<SUBMISSION>
<ACCESSION-NUMBER>0001104659-07-040220
<TYPE>425
<PUBLIC-DOCUMENT-COUNT>1
<FILING-DATE>20070516
<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>07855171
</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>
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<CONFORMED-NAME>THOMSON CORP /CAN/
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<FISCAL-YEAR-END>1231
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<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
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<STATE>CT
<ZIP>06902
</MAIL-ADDRESS>
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<SEQUENCE>1
<FILENAME>a07-14400_1425.htm
<DESCRIPTION>425
<TEXT>
<html>

<head>





</head>

<body lang="EN-US">

<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form 425</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;"><a name="TableHead"></a>
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Filed pursuant to
  Rule&nbsp;425 under the Securities Act of 1933, as</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">amended.</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Filed by: The Thomson
  Corporation</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject Company: Reuters
  Group&nbsp;PLC</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exchange Act File Number of
  Subject Company: 333-08354</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Note: The following is a transcript
  of a presentation given jointly by The Thomson Corporation and Reuters
  Group&nbsp;PLC today at 9:30 am, London time. The filing of this transcript
  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></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">THOMSON-REUTERS</font></i></b></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">CONFERENCE CALL</font></i></b></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Tuesday, 15 May 2007 @ 09.30 am,
London time</font></i></b></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Miriam McKay (Head of Investor
Relations):</font></b>&#160; Ladies and gentlemen, good
morning and welcome on an historic day for both Thomson and Reuters. Before we
begin, I need to remind you that our comments today include forward-looking
statements such as Thomson and Reuters beliefs and expectations regarding the
proposed transaction. There can be no assurance that the transaction will be
consummated and that the anticipated benefits will be realised. Today&#146;s press
release and Thomson-Reuters regulatory filings with the SEC describe certain
important factors which could cause our actual results to change materially
from our forward-looking statements today, and you can get copies of these
documents from both the Thomson and Reuters websites.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With the formalities out of the way, it is my pleasure
to introduce David Thomson, Chairman of the Thomson Corporation, with some
opening remarks.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">David Thomson (Chairman, Thomson
Corporation):</font></b>&#160; Good morning,
ladies and gentlemen. The proposed merger between Thomson and Reuters is
opportunity on a grand scale. The businesses are quite remarkable: the human
quotient, the cultures are really extraordinary.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I stand here today and I would like to say that my
late father was more than familiar with this dream. As we spent time together,
he believed it was all about opportunity, about possibility, about redefining
spaces and it was about making things really quite special. If my grandfather
were here, I think he would be ecstatic, a word which is quite appropriate. All
of us feel that we have come full circle, and I might say that it constitutes
both Thomson and Reuters that I feel that way from both ends. I am</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">immensely proud to stand here and very hopeful that we
can begin to forge something truly, truly remarkable. May I call upon Niall
FitzGerald.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Niall FitzGerald:</font></b>&#160; I am not sure how I follow something quite as
moving as that. I welcome all of you to Canary Wharf and thank you for joining
us at quite short notice. Welcome also to David and Peter Thomson for their
first, and I am sure not their last, visit to Reuters at Canary Wharf.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Transaction highlights</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You can see the transaction highlights on the slide
behind me. I shall spare you by not taking you through it point by point. Instead,
I want to join David in saying how delighted we are to be here announcing this
remarkable combination, this extraordinary transaction between two of the best
known names in the electronic information and media business, to form what will
truly be an information powerhouse.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It is a transaction on which the Boards of both
Thomson and Reuters have been actively involved for some time &#150; myself and my
fellow nominated Deputy Chairman Geoff Beattie in particular &#150; and which we
recommend to our shareholders with the utmost confidence.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Strong Board and Governance</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On the issues of governance, the new Thomson-Reuters
will consist of two dual listed companies, and I want to spend a couple of
minutes introducing you to the structure that would govern it. The two
companies that make up the dual listed company will have 15 directors,
identical Boards &#150; the same people. I have some passing knowledge of dual
listed companies and what works and what does not work, and we hope to have
eliminated all of the latter. There is a very good balance of Reuters nominees,
Thomson nominees and Woodbridge nominees &#150; Woodbridge representing the Thomson
family trust. David Thomson, from whom you have just heard, is nominated
Chairman, and Geoff and I are delighted and honoured to have been nominated as
Deputy Chairmen. Tom Glocer will serve as Chief Executive. We look forward to
working together, I know it will be productive and we are determined that it will
be fun.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Reuters Founders Share Company</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Reuters Founders Share Company has today,
simultaneously with our announcement, announced that they fully support this
transaction. They have been set up to safeguard Reuters independence, integrity
and freedom from bias, and they are an essential part of this transaction. Had
they not agreed, the transaction would not have proceeded. What we have today
is the safeguards which they represent reinforced through this transaction. The
Reuter Trust Principles and Reuters Founders Share Construction will apply to
the whole of the Thomson-Reuter business. The shareholding structure, which
allowed for blockage of control which was unacceptable, has been replicated in
the new structure, and it has been further underpinned by the Woodbridge
Company committing to vote in support of the Founders Share Company, the
Woodbridge Company, of course, having the majority of the shares. Therefore, we
now have protections which are even more precise and even more sustainable than
those which existed before this. It is a mark of the approach of the Thomson
family and all the colleagues of David and Geoff that there was never, at any
moment, any sense that they were going to do other than seek completely to
support this structure.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There is a quote in our press release today from Pehr
Gyllenhammar, the Chairman of the Founders Share Company, and it is worth
repeating a part of it. He said on behalf of his Trustees: &#147;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, many
years to come&#148;. I do not believe anybody could have said it better than Pehr or
with greater feeling.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You have heard us refer to Woodbridge, and many of you
will probably have only a passing familiarity with Woodbridge. Therefore, we
felt it would be appropriate that Geoff Beattie tell you a little about the
Thomson family holding company. Do not be put off by the guy who is going to
tell you &#150; it is really a better company than you will see represented by him!</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Geoff Beattie:</font></b>&#160; Thank you, Niall, and thank you to everyone
for coming. I shall keep my remarks reasonably short but I look forward to
speaking to some of you after the meeting to give more detail about the
Woodbridge Company and, hopefully, over time to acquaint you with our business
activities around the world, and I shall talk about our most important
investment, the Thomson Corporation.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">The Woodbridge Company Limited</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Woodbridge Company is one of the world&#146;s largest
private investment companies and has an unparalleled track record for financial
performance and success over the last 30-40 years. It is the principal
investment company for the Thomson family, and our head office and operations
are in Toronto, Canada. Our role in this transaction has been to ensure that we
are committed to the financial metrics of this ongoing company, and there can
be no greater endorsement for the market than the US$20 billion plus investment
that we shall have in the combined Thomson-Reuters business going forward. We
have had the advantage of reviewing the strategic importance of this transaction
from an inside perspective and, as I said earlier, we look forward to sharing
some of our thoughts and ideas as to why we believe this is such an exceptional
opportunity for us.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Woodbridge Company has extensive investment
activities outside the Thomson Corporation but it is fair to say that the
Thomson Corporation and the Thomson-Reuters Corporation going forward will
always be our primary investment vehicle, and something that we shall be very
careful about and focused on to ensure it continues the track record of
Woodbridge as a very successful investment vehicle.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Let me comment a little on the Founders Share and
Trustee position this morning. One of the things that was very attractive for
us in putting these two companies together is the ability to go forward with a
set of principles that are so well aligned to the way we have always thought
about not only managing the Thomson Corporation but managing all of the
businesses in which we have an interest. The fact that the principles will
apply to Thomson-Reuters on an unamended basis gives us great comfort that this
company has produced such tremendous results over the years and, having those
principles in place, we would expect that to be the case for many years to come.
The Trustees also take comfort now from the fact that they have an ally in the
Woodbridge Company to help support and deliver the message to all of our
employees and all of our customers on how we intend to move forward.</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

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<div style="font-family:Times New Roman;">

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lastly, I would like to thank Peter Thomson and David
Thomson, who are the Chairmen of the Woodbridge Company, for their unwavering
support during the last several years as we have considered all of the types of
investments and opportunities available to Thomson to ensure that it has a very
robust future. I believe it is fair to say of John Tory, who will join us on
the Board, that there is nobody in this room who has had a bigger impact on the
success of Woodbridge and Thomson. He has spent over forty years of his career
stewarding many of the investments and opportunities that have put Woodbridge
in the position it is in today.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I thank you very much for attending today and I look
forward to talking to people over time about Woodbridge and, perhaps most
importantly to this crowd, the tremendous possibilities that we see available
to Thomson-Reuters. Thank you.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Dick Harrington</font></b>:&#160;&#160; Good morning. This is a great day!&#160; I am the CEO of the Thomson Corporation, and
I am really glad to be here today to discuss this union of what I call two
great leaders, two strong companies that are at the top of their games. Thomson
and Reuters both have customer focus. Combining them will help us to serve our
customers better, especially in this highly competitive and highly dynamic market
place.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There has been a lot of talk about synergies. The
story is about growth, it is not about consolidation. It is the opportunities
that both companies will have together going forward. This is the interception
of two very successful strategies. Under Tom&#146;s leadership, Reuters has achieved
a remarkable resurgence and this combination is the next logical step for the
Thomson Corporation. In fact, this is the high point of what we have been
working for for over a decade.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thomson was one of the first companies to recognise
that the information market was moving from print to digital and then to
electronic solution software services, and over the past ten years we have
refined our business model and portfolio so that we could help shape the
market, not just react to it.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As you know, last week we sold our higher education
business for nearly $8 billion, and as you can imagine it has been a very busy
month for us, but more importantly, as the price demonstrated, this was a very
good business but it no longer fits our strategy. Our goal is to be the
provider of choice for the world&#146;s business and professional information
markets, and today we are on the verge of achieving that goal.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It took a lot of work to reach this moment and we have
the full support of the Thomson family and our Board, as Geoff said. I also
want to thank our 33,000 employees who worked very hard to make our company an
industry leader. This is ultimately their achievement. Thomson has never been
stronger, strategically, operationally, financially, and because of that we are
able to take this major step with Reuters.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Thomson &#150; Reuters</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the financial arena, combining the complementary
strengths of Reuters and Thomson Financial, we will create a global leader. Thomson
Financial has innovative products and is strong in North America. Combining
them with Reuters strength in news and financial information and more
importantly, the leading positions in Europe and Asia will unlock potential in
both businesses.</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Let me take a minute to introduce Thomson&#146;s
Professional group to those of you who don&#146;t know it yet. We have built leading
positions in legal, tax and accounting, scientific and healthcare information,
and we are recognised as a leader in innovator in those markets. We combine key
content with technology platforms and productivity tools that help our
customers succeed. We have developed deep insight into our customers and we
have very strong customer relationships.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Professional Group</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As a result of that we have a subscription-based
business model, very high retention rates, very strong profitability and
excellent organic growth.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Professional growth will account for 40% of the
overall revenues of the combined Thomson-Reuters business, but this group
generates nearly $5 billion in annual revenues and over $1 billion in free cash
flow.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Professional Group &#150; Growing &amp; Profitable</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It has margins of nearly 30% and I expect going
forward that Thomson-Reuters could achieve these types of margins in the future.
The Professional group has outstanding financial metrics. I am very confident
that our Professional group, combined with Reuters brand, their new service and
their global reach will create new opportunities for the new Thomson-Reuters.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">A combination of Leaders</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Let me end by saying I am very excited about the
opportunities ahead. I have been with the Thomson Corporation 25 years and I
have been the CEO for the past ten, and our company has never had more
opportunity than it has today. This combination expands our global foot print
and moreover we can leverage our content and platforms across our businesses
and geographies. This is a milestone in the history of both Thomson and Reuters
that will unleash the untapped potential in both companies.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As we all know, when this transaction is completed Tom
will become CEO of the combined company. Tom is the right leader to take
Thomson-Reuters to the next level of excellence. He will be supported by
experienced and capable management from both companies, and I personally sense
that we have the right strategy, we have the right people to take us forward,
and I believe that the next ten years will be even more remarkable than the
last ten that I have just had at Thomson.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With that, let me now introduce Tom.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Tom Glocer:</font></b>&#160; Dick, thank you for that. I cannot tell you
how excited I am to be here today with you. Thank you all for coming on very
short notice. At some point over the weekend I asked our team &#147;How do you get
all these people to show up since we can&#146;t tell them that it&#146;s coming?&#148;&#160; They said, &#147;Don&#146;t worry, the Reuters friends
we have will show up today&#148; and I am very glad to see you all here.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I am just going to spend a little bit of time because
I have a feeling that what you really want to do is get straight to questions,
but let me tell you about these two remarkable companies.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Industry Context</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Let me lay out industry context. This is pretty
familiar to all of you who have been hearing us through our Core Plus strategy
lens. It is all about the shift to electronic </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">delivery of information, the effects of globalisation
on our customer base, the need to be 24/7 around the world. Clearly the shape
of the financial services market has been changing and that was foremost in our
minds at Reuters as we thought what sort of scale and capabilities do we need. We
had obviously seen the mergers among exchanges and I expect that will continue.
We see our larger clients continuing to get together, but at the same time to
have new companies created whether they are hedge funds, small asset managers
on the buy side. By bringing these two great companies together, Thomson and
Reuters, what we now have is the capability to really meet the demands in this
changing industry because we will have the scale, the depth of content and the
breadth of operations geographically and by product line to do so.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Our Vision</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have a fairly simple vision; this has not been
distilled for some little plaque or laminate for our wallets. This is just a
simple desire to be the very best, to be No. 1 in each market that we choose to
address. It is very exciting to me to have not only financial services and
media, but it will be a lot of fun for me to learn more about how amazingly the
information services have changed since the time I have been out of practice;
legal, tax, and regulatory, science and healthcare which is such a dynamic
industry. I will talk a little bit later about how we think we think we can
combine products in this area.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Thomson-Reuters</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In bringing Thomson and Reuters together, and I am
sure we will get into in more detail the advantages from a synergy point of
view, I just want to say up-front that we have given you a cost synergy number
and I am very happy and comfortable with that number, but what is really
exciting to me is the synergies on the revenue side over time:&#160; our ability to bring new and innovative
products to the market; our ability to extend the geographic reach of some of
the excellent services that Thomson already has. That is going to be the really
high point certainly for me.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I will just touch on the dual listed nature of this
enterprise. It is certainly complex to bring about. I do not think it will be
unduly complex to manage because of the unified board and unified management. What
really motivated us on the Reuters side in seeking this structure is the belief
that putting these two companies together will create such great value that we
did not want to see our, frankly, very patient and faithful UK holders forced
out of the stock &#150; cashed out of the stock &#150; but rather to continue to present
a vehicle, and an index-participating vehicle that our holders could share in
the upside because frankly I think 705 is just the beginning of what we can do
together, and obviously it will be a very well capitalised company which will
help us withstand the shocks that certainly will come back one day to the
financial services market.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">A leading provider in information, solutions &amp; trading</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Just taking a look at the size of our markets. Dick
had this on his slide, but to do the simple addition it is about a $53 billion
market and one that is growing at least 5-6% a year. Looking back at the
Reuters context, we used to talk about a 2-4% growing market for us that we
were going to super charge in Core Plus to add an extra three points of growth,
but we think we can now tap into a much stronger market on day one, and that is
just the market growth, that is not what we can do together above that.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have our revenues coming from the right sort of
places. We will be overwhelmingly electronic at 88%, and we have a nice stable
and predictable revenue stream from the subscription model &#150; I think something
like 86% on a pro forma basis of </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">our revenues will be subscription based. You get a
nice balance between Financial, which will now be the largest part of
Thomson-Reuters at about 60% and the other professional markets.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Complementary Geographies</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Let me talk a little bit about geography. Reuters has
always been very strong obviously in Europe and in Asia, but in the US we have
been a bit sub-scale. The team there today under John Robson has done a great
job in growing our US franchise 10%/11% in revenue terms over the last 12
months, but what this will allow us to do is really for the first time in
Reuters history get the scale, get the ability to be a major player in the US
and we will have a very nicely balanced set of revenues and profits, and it
should also help us in some of the currently reporting issues that we have had.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Let me just flip over to the next slide, which talks a
little bit about the complementarity, so geography, I have already talked about.
From a customer side, it is wonderful because frankly Reuters has always
struggled a bit to deeply penetrate the buy side, and that is important not
only because the buy side perception is an important growing market, but also
because of the importance of the buy side for sell side clients and we now have
the ability through Transaction systems and Reuters Messaging to create a buy
side/sell side community.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In terms of content, we have wonderful news and
real-time data, and what Thomson brings is an incredible depth and breadth and
reference data and historical data among many other assets.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In electronic trading, Reuters has had this core
strength in FX. We branched out. We have had really good equities, typically
Reuter routing and indication of interest services, but in fixed income,
frankly, RTFI was not getting the sort of real volume we were hoping for early
on. Thomson brings TradeWeb and together it is a very powerful combination
right across the money curve from spot FX to the long bond, really.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Then in enterprise, although the Reuters story is
quite well known and is important certainly under Core Plus, Thomson also
brings some very attractive enterprise assets like Omgeo and other assets in
the equities, clearance and settlements space on to the portfolio management
tools that frankly we have lacked for the buy side. I cannot emphasise enough
how complementary, how unusually complementary these two businesses really are.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Strong and Experienced Team</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In terms of the management team which I will end on, I
could not have been more thrilled to have been asked to head this company. I
think it is going to be really exciting, and as I have come to meet some of my
new Thomson colleagues, I am incredibly impressed. From the outside, I have
always seen what a remarkable consistent level of achievement they have
delivered under Dick&#146;s leadership, and as I have met them personally, I think
the importance, certainly from my point of view, from the Reuters Board point
of view, is that they are people of great integrity and great competence, and I
know we can do great things together.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With that, I will turn over to one of my newest
Thomson colleagues, Bob Daleo.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Bob Daleo</font></b>:&#160; I am very pleased to be here today, and I
want to share with you how excited I am about the powerful combination of
Thomson and Reuters.</p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>

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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Large Deliverable Synergies</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I am going to discuss three things. First, I will
cover the anticipated synergies associated with the transaction. Second I am
going to provide a pro-forma view of the combined company&#146;s capital structure. Last,
I will give you an overview of the dual listed company structure that we have
been talking about.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Turning to the synergies, we are anticipating run-rate
synergies in excess of $500 million within 36 months of closing. These synergies
are net of some revenue dys-synergies. However, we are confident that the
complementary nature of these businesses will result in new revenue streams
that will more than offset any losses. As we have been saying this morning, it
is all about growth, not simply consolidation.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These savings are in addition to our respect cost
savings initiatives, <i>THOMSONplus</i> and
Core Plus, which are both on track. We both have a strong record of execution,
giving us confidence that these synergies are achievable.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Creation of a Well Capitalized Market Leader</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Let&#146;s turn to our capitalisation. As you can see on a
combined basis, we are sizeable, well capitalised and generate significant
levels of strong free cash flow. Let me point out that the pro-forma figures
reflected in the far right column are after the $9 billion cash consideration
associated with this transaction.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There are several items to note under the Thomson
column. First, from a definitional standpoint, net debt is comprised of Thomson&#146;s
year end 2006 debt, net of proceeds related to the sale of Thomson Higher
Education. Second, Thomson&#146;s free cash flow number represents 2006 free cash
flow from continuing operations, and therefore excludes the contribution we
received last year from Thomson Learning.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The figures shown in the Reuters column reflect 2006
reported figures. Given the combined company&#146;s strong capital structure and
free cash flow generation capabilities, we anticipate that we will continue to
return significant levels of capital to shareholders. As a company, we believe
that dividends are an important part of shareholder value creation.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The net debt to EBITDA ratio of 2.6x shown here is
obviously on a trailing basis and we expect this ratio to improve.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Dual Listed Company Benefits All Shareholders</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Let me turn now to the benefits associated with the
dual listed company structure.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There are a number of reasons why we chose this
structure, and some of them have already been discussed. First, all our
shareholders have the option to remain invested and participate in the value to
be created from this combination.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Second, owners of all our shares will receive the same
economic benefit from the company, and I will discuss this a little bit more in
a moment.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Finally, this structure allows the new company to
maintain its listings in Toronto, London and New York, and importantly, also
allowed our companies to maintain their current position within their
respective indices, the S&amp;P/TSX in Toronto and the FTSE here in London.</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>

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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Dual Listed Company Structure</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The dual listed company structure will be set up in a
manner outlined on this slide. It is a simplification of what is a very complex
process.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There will be two legal entities, Thomson-Reuters Corporation
and Thomson-Reuters plc. These two legal entities will enter into a series of
contractual agreements which provide for identical Boards of Directors; a
unified management structure; and importantly, an equalisation of the economic
interests of shareholders, meaning all shares will have the same dividends and
economic rights.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As shown here, after the transaction, current Thomson
shareholders will hold 76% of the economic interest in the combined business,
while current Reuters shareholders will hold 24%.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Dual Listed Company Shares</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Now let me discuss what the combined company&#146;s
outstanding share count will look like following the completion of the
transaction.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This illustration is based on the current market
capitalisation of Thomson, which is 644 million shares.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the transaction, Reuters shareholders receive half
of the value to which they are entitled in cash (352.5p per share), and half in
shares of a new Reuters holding company, namely Thomson-Reuters plc, at the
agreed notional exchange rate of 0.16/1, which equates to 16 Thomson shares to
every 100 Reuters shares. Reuters shareholders will receive roughly 210 million
Thomson-Reuters plc shares.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The number of outstanding Thomson shares should be
added to the outstanding Thomson-Reuters plc shares for a total of
approximately 854 million shares. This is the share base for calculating
earnings per share for the new combined business.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There is further information on the equalisation ratio
which is available on our website. With that, I would now like to turn it back
over to Tom.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Tom Glocer:</font></b>&#160; Okay, we are
almost done now. Let me show you a couple of slides on next steps.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Next steps</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Founders Share Company support &#150; Niall has already
given us some of the colour here. It is a truly extraordinary achievement and
could only have been done because of the tremendous attitude of the Thomson
family, who they are and their track record. This was something very carefully
considered and weighed, and then very enthusiastically endorsed as you have
seen today.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The next step is to go on to regulatory approvals and
anti-trust is something we shall probably talk about in the Q&amp;A session, so
I shall say no more right now. We shall then produce the documents, mail them
out, have the shareholder meetings and since it is a partner arrangement, we
need court approval to do it. Then we can look forward to what I really want to
do, which is complete the transaction and get to work with my new colleagues.</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>

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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Conclusion</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To conclude, before we turn it over to questions, it
is an absolutely fantastic combination. It will be a great equity story which
we shall take to the US, which has traditionally not represented a huge slice
of the Thomson Corporate shareholders. On a personal basis, all I can say is
that I believe it is a great investment and I shall be making a very
substantial personal investment in the combined company. I have never sold a
Reuters share until today, and I intend to be fully invested in the new company.
Thank you very much.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Question &amp; Answer Session</font></b></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Tom Glocer:</font></b>&#160; Since I know some of you, I shall MC this and
I shall go to an early believer in the Reuters story, Colin Tennant, of Lehman
Brothers.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Colin Tennant (Lehman Brothers):</font></b>&#160; First of all, many congratulations to
everybody for putting together what looks like a very exciting deal. I have a
couple of questions. First, you talk about the synergies and the amount that
you expect to get from those. In terms of the cost of achieving those, can you
give us a rough idea of what ratio we should be looking at and the timescale
for that, i.e. which years it might fall into?</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Bob Daleo:</font></b>&#160; Colin, may I answer that question first?&#160; It is certainly a fair question. Our
experience is that, generally speaking, there is a 1:1 relationship so that for
every dollar of synergies there is a dollar of cost. There are some
dys-synergies along with those, the cost synergies are a little higher than
that, so I would use something a little higher than 1.1 to figure that out. As
far as the timing goes, I know it is a challenge for you to figure that out
from your model perspective but it is also quite a challenge for us. Let me add
that, as we get closer and get better information, we shall continually share
that with you, it is not something where we just say that is it and we are done.
This is very early on and, from our perspective, for lack of a better
assumption I would just assume that they are spread evenly over this period. I
know they will not be, and you know they will not be, but I do not have any
other basis for giving you better guidance at this point.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Colin Tennant:</font></b>&#160; Thank you. Then an operational question
during that period as well. Your major competitor, Bloomberg, will be looking
at this and not sitting back, so I wonder how, in the process between now and
close and presumably over the following several months, you will manage the
process of keeping the sales forces interested during this transition point?</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Bob Daleo:</font></b>&#160; We have done a number of acquisitions and
disposals over the period and we just had that same issue with announcing
Thomson Learning in October and having the sale not to be completed. We have
programmes in place for all our businesses to make sure that we keep everyone
motivated, and we shall do this in this case. The most important thing is that
Thomson has a very focused strategy, Reuters has a very focused strategy, and
these are complementary assets, so we hope there is very little overlap and
that everyone will continue to drive extremely hard during this interim period
as we work as quickly as possible to get everything through the appropriate
regulatory agencies. However, we shall make sure that we have the appropriate
programmes in place to keep our people motivated.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>

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<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Tom Glocer:</font></b>&#160; From the Reuters side, let me just add that
we have put the same programmes in place. Everyone is back to business, focused
on customers, and David Grigson, Devin and I were talking over the weekend, and
we have decided that we want to give you a nice signature year for stand-alone
Reuters, so I am not worried about it.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Polo Tang (UBS):</font></b>&#160; I have a couple of different questions. Bob,
you mentioned dys-synergies. Could you say exactly what those are and also,
Tom, you talked about the cost savings but you also talked about revenue
synergies as well, so can you give us more colour and flavour in terms of what
kind of areas they will come from?&#160;
Finally, on anti-trust, if you drill deeper down to the market and look
at the mid and lower tier sections of the market, Thomson-Reuters is very
strong. However, to take a hypothetical situation, if the regulators decide
there is an issue, is it physically possible, for example, to split off
products such as Knowledge or Trader or Thomson ONE?</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Bob Daleo:</font></b> Let me start by
saying, first of all, that as Tom said we are working as a team, and one of the
things we do is hand things off all the time. I feel that Tom would be better
equipped to handle the question on revenue dys-synergies than I am, so I shall
turn it over to him.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Tom Glocer:</font></b>&#160; We have had a lot of experience with it, now
most recently with the Telerate acquisition. To the extent that there are
dys-synergies, it will be much more limited than with Telerate because of the
very complementary nature of the transaction. There is less overlap than people
think there is, which is great. Specifically where it comes from is there are
places where, because of the business continuity disaster recovery policies of
firms, they will dual source. In those cases, to the extent that one of us was
the second source for the other, we shall see that disappear and go to one of
the other competitors.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Let me move on to the issue of competition and I shall
come back and end on the issue of revenue synergies. As far as competition and
anti-trust, there are a lot of competitors. The reason why we believe it is so
overwhelmingly pro-competitive and so many customers have been calling me over
the past few days to talk about it is that you now have a truly strong
competitor to provide competition at the high end. In addition, the industry
itself is so remarkably changed over the last five years. First, all the
exchanges are in the information business. Secondly, all of our customers are,
whether in consortia form like Boat, Turquoise or Market Partners, or just on
their own. Then there is the levelling effect of technology, which has
introduced a ton of competitors, let us say, on the enterprise side in direct
feeds. How many of you had heard about Wombat and InfoDyne a year ago? &#160;Right across the spectrum from FactSet to IDC,
this is a strong, thriving and competitive market, one where our customers are
not typically the ones that are widows and orphans and unable to protect
themselves, and there has been a history of that in the industry.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Finally, let me move on to the issue of revenue
synergies. We have been having a great time thinking about what we can do
together, and I shall share a couple of thoughts on that. Thomson has
tremendous assets in healthcare and science. Reuters, as you know, under Core
Plus has an initiative in primary research to bring the high value content in
specific industry verticals to the analytical and buy side community. By
reaching into some of the core science assets, we can hugely supplement what we
were already doing in primary research.</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>

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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In news, our outlets have been traditionally financial
services and media in the agency business and a bit for consumer now. We have
additional channels, the corporates market which is a great story at Thomson. There
is legal, regulatory and medical and we can see targeted news services adding
journalists to create new files, and that same content will come back into the
financial services core and greatly strengthen the file: pharma reporting,
legal feed reporting, so that is another good one.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Finally, each of us has been investing in some really
interesting capability. We announced a couple of weeks ago that we are buying
Clearforest that does extraction of meaning from text. So we can apply those
sort of technologies across a much wider group of assets now and, in talking to
my colleagues, there are some really neat things on the Thomson side, so I am
looking forward to getting in and being creative.</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Polo Tang</font></b>:&#160; Anti-trust &#150; in terms of the split-off of
products.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Tom Glocer</font></b>:&#160; The answer is that anything is possible
technologically, and in particular since Thomson, like we, have embraced a web
services approach to the architecture, you have a far different world than when
you had proprietary containers and really hard-wired sets of data running
through it, and so, if you go back far enough, everyone designed their own
hardware, and then people wrote their own software. Now we all deliver into
browser and standard containers, so there is much greater flexibility to mix
and match and in fact, our customers, as you know, take our products often in
component form rather than on package form. It won&#146;t be without its challenges,
but we think we can do what we need to do.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Dick Harrington</font></b>:&#160; Thomson is not a product. Thomson is one of
the platforms in which we build products on, so you have to look at that as the
internet, web-based, it is based on Microsoft Windows to build the platform. Although
we use it as that term, it is not a product, it is a platform, and obviously
our customers bought some modules or whatever database they would like as part
of that product. I would agree with Tom and his assessment.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Tom Glocer:&#160; </font></b>Miriam has questions coming via Instant
Messaging, so from time to time we will cut to her.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Miriam McKay (web)</font></b>:&#160; Will anti-trust require material disposals in
the US, especially the retail channels, and then a second question about
integration risks and particularly how do employees feel?</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Tom Glocer</font></b>:&#160; I will tackle the first one, and may be Dick
will help me on the second one. I don&#146;t think there will be a requirement to
make any significant disposals because of the change in the market and the
issues around market structure that I have just discussed. May be you will
remind us of the second part of the question.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Miriam McKay</font></b>:&#160; About integration risks and particularly how
employees feel.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Dick Harrington</font></b>:&#160; On the integration side, obviously Reuters
has that outstanding track record on integration and managing their cost side. The
Thomson Corporation live by it. I&#146;d have to reference how many deals we have
done over the past 10 years and how well we do integration. I will add to the
third piece which is basically how do the employees feel. I would speak for the
Thomson Corp in that they fully understand our strategy, what we are trying to
accomplish. If you look at the fact that when we announced (the divestment of)
Learning in October and had to run that </p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">business for six months &#150; by the way, I would say that
Thomson Learning had an outstanding year, as well as the Thomson Corporation &#150;
all our people understand what we are trying to achieve with either
Corporation, so they are fully supportive of what we are trying to do as an
organisation.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Tom Glocer</font></b>:&#160; I will call on Devin to add something. I can
think of a no more competent leader anywhere to manage an integration than
Devin. I am thrilled that we will keep the combination going. Devin might want
to address a couple of points on integration.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Devin Wenig</font></b>:&#160; Thank you, Tom. I don&#146;t have a lot to add
other than as many of you guys know, we are pretty good at this. We have done a
number of deals, Telerate, Bridge, Multex. We have been very successful at achieving
our goals. We have been very successful at achieving the best of the cultures
which is very important here, that the combined organisation is not Reuters or
is not Thomson, it is the best of both companies, it is the best people and it
is the best assets. We have been able to do that in past deals. I am very
confident we will be able to do it in this.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Mark Braley (Deutsche Bank)</font></b>:&#160;&#160; I guess three questions. Just to clarify,
presumably both companies&#146; individual restructuring plans continue while this
process is pending, including the work that is being done in terms of
offshoring development and data centres, which is presumably an area that the
$500 million of combined company synergies will eventually target in part. Is
that correct?</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The second question is: are there any major contracts,
renewals coming up in the next 18 months, particularly I am trying to remember
how long the Merrill Lynch retail contract is for. Is that five years?&#160; If so, how do you go about approaching when
Merrills put that business up for renewal, bearing in mind that Thomson-Reuters
were obviously the final two involved in bidding for that?</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The third one is a Woodbridge question. This takes
Woodbridge down to 53%. Is it the intention of Woodbridge to ensure that it
always stays above 50%, offsetting options, dilutions, etc?</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Tom Glocer</font></b>:&#160; We will start at the end and work our way up.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Geoff Beattie</font></b>:&#160;&#160; Woodbridge, as I mentioned, is a large
investment company, and our only focus is getting value for our shareholders. We
have dealt with this question a lot in the past, when we were 70% shareholders.
Our focus very much is to ensure that the interest that we have in Thomson and
Thomson-Reuters continues to grow, continues to add the paper value that we
expect and any shareholder would expect, and as a result, we don&#146;t really focus
on a percentage of ownership. It is true that we like to be in the position
that we can influence the direction of companies, and I think that we will
continue to think about it in that way.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Bob Daleo</font></b>: &#160;On the Merrill Lynch question, I am trying to
remember exactly the day we turned on the contract. It&#146;s probably some time mid
to late 2003. It is a five year contract with certain options to renew. I might
add that we are doing an excellent job with the contract and Merrill Lynch is
extremely pleased, and I think there is some rating out there where we were the
No. 1 supplier in that area &#150; no disrespect to Reuters!</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These things are so integrated within these
businesses, my guess, as you can imagine, is that there is a lot of pain and
suffering putting this in. I am sure that Merrill </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lynch will not want to go through the same pain and
suffering, and basically changing it, and I think they are extremely satisfied
with the service. I would expect that contract to continue and that will not be
a major issue during this time period as we get clearance from the anti-trust.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Tom Glocer</font></b>:&#160; I will tackle the first one, but just to add
on that, obviously during the interim period until we close, it is absolutely
business as normal. We will bash each other over the head out there in the
market, and as you noted or at least implied in your question, although I think
we were in the end the two finalists, there were numerous other competitors <i>even then</i> in the industry, so I would not worry about it on
that score.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In terms of restructuring and where the $500 million
comes from, there are a lot of opportunities there as we learn more about our
infrastructures, not just between Reuters and Thomson Financial, but across the
entire company. Let&#146;s start with data centres. Not only do we each now maintain
separate data centres and separate back-up facilities which obviously is
needed, there are other facilities for huge databases like, say, the Westlaw
one within Thomson Core. Technologically it is all zeros and ones, so there is
no reason why one can&#146;t start thinking about taking advantage of the large
footprint they have in Egan, Minnesota and housing some of the BCDR activities
for the combined financial group there.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Similarly in India, we both happen to be in Bangalore
and Reuters has been thinking about what additional site we should have in
India &#150; not to have all our eggs in one city - and they have Hyderabad. There
are a number of opportunities like that and as we get deeper into it, as we
said, the $500 million is in excess of and that is what I focus on.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Bob Daleo:</font></b> You also mentioned
about the efficiency and effectiveness programmes that both companies have in
place. Our programme is called THOMSON<i>plus</i>. That
programme will continue to go forward. Reuters obviously has Core Plus which
will continue to go forward and then the 500 synergies would be on top of that.
In talking about execution and can we do this, the capability that Thomson has,
and the capability that Reuters has because of THOMSON<i>plus</i>
and because of Core Plus, really allows them to move into this with all feet on
the ground and really moving quickly, because it is not that we are going to
start a programme; we are just going to weave these into the existing
programmes and continue to grow.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This is totally coincidental but we need to have a
little more space in Denver and the only building we could get into is the
building that Reuters has, neither one of us own it but Reuters happened to be
in there, so in doing this transaction at least we save on signage! [<i>laughter</i>] Another synergy.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Rogan Angelini-Hurll (Citigroup):</font></b>&#160; I have three questions. First, if I am right
in what Bob was saying about the cost of achieving the cost savings, he implied
revenue dys-synergies of $50 million. Is that right and if so that seems quite
low even allowing that there is not that much overlap so could you just confirm
that?</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Secondly, Tom, you talked about a market base of 5-6%
for the businesses that you cover. Now 60% of those businesses were financial,
which presumably still encompasses your 2-4% market growth for Reuters, so is
that being upgraded, or is there a new more exciting market that Thomson was
already addressing which you are now tapping into which implicitly would be, I
guess,&#160; 7-8% to offset the 224?</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>

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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Then I have a final question for Geoff on the
Woodbridge Company because I do not know a lot about it. On your investment
requirement did you seek liquidity?&#160; Do
you actively seek cash returns from your investments?&#160; Would you prefer your investors to invest the
money themselves?&#160; I don&#146;t know what your
principles behind the investment are.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Geoff Beattie:&#160; </font></b>As I mentioned on the slide earlier, Woodbridge
is an investment company that has a net worth that we describe as in excess of
US$25 billion, and our position in the new Thomson-Reuters company is
approximately $19-20 billion of that piece. We are probably a little light on
how we describe it but it gives people a flavour.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We manage Woodbridge on a very conservative financial
basis. We focus our investment activities on things that we believe have very
enduring qualities that can add value to the overall investment returns of
Woodbridge. We have no other financial metric than adding value for our
shareholders. We have substantial liquidity as it exists today, and we are
always prepared to use that to enhance the value of our investment portfolio. We
have been a 70% shareholder for many years - certainly over 20 years in both
the Thomson Corporation and the predecessor corporations that came together to
form Thomson - and we would continually deal with the question in that context
as to what our intentions were going forward with respect to that holding. We
were consistent in telling the market place that, as long as we feel very
comfortable that we can continue to add value to our position, we will do what
is right for the companies that we are involved in.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To give it a slightly different spin, we are a fairly
lean organisation, very decentralised in our approach to investing and, as is
the case in this transaction, we look to our management team headed by our
chief executives in our various investments to constantly bring us the
perspective on our investment, and the opportunities that are available to us. In
this particular instance, over the course of ten years Dick and his team have
continually presented opportunities for Thomson to grow and prosper and when an
opportunity like Reuters would come along our role, as Niall mentioned earlier,
was that he and I took a lead role in ensuring the execution. I wanted to make
sure that people understood that we do not tend to take on operating
responsibilities. We find the very best partners and people in the world that
we can to support us in our investments and we partner and support them, and
today it has produced an excellent investment return for Woodbridge and the
Thomson family.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I would like to take this opportunity to say something
I was hoping to put in at the end. This has been a very unique transaction that
has come together over a long period of time, and I want to pay particular
attention and thank the advisors that assisted us on this transaction on both
sides &#150; the Reuters advisors and the Thomson and Woodbridge advisors. It is
outlined in the press release who those groups were from UBS and Blackstone on
the Reuters side, to the Perella Weinberg Partners and Bear Sterns on our side,
Slaughter &amp; May, ANO, City, Caz and others. This group came together and
spent a considerable amount of time evaluating and assisting us and looking at
the merits of this transaction, and they were absolutely uniform in their
advice to both groups. That is one the reasons we are so excited about where we
are today and helping us make what I described earlier as a $20 billion play on
the future of this company.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Tom Glocer:&#160; </font></b>We still have two legs to go to answer Rogan. The
second one was on the implied revenue of the synergies.</p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>

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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Bob Daleo:&#160; </font></b>Rogan, I did not mean to imply any specific
numbers so you have done a rapid calculation. What we were trying to convey is
that there are a lot of moving parts to this and we are very early into this
process. As it is important that you understand where we are heading, we are
trying to give you some guide posts. I recognise those guide posts are fairly
wide but they are wide for a reason because they are fairly wide for us at this
point as well. What we understand is that, as Tom said, our customers will have
some occasions where we think there will be duplicates, but at the same time as
we have all said from the very beginning the upside here is really not about
the costs we take out but the revenue that we drive. To look at these
dys-synergies in the patent of the revenue growth I know is a bit disjointed
but other than thinking about it we have not really put pen to paper in terms
of where these great product opportunities are. So, I was vague for the reason
that we honestly do not know and the timing of which platforms do you switch to
and how do you integrate these is a level of complexity that just translates to
a vagary in terms of where we are right now.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">What I tried to give you was a guide that said if we
were projecting net synergies at $500 million, do not anticipate that the costs
are straight up because to get those net synergies we have just taken a
conservative route and assumed that we would lose some revenues. The guide I
would give is anywhere between 1-1.5. I do not know what that number might be
in terms of dollars or multiple costs, and again I apologise for being vague
but you have to say where we are in this process.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Tom Glocer:</font></b>&#160; I will pick up the 5-6% market growth
assumption. One of the things I have always enjoyed in doing these sessions
with you is the pop-maths quiz element that you present in different ways. The
answer, as we often give you, Rogan, is it is the mix effect. If you look at
the markets that Thomson is strong in and what they will bring &#150; and now I will
just talk about the financial side - and look at Reuters growth in those
markets. We grew our enterprise information business some 18%, Reuters
Knowledge, which has some similar data to those of Thomson, has been growing at
30% plus. In the US, our business, as I mentioned, has been growing double
digits and about 80% of Thomson&#146;s financial revenue certainly comes from that. So
there is a nice shifting of exposure. I also believe that the buy side focus
will help protect us from some of the consolidation assumptions we have always
run through our top line market growth estimates.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Rogan Angelini-Hurll:</font></b>&#160; [<i>No microphone</i>]&#160; Core
Plus &#133;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Tom Glocer:</font></b>&#160; Not much, look at the market share data we
just put out. It showed us gaining a little, at least our numbers, and Thomson
holding steady &#150; theirs probably show they were growing.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Patrick Wellington (Morgan
Stanley):</font></b>&#160; I am not as mathematically adept
as Rogan!&#160; Did I hear someone say they
thought the entire Group could achieve EBITDA margins of 29% at some point, and
how would that be achievable against your long-standing 17-20% EBITDA margin
target?&#160; Secondly, I reckon with another
three or so years of restructuring cost, that will be, for Reuters at least, 10
successive years of abnormal charges. At the end of those three years of
restructuring costs, do you really think that is it this time, Tom?&#160; Thirdly, if I were a financial customer about
to buy a Thomson ONE product to roll out across my entity, would I not on this
announcement stop what I was doing and consider other vendors, given the likely
predominance of Reuter product in the final equation?</p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>

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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Tom Glocer:</font></b>&#160; I shall start with the third question. I do
not believe you should assume a likely predominance of any one product. This is
why I referred earlier to what the whole web services approach has made
possible, and Dick talked about&#160;&#160; Thomson
ONE as a platform. You will see a coming together of these great capabilities. Data
can be exposed out of databases now as just a web service stream of data, and
you can run it into any container you want. Therefore, customers should
continue to make exactly the decisions they have been making, and I hope they
will continue to take Reuters in and now I also have a reason to wish Thomson
great success in the market as well.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Patrick Wellington:</font></b> You are already
running two platforms &#150; Reuters and Bridge platform.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Tom Glocer:</font></b>&#160; Patrick, you know the truth, we are running
far more than those platforms. In terms of the restructuring charge, I shall
take it in the tongue-in-cheek manner in which you offered. I was certainly not
looking to do another &#147;jam tomorrow&#148; story on a stand-alone Reuters basis, but
you will all have to admit that this is such a succulent meal that no-one could
resist whatever reasonable charges will be needed to put this together.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Bob Daleo:</font></b>&#160; As far as my forward-looking statement or my
wish of what might happen to the organisation going forward as far as margins
are concerned, if you look at the Thomson Corporation and what we have been
able to achieve over the last 10 years, we did not have those margins 10 years
ago. In fact, we probably did not have 81% of the business we have today, so we
have completely reformatted our business. We have made a business model that
can create highly valuable products and services for our customers, and we are
able to run that business very efficiently and effectively, primarily because
of the type of products and services we have created.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thomson Corporation has been in a continuous
improvement programme since I have been there for 25 years and it is in the
plans of our senior executive. If you look at Jim Smith and Mike Wilens, one of
the things in their plans is continuous improvement: we have to continue to
make sure we know exactly what we are doing.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I look at the company going forward, and I look at the
outstanding global platforms that both companies will be able to utilise off
the growth of the Reuters platform, and you look at the appropriate products
and services that we will be able to offer to all the markets we serve, then
you look at the infrastructure that they are able to manage and drive and
basically to create, I think you will have a business that will have excellent
growth and continuous improvement which will reflect in profitability and free
cash flow. I have full confidence that they will be able to achieve it over
time.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Dick Harrington</font></b>:&#160;&#160; I also believe if you just add the synergies
in as we project it, there is every possibility that we will get back to the
margins that Thomson had before the combination.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Charles Peacock (Seymour Pierce)</font></b>:&#160;&#160; Perhaps just as a follow on, I am not
over-familiar with Thomson, but are there any significant differences in
accounting policies and treatments when we look at the numbers that help
explain margin differences?</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Secondly on taxation, with the structure adopted, are
there any significant benefits or disadvantages in terms of what happens to the
combined group?</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>

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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Bob Daleo</font></b>:&#160;&#160; In terms of taxes, if you look at our
reported tax rate on our adjusted earnings which takes out the unusuals, our
tax rate &#150; and we have said this publicly &#150; for 2007, we are projecting around
20% and Reuters is around 23%. You have rendered those pretty much as the tax
rate going forward, and we look for an opportunity to continue to drive that. We
believe that would be sustainable going forward, so that is not unreasonable.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In terms of accounting differences, I believe that
Reuters just converted the issue to IFRS. I am not that familiar with IFRS. I
believe it put us closer in terms of accounting. I am looking at my colleague,
David, here. I don&#146;t think there would be significant differences in terms of
how we account. We are on Canadian GAAP, and Canadian GAAP is not quite US
GAAP, and Canadian GAAP will be phased out in 2000, by the end of 2008. So the
combined entity will have a decision to make in terms of accounting. It seems
logical to me that we would convert our company to IFRS, but we have to do more
thinking about that, and more evaluation, but it would seem not illogical at
this point.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Have I answered your question?&#160; [<i>Yes</i>]</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Miriam McKay</font></b>:&#160;&#160; A couple from the web for Bob here. A best
guess pro-forma capex:revenue ratio, leverage targets (post-transaction), and
then a question about any thoughts on the integration of the two new services.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Bob Daleo</font></b>:&#160; Today, Thomson Corporation targets capital
expenditures as percentage of revenue in the 7% range. I believe we said this
year it would be a little bit higher because we are doing some one-off
investments, and I also believe that Reuters targets in the same way, around
7%, so I would say that that is not an unreasonable assumption going forward,
that the combined entity with capital expenditures of synergy revenue is about
7%.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In terms of the leverage that you saw on the slide, it
was the combined entity of the pro-forma basis, and as a debt to EBITDA
multiple of about 2.6. Both companies had very strong capital structures, they
both had well-rated debt, investment grade debt; in S&amp;P parlance, we are an
A-, and they are a BBB+. I would fully expect going forward that we would have
a rating that would be consistent with what we have today, given the strong
capital and cash dynamics of the business.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Tom Glocer</font></b>:&#160; On the News integration, I would just say
that I think the value of news, which is often not fully appreciated in the
Reuters story, is perhaps confirmed by the attractiveness of Reuters for this
combination. We intend to invest in news, both the journalists and all of us
can look forward to an increase, certainly from the Reuters size, in the number
of journalists we have. I don&#146;t think you need to look much further than what
Rupert is doing vis-&#224;-vis Dow Jones to see the recognition that fast-breaking
financial news is something that people really care about and will pay for.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Simon Baker (Credit Suisse)</font></b>:&#160; A couple of questions just on regulatory
approval: if the Thomson offer appears to be unconditional upon any concessions
or divestments that the regulator may require, can you just give us a sense as
to Reuters standing in terms of how many divestments or what sort of scale of
attrition to the $500 million targeted synergies you would find acceptable
still to go ahead with the deal.</p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>

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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Secondly, just on those revenue synergies, once again,
any sense of scale there?&#160; Is it $100
million, the revenue synergies, potentially?</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Bob Daleo</font></b>:&#160;&#160; I would not want to put a limit on it!</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Tom Glocer</font></b>:&#160; On the first part of your question and my
answer, we will do what it takes to get this thing done. We are coming together
for the very long term here. We have not run 1000 scenarios on how the $500
million might be impacted by divestments, because frankly we think it is more
likely than not that we won&#146;t be divesting businesses, but there is enough
there in the $500 or in excess of $500 that I would be very surprised if that
were not the number going forward regardless of anti-trust process.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Paul Sullivan (Merrill Lynch)</font></b>:&#160;&#160; Just a couple of questions. Firstly on
longer term strategy, the combined group will be 60% financial. Is that
cyclical skew something that Thomson is comfortable with longer term, and will
it alter the strategy with respect to the rest of the Group?&#160; Also, in that respect, what has been the
reaction of the divisional management outside of financial at Thomson, given
that some of their noses may be put out of joint by this deal?</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Bob Daleo</font></b>:&#160; First of all, it is 60/40 going into the deal.
The day we sign, I suspect that our Professional piece is going to continue to
grow, and grow quite well. We are in very good positions and we have
opportunities to grow globally as primarily a US-based business, so we have an
opportunity to grow globally. I don&#146;t think they are going to be able to sit
back and maintain a 60/40 relationship, and it is always good to have a bit of
friendly competition of who is going to be the largest within the unit. I am
sure Jim Smith and Devin will have some fun!&#160;&#160;
The way I look at it right now, I think Professional tends to be more
profitable, so Devin has his work cut out to match that.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The other side is pleased. Don&#146;t forget our strategy. We
have been working on this for 10 years. Geoff and I have worked very closely. We
wanted to become a global leader. We didn&#146;t necessarily want to be the largest,
but we want to be the global leader in the information service industry, in
certain markets, financial as well. Legal is one, Healthcare, Scientific,
obviously Tax &amp; Accounting. This was a great opportunity. Our whole company
fully understood that. Our senior management and players of our company knew
exactly what our vision is, what our mission is, what we are trying to
accomplish, what our strategy is. This was just a great opportunity to take
advantage of that. Obviously, as I said earlier, I am extremely pleased, and
our whole organisation is extremely excited about the possibilities coming
forward. This is still win/win for both sides, and very exciting.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">David Thomson</font></b>:&#160; I would just like to comment on this. Obviously
the people on the Professional side of our business became aware of this
transaction the same time as the market. Uniformly they are tremendously
excited to be able to go forward and grow this business under such a strong
brand and banner as Thomson-Reuters. Over the years, we have done more than
enough explaining about what the Thomson Corporation was really all about,
especially outside North America where it is not as well understood, but the
opportunity to grow globally under this banner has created nothing but
excitement.</p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>

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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Andrea O&#146;Keefe (JP Morgan)</font></b>:&#160; I just have one question which is, do I
understand Page 6 correctly on the Board structure, where you have 15
directors, of which 14 look to be non-executive, and Tom. If that is correct,
how will the non-execs and effectively the operating Board underneath stay in
contact?&#160; Really, how does the whole
corporate governance structure work with the structure you are proposing?</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Niall FitzGerald</font></b>:&#160; We have thought about this very carefully. The
crafting of the Board, of which these are simply the proportions &#150; there are no
names there, other than of course David as Chairman, and Geoff and I as Deputy
Chairmen. I will take the role of senior independent director. That structure
is a more typically North American structure than a European structure, than a
UK structure, with for the moment, just the Chief Executive on the Board.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If one were to put together the best in class from
both, I think we will have a very powerful Board, very experienced directors,
who indeed are experienced at staying in touch with their management, and who
themselves with their various backgrounds, experienced businessmen and
experienced wider operators. I think we will have a very good governance
structure. I think it will be a governance structure which is appropriate to
what is essentially a hybrid, mid-Atlantic business. It has been one of the issues
when we had the discussions with the Founders Share Company, for instance, that
they were exercised about understanding how the governance would work, and in
describing it, that was one of several elements that persuaded them that this
was good reassurance to them as to how the business would run in the future and
sustain the values of the Founders Share Company. I feel very positive that we
will have a governance structure, which will probably be unique in one respect,
and may be a benchmark for people in another respect.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">David Thomson</font></b>:&#160; I think another thing, Niall, to get a chance
to look at this, no doubt, that this is a factor of the governance structure in
which Thomson has operated under historically. We have more of a North American
style Board where in our case we have two executives, Bob and [Dev?], who are
on the Board;&#160; Woodbridge, as you know,
controlled 70% of that company with Board directors, and a majority, and we
have always had a majority of independent outside directors, because we really
benefit from having that input. If we thought there were any governance issues
with respect to that structure, we probably would have addressed them at this
time, but I think we feel that is the most effective way to go forward.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Jonathan Helliwell (Cazenove)</font></b>:&#160; I am just curious, picking on something. I
think you mentioned earlier that historically US investors have not really
participated in the Thomson story. I wondered what sort of rationale you had
historically been given for why that was and whether you thought this deal
could potentially change that.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Connected to that, Thomson shares came up a little bit
on the initial statement. I wondered what initial reaction you were getting
back from non-Woodbridge shareholders with Thomson?</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Geoff Beattie</font></b>:&#160; One of the issues &#150; and you will have seen
four or five years ago, we listed on the New York Exchange &#150; we have always
been somewhat challenged by a lack of liquidity in our stock, which is not
necessarily a bad thing, because we have very loyal and long-standing Canadian
shareholders who understand and appreciate the story and are very reluctant to
give up their holding in this company. They understand our focus on the long
term and the fact that we have consistently over several decades delivered top
quartile financial performance. It is not a near-term </p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">change to the liquidity structure but, over time, as
this business grows globally, and following some of the comments people made
earlier about changes in exchange, we would expect to see greater liquidity in
the stock and a greater stake held by the minority shareholders.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With respect to your second question about reaction, I
have not really paid much attention to the short-term reaction in the market or
the movement on the stock prices. I was saying to some people earlier this
morning that Woodbridge and the Thomson Board have never traditionally focused
on worrying about or creating trading opportunities in the marketplace. We have
focused on creating value for shareholders and we shall continue to focus on
that.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Bob Daleo:</font></b>&#160; If I may add to that, in spite of what we
said to the marketplace about redeploying the funds from Thomson Learning, when
we announced the sale, some investors took a position in anticipation or hope
of getting a cash dividend. Therefore, the moment we announced that we were
true to our word that we were redeploying these funds and then some, those
investors chose to exit the stock, which accounted for some of that immediate
dip that happened in the stock.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Bob Daleo:</font></b>&#160; We weren&#146;t one of those investors, by the
way!</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Tom Glocer:</font></b>&#160; We shall take a final question over here and
then turn it over to Niall for a comment.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Madeleine King (HSBC Credit
Research):</font></b>&#160; I wonder if you could clarify a
comment you made earlier about S&amp;P. Was I correct in hearing you think you
could retain a single A- post this transaction?&#160;
Also on finance, are you looking for the bond markets to fund some of
this deal and, if so, will you wait for the completion or is it likely to be
before then?</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Bob Daleo:</font></b>&#160; That is a heck of a question. I did not mean
to imply that we are assured of an A-. The difference between an A- and a BBB+
in terms of debt cost is marginal. What we shall do is structure the capital of
the corporation and ensure that we have maximum capability to continue to
invest and grow the business. I did not mean to imply that. Thomson Corporation
has always felt strongly about having not only a strong credit rating but also
having the capability to act or react in the marketplace as necessary. Therefore,
we shall have to weigh that in relation to the markets, and I have forgotten
the rest of the question, so would you mind repeating it?&#160; [<i>Repeats question</i>]</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In order to do that, we need to have ready financing
in place, which we have. We shall probably not go to the market in advance but
we shall wait until we do the deal. We have a bridge in place now to help us in
the interim but then we shall take that bridge, which is short term, and
convert it into long-term financing once the deal is complete.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Niall FitzGerald:</font></b>&#160; I just want to end with one comment. We have
talked a lot about the structure today, we have talked about numbers, we have
talked about financing and synergies, all of which are hugely appropriate and
important. However, in the end this combination will succeed or fail depending
upon the people. While we are here, any of you who may need reassurance with
regard to the commitment, the competence or the capacity of these combined
teams to deliver the sort of value we have talked about this morning, should
only reflect on what has happened over the last 11 days. When we were forced to
make an announcement on Friday, 4 May because of </p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">market activity, I would not have given you good odds
that we could have come to completion or announcement 11 days later. We only
got there because of a super-human, extraordinarily professional effort. Geoff
has referred to the advisers who have played a very important role, but it was
driven by the management teams on both sides. Seeing what has happened over the
past 11 days and then projecting forward, I have not the slightest iota of
doubt that they will deliver the value we have talked about this morning and, with
a little following wind, much more. Thank you very much.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">-&#160;
Ends&#160; -</font></i></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">****</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CAUTIONARY NOTE CONCERNING FACTORS THAT MAY
AFFECT FUTURE RESULTS</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This presentation includes forward-looking
statements, such as Thomson&#146;s and Reuters&#146; beliefs and expectations regarding
the proposed combination of the two businesses. These statements are based on
certain assumptions and reflect Thomson&#146;s and Reuters&#146; current expectations.
Forward-looking statements also include statements about Thomson&#146;s and Reuters&#146;
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&#146; 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 realized. The proposed transaction is subject to
various regulatory approvals and the fulfillment 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 presentation 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&#146;s and Reuters&#146; 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&#160;
factors that could cause actual results or events to differ materially
from current expectations are discussed in Thomson&#146;s and Reuters&#146; respective
materials filed with the securities regulatory authorities in Canada, the
United Kingdom and the United States (as the case may be) from time to time
including The Thomson Corporation&#146;s 2006 Annual Report on Form 40-F and Reuters
Group PLC&#146;s 2006 Annual Report on Form 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 otherwise.</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ADDITIONAL INFORMATION</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This presentation 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&#146;s web site at
www.sec.gov, at the Canadian securities regulatory authorities&#146; web site at
www.sedar.com (in 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 F Street, N.E., Washington, D.C.
20549, US. For further information about the public reference room, call the
SEC at +1 800 732 0330.</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Non-GAAP financial measures (including pro
forma financial information)</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>This presentation contains disclosures of certain non-GAAP financial
measures. Please see the &#147;Investor Relations&#148; sections of <i>www.thomson.com </i>or <i>www.reuters.com</i> for a reconciliation of
each of these measures to the most directly comparable GAAP financial measure.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Pro forma financial amounts for 2006 included in this presentation are
derived from the published financial statements of The Thomson Corporation and
Reuters Group plc for the year ended 31 December 2006 and the first quarter
2007 results announcement of the Thomson Corporation. Thomson prepares its
financial statements under Canadian generally accepted accounting principles
(&#145;Canadian GAAP&#146;) and Reuters prepares its financial statements under
International Financial Reporting Standards (&#145;IFRS&#146;). Canadian GAAP and IFRS
differ in certain significant respects. For the purposes of this presentation,
amounts determined under Canadian GAAP and IFRS have been aggregated without
any adjustment for differences in accounting policy or application.
Accordingly, pro forma information for the combined business prepared on a
consistent basis under either Canadian GAAP or under IFRS could differ
significantly from the pro forma information presented herein.</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In addition this pro forma information does not constitute Pro Forma
Financial Information as it is defined in Article 11 of Regulation S-X of the
United States Securities and Exchange Commission.</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Both Thomson and Reuters use &#145;non-GAAP&#146; measures to provide additional
information to shareholders on the performance of their businesses. Amounts
included in this presentation for EBITDA, EBITA, free cash flow and net debt
are based on the closest similar measures reported by Thomson and Reuters.
While certain adjustments have been made to align the measures to the extent
possible using public information, there can be no assurance that those
measures are in fact comparable.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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