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<div>


<p style="margin:0pt 0pt 12.0pt 216.0pt;text-indent:-216.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FORM 425</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="42%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:42.8%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
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  <td width="57%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:57.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Filed pursuant to Rule 425 under the Securities Act
  of 1933, as amended.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="42%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:42.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="57%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:57.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
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 <tr style="page-break-inside:avoid;">
  <td width="42%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:42.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="57%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:57.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Filed by: The Thomson Corporation</font></p>
  </td>
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 <tr style="page-break-inside:avoid;">
  <td width="42%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:42.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <td width="57%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:57.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="42%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:42.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="57%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:57.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject Company: Reuters Group PLC</font></p>
  </td>
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 <tr style="page-break-inside:avoid;">
  <td width="42%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:42.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="57%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:57.2%;">
  <p style="margin:0pt 0pt .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 style="page-break-inside:avoid;">
  <td width="42%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:42.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="57%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:57.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
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 <tr style="page-break-inside:avoid;">
  <td width="42%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:42.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Note: The following is a transcript of a
  presentation given by The Thomson Corporation&nbsp;on July 26, 2007
  at&nbsp;8:30 a.m.&nbsp;ET. The filing of this transcript under Rule 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 style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THE
THOMSON CORPORATION</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECOND-QUARTER 2007 CONFERENCE CALL</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">JULY 26, 2007; 8:30 a.m. ET</font></b></p>

<div style="border:none;border-top:solid #003399 1.0pt;padding:3.0pt 0pt 0pt 0pt;">

<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operator</font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Ladies and gentlemen,
thank you for standing by and welcome to the Thomson second-quarter 2007
conference call. At this time all participants are in a listen-only mode. Later
we will conduct a question-and-answer session. (OPERATOR INSTRUCTIONS). As a reminder,
this conference call will be recorded.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">I would now like to turn
the conference over to our host, Vice President Investor Relations, Mr. Frank
Golden. Please go ahead, sir.</font></b></p>

<div style="border:none;border-top:solid #003399 1.0pt;padding:3.0pt 0pt 0pt 0pt;">

<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Frank Golden <i>&#160;</i>&#151;<i>
Thomson Corporation - VP-Investor Relations</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Thanks very much and
good morning. I would like to welcome you to Thomson Corporation&#146;s
second-quarter 2007 earnings call. Those of you listening should have a copy of
today&#146;s earnings release and related slides which are posted on our website at
www.thomson.com.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">We will begin this
morning with Dick Harrington, our President and CEO, by discussing the
second-quarter&#146;s highlights and he will provide an update on the proposed
Reuters acquisition. And he will also review the financial results for the
quarter and half year.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Bob Daleo, our CFO, will
then take us through the details of the quarterly and half-year results, and he
will review the Company&#146;s financial metrics. Bob will also provide the Company&#146;s
outlook for the remainder of the year.</font></b></p>


<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Now let me point out
that in light of the Company&#146;s proposed acquisition of Reuters Group PLC and
the UK disclosure requirements associated with providing profit related
forecasts at this time, Thomson will no longer issue or affirm operating profit
margin guidance until the closing of the transaction unless required to do so
in a circular that will be distributed to Reuters&#146; shareholders.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Now following Dick and
Bob&#146;s presentations, we will open the call for questions and I do ask that you
please limit yourself to one question each to enable us to get through as many
questions as possible. Now the following discussion contains forward-looking
statements that relate to future results and events and are based on Thomson&#146;s
current expectations. Actual results may differ materially from those currently
expected due to a number of risks and on certainties discussed in documents
that we provide to the regulatory agencies.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">This presentation also
contains disclosures of certain non-GAAP financial measures. As required by
regulatory rules, we have provided a reconciliation of each of these measures
to the most directly-comparable GAAP measure in the investor relations section
of our website, again, found at www.thomson.com.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Let me now introduce the
President and CEO of the Thomson Corporation, Dick Harrington.</font></b></p>

<div style="border:none;border-top:solid #003399 1.0pt;padding:3.0pt 0pt 0pt 0pt;">

<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dick Harrington <i>&#160;</i>&#151;<i>
Thomson Corporation - President, CEO</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Thank you, Frank. Good
morning and thank you for joining us. It has been quite an exciting few months
for the Company. We took significant strategic steps to strengthen our position
for the long-term, most notable the proposed acquisition of Reuters, and we
announced the sale of our Learning business. At the same time, we delivered
strong financial results for the quarter.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Let me walk you through
the highlights. First, the combination of Thomson and Reuters will represent
the union of two leaders and will unlock the potential of both businesses. It
is a transforming acquisition that will strengthen Thomson&#146;s position as the
premier information provider to professionals in the commercial centers of the
world. And it will bring together the complementary strengths of Reuters and
Thomson Financial, all of which will benefit both our customers and our
shareholders.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Earlier this month, we
closed the sale of Thomson Learning&#146;s Higher Education and NETg businesses and
announced the sale of Prometric. The total proceeds from these sales is
approximately $8.5 billion and net proceeds are about $7 billion after taxes
and fees. As I previously said, the sale of Thomson Learning was all about
opportunities and I can think of no greater opportunity for investing these
proceeds than the acquisition of Reuters. And finally, we continue to drive our
businesses forward, resulting in strong first-half performance. The results
reflect our successful strategy to build workflow solutions for our business
and professional customers and our ability to leverage technology platforms
across the Company to drive growth and profitability.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">As I said when we
announced the Reuters transaction in May, this combination is the next logical
step for Thomson. It is the high point of what we have been working toward for
a decade and this transaction is all about opportunity and growth. The
acquisition of Reuters is about bringing together two companies that are each
at an inflection point in their development and when combined will be stronger
than either would have been on its own.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">It is about leveraging
the Reuters brand, news service, global reach with Thomson to create new growth
opportunities. It is about combining two complementary businesses that will be
better equipped to meet our customers&#146; needs in a fast-moving, dynamic
financial market. It is about being an innovator by combining and leveraging
content and platforms to create productivity tools that help our customers
succeed not only in the financial segment, but also across Thomson&#146;s
professional businesses.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">And it is about having
an increased ability to partner, compete, and prosper. The combination will
have a positive impact on growth, margins, and free cash flow, all leading to
greater shareholder value. I am confident that we can &#151; I am confident this can
be accomplished, given the combination of two experienced management teams,
both of which have a strong track record of innovation, integration, and
delivering on business transformation programs.</font></b></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Turning to the
regulatory approval process, I am pleased to report we are making good
progress. The two companies have met with the U.S. Department of Justice, the
European Commission and the Canadian Competition Bureau. We expect to make a
formal filing in September with the European Commission. This will trigger the
Phase 1 inquiry, which is expected to take five to seven weeks. We estimate
that if a Phase 2 review is required, which is not unusual for a transaction of
this size, we could close the deal in the first quarter of next year. It is
also possible that we could close earlier. Given the complementary nature of
the businesses and the highly-competitive nature of the financial information
services industry, we remain confident that the transaction will be approved.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Let me point out that
given the transaction&#146;s dual-listed company structure, the deal is not subject
to formal Hart-Scott-Rodino antitrust process, although the Department of
Justice is conducting a review of the deal, and we expect it will be similar to
a formal HSR review. We expect the DOJ timing to be similar to the EU&#146;s.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">The integration planning
process has begun and the teams have been appointed across the companies.
Moreover, the process is well underway to ensure that we will achieve annual
run rate synergies in excess of $500 million within 36 months of closing, as we
outlined at the time of the announcement.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Importantly, while this
work is going on, Thomson professional businesses continue to focus on serving
their customers, growing their businesses, and making tactical acquisitions as
necessary to strengthen and enhance their product offerings and market
position. It is business as usual.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Let me now turn to the
financial results for the quarter, which were good from top to bottom. Top-line
growth, profitability, and earnings were all up substantially from the prior
period. After posting 6% organic growth in the first quarter, we continued that
momentum. This is the direct result of our success in building workflow
solutions and investing in technology platforms that are used across the
Company to drive growth and profitability.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Revenue for the quarter
was up 10%, excluding exchange. The Legal and Tax and Accounting businesses each
had a very strong quarter, though every segment contributed. Importantly,
nearly 85% of revenue was derived from Electronic Solutions, Software, and
Services, which grew 13%, and recurring revenue was over 80% of total revenue.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Strong revenue growth,
solid flow-through in the businesses and greater efficiencies were the primary
reason for a 15% increase in operating profit. This is after accounting for $29
million of THOMSONplus and Reuters transition cost. Excluding these costs from
both periods, operating profit increased 20%. And adjusted earnings for the
quarter were up 21%. Given the results for the first six months of the year and
the continuing strong business performance and the business environment, we are
well-positioned as we enter the second half.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">So in conclusion, let me
reiterate how pleased we are with the steps we took during the quarter to
enhance the growth profile of Thomson and position the Company to create
significant value for shareholders over the long-term. The successful sale of
Learning has provided us with a great opportunity to redeploy capital in a
faster-growing business and to see the opportunity to strengthen our position
as the premier information provider to professionals worldwide.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">In the meantime, as we
work toward obtaining regulatory approvals for the Reuters transaction, I am
very encouraged by our strong first-half performance. Demand for our electronic
solutions continue to be strong across our businesses, driving revenue growth,
while efficiency initiatives are facilitating higher margins and greater
effectiveness across the Company.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">I also expect a
combination of Thomson-Reuters will result in higher growth and profitability.
Our expanded global footprint will present us with an opportunity to leverage
our content, platforms and talent across all of our businesses, thereby
benefiting our customers, employees, and shareholders.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Let me now introduce Bob
Daleo to go over the financials.</font></b></p>


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<p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bob
Daleo <i>&#160;</i>&#151;<i>
Thomson Corporation - EVP, CFO</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Thank you, Dick, and
good morning, everyone. As Dick mentioned, it has truly been a transformational
few months for the Thomson Corporation with the sale of our Learning division
and the proposed acquisition of Reuters. I also want to share with you how
excited I am about this powerful combination of Thomson and Reuters. I can&#146;t
over emphasize the great complementarity between our businesses from so many
perspectives &#151; our business approach, our culture, our products, and geography.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">However, as the
acquisition winds its way through the regulatory approval process, we still
have a business to run, so I will begin by reviewing the second quarter
results, including the results for each of our five business segments and
corporate. Also I will discuss the progress we continue to make and provide some
highlights on THOMSONplus and review some of our key performance metrics. I
will close by providing an update on how we are tracking as compared to the
2007 outlook we provided on our last call period.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Following on Frank&#146;s
comments in the introduction, we are now in the offer period with Reuters. This
means there are certain UK legal restrictions that prevent us from being as
open as you and we would like to be in regard to the outlook and our targets.
And so I thank you for your understanding on this in advance.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Before I begin with a
consolidated financials, let me point out that one small regulatory business
Fakta in Sweden was moved to discontinued operations this quarter, which
generated just $10 million of revenue and $1 million in EBITDA last year.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Now for continuing
operations, second quarter revenue growth was 11% &#151; 6% organic, 4% from
acquisitions, and 1% foreign exchange. Operating profit rose 15% and the
operating margin improving 70 basis points. These increases were particularly
gratifying, given that we incurred $27 million of THOMSONplus expenses, versus
$12 million a year ago, and an additional $2 million of Reuters
acquisition-related costs in the quarter. Excluding these one-time expenses,
underlying operating profit grew 20% and the margin increased by 160 basis
points. As was true in the first quarter, there will be consistent theme in
today&#146;s presentation of margin expansion across our businesses resulting from
the flow-through of healthy organic revenue growth and savings resulting from
our efficiency programs.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">I will now discuss the
second quarter results for each of the five business segments, starting with
Legal. Our Legal segment had another strong quarter of revenue growth and
operating profit and as well as the first half of the year. Revenue grew 9% &#151; 6%
organic, 2% from acquisitions, and 1% from exchange. Online revenue increased
by 10%, almost entirely organic, and was one of the driven by U.S. Westlaw,
which has now grown at least 8% organically for nine consecutive quarters. U.S.
Westlaw growth is also benefiting from the success of the Litigator suite of
products, which grew 33% in the quarter. In addition, international online grew
18%, led by UK Westlaw.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Now as you know, we have
had great success with our Westlaw Litigator product targeted to litigation
attorneys and as part of our strategy to develop workflow solutions for
specific practices and law firms, this month we launched Westlaw Business, a
web-based legal research and workflow solution built specifically for the business
or transaction law market. We estimate this business law market represents
one-quarter of the $200 billion per year law firms bill their clients, which
represents another promising organic growth opportunity for West.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Software and Services
revenue in the quarter grew by 16%, 11% organic, led by the continued success
of FindLaw, which grew nearly 30%. Print and CD were flat versus the prior year
and represented 31% of total revenue. Operating profit for the quarter grew 16%
and the margin increased 190 basis points based on revenue flow-through and
efficiency initiatives. Year-to-date revenue is up 10%, operating profit up
16%, and the operating profit margin is up 180 basis points to 31.5%.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Thomson Financial
delivered another good quarter, with revenue up 8% &#151; 4% organic, 2% from
acquisitions, and 2% from exchange. The core Solutions businesses, Investment
Management, Investment Banking, and Corporate Services, achieved combined
growth of 6% in the quarter. Our transactional and trading platforms continue to
show solid results, led by Omgeo, TF&#146;s straight-through processing business,
which was up 18% in the quarter. TradeWeb</font></b></p>


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<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">grew 2% and continues to
be impacted by declines in U.S. Treasury trading volume, which fell 13% versus
a year ago. Enterprise Solutions achieved strong organic growth of nearly 20%
in the quarter.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">The International
operations excluding exchange performed well, with Europe up 13%, of which 5%
was organic, and Asia up 21%, of which 16% was organic. These figures reflect
the expanded capabilities in these markets and the success of new localized
solutions, such as a Japanese language version of ThomsonONE investment
management. Overall, we continue to migrate clients to ThomsonONE desktops,
which are up over 18% from a year ago.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Segment operating profit
grew 15% and the margin rose 130 basis points. Year-to-date revenue is up 8%
and operating profit has grown 17%, leading to 150 basis point margin
improvement. This continues a positive trajectory for TF, which has grown
operating profit margins by approximately 500 basis points over the last five
years.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Tax and Accounting&#146;s
strong growth accelerated in the second quarter, with revenue up 23%, of which
15% was organic. Organic revenue growth is being driven by solid performances
across all three of their businesses. Research and Guidance was up 10%, all
organic. Professional Software and Services was up 18%, all organic. And
Corporate Software and Services was up 38%, of which 20% was organic.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Checkpoint continues to
drive growth in online revenues, increasing 30% in the quarter and marking the
18th consecutive quarter of at least 15% organic growth. Segment operating
profit was up 41% and the margin rose over 250 basis points due to significant
revenue growth and the benefits of efficiency programs. Year-to-date revenue is
up 18% and a 33% increase in operating profit has led to margin expansion in
excess of 250 basis points.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Now we are highly
encouraged by the first six months of 2007, but keep in mind that the Tax and
Accounting segment is a seasonal business, with over one-third of its annual
revenue and over 50% of its operating profit historically generated in the
fourth quarter, which is the U.S. tax season.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Scientific revenues are
up 6% for the quarter &#151; 1% organic, 3% acquisition, and 2% foreign exchange. In
Information Solutions, which comprised more than half of the revenue for the
business, was up 8%. Software and Services, which is about 10% of the revenue,
was up 31%, 10% of that was organic, and was driven by the ScholarOne acquisition
last year. However the Legacy print and online businesses, which represent over
one-third of the business, were down by 5% for the quarter.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Organic revenue growth
was also impacted by the negative impact of translation-related exchange, which
we have in this business, and a difficult comparison to the prior year due to
one-time revenue benefits there.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Operating profit
increased 15%, with the margin expanding 230 basis points, due to higher
revenues and efficiency initiatives. Year-to-date revenue has increased 7%,
operating profit is up 18%, and the operating margin has increased 250 basis
points.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Healthcare revenue
increased 43% in the second quarter, largely driven by Solucient and other
smaller acquisitions, which contributed 38% of the growth, with the remaining
5% coming from organic. Now, Solucient is tracking on our expectations are
represents an important foundation to our Healthcare strategy. The Payer
segment of Healthcare, which is our Medstat business, comprises one third of
the revenues and was up 10%, reflecting new contract growth. Clinical Decision
Support, which represented by Micromedex, Mercury MD, and PDR, represent about
37% of the revenues of the business, were up in total 10% in part reflecting
timing of a supplemental release of PDR, which last year, occurred in the
second quarter.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Segment operating profit
increased 50%, albeit off of a small base. Year-to-date Healthcare revenues
were up 42%, operating profit is up 30%, while the margin has declined 60 basis
points, again, off of a small base. Note that the Healthcare is a very seasonal
business, with over 70% of operating profit historically earned in the fourth
quarter of the business.</font></b></p>


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<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Now let me discuss
Corporate costs. For the quarter, Corporate costs total $72 million, up $22 million
from the prior year. The $22 million increase consists of $15 million related
to THOMSONplus, $5 million related to corporate expenses, and $2 million of
Reuters acquisition-related costs.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">For the quarter,
THOMSONplus and Reuters-related costs were $29 million versus $12 million in
the prior period. As I discussed on our first quarter call, the organizational
realignment implemented at the end of last year resulted in the elimination of
some costs and the transfer of other costs to Corporate that had previously
been in the businesses. These changes also contributed to the increase in this
quarter and the year-to-date Corporate costs.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">For the first six
months, total corporate costs were $163 million, with $63 million related to
THOMSONplus and Reuters-related costs. For the full year, we estimate these
cost to be representative run rate.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">With that, let me now
give you an update on THOMSONplus. Last year during our second quarter call, we
explained what we were aiming to achieve with the THOMSONplus initiatives. The
success of this is already being realized across the business and the program
remains firmly on track to deliver on our original expectations. As of the end
of the second quarter, the annual run rate savings generated by THOMSONplus was
$65 million and the actual savings year-to-date are $23 million. By the end of
2008, we continue to expect run rate savings of $150 million.
THOMSONplus-related expenses for the first half of the year were $61 million
and we continue to estimate that we will spend approximately $100 million for
the full year.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Some of the
accomplishments for THOMSONplus to date include a significant movement of labor
to low-cost centers. We now have approximately 550 employees in Hyderabad and
Chennai, India performing work across a variety of functions. Also, 75% of our
revenue base is now on SAP financials, including the Financial group, Thomson
Tax and Accounting, and North American Legal. We are working from one common
system provides transparency and flexibility while making us more efficient
organization.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">The TechPlus initiative
is also making good progress. 1600 technologists from across Thomson have been
brought together under one group, Thomson Global Technology Infrastructure,
which is focused reducing overlap and duplication, taking advantage of scale
across the Company, implementing centers of excellence, and improving quality
and consistency across all operations. Our CustomerPlus initiatives include
moving to state-of-the-art processes and deploy new customer care technologies
in all of Thomson&#146;s call centers to ensure high-quality and consistent customer
experience.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">The benefits associated
with TechPlus and CustomerPlus initiatives are expected to be realized in the
second half of this year and through 2008. Our achievements to date have been
encouraging and I look forward to updating you in the future on our continued
progress.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Now as you know, we
employ a number of metrics to monitor our performance, which we believe are
essential to driving shareholder value. And these are included in our
compensation programs, such as revenue, operating income, free cash flow, and
return on invested capital.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">First, let me touch on
some of our key revenue metrics, which continue to exhibit favorable trends.
Year-to-date, we have achieved solid growth across each of our segments, with
revenue up 11%. On an organic basis, revenue has increased 6%, which was led by
the strong performance of Legal and the Tax-Accounting segments. Electronic
Software and Services comprised nearly 85% of our total revenues and have grown
13%. And finally, recurring revenue represented over 80% of our revenue through
the first half.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">As noted within our
business segments, revenue growth and efficiency programs largely related to
THOMSONplus have led to margin expansion across the organization. Prior to
adjustments, our first-half margin increased 20 basis points. However,
adjusting for the $63 million in THOMSONplus and Reuters acquisition-related
costs in the first half and the $19 million last year, operating margins
actually increased 140 basis points. The margin improvements we continue to
realize are directly reflective of the highly-leverageable nature of our
business model.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">For the quarter, free
cash flow was $226 million versus $315 million last year. However, there are
several one-time factors that are making strong underlying &#151; that mask our
strong underlying free cash flow. First, discontinued</font></b></p>


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<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">operations, which is
largely Thomson Learning, recorded negative free cash flow of $115 million for
the quarter versus $38 million last year. Second, the settlement of a lawsuit
by our Legal business resulted in a $36 million cash payment. And finally, we
incurred $25 million of cash costs in the quarter related to THOMSONplus versus
just $12 million a year ago.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">And after adjusting for
these one-time items, underlying free cash flow showed strong improvement,
increasing 10% in the quarter and 14% year-to-date. We are confident that
cash-generating capabilities of the business and we expect 2007 to be another
strong year.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Earnings attributable to
common shares were $375 million compared to $171 million in the prior year.
Adjusted earnings were $254 million, or 21% higher than last year. Adjustments
in the quarter include removing the impact of discontinued operations, which
includes Thomson Learning, tax benefits of $14 million related to the sale of
Thomson Learning, the normalization of our tax rate and the costs associated
with the Reuters transaction. After adjusting for all these items, earnings per
share rose 18% to $0.39 from $0.33 a year ago.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">As Frank mentioned at
the outset, due to the UK disclosure requirements associated with providing
profit-related forecasts, at this time Thomson will no longer issue or affirm
operating profit margin guidance until the closing of the acquisition, unless
required to do so in a circular that will be distributed to Reuters
shareholders.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Our 2007 outlook for
revenue, free cash flow, capital expenditures as the percentage of revenue, and
depreciation and amortization, and effective tax all remain unchanged from that
provided on our first quarter call. I will highlight two points. First, we
continue to believe that revenue growth will finish at the high end of our
long-term revenue growth goal of 7% to 9%. And second, although our effective
tax rate through six months is around 16%, we estimate that our full-year rate
will be closer to 20%.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">In summary, Thomson
performed well for the first six months of the year. The business is driving
top-line growth, profitability, and earnings, all up substantially over the
prior period. And there is good momentum within our operations as we enter the
second half. The sale of Learning realized substantial value for our
shareholders and we&#146;re planning to reinvest the proceeds to drive future growth
through the acquisition of Reuters.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">It is an exciting time
to be a Thomson and our interaction to date has only serve to deepen our
admiration for the Reuters business and its people. As Dick mentioned, the
Reuters integration planning and antitrust review processes are now under way
and progressing well. In fact, given the work that has been accomplished thus
far, I am confident that we can achieve annual run rate savings estimated to be
in excess of $500 million within the 36 months of closing.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">However, I will remind
you these synergies will help pay for the deal. It is the growth opportunities
that we foresee resulting from this powerful combination that we are confident
will create significant value for both Thomson and Reuters shareholders. And
while we are working hard to ensure the proposed acquisition of Reuters closes
in a timely manner, we remain very focused on our business, evident by the
success achieved in the second quarter on both the top and bottom lines.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">And with that, let me
turn it back to Frank.</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Frank Golden <i>&#160;</i>&#151;<i> Thomson Corporation - VP-Investor Relations</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Thanks very much, Bob,
and we would like to open it up for questions now.</font></b></p>


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<p style="color:#6B9915;font-weight:bold;letter-spacing:2.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-transform:uppercase;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-transform:none;">QUESTION AND ANSWER</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operator</font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Thank you, sir.
(OPERATOR INSTRUCTIONS). Drew McReynolds, RBC Capital Markets.</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Drew McReynolds <i>&#160;</i>&#151;<i>
RBC Capital Markets - Analyst</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Thanks. Good morning.</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dick Harrington <i>&#160;</i>&#151;<i>
Thomson Corporation - President, CEO</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Good morning, Drew.</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Drew McReynolds <i>&#160;</i>&#151;<i>
RBC Capital Markets - Analyst</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Just four questions
today, I will just do one by one, here. First, just in terms of your Thomson
Financial business, what is the overall impact, in broad strokes, of the backup
in bond yields we are seeing, the tightening credit cycle, the mortgage market
in the U.S.? Are there specific areas where you are affected by that?</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bob Daleo <i>&#160;</i>&#151;<i>
Thomson Corporation - EVP, CFO</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Particularly, Drew in
TradeWeb. That is where we have our fixed income business and as interest rates
affect the perspective on treasuries and on lending in general, it tends to
tighten the market a bit and since our business is driven really by trade
volume, it is a direct impact there in transactions. That is why we reported 2%
revenue growth this quarter and, indeed, have had seen for the past four or
five quarters a significant slowdown in growth.</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Drew McReynolds <i>&#160;</i>&#151;<i>
RBC Capital Markets - Analyst</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Okay and would you
disclose what contribution TradeWeb is to Thomson Financial overall?</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dick Harrington <i>&#160;</i>&#151;<i>
Thomson Corporation - President, CEO</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Well, fixed income at
Thomson Financial, overall, is about over $200 million.</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bob Daleo <i>&#160;</i>&#151;<i>
Thomson Corporation - EVP, CFO</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">I was going to say about
10% of the business.</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Drew McReynolds <i>&#160;</i>&#151;<i>
RBC Capital Markets - Analyst</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Okay. That&#146;s great.
Thank you. Second question just on Checkpoint and within the Tax and Accounting
division, obviously very, very good growth there. Just remind us where is
Checkpoint in terms of penetration of the market?</font></b></p>


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<p style="line-height:1.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

<div style="border:none;border-top:solid #003399 1.0pt;padding:3.0pt 0pt 0pt 0pt;">

<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unidentified Company Representative</font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Drew, it&#146;s (inaudible)
first of all, if you look at it from an electronic point of view, it has &#151; it probably
exceeds 50% market share, but there is still a large print version in that
particular market. We have a smaller version &#151; smaller market share in print
and a higher market share in electronic.</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Drew McReynolds <i>&#160;</i>&#151;<i>
RBC Capital Markets - Analyst</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Okay. Thank you. Just
the third question, here, if I look at the organic growth in the Scientific
division, obviously high percentage of recurring revenues, high percentage of
Electronic revenues. We did 4% growth in Q1, 1% growth in Q2 &#151; excuse me, just
have a cold here &#151; can you just explain why sequentially we withdraw from four
to 1% just, again, in broad strokes, here?</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bob Daleo <i>&#160;</i>&#151;<i>
Thomson Corporation - EVP, CFO</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Apparently, Drew, this
is a business that is actually two businesses. It is a high-growth solutions
segment, which is actually growing at &#151; as I said, we&#146;ve got two-thirds of the
business growing at about 8% and you have got one-third that is actually
declining about 5%. The biggest part of that decline in Legacy is a business
which is Dialog, which is a platform, or an aggregator of content across a
market and just like all aggregators at this point as the technology moves to
the desktop and away from the librarian, you see a decline in usage.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">And Dialog is, just like
other aggregators, suffering in that regard. It is a big part of the business
and this quarter it was a larger decline than the previous quarter. And also
there is another impact here that the comparison to a year ago is a little bit
tougher in this quarter. Last year at this time, they grew 8% and some of that
was one-time revenues of back-year sales.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">And then the third part
of it, too, and that this business does experience transaction, actually
transaction impact to revenues because they are a sterling-based business and
many of &#151; it is a global business &#151; many of their customers are in the U.S. and
they pay in dollars. So they have had a negative impact of that. If you take
all of those things out, the core business is growing &#151; it is about an 8%
growth business.</font></b></p>

<div style="border:none;border-top:solid #003399 1.0pt;padding:3.0pt 0pt 0pt 0pt;">

<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Drew McReynolds <i>&#160;</i>&#151;<i>
RBC Capital Markets - Analyst</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Okay that&#146;s great. And
just a final question here, housekeeping more than anything, on the core
corporate cost, I think last quarter you indicated something in the 55 to 60
million run rate range per quarter. Obviously a little lower this quarter. Just
wondering if there has been any change there in your run rate of core corporate
costs going forward?</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bob Daleo <i>&#160;</i>&#151;<i>
Thomson Corporation - EVP, CFO</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Well as I said, I think
that the costs that we have in the first year &#151; first half of the year are
representative of what we think we will do for the full year, so maybe a little
bit higher than we gave guidance on in the first quarter.</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Drew McReynolds <i>&#160;</i>&#151;<i>
RBC Capital Markets - Analyst</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Okay. That&#146;s great.
Thanks very much.</font></b></p>


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<div>

<p style="line-height:1.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

<div style="border:none;border-top:solid #003399 1.0pt;padding:3.0pt 0pt 0pt 0pt;">

<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operator</font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Andrew Mitchell, Scotia
Capital.</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Andrew Mitchell <i>&#160;</i>&#151;<i>
Scotia Capital - Analyst</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Thanks, good morning to
all of you and thanks. Two questions. First on Financial, I was just interested
to have a little more of your input on TradeWeb&#146;s organic growth outlook and
whether you think it is going to deteriorate further before it recovers or are
you expanding into enough new product arenas to view the weakness as a
relatively short-term challenge? And then secondly, I wondered if you could
clarify the potential earnout on the recent Learning transaction. That&#146;s it.</font></b></p>

<div style="border:none;border-top:solid #003399 1.0pt;padding:3.0pt 0pt 0pt 0pt;">

<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bob Daleo <i>&#160;</i>&#151;<i>
Thomson Corporation - EVP, CFO</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">I will answer the second
one and Dick will answer the first one on TradeWeb. I guess I am not
questioning the earnout on the recent &#151; I don&#146;t &#151; we don&#146;t &#151; we are getting
cash for all these businesses, there are no associated earnout. I must be
misunderstanding.</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Andrew Mitchell <i>&#160;</i>&#151;<i>
Scotia Capital - Analyst</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">I think on the
Prometric, unless I misunderstood &#151;</font></b></p>

<div style="border:none;border-top:solid #003399 1.0pt;padding:3.0pt 0pt 0pt 0pt;">

<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bob Daleo <i>&#160;</i>&#151;<i>
Thomson Corporation - EVP, CFO</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">It&#146;s no earnout &#151; it&#146;s
no earnout. It is $435 million and we have provided financing, a financing
package of $125 million associated with that. But it is a cash deal.</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Andrew Mitchell <i>&#160;</i>&#151;<i>
Scotia Capital - Analyst</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Okay.</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bob Daleo <i>&#160;</i>&#151;<i>
Thomson Corporation - EVP, CFO</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">And I will let Dick do &#151;</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dick Harrington <i>&#160;</i>&#151;<i>
Thomson Corporation - President, CEO</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Yes, the TradeWeb, first
of all, TradeWeb has moved into a number of other different types of securities
and so the reason why it is not negative &#151; if we adjusted the mortgage-backed
securities, etc., we would probably show negative growth, but we are showing
slight positive growth. I think it was 2% roughly for the &#151; I think it was 2%
for the quarter, might be 2% for the year also. But that is because we are
moving into other debt instruments and we are doing quite well and those are
growing well, but obviously don&#146;t have the size and scale yet to offset the
flat or slight decline in the mortgage-backed securities.</font></b></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="1" color="#003399" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>

<div style="border:none;border-top:solid #003399 1.0pt;padding:3.0pt 0pt 0pt 0pt;">

<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Andrew
Mitchell <i>&#160;</i>&#151;<i>
Scotia Capital - Analyst</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Dick, if I may, just
following up on that, when do you think you get to, as you have said before, a
bit of a tipping point where you&#146;re expanding in enough new arenas that you can
offset the weaknesses you&#146;re feeling in the core treasury business?</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dick Harrington <i>&#160;</i>&#151;<i>
Thomson Corporation - President, CEO</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">I think by the end of
this year going into next year, I think they should you &#151; I think you&#146;ll start
to see that tick up as we have seen in other businesses. But there is no
overnight on this. Obviously, what we are trying to do is have continued
growth, but &#151; and they get back to a 5% growth level hopefully within the next
18 months.</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Andrew Mitchell <i>&#160;</i>&#151;<i>
Scotia Capital - Analyst</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Thank you.</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Frank Golden <i>&#160;</i>&#151;<i>
Thomson Corporation - VP-Investor Relations</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">And just to clarify a
point there, Andrew, we have seen good growth in mortgage-backed securities. As
Bob had mentioned, the decline was on the treasury side.</font></b></p>

<div style="border:none;border-top:solid #003399 1.0pt;padding:3.0pt 0pt 0pt 0pt;">

<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Andrew Mitchell <i>&#160;</i>&#151;<i>
Scotia Capital - Analyst</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Great.</font></b></p>

<div style="border:none;border-top:solid #003399 1.0pt;padding:3.0pt 0pt 0pt 0pt;">

<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operator</font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Karl Choi, Merrill
Lynch.</font></b></p>

<div style="border:none;border-top:solid #003399 1.0pt;padding:3.0pt 0pt 0pt 0pt;">

<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Karl Choi <i>&#160;</i>&#151;<i>
Merrill Lynch - Analyst</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Hi, good morning. I just
wonder what steps have you taken to make sure that the Thomson Financial
employees are not distracted throughout this whole process at the same time
that your competitors cannot make inroads when you are in this transition
period? And just really quickly, how much in terms of acquisition &#151; (inaudible)
acquisition cost do you expect in the next two quarters? Thanks.</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dick Harrington <i>&#160;</i>&#151;<i>
Thomson Corporation - President, CEO</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Okay, Karl, you got cut
off. Let me repeat it and I will see if I can get it. The first question &#151; I&#146;m
sorry, we didn&#146;t hear you clearly, but the first question was obviously dealing
with Thomson Financial and what are we doing to continue to motivate the
Thomson Financial employees. And I think the way to look at it is we just got
through doing with Thomson Learning where we obviously had to make sure they
were fully motivated to make sure that they delivered on the performance of
Thomson Learning during that sales process, which you recall that took &#151; that
was a nine-month process.</font></b></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">And what we do is put in
specific &#151; we have a number of different programs from stay bonuses,
performance bonuses, deal bonuses, etc., that we cascade down through the
organization as appropriate. And we have done the same thing with Thomson Financial
to make sure that they are there.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">And the other question
&#151;.</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bob Daleo <i>&#160;</i>&#151;<i>
Thomson Corporation - EVP, CFO</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">In terms of going
forward, I think it is a little premature for me to comment on that right now,
Karl. But I would say that the $2 million of costs that we have incurred are
exactly related to what Dick just mentioned, retention and stay bonuses that we
put into place at Therefore.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Right now, we&#146;re in the
process of developing our plans for integration, and really it is a little
premature for me to say what those costs will be and when they will occur.</font></b></p>

<div style="border:none;border-top:solid #003399 1.0pt;padding:3.0pt 0pt 0pt 0pt;">

<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Karl Choi <i>&#160;</i>&#151;<i>
Merrill Lynch - Analyst</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">And do you have plans to
maybe put some of your product development plans on hold pending the
acquisition?</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dick Harrington <i>&#160;</i>&#151;<i>
Thomson Corporation - President, CEO</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">The answer, Karl, I
think the key is if, as we said &#151; and I assume you are specifically talking
about Thomson Financial?</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Karl Choi <i>&#160;</i>&#151;<i>
Merrill Lynch - Analyst</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Correct, yes.</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dick Harrington <i>&#160;</i>&#151;<i>
Thomson Corporation - President, CEO</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Yes. No, I think as we
said in this transaction, it is a very complementary transaction. There is very
little overlap, so we will obviously continue to develop products and services
and continue to make acquisitions as they make sense.</font></b></p>

<div style="border:none;border-top:solid #003399 1.0pt;padding:3.0pt 0pt 0pt 0pt;">

<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Karl Choi <i>&#160;</i>&#151;<i>
Merrill Lynch - Analyst</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Great, thank you.</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operator</font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Tim Casey, BMO Capital
Markets.</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tim Casey <i>&#160;</i>&#151;<i>
BMO Capital Markets - Analyst</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Thanks, good morning.
There is still some confusion out there regarding your exposure to the subprime
woes and credit tightening. Can you confirm when or if you have already
received the proceeds from the textbook sale?</font></b></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="1" color="#003399" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>

<div style="border:none;border-top:solid #003399 1.0pt;padding:3.0pt 0pt 0pt 0pt;">

<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dick Harrington <i>&#160;</i>&#151;<i>
Thomson Corporation - President, CEO</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Oh, yes, I&#146;m sorry. I
thought you were talking about TF again. I was a little confused. No, no, we
have received the proceeds; July 5 it closed. The noise that was going on in
the market had actually nothing to do with the Thomson Corporation. It was
obviously the acquirer of Thomson Learning, but they have been able to finance
that deal successfully and we have received all the proceeds.</font></b></p>

<div style="border:none;border-top:solid #003399 1.0pt;padding:3.0pt 0pt 0pt 0pt;">

<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tim Casey <i>&#160;</i>&#151;<i>
BMO Capital Markets - Analyst</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Thank you.</font></b></p>

<div style="border:none;border-top:solid #003399 1.0pt;padding:3.0pt 0pt 0pt 0pt;">

<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operator</font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Vince Valentini, TD
Newcrest.</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vince Valentini <i>&#160;</i>&#151;<i>
TD Newcrest - Analyst</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Thanks very much. A
couple of little things. First the revenue guidance for the year of 7% to 9%,
obviously you have already done 10% in the first half. Is that just you have a
long-term target, you don&#146;t like to budge from that, or are you sort of
explicitly guiding that revenue growth will decelerate in the second half of
the year in order to get down to 9% or less?</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bob Daleo <i>&#160;</i>&#151;<i>
Thomson Corporation - EVP, CFO</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Well, a couple of
points. First of all, the majority of our revenues do come in the second half
of the year. Second of all, that part of that 7% to 9%, remember it is organic
growth and it is acquisitions. And some of the acquisitions are a carryover of
what we did last year. So you are going to see less of a contribution from
acquisitions going forward, and those are really the two reasons why we&#146;d say
that we are sticking with 7% to 9%. But we have said the high end of that range.</font></b></p>

<div style="border:none;border-top:solid #003399 1.0pt;padding:3.0pt 0pt 0pt 0pt;">

<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dick Harrington <i>&#160;</i>&#151;<i>
Thomson Corporation - President, CEO</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">But, Vince, at the same
time don&#146;t forget our 7% to 9%, as you stated earlier, is a long-term target
and we look at that over a business cycle.</font></b></p>

<div style="border:none;border-top:solid #003399 1.0pt;padding:3.0pt 0pt 0pt 0pt;">

<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vince Valentini <i>&#160;</i>&#151;<i>
TD Newcrest - Analyst</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Okay. That&#146;s fair
enough. And the second thing is related to the Reuters transaction, I think it
is still a reasonably early stage in your discussions with all the relevant
regulatory bodies, but at this point can you give us any sense of any potential
divestitures? Is it still the position you expect to keep 100% or at this point
is there some signal from any of those bodies that there may have to be some
small divestitures to get this done?</font></b></p>

<div style="border:none;border-top:solid #003399 1.0pt;padding:3.0pt 0pt 0pt 0pt;">

<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dick Harrington <i>&#160;</i>&#151;<i>
Thomson Corporation - President, CEO</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">As I said &#151; as we said
earlier, we think these assets are very complementary and we are confident that
we will be able to go through the process in a normal fashion.</font></b></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="1" color="#003399" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>

<div style="border:none;border-top:solid #003399 1.0pt;padding:3.0pt 0pt 0pt 0pt;">

<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vince Valentini <i>&#160;</i>&#151;<i>
TD Newcrest - Analyst</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Okay. Thanks.</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operator</font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Peter Appert, Goldman
Sachs.</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Peter Appert <i>&#160;</i>&#151;<i>
Goldman Sachs - Analyst</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Thank you. Bob, would it
be possible to quantify the margin impact on a segment level for the cost
pullout you are bringing down to the Corporate level associated with ThomsonONE
just to give us a better sense of sort of what the margin progression is in the
businesses? And then secondly, do you have an estimate of how much of the &#151; I&#146;m
sorry, I meant to say THOMSONplus, but I said ThomsonONE &#151; how much of the
Corporate expense is permanently increase because of the THOMSONplus expenses?
In other words, could we anticipate a decline in Corporate expense in &#145;09, for
example, as the program is completed? Thanks.</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bob Daleo <i>&#160;</i>&#151;<i>
Thomson Corporation - EVP, CFO</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">I will answer the second
question first in that we have segregated the THOMSONplus costs and as we
reported to you and the vast majority, indeed, just all of that, all of those
costs will go away as the program winds down. So the $60 million that we are
spending, $100 million we are going to spend that this year, that will go away and
so you will be left with the Corporate run rate that we are talking about here.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">In terms of the
specifics of how much of the margin, I don&#146;t have that, an analysis like that
at my fingertips. I certainly know what we have done in total and we are
driving these programs across the organization and we are really measuring. As
I said in the beginning, the objective is not simply to take $150 million of
costs out, it is to drive the margins of the business. That is the way we look
at, so I think that I wouldn&#146;t want to speculate. I haven&#146;t gone through them
all to say what percentage of this is related to that.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">I think it is less
relevant. Actually, I think what really relevant is what the total Company is
doing and I think we said early on when we did this that we were targeting to
drive our operating margins up to 22% as a result of THOMSONplus. And I think
we are well on track to achieve that objective.</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dick Harrington <i>&#160;</i>&#151;<i>
Thomson Corporation - President, CEO</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">But just to follow on
Bob&#146;s answer, I think what we do do is we do look as we look at the THOMSONplus
cost and when we do our planning process, determining, obviously, what is the
flow-through of profitability from growth and what is the flow-through is
because of reduced expenses. But that is just for planning purposes, we don&#146;t &#151;
but as Bob said, once we move into the actual year, we are looking, we know
what we expect for margins and we are really driving margin growth at that
point.</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Frank Golden <i>&#160;</i>&#151;<i>
Thomson Corporation - VP-Investor Relations</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">And, Peter, just to give
you a bit more granularity on Bob&#146;s point regarding the reduction in
THOMSONplus costs, recall that last year, which still stands today, we gave you
guidance that we would spend $100 million on THOMSONplus in &#145;07, drops to $50
million next year, and then to $30 million in &#145;09.</font></b></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="1" color="#003399" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>

<div style="border:none;border-top:solid #003399 1.0pt;padding:3.0pt 0pt 0pt 0pt;">

<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Peter Appert <i>&#160;</i>&#151;<i>
Goldman Sachs - Analyst</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Got it. Very good. Thank
you.</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operator</font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Lisa Monaco, Morgan
Stanley.</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lisa Monaco <i>&#160;</i>&#151;<i>
Morgan Stanley - Analyst</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Good morning. A couple
of questions. One just on Legal, obviously the margins are very high there and
I am just trying to think about a couple years down the road, including the
impact of the THOMSONplus. Where can those margins get? And I realize you are
not coming specifically on margins, but how much more leverage can we see in
the business, if you could give us a sense for where costs can be rationalized?
And then I have two follow-ups.</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bob Daleo <i>&#160;</i>&#151;<i>
Thomson Corporation - EVP, CFO</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Lisa, I think that we
have continued to see a step improvement in the Legal group as they transition
from print to electronic and with the growth that they have had and obviously
the efficiency programs we are doing. I wouldn&#146;t comment specifically on where
we think that is going to go. I think the one of the things that we look at
very carefully is growth and it is growth that drives profitability,
ultimately. And so while we would expect to see continued improvements in the
margins, gradual improvements over time, we will always make sure that we are
reinvesting sufficiently in the business to drive that top-line growth.</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lisa Monaco <i>&#160;</i>&#151;<i>
Morgan Stanley - Analyst</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Okay. And then if, Bob,
you could just elaborate on why we should see a ramp-up in the tax rate in the
second half of the year and then if you guys could give us some sense for I
think there were some comments that you are going to continue to do tactical
acquisitions while you close the Reuters transaction. Can you give us the
magnitude of what the threshold there is? Thanks.</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bob Daleo <i>&#160;</i>&#151;<i>
Thomson Corporation - EVP, CFO</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">I will answer that
second question first and that is that we have always, you know, in thinking
about and planning for Reuters, we have always felt very strongly that we would
continue to support the professional group in every dimension that it needs.
And so the acquisitions there are more opportunistic than they are in terms of
what we planned. I think we said at times we could do three to $500 million a
year. Certainly we have the capacity to do that and to date we haven&#146;t achieved
that level primarily because we haven&#146;t seen acquisitions that make sense for
us to make those kind of investments. So I would say we certainly are
comfortable with that three to $500 million and would hope to achieve that
during this year.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">In terms of the tax
rate, the tax rate is very much dependent upon income sources across the globe
and so the tax rates that we calculate in a given quarter in part reflect where
the source of revenue profits are. And so right now, we do expect still that
given a combination of things tax loss and things like that, we do expect that
the tax rate will be closer to 20% when we get to the end of the year.</font></b></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="1" color="#003399" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>

<div style="border:none;border-top:solid #003399 1.0pt;padding:3.0pt 0pt 0pt 0pt;">

<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lisa
Monaco <i>&#160;</i>&#151;<i>
Morgan Stanley - Analyst</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Thank you.</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operator</font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Mark Braley, Deutsche
Bank.</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mark Braley <i>&#160;</i>&#151;<i>
Deutsche Bank - Analyst</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Yes, hi. Two questions,
if I can. First of all, just in Thomson Financial, obviously TradeWeb is one of
the pieces that is growing below the average. That is 2% against the 4%
organic. You gave us sort of the pieces that were growing stronger. Can you just
tell us what else is sub average in that group so we can kind of work out what
the drivers are?</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">And just to be
absolutely clear on the Learning disposal, other than the $125 million of
financing you are providing to the Prometric buyers, is there any other of the
proceeds that you either haven&#146;t received yet or where, effectively, you are
still bearing the risk?</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bob Daleo <i>&#160;</i>&#151;<i>
Thomson Corporation - EVP, CFO</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Actually, Mark, I would
emphasize we have not closed Prometric yet, so the $435 million purchase price
transaction hasn&#146;t close, so the cash there is not in yet. But other than that,
all the other cash is in the bank and invested.</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mark Braley <i>&#160;</i>&#151;<i>
Deutsche Bank - Analyst</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Excellent.</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bob Daleo <i>&#160;</i>&#151;<i>
Thomson Corporation - EVP, CFO</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">In terms of the sub
average in TF, there is another &#151; the other significant business is Retail
Wealth Management, which represents, on an annualized basis, about 25% of TF
and there, we continue to grow ThomsonONE platforms very significantly.
However, the Legacy products are declining and so if you look at that business,
that business is about flat on a year-to-date basis. And if you took those two,
those would be the significant contributors that tend to dampen down the
overall organic growth.</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mark Braley <i>&#160;</i>&#151;<i>
Deutsche Bank - Analyst</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Sounds great. Thank you
very much.</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operator</font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Sami Kassab, Exane.</font></b></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="1" color="#003399" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>

<div style="border:none;border-top:solid #003399 1.0pt;padding:3.0pt 0pt 0pt 0pt;">

<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sami
Kassab <i>&#160;</i>&#151;<i>
Exane - Analyst</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Good morning, gentlemen.
Two questions, if I may. First one, within Tax and Accounting, could you please
comment on the drivers of the organic revenue growth? Are you seeing increased
pricing power? Are you seeing retention rates going up? Are you seeing the
average spend going up? Can you give us more color on where the good growth
comes from, please, and whether you see those rates sustainable into Q3 and
especially Q4?</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dick Harrington <i>&#160;</i>&#151;<i>
Thomson Corporation - President, CEO</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">I&#146;ll start &#151; I&#146;m sorry,
Sami, do have another one?</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sami Kassab <i>&#160;</i>&#151;<i>
Exane - Analyst</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Yes, please. And
secondly, whether you could update us on your data center consolidation
projects, where are you now, how many you still have, and when do you expect
the project to be completed, please?</font></b></p>

<div style="border:none;border-top:solid #003399 1.0pt;padding:3.0pt 0pt 0pt 0pt;">

<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dick Harrington <i>&#160;</i>&#151;<i>
Thomson Corporation - President, CEO</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Let me talk to the TTA.
Maybe Bob can do the data center one. I can only tell him the answer and if I
do that (inaudible) but the one time I don&#146;t have Mike Wilens here, our CTO, in
the room actually. But if I go back to Thomson Tax and Account, first of all
Thomson Tax and Accounting has had high-single digit, double-digit growth,
quarterly growth for a number of years now. The strategy &#151; so just to go back,
without getting into individual products, we have strategies that we go after
the research and guidance area, we go after the corporate tax area, and then we
go after the accounting firm area for both for accounting information as well
as tax information. We not only provide the information in those areas, but we
provide all the software and services.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">So we have had a whole
list of holistic approach to that marketplace and so we all think of, say, the
corporate markets as income taxes, but you have income taxes, you have sales
tax, you have property tax, you have trust taxes. A lot of &#151; there is a lot of
peripheral tax-type products and services that are in that market and we have
been building &#151; we have been doing both build and buy. We have been building
out some of these areas and we have been doing some small acquisitions and then
growing them in that area so that we can create a full suite of products for
the corporate, for the accounting firm sector, and for, obviously, research and
guidance.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">And that is what is
really driving the growth. And that is what is driving the growth of that and
we think that obviously we have built a good platform and we know that market
quite well. And we expect to continue that growth going forward.</font></b></p>

<div style="border:none;border-top:solid #003399 1.0pt;padding:3.0pt 0pt 0pt 0pt;">

<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sami Kassab <i>&#160;</i>&#151;<i>
Exane - Analyst</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Thank you.</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Frank Golden <i>&#160;</i>&#151;<i>
Thomson Corporation - VP-Investor Relations</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">And regarding the data
center consolidation, we have a surprise guest, Mike Wilens, who just joined
us. So we will kick that to Mike.</font></b></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="1" color="#003399" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bob
Daleo <i>&#160;</i>&#151;<i>
Thomson Corporation - EVP, CFO</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Somebody went and got
him.</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mike
Wilens <i>&#160;</i>&#151;<i>
Thomson Corporation - EVP, CTO</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">I was listening on the
webcast.</font></b></p>

<div style="border:none;border-top:solid #003399 1.0pt;padding:3.0pt 0pt 0pt 0pt;">

<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dick Harrington <i>&#160;</i>&#151;<i>
Thomson Corporation - President, CEO</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Oh, good. Very good.</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mike Wilens <i>&#160;</i>&#151;<i>
Thomson Corporation - EVP, CTO</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Technology, you know.
Anyway, we have made a lot of progress during the first six months of 2007 in
consolidating the data centers. We will achieve probably three-quarters of the
run rate savings we were seeking by the end of the year in doing that.
Obviously the Reuters acquisition will change the trajectory a little bit in
2008, but that remains to be seen as we go through the integration process. So
net-net, we are in good shape. That would have been over first quarter of 2008,
but we will see where it goes from here.</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operator</font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">And Mr. Golden, we have
no further questions in queue, sir. Please continue.</font></b></p>

<div style="border:none;border-top:solid #003399 1.0pt;padding:3.0pt 0pt 0pt 0pt;">

<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Frank Golden <i>&#160;</i>&#151;<i>
Thomson Corporation - VP-Investor Relations</i></font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Okay. Very good. Well
then that will conclude our call. Thanks everyone for joining us today. If you
have any follow-up questions, feel free to contact myself or my colleague Mike
Goddard. Thanks.</font></b></p>

<div style="border:none;border-top:solid #003399 1.0pt;padding:3.0pt 0pt 0pt 0pt;">

<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0pt 12.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operator</font></b></p>

</div>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Ladies and gentlemen,
this conference will be available for replay starting today, July 26, 2007, at
12 p.m. and ending August 2 at midnight. You may access the AT&amp;T replay
service at any time by dialing 1-800-475-6701 and entering the access code of
880107. International participants, please dial area code 320-365-3844. Those
numbers once again are 1-800-475-6701 and 320-365-3844 with the access code of
880107.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">That does conclude our
teleconference call for this morning. Thank you very much for your
participation as well as for using the AT&amp;T Executive Teleconference
service. You may now disconnect.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CAUTIONARY
NOTE CONCERNING FACTORS THAT MAY AFFECT FUTURE RESULTS</font></u></b></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This
presentation, in particular the discussion of the proposed acquisition of
Reuters Group PLC and remarks related to Thomson&#146;s outlook and prospects,
includes forward-looking statements, such as Thomson&#146;s beliefs and expectations
regarding its financial performance in 2007.&#160;
These statements are based on certain assumptions and reflect Thomson&#146;s
current expectations.&#160; Forward-looking
statements also include statements about Thomson&#146;s beliefs and expectations
related to its ability to deliver continued growth and profitability, its
enhancement of Thomson&#146;s growth profile and creation of shareholder value
through recent transactions, its anticipated run-rate</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">savings
related to THOMSON<i>plus, </i>its
beliefs about the benefits to shareholders and customers of the combined
Thomson-Reuters business after the deal closes and that the combined business
will deliver faster growth and higher profitability.&#160; While Thomson believes that the proposed
transaction with Reuters Group PLC will be approved by antitrust/competition
authorities, there can be no assurance that the required approvals will be
obtained, how long it will take to obtain such approvals or what conditions, if
any, such authorities may impose. 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 Reuters 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 after the transaction closes; and the
diversion of management time on proposed transaction-related issues. Additional
factors that could cause actual results or events to differ materially from
current expectations are discussed in Thomson&#146;s materials filed with the
securities regulatory authorities in Canada and the United States from time to
time, including Thomson&#146;s latest annual information form, which is also
contained in its most recent annual report on Form 40-F filed with the US
Securities and Exchange Commission (SEC).&#160;
Any forward-looking statements made by or on behalf of Thomson speak
only as of the date they are made.&#160;
Thomson disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise, other than as required by law.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ADDITIONAL
INFORMATION</font></u></b></p>

<p style="margin:0pt 0pt 12.0pt;"><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.&#160; Following satisfaction or waiver of the
pre-conditions to the proposed Reuters transaction, documents relating to the
proposed transaction will be furnished to or filed with the SEC.&#160; 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 website at <i>www.sec.gov</i>, at the Canadian securities
regulatory authorities&#146; website at<i>
www.sedar.com</i> and from Thomson.&#160;
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.&#160; For further information
about the public reference room, call the SEC at +1 800-732-0330.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Statements
in this presentation which relate to potential earnings enhancements should not
be interpreted to mean that earnings per share will necessarily be greater than
those for the relevant preceding financial period. No statement in this
presentation is intended to constitute a profit forecast.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NON-GAAP FINANCIAL MEASURES</font></u></b></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This presentation contains
disclosures of certain non-GAAP financial measures, such as adjusted earnings
and free cash flow.&#160; Please see the &#147;Investor
Relations&#148; section of our website, <i>www.thomson.com</i>,<i>  </i>for a reconciliation of each of these
measures to the most directly comparable GAAP financial measure<i>.&#160; </i>You
can also find some GAAP reconciliations in the tables attached to our earnings
release dated July 26, 2007, which is also available on the Thomson website.</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>
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