45003_1"> </A>
<BR></FONT><FONT SIZE=2><B>APPENDIX II    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>BREAK FEE  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As an inducement to both Thomson and Reuters to achieve an agreement such that they can announce a firm intention to implement the Transaction: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Reuters
undertakes to Thomson that it shall pay to Thomson the Standard Break Fee if&nbsp;either:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>the
Reuters Board fails to make a unanimous and unqualified recommendation in the Reuters Circular to the Reuters Shareholders to vote in favour of the Reuters
Resolutions at the Reuters EGM, or withdraws, qualifies or adversely modifies that recommendation, or agrees or resolves prior to the date on which the obligations in this agreement lapse (or, as
applicable, the Transaction fails to become effective) to recommend an Alternative Proposal;&nbsp;and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>prior
to the date on which the Transaction lapses (or, as applicable, fails to become effective), any Alternative Proposal (or&nbsp;an amended, varied or revised
version of any Alternative Proposal) is announced and subsequently (whether or not prior to the date on which the Transaction lapses (or&nbsp;as applicable fails to become effective) or is
withdrawn) that Alternative Proposal or any other Alternative Proposal announced prior to that date becomes or is declared unconditional in all respects or is otherwise completed; </FONT></DD></DL>
</DD></DL>
<UL>

<P><FONT SIZE=2>or: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>Thomson
terminates this agreement as a consequence of Reuters breach of obligations not to solicit Alternative Proposals and, within 12&nbsp;months thereafter, any
Alternative Proposal is announced and subsequently that Alternative Proposal (or&nbsp;any other Alternative Proposal announced prior to the date the first Alternative Proposal lapses or is
withdrawn) becomes or is declared unconditional in all respects or is otherwise completed.
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Thomson
undertakes to Reuters that it shall pay to Reuters the Standard Break Fee if the Thomson Resolutions are not approved at a duly convened shareholder meeting on or prior to the
Long-Stop&nbsp;Date. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
relevant party shall pay the Standard Break Fee by not later than five business days after the date on which the Standard Break Fee becomes payable pursuant to the above. Payment
shall be made in immediately available funds (without any deduction or withholding and without regard to any lien, right of set-off, counterclaim or otherwise save in each case as required
by law) to such bank account as may be notified to the relevant party by the other party for such&nbsp;purposes. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>24</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=24,EFW="2178001",CP="THE THOMSON CORPORATION",DN="1",CHK=325084,FOLIO='24',FILE='DISK121:[07ZBS3.07ZBS45003]DG45003A.;1',USER='JATHANA',CD='15-MAY-2007;03:26' -->
<A NAME="page_dg45003_1_25"> </A>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reuters
warrants that it has not agreed to pay any form of break fee, inducement fee or similar fee in relation to any Alternative Proposal. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reuters
shall not be required to pay any amount pursuant to this agreement to the extent that the Panel determines that any such payment would not be permitted by Rule&nbsp;21.2 of
the&nbsp;Code. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>25</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=25,EFW="2178001",CP="THE THOMSON CORPORATION",DN="1",CHK=648,FOLIO='25',FILE='DISK121:[07ZBS3.07ZBS45003]DG45003A.;1',USER='JATHANA',CD='15-MAY-2007;03:26' -->
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_di45003_1_26"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="di45003_appendix_iii"> </A>
<A NAME="toc_di45003_1"> </A>
<BR></FONT><FONT SIZE=2><B>APPENDIX III    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>REGULATORY PRE-CONDITIONS  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Transaction and the posting of the Reuters Circular and Thomson Circular, will take place only if the following Regulatory Pre-conditions are
satisfied or&nbsp;waived: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>insofar
as the proposed combination of Reuters with Thomson constitutes a concentration with a Community dimension within the scope of Council Regulations (EC) 139/2004
(as&nbsp;amended) (the&nbsp;"Merger Regulation"):
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>the
European Commission shall have made a decision declaring the concentration compatible with the common market under Articles&nbsp;6(1)(b), 8(1) or&nbsp;8(2) of
the Merger Regulation;&nbsp;or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>the
European Commission shall not have taken a decision in accordance with Articles&nbsp;6(1)(b), 6(1)(c), 8(1) 8(2) or 8(3) of the Merger Regulation within the time
limits set in Articles&nbsp;10(1) and&nbsp;10(3) and is thereby deemed to have declared the concentration compatible with the common market pursuant to the presumption in Article&nbsp;10(6) of
the Merger Regulation;&nbsp;or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>in
the event that the European Commission makes a referral to one or more competent authorities under Articles&nbsp;4(4) or&nbsp;9(1) of the Merger Regulation in
connection with the proposed combination of Reuters with Thomson, or in the event that one or more competent authorities takes appropriate measures to protect its legitimate interests pursuant to
Article&nbsp;21(4) of the Merger Regulation, such competent authorities shall have issued a decision, finding or declaration approving the proposed acquisition and permitting its closing without any
breach of applicable law or of the Merger Regulation;&nbsp;and
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>all
applicable filings having been made and all or any applicable waiting periods (including any extensions thereof) under the United&nbsp;States Hart-Scott Rodino
Antitrust Improvements Act of 1976 and the regulations thereunder having expired, lapsed or been terminated as appropriate in each case in respect of the proposed combination of Reuters with Thomson
and neither of the parties being subject to any order or injunction of a court of competent jurisdiction in the United Sates that prohibits consummation of the Transaction as a result of action
brought by the US Federal Trade Commission or US Department of&nbsp;Justice. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomson
and Reuters each reserve the unilateral right to waive all or any of these Regulatory Pre-conditions in whole or in&nbsp;part. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>26</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_dk45003_1_27"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dk45003_appendix_iv"> </A>
<A NAME="toc_dk45003_1"> </A>
<BR></FONT><FONT SIZE=2><B>APPENDIX IV    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>CONDITIONS OF THE TRANSACTION  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Transaction will be conditional upon: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>the
Scheme becoming unconditional and becoming effective, subject to the Code, by not later than the Long-Stop Date, or such later date (if&nbsp;any) as Thomson and
Reuters may agree and (if&nbsp;required) the Court may allow. The Scheme will be conditional&nbsp;upon:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>approval
of the Scheme by a majority in number, representing 75% or more in value, of the Reuters Shareholders (or&nbsp;the relevant class or classes thereof) present
and voting, either in person or by proxy, at the Reuters Court Meeting or at any adjournment thereof;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>all
resolutions necessary to implement the Scheme as set out in the notice of the Reuters EGM (including, without limitation, the Reuters EGM Resolutions) being duly
passed by the requisite majority at the Reuters EGM or at any adjournment thereof;&nbsp;and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>the
sanction (without modification or with modification as agreed by Reuters, Newco and Thomson) of the Scheme and the confirmation of any reduction of capital
involved therein by the English Court, an office copy of the UK Order and the minute of such reduction attached thereto being delivered for registration to the Registrar of Companies in England and
Wales and, in relation to the reduction of capital, being registered by him;&nbsp;and
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Admission.
</FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the Scheme will be subject to the following conditions being satisfied or waived, prior to the necessary action being taken to make the Scheme effective: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>the
passing at the Thomson EGM of the Thomson Resolution in accordance with its&nbsp;terms;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>the
Canadian Interim Order and the Canadian Final Order having been obtained by&nbsp;Thomson;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD><FONT SIZE=2>in
the event that the Regulatory Pre-condition set out in paragraph&nbsp;(a) of Appendix&nbsp;III above is waived, the European Commission notifying Thomson that it
will neither initiate proceedings under Article&nbsp;6(1)(c) of the Merger Regulation in relation to the proposed Transaction or any matter arising from or relating to the proposed Transaction nor
refer the proposed Transaction or any matter arising from or relating to the proposed Transaction to the competent authorities of one or more Member States under Article&nbsp;9 of
the&nbsp;Regulation; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>27</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_dk45003_1_28"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD><FONT SIZE=2>in
the event that the Regulatory Pre-condition set out in paragraph&nbsp;(b) of Appendix&nbsp;III above is waived, all applicable filings having been made and all
applicable waiting periods under the United&nbsp;States Hart-Scott-Rodino Antitrust Improvements Act of 1976 and the regulations thereunder having expired or been terminated as
appropriate in each case in connection with the Transaction;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD><FONT SIZE=2>either:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>an
advance ruling certificate having been issued by the Commissioner of Competition (the&nbsp;Commissioner) under section&nbsp;102(1) of the Competition Act (Canada)
(the&nbsp;Competition Act) in respect of the Transaction;&nbsp;or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>any
applicable waiting period under section&nbsp;123 of the Competition Act having expired or having been earlier terminated or waived by the Commissioner and Thomson
having been advised by the Commissioner in writing that she has determined that grounds do not then exist for her to make an application to the Competition Tribunal under section&nbsp;92 of the
Competition Act for an order in respect of the Transaction;
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD><FONT SIZE=2>no
Relevant Authority having instituted any action, proceeding, suit, investigation, enquiry or reference or enacted or made and there not continuing to be outstanding any statute,
regulation, order or decision (other than any statute, regulation, order or decision relating to taxes on the date hereof) that would or might be reasonably expected&nbsp;to:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>make
the Transaction void, unenforceable or illegal or directly or indirectly prohibit or otherwise materially restrict, delay or interfere with the implementation of, or impose
material additional conditions or obligations with respect to, or otherwise challenge, the Transaction;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>require,
prevent or materially delay the divestiture (or&nbsp;alter the terms of any proposed divestiture) by the Wider Thomson Group or the Wider Reuters Group of
all or any substantial part of their respective businesses, assets or properties or impose any material limitation on their ability to conduct all or any part of their respective businesses and to own
any of their respective assets or properties in each case to an extent which is material in the context of the Wider Combined&nbsp;Group;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>require
any member of the Wider Thomson Group or of the Wider Reuters Group to acquire or offer to acquire any shares or other securities (or&nbsp;the equivalent) in
any member of the Wider Reuters Group or any member of the Wider Thomson Group, where such acquisition would be material in the context of the Wider Combined Group;&nbsp;or </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>28</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_dk45003_1_29"> </A>
<UL>
<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD><FONT SIZE=2>otherwise
materially and adversely affect the business, assets, financial or trading position or profits of any member of the Wider Thomson Group or of the Wider
Thomson Group to an extent which is material in the context of the Wider Combined&nbsp;Group; </FONT></DD></DL>
</UL>
</UL>
<UL>
<UL>

<P><FONT SIZE=2>and
all applicable waiting and other time periods during which any such Relevant Authority could decide to take, institute or threaten any such action, proceeding, suit, investigation, enquiry or
reference having expired, lapsed or been terminated; </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>all
necessary filings having been made and all relevant waiting periods (including any extensions thereof) under any applicable legislation or regulation of any
jurisdiction having expired, lapsed or been terminated, in each case in respect of the Transaction and all authorisations, orders, grants, recognitions, confirmations, licences, consents, clearances,
permissions and approvals (</FONT><FONT SIZE=2><B>authorisations</B></FONT><FONT SIZE=2>) necessary in any jurisdiction for or in respect of the Transaction being obtained from appropriate Relevant
Authorities or from any persons or bodies with whom any member of the Wider Thomson Group or the Wider Reuters Group has entered into contractual arrangements (in&nbsp;each case where the absence of
such authorisation would have a material adverse effect on the Thomson Group or, as the case may be, the Reuters Group taken as a whole) and such authorisations together with all authorisations
necessary or appropriate for any member of the Wider Reuters Group to carry on its business (where such business is material in the context of the Reuters Group taken as a whole or, as the case may
be, the Thomson Group taken as a whole) remaining in full force and effect and there being no notice to revoke, suspend or not renew any of the same and all statutory or regulatory obligations in any
jurisdiction having been complied&nbsp;with;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(j)</FONT></DT><DD><FONT SIZE=2>since
31&nbsp;December&nbsp;2006, except as disclosed in the Annual Report and Accounts of Reuters for the year then ended or as publicly announced to a Regulatory Information
Service by or on behalf of Reuters before the date of this announcement or as otherwise fairly disclosed prior to the date of this announcement in writing to Thomson or its advisers by or on behalf
of&nbsp;Reuters:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>no
adverse change having occurred in the business, assets, financial or trading position or profits of any member of the Wider Reuters Group which is material in the
context of the Reuters Group taken as a whole, provided that such change has not resulted from factors generally affecting the markets in which the affected entities operate or from external factors
unrelated to their business and beyond their reasonable control (such as acts of war, terrorism or natural disasters);&nbsp;and </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>29</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_dk45003_1_30"> </A>
<UL>
<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>other
than in connection with or arising out of the Transaction, no litigation, arbitration proceedings, prosecution or other legal proceedings having been threatened,
announced, instituted or remaining outstanding by, against or in respect of any member of the Wider Reuters Group or to which any member of the Wider Reuters Group is a party (whether as claimant or
defendant or otherwise) and no investigation by any Relevant Authority or other investigative body against or in respect of any member of the Wider Reuters Group having been threatened, announced,
instituted or remaining outstanding by, against or in respect of any member of the Wider Reuters Group which would or might reasonably be expected to materially and adversely affect the Reuters Group
taken as a whole;&nbsp;and
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(k)</FONT></DT><DD><FONT SIZE=2>since
31&nbsp;December&nbsp;2006, except as disclosed in the Annual Report and Accounts of Thomson for the year then ended or as publicly announced to a Regulatory Information
Service by or on behalf of Thomson before the date of this announcement or as otherwise fairly disclosed prior to the date of this announcement in writing to Reuters or its advisers by or on behalf
of&nbsp;Thomson:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>no
adverse change having occurred in the business, assets, financial or trading position or profits of any member of the Wider Thomson Group which is material in the
context of the Thomson Group taken as a whole, provided that such change has not resulted from factors generally affecting the markets in which the affected entities operate or from external factors
unrelated to their business and beyond their reasonable control (such as acts of war, terrorism or natural disasters);&nbsp;and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>other
than in connection with or arising out of the Transaction, no litigation, arbitration proceedings, prosecution or other legal proceedings having been threatened,
announced, instituted or remaining outstanding by, against or in respect of any member of the Wider Thomson Group or to which any member of the Wider Thomson Group is a party (whether as claimant or
defendant or otherwise) and no investigation by any Relevant Authority or other investigative body against or in respect of any member of the Wider Thomson Group having been threatened, announced,
instituted or remaining outstanding by, against or in respect of any member of the Wider Thomson Group which would or might reasonably be expected to materially and adversely affect the Thomson Group
taken as a&nbsp;whole. </FONT></DD></DL>
</DD></DL>

<P><FONT SIZE=2>Thomson
and Reuters together reserve the right to waive jointly the conditions contained in paragraphs&nbsp;(h) and&nbsp;(i) of this&nbsp;Appendix. </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>30</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_dk45003_1_31"> </A>
<UL>

<P><FONT SIZE=2>Thomson
reserves the right to waive the condition contained in paragraph&nbsp;(j)&nbsp;herein. </FONT></P>

<P><FONT SIZE=2>Reuters
reserves the right to waive the condition contained in paragraph&nbsp;(k) of&nbsp;herein. </FONT></P>


<P><FONT SIZE=2>As
used in this herein: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2><B>Wider Thomson Group</B></FONT><FONT SIZE=2> means Thomson and its subsidiary undertakings, associated undertakings and any other undertakings in which Thomson
and such undertakings (aggregating their interests) have a substantial interest;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2><B>Wider Reuters Group</B></FONT><FONT SIZE=2> means Reuters and its subsidiary undertakings, associated undertakings and any other undertakings in which Reuters
and such undertakings (aggregating their interests) have a substantial interest;&nbsp;and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2><B>Wider Combined Group</B></FONT><FONT SIZE=2> means the Wider Thomson Group and the Wider Reuters Group taken together;&nbsp;and </FONT></DD></DL>

<P><FONT SIZE=2>for
these purposes </FONT><FONT SIZE=2><B>subsidiary undertaking, associated undertaking</B></FONT><FONT SIZE=2> and </FONT><FONT SIZE=2><B>undertaking</B></FONT><FONT SIZE=2> have the meanings
given by the Companies Act (but&nbsp;for these purposes ignoring paragraph&nbsp;20(1)(b) of Schedule&nbsp;4A to&nbsp;the Companies Act) and </FONT><FONT SIZE=2><B>substantial
interest</B></FONT><FONT SIZE=2> means a direct or indirect interest in 10% or more of the equity capital of an&nbsp;undertaking. </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>31</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=31,EFW="2178001",CP="THE THOMSON CORPORATION",DN="1",CHK=801564,FOLIO='31',FILE='DISK121:[07ZBS3.07ZBS45003]DK45003A.;1',USER='JATHANA',CD='15-MAY-2007;03:26' -->
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_dm45003_1_32"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dm45003_appendix_v"> </A>
<A NAME="toc_dm45003_1"> </A>
<BR></FONT><FONT SIZE=2><B>APPENDIX V    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>IRREVOCABLE COMMITMENTS  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Reuters Directors who hold Reuters Shares, have irrevocably undertaken to vote in favour of the Scheme, in respect of their own beneficial holdings totalling
1,258,598&nbsp;Reuters Shares, representing approximately 0.10% of Reuters's issued share&nbsp;capital. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
irrevocable undertakings will cease to be binding if: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
Transaction lapses or is withdrawn
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
Implementation Agreement between Reuters and Thomson dated 15&nbsp;May&nbsp;2007 in regard to the Transaction, terminates by effluxion of time or&nbsp;otherwise
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
Scheme terminates or lapses in accordance with its terms or otherwise becomes incapable of becoming effective </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Irrevocable
undertakings have been received from the following: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="66%" ALIGN="LEFT"><FONT SIZE=1><B>Director </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="14%" ALIGN="CENTER"><FONT SIZE=1><B>Number of<BR>
Reuters shares</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1><B>Percentage of Reuters<BR>
issued share capital</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="66%"><FONT SIZE=2>Niall FitzGerald</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>80,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>0.01%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="66%"><FONT SIZE=2>Thomas Glocer</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>669,261</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="66%"><FONT SIZE=2>Thomas Glocer held by Thomas H Glocer Life Interest Trust</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>52,451</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>(In&nbsp;aggregate) 0.06%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="66%"><FONT SIZE=2>David Grigson</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>185,425</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>0.01%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="66%"><FONT SIZE=2>Devin Wenig</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>216,019</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>0.02%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="66%"><FONT SIZE=2>Dick Olver</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>10,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>0.00%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="66%"><FONT SIZE=2>Ian Strachan</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>15,500</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>0.00%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="66%"><FONT SIZE=2>Penny Hughes</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>2,392</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>0.00%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="66%"><FONT SIZE=2>Lawton Fitt</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>25,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>0.00%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="66%"><FONT SIZE=2>Ken Olisa</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>2,550</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>0.00%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="66%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="66%"><FONT SIZE=2>Total</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>1,258,598</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>0.10%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="66%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>Sir
Deryck Maughan and Mr.&nbsp;Nandan Nilekani do not hold any interest in securities of&nbsp;Reuters. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>32</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=32,EFW="2178001",CP="THE THOMSON CORPORATION",DN="1",CHK=300692,FOLIO='32',FILE='DISK121:[07ZBS3.07ZBS45003]DM45003A.;1',USER='JATHANA',CD='15-MAY-2007;03:26' -->
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_do45003_1_33"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="do45003_appendix_vi"> </A>
<A NAME="toc_do45003_1"> </A>
<BR></FONT><FONT SIZE=2><B>APPENDIX VI    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>SOURCES AND BASES OF INFORMATION  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise stated: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>information
relating to Thomson has been extracted from the published audited financial statements and SEC filings of Thomson for the relevant financial year;&nbsp;and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>information
relating to Reuters has been extracted from published annual reports and accounts and interim reports of Reuters for the relevant published&nbsp;year. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share
prices for Thomson were obtained from the Toronto Stock Exchange and the share prices for Reuters were closing mid-market prices from the Daily Official&nbsp;List. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
&pound;1:C$2.19795 exchange rate was obtained from Datastream. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
&pound;1:C$2.1936 exchange rate was obtained from the Daily Official List. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reuters
current issued share capital is 1,256,845,219&nbsp;shares in issue as per the Reuters 2.10&nbsp;announcement dated 14&nbsp;May&nbsp;2007. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
accordance with Rule&nbsp;2.10 of the City Code on Takeovers and Mergers, The Thomson Corporation confirms that as of the close of business on 14&nbsp;May&nbsp;2007, it had
639,962,083&nbsp;common shares in&nbsp;issue. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>33</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=33,EFW="2178001",CP="THE THOMSON CORPORATION",DN="1",CHK=322897,FOLIO='33',FILE='DISK121:[07ZBS3.07ZBS45003]DO45003A.;1',USER='JATHANA',CD='15-MAY-2007;03:26' -->
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_dq45003_1_34"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dq45003_appendix_vii"> </A>
<A NAME="toc_dq45003_1"> </A>
<BR></FONT><FONT SIZE=2><B>APPENDIX VII    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>DEFINITIONS  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="90%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> Admission</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
Admission of Thomson-Reuters&nbsp;PLC Shares to listing on the official list maintained by the FSA and to trading on the London Stock Exchange's main market for listed securities</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> Alternative Proposal</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
An offer or possible offer or proposal put forward by any third party meeting certain requirements as specified in the Implementation Agreement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> Bear Stearns</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
Bear, Stearns International Limited</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> Blackstone</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
Blackstone Advisory Services&nbsp;L.P.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> Break Fee</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
The fee payable by one party to the other if certain events occur which result in the Transaction not being completed, as detailed in Appendix&nbsp;II</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> C$</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
Canadian dollar</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> Canadian Court</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
The Ontario Superior Court of Justice</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> Canadian Final Order</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
The final order of the Canadian Court approving the Ontario Plan of Arrangement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> Canadian Interim Order</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
The interim order of the Canadian Court in respect of the Ontario Plan of Arrangement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> Citi</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
Citigroup Global Markets Limited</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="24%" VALIGN="TOP"><BR><FONT SIZE=2><B> Code or Takeover Code</B></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%" VALIGN="TOP"><FONT SIZE=2><BR>
The City Code on Takeovers and Mergers</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> Combined Business</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
The combined businesses of Thomson and Reuters which will be operated as a single entity as a consequence of the Transaction</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> CSI</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
Canadian Securities Institute</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> English Court</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
The High Court of Justice in England and Wales</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> Founders Share</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
The existing Founders Share in Reuters held by Reuters Founders Share Company Limited in accordance with the Articles of Association of Reuters; the new Founders Share to be issued to the Reuters Founders Share Company by Thomson-Reuters Corporation
as part of the Transaction; or both of them, as applicable</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> FSA</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
The UK Financial Services Authority</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> FSC Agreement</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
The agreement between Woodbridge, Thomson-Reuters Corporation, Thomson-Reuters&nbsp;PLC and Reuters Founders Share Company as described in Appendix&nbsp;I</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<P ALIGN="CENTER"><FONT SIZE=2>34</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=34,EFW="2178001",CP="THE THOMSON CORPORATION",DN="1",CHK=1031394,FOLIO='34',FILE='DISK121:[07ZBS3.07ZBS45003]DQ45003A.;1',USER='JATHANA',CD='15-MAY-2007;03:26' -->
<A NAME="page_dq45003_1_35"> </A>
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<TABLE WIDTH="90%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> Implementation Agreement</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
The agreement between Thomson, Reuters, Woodbridge and Thomson-Reuters&nbsp;PLC setting out the key terms of the Transaction</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> Joint Electorate Action</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
An action which, when put forward for shareholder approval, must be voted upon by Thomson-Reuters Corporation Shareholders and Thomson-Reuters&nbsp;PLC Shareholders as a single decision-making body</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> JPMorgan Cazenove</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
JPMorgan Cazenove Limited</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> Long-Stop Date</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
31&nbsp;December&nbsp;2008</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> Morgan Stanley</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
Morgan Stanley&nbsp;&amp;&nbsp;Co. Limited</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> Ontario Plan of Arrangement</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
The plan of arrangement of Thomson to be approved by Thomson Shareholders pursuant to section&nbsp;182 of the Business Corporations (Ontario) Act in connection with the Transaction</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> Panel</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
The Panel on Takeovers and Mergers</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> Perella Weinberg</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
Perella Weinberg Partners UK&nbsp;LLP</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> Regulatory Pre-conditions</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
The pre-conditions to the Transaction and the posting of the Reuters Circular and Thomson Circular, as specified in the Implementation Agreement and detailed in Appendix&nbsp;II</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> Reuters</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
Reuters Group&nbsp;PLC</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> Reuters Circular</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
The circular to Reuters Shareholders containing the Scheme and notices of the Reuters EGM and Reuters Court Meeting</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> Reuters Court Meeting</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
The meeting of Reuters Shareholders to be convened by the English Court for the purposes of approving the Reuters Court Resolution</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> Reuters Court Resolution</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
The resolution required by the English Court to be passed at the Reuters Court Meeting in order to approve the Scheme</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> Reuters EGM</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
The extraordinary general meeting to be held by Reuters to approve the Reuters EGM Resolutions</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> Reuters EGM Resolutions</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
The resolutions to be considered by Reuters Shareholders at the Reuters EGM, being all resolutions required to be approved by Reuters Shareholders in connection with the Transaction, other than the Reuters Court Resolution</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> Reuters Founders Share Company</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
Reuters Founders Share Company Limited, the holder of the Founders Shares</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> Reuters Share</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
An ordinary share of 25p in the capital of Reuters</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> Reuters Shareholder</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
A person who holds Reuters Shares</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<BR>
<P ALIGN="CENTER"><FONT SIZE=2>35</FONT></P>

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<P style='page-break-before:always'></p>
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<A NAME="page_dq45003_1_36"> </A>
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<TABLE WIDTH="90%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> Reuter Trust Principles</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
The principles governing the operation of Reuters, which are set out in the Articles of Association of Reuters</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> SEC</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
The United&nbsp;States Securities and Exchange Commission</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> Scheme</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
A scheme of arrangement between Reuters, Reuters Shareholders and Reuters Founders Share Company under section&nbsp;425 of the Companies Act 1985 to implement the Transaction on the terms contained in the Implementation Agreement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> Special Voting A Share</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
The share of that description to be issued by Thomson-Reuters Corporation to Reuters Founders Share Company on the terms described in Appendix&nbsp;I</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> Standard Break Fee</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
&pound;86.8&nbsp;million</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> Thomson</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
The Thomson Corporation (to&nbsp;be renamed Thomson-Reuters Corporation)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> Thomson Circular</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
The circular to Thomson Shareholders containing notice of the Thomson EGM</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> Thomson EGM</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
The special meeting of Thomson Shareholders to be convened for the purposes of approving the Thomson Resolutions</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> Thomson Resolutions</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
The special resolution to approve the Ontario Plan of Arrangement and such other matters as may be necessary or desirable to implement the Transaction, to be set out in the Thomson Circular</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> Thomson Shareholder</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
A person who holds Thomson shares</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="24%" VALIGN="TOP"><BR><FONT SIZE=2><B> Thomson-Reuters Corporation</B></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%" VALIGN="TOP"><FONT SIZE=2><BR>
The new name to be adopted by Thomson at the Thomson EGM</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="24%" VALIGN="TOP"><BR><FONT SIZE=2><B> Thomson-Reuters Corporation Share</B></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%" VALIGN="TOP"><FONT SIZE=2><BR>
A common share in the capital of Thomson-Reuters Corporation</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> Thomson-Reuters&nbsp;PLC</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
Thomson-Reuters Limited, The company that will acquire the Reuters Shares from the Reuters Shareholders pursuant to the Scheme, and through which the Reuters Shareholders will participate in the Combined Business</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="24%" VALIGN="TOP"><BR><FONT SIZE=2><B> Thomson-Reuters&nbsp;PLC Share</B></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%" VALIGN="TOP"><FONT SIZE=2><BR>
An ordinary share of 25p in the capital of Thomson-Reuters&nbsp;PLC</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> Transaction</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
The alignment of the economic interests of Reuters and Thomson in accordance with the terms contained in the Implementation Agreement, pursuant to which the business of Thomson and Reuters will be merged on a unified basis</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> UBS</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
UBS Limited, registered in England and Wales (no.&nbsp;2035362)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>36</FONT></P>

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<P style='page-break-before:always'></p>
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<A NAME="page_dq45003_1_37"> </A>
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<TABLE WIDTH="90%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> UK Order</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
The order of the English Court</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><BR><FONT SIZE=2><B> Woodbridge</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="72%"><FONT SIZE=2><BR>
The Woodbridge Company Limited</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>37</FONT></P>

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<P style='page-break-before:always'></p>
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<BR>
<P><br><A NAME="07ZBS45003_1">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_de45003_1">APPENDIX I</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_dg45003_1">APPENDIX II</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_di45003_1">APPENDIX III</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dk45003_1">APPENDIX IV</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dm45003_1">APPENDIX V</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_do45003_1">APPENDIX VI</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dq45003_1">APPENDIX VII</A></FONT><BR>

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