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<FILING-DATE>20071004
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<CONFORMED-NAME>REUTERS GROUP PLC   /ADR/
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<ACT>34
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<FILM-NUMBER>071157060
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<STREET1>85 FLEET STREET
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<STREET1>85 FLEET STREET
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<STREET1>METRO CENTER
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<TEXT>
<html>

<head>





</head>

<body lang="EN-US">

<div>

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

<p style="margin:0in 0in .0001pt 3.75in;text-align:justify;text-autospace:none;"><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>

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

<p style="margin:0in 0in .0001pt 3.75in;text-align:justify;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Filed
by: The Thomson Corporation</font></p>

<p style="margin:0in 0in .0001pt 3.75in;text-align:justify;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 3.75in;text-align:justify;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject
Company: Reuters Group PLC</font></p>

<p style="margin:0in 0in .0001pt 3.75in;text-align:justify;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 3.75in;text-align:justify;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exchange
Act File Number of Subject Company: 333-08354</font></p>

<p style="margin:0in 0in .0001pt 3.75in;text-align:justify;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 3.75in;text-align:justify;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Note:
The following is part of a transcript of a presentation given by The Thomson
Corporation on October 3, 2007 at 8:30 a.m. 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>

<p style="margin:0in 0in .0001pt 225.0pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">The
following transcript is related to the proposed transaction with Reuters Group
PLC and has been extracted from the full presentation transcript. The audio
replay of the presentation was first made available on the company&#146;s website on
October 4, 2007.</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">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. These statements are based on certain
assumptions and reflect Thomson&#146;s current expectations. Forward-looking
statements also include statements about Thomson&#146;s beliefs and expectations
related to industry and sector trends related to its businesses, as well as<i>  </i>its beliefs about the benefits to
shareholders and customers of the combined Thomson-Reuters business after the
deal closes and the opportunities that may be available to the combined
business. 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). Any
forward-looking statements made by or on behalf of Thomson speak only as of the
date they are made. 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></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">This
presentation does not constitute an offer for sale of any securities or an
offer or an invitation to purchase any such securities. Following satisfaction
or waiver of the pre-conditions to the proposed Reuters transaction, documents
relating to the proposed transaction will be furnished to or filed with the
SEC. Shareholders are urged to read such documents regarding the proposed
transaction if and when they become available, because they will contain
important information. Shareholders will be able to obtain free copies of these
documents, as well as other filings containing information about the companies,
without charge, at the SEC&#146;s website at <i>www.sec.gov</i>,
at the Canadian securities regulatory authorities&#146; website at<i> www.sedar.com</i> and from Thomson. These
documents will also be available for inspection and copying at the public
reference room maintained by the SEC at 100 F Street, N.E., Washington, D.C.
20549, US. For further information about the public reference room, call the
SEC at +1 800-732-0330.</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">No
statement in this presentation is intended to constitute a profit forecast.</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This presentation contains
disclosures of certain non-GAAP financial measures. Please see the &#147;Investor
Relations&#148; section of <i>www.thomson.com </i>for
a reconciliation of each of these measures as used by Thomson to the most directly
comparable GAAP financial measure.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Combined Thomson and Reuters
financial amounts for 2006 included in this presentation are derived from the
published financial statements of The Thomson Corporation and Reuters Group PLC
for the year ended December 31, 2006. Thomson prepares its financial statements
under Canadian generally accepted accounting principles (&#147;Canadian GAAP&#148;) and
Reuters prepares its financial statements under International Financial
Reporting Standards (&#147;IFRS&#148;). Canadian GAAP and IFRS differ in certain
significant respects. For purposes of this presentation, amounts determined
under Canadian GAAP and IFRS have been aggregated without any adjustment for
differences in accounting policy or application. Accordingly, information for
the combined business prepared on a consistent basis under either Canadian GAAP
or under IFRS could differ significantly from the combined information
presented herein. In addition this combined information does not constitute Pro
Forma Financial Information as it is defined in Article 11 of Regulation S-X of
the United States Securities and Exchange Commission.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Both Thomson and Reuters use
non-GAAP financial measures to provide additional information to shareholders
on the performance of their businesses. Amounts included in this presentation
for non-GAAP financial measures are based on the closest similar measures
reported by Thomson and Reuters. While certain adjustments have been made to
align the measures to the extent possible using public information, there can
be no assurance that those measures are in fact comparable.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This presentation is being
communicated in the United Kingdom only to persons who have professional
experience in matters relating to investments falling within Article 19(5) of
the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005
(the <b>Order</b>) and to persons to whom
it may otherwise be lawful to communicate it to (all such persons being
referred to as <b>relevant persons</b>).
This presentation is only directed at relevant persons and any investment or
investment activity to which the presentation relates is only available to
relevant persons or will be engaged in only with relevant persons.
Solicitations resulting from this presentation will only be responded to if the
person concerned is a relevant person. Other persons should not rely or act
upon this presentation or any of its contents. The recipients of this
presentation should not base any behavior in relation to qualifying investments
or relevant products (as defined in the Financial Services and Markets Act 2000
(<b>FSMA</b>) and the Code of Market
Conduct made pursuant to FSMA) which would amount to market abuse for the
purposes of FSMA on the information in this presentation until after the
information has been made generally available. Nor should the recipient use the
information in this presentation in any way which would constitute &#147;market
abuse&#148;.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

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

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .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:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">

<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">OCTOBER 3, 2007; 8:30 a.m. ET</font></b></p>

<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>

</div>

<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Frank Golden <i>&#160;- Thomson
Corporation - VP IR</i></font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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;">&#133;.I
know some of you are new to the Thomson story and are interested in learning
more about the Company, and we&#146;re confident that when you leave here today you&#146;ll
have a clear understanding of Thomson&#146;s business model, the financial drivers
associated with that model, our market position and competitors, and the growth
prospects for each of the businesses that will constitute the professional
division upon completion of the Reuters transaction.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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&#146;s just start with a definition of the professional division. Following the
closing of the Reuters transaction we&#146;ll split the businesses into two
divisions, professional and financial. Now the financial division will consist
of Reuters and Thomson Financial and will be managed by Devin Wenig, the CEO of
Reuters.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt;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
professional division will consist of four segments </font></b><font color="black" style="color:windowtext;font-variant:normal !important;font-weight:normal;">--</font><font color="black" style="color:windowtext;font-variant:normal !important;font-weight:normal;"> legal,
tax and accounting, scientific and healthcare, and Jim Smith, currently Thomson&#146;s
Executive Vice President and Chief Operating Officer, will be the President and
CEO of the professional division. Jim will discuss the strategy and the
opportunities for the professional division&#133;..</font></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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 I
know that many of you are here today based on your interest in Thomson&#146;s
acquisition of Reuters. And needless to say, we are very excited about the
opportunities the Reuters transaction presents for Thomson and our
shareholders. Dick Harrington, our President and CEO, will provide some
perspective on what the combination will mean for The Thomson Corporation, our
customers and investors. Then Bob Daleo, our Chief Financial Officer, will also
provide some details on what the combined company will look like, and will
provide an update on the acquisition, financing and the timing of the
acquisition.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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
please understand that we are limited regarding what we can say about the
transaction given that we&#146;re in the midst of the regulatory approval process.
Included in this is the fact that we are prohibited from discussing anything
related to profit forecasts under the UK takeover panel rules&#133;&#133;</font></b></p>

<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">

<p align="left" style="border:none;color:#003399;font-weight:bold;margin:0in 0in .0001pt;padding:0in;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

</div>

<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Dick Harrington <i>&#160;- Thomson Corporation -
President &amp; CEO</i></font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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;">&#133;Many
of you who are actually new to the Thomson story and are interested in learning
more about our company in light of our acquisition of Reuters and hopefully we&#146;ll
solve that problem today&#133;&#133;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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
sold all of our Thomson Learning businesses, received gross proceeds of
approximately $8.5 billion and we will use the $7 billion in net proceeds for
the Reuters acquisition which we announced in May. Now this is the biggest transaction
in the Company&#146;s history, and we are very excited about the opportunities
presented by this combination and I will speak to this in a moment&#133;.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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 acquisition in May, this combination is the
next logical step for Thomson. It is the high point of what we&#146;ve been working
toward for a decade. We have developed the strategy, the business model and the
capital structure to support this acquisition and to take this major step. When
the deal closes we will become the largest provider of information services and
solutions to business and professional customers across the globe, supported by
a world-class news service.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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
acquisition enables Thomson to achieve a global footprint, combined with a
global brand, faster than we could have achieved on our own. This global
footprint will be set on a solid foundation in North America and Europe and
will also give us over $1 billion in revenue in the growing Asia-Pacific
market. In addition, we will have management talent, financial strength, and a
strong operating position to capitalize on the opportunities in our market. The
net result is that we believe that Thomson-Reuters will create shareholder
value and that 1 plus 1 will equal 3.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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
excited about this deal when we announced it and today I&#146;m even more excited
about the opportunities that lie ahead for Thomson-Reuters. The combined
company will have two major divisions, one serving the professional market, and
the other serving the financial market, again, both supported by a world-class
news service.</font></b></p>

<p align="center" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>

<p align="center" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-weight:normal;">3</font></b></p>

</div>
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<div>

<p align="center" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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
has built leading positions in legal, tax and accounting, scientific and
healthcare information markets. The professional division will represent
approximately 40% of revenues of the combined Thomson-Reuters business and will
generate over $1 billion in free cash flow. Combined with the complementary
strengths of Thomson Financial and Reuters we&#146;ll create a global leader in
financial information. It will unlock the potential in both businesses.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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,
if Thomson and Reuters had been combined in 2006, they would have generated
over $11 billion in revenue and nearly $2.5 billion in segment operating
profit. And I&#146;m confident that our professional division combined with Reuters
brand, news service and global reach will create new growth opportunities.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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 I&#146;ve
been with Thomson for 25 years, a little over 25 years, and the last 10 as CEO,
and I can honestly say that the Company has never had more opportunity. We are
strategically positioned, operationally sound, financially secure, which will
enable us to take advantage of the opportunities ahead and lead to greater
profitability, higher free cash flow, and greater shareholder value&#133;.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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
now my pleasure to introduce the CFO for Thomson and the future CFO for
Thomson-Reuters, Bob Daleo&#133;&#133;.</font></b></p>

<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">

<p align="left" style="border:none;color:#003399;font-weight:bold;margin:0in 0in .0001pt;padding:0in;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

</div>

<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Bob Daleo <i>&#160;- Thomson Corporation - EVP &amp; CFO</i></font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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;">&#133;.We
serve five distinct segments, but I would say even within those we have become
very adept at subsegmenting our markets and understanding those positions well.
And we do have almost 20% of our revenues outside North America. And by the
way, that was an important objective in the Reuters acquisition, to really
broaden the global footprint of the Company, and as you&#146;ll see, we have done that
quite remarkably&#133;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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;">&#133;.Thomson
in 2006 -- you might remember this, particularly people who are not as familiar
with Thomson -- we really were a $9 billion business. And if you were to
unscramble them in 2007 I would say our management would say we&#146;re very
comfortable tracking well beyond $10 billion.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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
why that&#146;s important is because it&#146;s not about a $7 billion corporation
acquiring a $5 billion corporation. It&#146;s about the resources and capabilities
of a $10 billion corporation being able to manage itself to swap out assets
between learning and financial and have the right processes, structure and
capabilities to manage what is essentially going to be on a pro forma basis an
$11 billion to $12 billion business and that&#146;s a very, very important fundamental&#133;..</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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;">&#133;[W]e
must have a robust capital strategy. And that means that we target to be a high
quality issuer of debt. We target -- my personal target is that we are a low A
rated company. That is what we want to be. We believe it reflects the quality
of the underlying businesses, it reflects the inherent capital process that we
have and the dedication that we have to maintaining a strong capital structure.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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;">&#133;[W]e
target about two times debt to EBITDA. We believe it&#146;s important because we
want to have access to capital markets at any time and we all know that these
times it really separates the wheat from the chaff, the ability to access cash.
And we&#146;re consistently balancing, as you saw from the very first one, balancing
our investments and returns. That is fundamental to what we do. And we believe
over the long-term that gives us the financial flexibility to deliver good
returns to our shareholders and our bondholders and maintain stability to the
Corporation.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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;">&#133;.[W]e
have had a consistent -- our dividend policy is that -- it&#146;s around 40% of our
free cash flow is targeted to be distributed in dividends and, generally
speaking, we will tie dividend growth in a certain way to the growth and
earnings in free cash flow&#133;.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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;">&#133;[O]ver
the past couple of years, we have deployed a share repurchase program&#133;..I will
tell you today flatly we are not in the market today to do share repurchasing
where we stand with the Reuters transaction&#133;..</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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;">&#133;S&amp;P
just reconfirmed our A- rating with a negative outlook. We&#146;re very happy about
that. Moody&#146;s has lowered us one notch ....and DBRS, right now our rating is
under review. As I said before, I am personally committed to this company to be
a low A rated company. And we believe that based upon what we see ahead of us
that we will have the opportunity to drive back to that rating across all of
our rating agencies in the not too distant future&#133;.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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,
historically, Thomson has had a low return on invested capital and it&#146;s
primarily, as you all know, it&#146;s a mathematical computation. Today, the
Corporation and post Reuters, the Corporation, the Thomson-Reuters Corporation
will have a huge amount of their assets really what I&#146;d say</font></b></p>

<p align="center" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">&nbsp;</font></b></p>

<p align="center" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">4</font></b></p>

</div>
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<div>

<p align="center" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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;">is
exactly at market value, exactly. And so therefore, when you compare Thomson to
many other companies that have not built their businesses this way, obviously,
we&#146;re disadvantaged in that regard.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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
internally from our perspective, we look at two things. First, we look at cash
generation of the business because fundamentally over the long-term, it&#146;s cash
generation of the business that drives the expansion of returns over time. And
the second thing is, we look at incremental improvement. So it&#146;s not about
whether it&#146;s a 9% return or an 8% return or a 10% -- it&#146;s about how much are we
going to move that needle every year? Because that says to us that we are
leveraging the assets that we have in our portfolio and able to get better
returns out of the existing assets....</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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 I
want to spend a minute, obviously, and talk about Thomson-Reuters, we&#146;re all
very excited about this opportunity for the Corporation. Really, just some
really high-level thoughts here. First of all, this is going to be an $11
billion business with a global footprint that will be quite significant. We
will have the ability to partner and compete on a worldwide basis. The Thomson
process, the Reuters infrastructure, the interconnecting of Thomson Financial
and Reuters will produce very, very powerful products and services. The ability
to meet our customers&#146; needs, not just now but in the future, and help actually
in informing and shaping the financial services marketplace.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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
you know, we&#146;ve gone on record with identifying significant deliverable
synergies and we&#146;ve committed to that and we think that those synergies from a
Thomson shareholders&#146; perspective, they help us pay for the deal. The real
value creation comes post those synergies as we grow the business into the
future. We will be an extremely well capitalized company and certainly an
industry leader and we will have a dual listed structure which allows a global
company to enjoy the benefits of a global shareholder base and we&#146;re very
excited about that.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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,
Thomson -- as I said, Thomson has about 17% of its revenues outside of North
America whereas Reuters only has less than 30% in North America. So that combination
creates a well balanced footprint here where about 60% of the assets are based
here in North America, 40% are outside of it. Importantly, we&#146;re going to have
$1 billion of revenue in Asia -- $1 billion. That&#146;s a very, very powerful
footprint for us to continue to build on.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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 -- now we used this slide back in May when we announced the deal - just
showing what we thought about in terms of capitalization, the pro forma line
for Thomson-Reuters really assumes -- takes into account that we&#146;ve already
paid the cash out and in fact that we&#146;ve combined the businesses at roughly
today&#146;s market values. I think that what&#146;s important here is we&#146;ve talked about
-- I&#146;ve talked about our objective to be at a two times debt to EBITDA. It says
here, and we believe this, by the time we close we&#146;ll be about 2.4 times. I
think the last time we did this slide on early information we said about 2.6.
So we don&#146;t have that far to go to achieve those objectives that we want to
achieve in that regard.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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
in terms of free cash flow, this is the combined business as of 2006. It doesn&#146;t
include synergies and we also believe that applying Thomson&#146;s disciplines in
terms of financial management and cash management that the Reuters business on
its own can generate more cash, we&#146;re confident of that.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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
just to kind of revisit the purchase price and what&#146;s going on here -- as you
know, we said it&#146;s 50% cash, 50% equity. The cash component is roughly about
$9.5 billion, as it said on the slide. Now how we&#146;re funding that is that a
significant portion of that cash is coming from the net disposal that Dick
talked about. We also have very strong commitments in place. They were in
place, as you would imagine, before we did the deal. We have a bridge financing
facility for GBP2.5 billion, and we have a recently completed syndicated
five-year credit facility.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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 give you a highlight here as you follow all this, the net debt the
Corporation is adding is about $3.5 billion; so $2.5 billion comes from the
difference between the 7 and 9 and the other billion is roughly what we think
the Reuters debt will be that Thomson will assume when we complete the
transaction.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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 I
can&#146;t talk too much about this, but just to let you know that we did file with
the European Commission on May 3rd. They are expected to come back and comment
on that filing on October 8th and we will wait for their comments. And so, we
won&#146;t speculate on whether it will be Phase II or not, but if it is we could
potentially close in the first quarter of next year. The US -- the DOJ is
undergoing a review at the same time. And even though it doesn&#146;t qualify for
HSR review, they&#146;re conducting it as if it would. And expect -- we expect their
timing will coincide with the EU.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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
addition to that, obviously, this is subject to review by Canadian authorities.
And we believe the Canadian authorities, like the US authorities, will follow
the EU. Importantly, as we plan for this, there is a lot of prework going on
between two companies, all that we can do under the</font></b></p>

<p align="center" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">&nbsp;</font></b></p>

<p align="center" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">5</font></b></p>

</div>
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<div>

<p align="center" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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;">current
circumstances, laying out the integration processes and thoughts and so on. And
I will tell you that this is going to be an integration that&#146;s not focused on
internally how we manage the business. It&#146;s going to be externally how we deal
with our customers and how we maximize value.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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;">A lot
of companies when this happens take their eye off the ball. We&#146;re not going to
do that here. The number one priority is what happens to our customers, how do
we deal with our customers, what are the right kinds of product strategies and
so on. And as quickly as we can get those nailed down, we will.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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,
just to talk for a minute about what the combined company will account for. We
will report under Canadian GAAP and we&#146;ll reconcile both to US GAAP and IFRS.
So in the filings that we will do with the EU, they will be, in fact, under
Canadian GAAP. However, we do anticipate moving to IFRS as soon as allowed by
regulators. Canada has announced that they are moving to IFRS and with the SEC
allowing filers to file in IFRS, it certainly makes sense for us to do that
because a lot of our peers are on the same thing. However, we are a North
American based company. The preponderance of our assets are based in the US, so
we will continue to report in US dollars. We will pay our dividends in US
dollars.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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,
just in kind of summing up here, I think as you look at -- I know as you look
at Thomson-Reuters, we really are a powerful combination. We have leading
positions in attractive markets, we&#146;ve got a very strong management team. Both
companies have strong teams we&#146;re putting together and so inherently we will
have an extremely strong team. Combined, we&#146;ll have a very high proportion of
recurring revenue and so therefore, the Reuters business model fits neatly
within Thomson and hence the Thomson-Reuters combination makes it that much
more powerful.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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
have very complementary businesses and footprints. Our revenue growth in both
businesses we think can be converted to increasing margin and free cash flow
following the Thomson policies. And we have underpinning, as we&#146;ll continue to
have, a very disciplined capital allocation process that allows us to drive the
business and also drive our returns to shareholders&#133;.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">

<p align="left" style="border:none;color:#003399;font-weight:bold;margin:0in 0in .0001pt;padding:0in;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

</div>

<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Jim Smith <i>&#160;- Thomson Corporation - EVP &amp; COO</i></font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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;">&#133;.It&#146;s
a real pleasure to have the opportunity here today to present for the first
time as the COO of The Thomson Corporation and as the soon-to-be CEO of the
professional division, Thomson-Reuters.....</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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 remainder of this presentation, we will focus on the businesses that will
form the professional division of Thomson-Reuters. As you have seen from both
Dick and Bob, the professional division represents 41% of overall
Thomson-Reuters revenue on a pro rata 2006 basis. The largest segment clearly
is legal. Remember, these are very solid, profitable businesses. In 2006, the
professional division would have represented 57% of the operating profit of a
combined Thomson-Reuters.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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
while we share the excitement for the potential of the combined financial
business that marries the best of Reuters and the best of Thomson Financial,
and we understand why that is rightly center stage in everyone&#146;s mind, it is
nonetheless important that everyone recognize that the professional division
will remain an important driver of the success of a combined Thomson-Reuters&#133;..</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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;">Finally,
we recognize that the work place is in fact more global, more customers are
looking for cross-border solutions and have global needs. We feel we have
several areas of opportunity internationally, but I want to highlight that
these opportunities will only be enhanced with the addition of Reuters and the
global footprint it brings to bear.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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;">Coming
together as a division, our four foundational segments are aligned in strategy.
Our businesses operate in markets with low cyclicality and solid growth
prospects. The professional division will be focused on leverage. Leveraging
content, technology, tools, talent, client relationships and leading positions.
Enabling us to continually improve our ability to develop and launch innovative
solutions quickly&#133;..</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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;">Each
of these success stories carries with it lessons and learnings, experience that
allows our product development teams to bring more robust solutions to market
more quickly and more effectively. The bottom line is that incremental
repeatable innovation is driving core revenue growth. This will continue to be
the focus across the professional division of Thomson-Reuters.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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
that I&#146;ve talked about how we approach our revenue opportunities, let me take a
minute to discuss our cost base and about some of the things we&#146;re doing right
now to make ourselves more efficient. THOMSONplus is the initiative announced
in the second quarter of 2006, it is actually a series of initiatives designed
to further drive effectiveness and efficiency across the organization.</font></b></p>

<p align="center" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>

<p align="center" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-weight:normal;">6</font></b></p>

</div>
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<p align="center" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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;">Finance+
is focused on the finance, accounting and business systems and our back office
functions. Tech+ is focused on consolidating technology infrastructure and
streamlining technology operations. Customer+ is focused on transforming our
customer care experience. And Efficiency+ is a series of various initiatives
within the business units to focus on efficiencies.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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 important
message here to take away is that we remain squarely on pace to hit our
originally stated objective of $150 million in run rate savings by the end of
2008. We will continue to drive this initiative throughout the professional
division even after the closing of the Thomson-Reuters deal.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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
mentioned earlier, the professional division has been successful in the past
and our mission is to continue to improve upon that performance. We&#146;re
confident we can do just that. We have a consistent, proven strategy. We have
strong leadership positions in markets that are fundamental to the knowledge
economy. We are taking, particularly with the Reuters acquisition, an
increasingly global approach to our business as we better understand and adapt
to our customer needs&#133;&#133;.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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;">When
we think about the combination of assets between the professional division and
the global footprint and media capabilities of Reuters, we see a highly
complementary fit. As we begin to explore ways of building upon their global
infrastructure, deep historic relationships and worldwide brand, it has to
improve our prospects for opening new sales channels, particularly outside
North America.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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
know we will find ways of enriching product offerings across the combined
entity as we learn more about the particular technologies, tools and content
sets that each business brings to the table. And I know that the combined
company will offer the kind of exciting, dynamic, global opportunities that
will help us to continue to attract the best and the brightest talent. So the
future looks very promising.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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
what we want to demonstrate this morning is that that future is underpinned by
the success of the foundation, the foundational Thomson businesses that got us
where we are today. What I hope you take away from today&#146;s discussion is a
shared belief that these businesses aren&#146;t just solid, reliable, steady
producers of profit and free cash flow, which they are. These businesses are
also businesses that are very well-positioned to grow in the information age.
In fact, we believe these businesses will be key drivers of growth for
Thomson-Reuters for years to come&#133;..</font></b></p>

<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">

<p align="left" style="border:none;color:#003399;font-weight:bold;margin:0in 0in .0001pt;padding:0in;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Frank Golden <i>&#160;- Thomson
Corporation - VP IR</i></font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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;">&#160;&#133;.I have to read the obligatory note that I
need to advise you that today&#146;s presentations contain 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 that we will discuss in documents that we provide
to the regulatory agencies.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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 disclosure 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 found at thomson.com&#133;..</font></b></p>

<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">

<p align="left" style="border:none;color:#003399;font-weight:bold;margin:0in 0in .0001pt;padding:0in;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Dick Harrington <i>&#160;- Thomson Corporation -
President &amp; CEO</i></font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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;">&#133;.For
me, it was a little bit strange because 10 years ago, 11 years ago, we would
have been talking about leisure travel and we would have been talking about
newspapers, and kind of a rag bag of publishing businesses. Some still exist,
obviously West, but others that are no longer with us. And we still had
Learning then, and we would&#146;ve been talking about Learning.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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;">Interestingly
enough, we basically sold 81% of those assets to create the foundation that we
have today. Obviously, as I said earlier, the foundation that allowed us to
step forward -- to step up to the Reuters acquisition&#133;..</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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
have leading positions in some of the most vital markets in the world and these
markets are demonstrating favorable business trends. I think the Reuters
acquisition will allow us to take a look at this from a greater geographic
viewpoint than we could do on our own.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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
continue to focus on again electronic solutions, software and services, which
results in higher levels of recurring revenue and results in significant free
cash flow.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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
business model I think even becomes more attractive with the acquisition of
Reuters. As I said earlier, Reuters brings us a first-class brand, a global
reach, and a world-class news service.</font></b></p>

<p align="center" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>

<p align="center" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-weight:normal;">7</font></b></p>

</div>
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<p align="center" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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;">Then
finally with a clear strategic vision, I think the sound operating principles
and the financial stability that we have today, I think that we have an
outstanding foundation to continue to drive shareholder value in the years to
come&#133;.</font></b></p>

<p style="color:#6B9915;font-weight:bold;letter-spacing:2.0pt;margin:0in 0in .0001pt;text-transform:uppercase;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-weight:normal;letter-spacing:0pt;">&nbsp;</font></b></p>

<p style="color:#6B9915;font-weight:bold;letter-spacing:2.0pt;margin:0in 0in .0001pt;text-transform:uppercase;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-weight:normal;letter-spacing:0pt;">&nbsp;</font></b></p>

<p style="color:#6B9915;font-weight:bold;letter-spacing:2.0pt;margin:0in 0in .0001pt;text-transform:uppercase;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-weight:normal;letter-spacing:0pt;">&#160;</font></b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;letter-spacing:0pt;text-transform:none;">QUESTION AND ANSWER</font></p>

<p style="color:#6B9915;font-weight:bold;letter-spacing:2.0pt;margin:0in 0in .0001pt;text-transform:uppercase;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;letter-spacing:0pt;">&nbsp;</font></b></p>

<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">

<p style="border:none;color:#6B9915;font-weight:bold;letter-spacing:2.0pt;margin:0in 0in .0001pt;padding:0in;text-transform:uppercase;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;letter-spacing:0pt;">&nbsp;</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Peter Appert <i>&#160;- Goldman Sachs - Analyst</i></font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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;">&#133;.So
the question is for Bob. You noted the Company&#146;s ability consistently to
maintain low tax rates. Could you just for those of us who were less conversant
in the intricacies of the tax code, how do you do that just for 30 or 60
seconds maybe? And is it truly sustainable? Since this is so important to the
company&#146;s free cash flow story and how the Reuters transaction might -- the
implication for the Reuters transaction on that? That is one thing.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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
second question for Dick, I&#146;m just wondering how you are thinking broadly about
acquisition strategy in the context of this large pending transaction? Has it
caused to step back for a year or something in terms of pace of activity?
Thanks&#133;&#133;</font></b></p>

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<p align="left" style="border:none;color:#003399;font-weight:bold;margin:0in 0in .0001pt;padding:0in;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Bob Daleo <i>&#160;- Thomson Corporation - EVP &amp; CFO</i></font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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;">&#160;Peter, basically what you&#146;re asking me to do
is open the kimono a bit. I can talk a little bit about more broadly
essentially -- first of all, Thomson is an intellectual property company. We
are Canadian based and we have the opportunity to structure our businesses in
such a way that we have finance companies and a lot of other corporations
offshore that lend money to a variety of our businesses, which create a benefit
because of the interest rate protection and so on. But a growing part of our
strategy as an intellectual property business is in fact that we are developing
our products and owning more of our products offshore in lower tax
jurisdictions. We have a business as a matter-of-fact, a product development
center that supports all of our businesses that in fact reports to Mike Wilens where
we do a lot of innovation technology development there and as a result we own
that intellectual property in an offshore way. We&#146;re not the only company that
does that, so we feel that both of those tax strategies are eminently
supportable and viable for the long-term. Reuters has a little bit different
tax structure. I will not comment on theirs. It is inappropriate for me to do
that, but we do believe that when you combine these businesses that today our
tax rates are roughly in a 20% range and their tax rates are roughly in about
the same thing. I think over the long-term we see no reason why the larger
entity cannot enjoy that level of tax going forward.</font></b></p>

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<p align="left" style="border:none;color:#003399;font-weight:bold;margin:0in 0in .0001pt;padding:0in;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Dick Harrington <i>&#160;- Thomson Corporation -
President &amp; CEO</i></font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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;">&#160;I would say on the acquisition front, first of
all we do have some capacity to continue to do acquisitions, but obviously we will
be selective on there. I think Bob talked about the capital strategy during his
presentation. From the point of view of where we are today and where we would
like to get to and stay. But I&#146;m thinking within that we do have some capacity,
but again will be -- they will be tactical and there will be hopefully ones
that we can get a very quick payback on.</font></b></p>

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<p align="left" style="border:none;color:#003399;font-weight:bold;margin:0in 0in .0001pt;padding:0in;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Drew McReynolds <i>&#160;- RBC Capital Markets - Analyst</i></font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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;">&#133;&#133;You
did say that you&#146;re not active on a share buyback. Just wondering if that is
your discretion or whether the Reuters deal related constraint? Thank you&#133;..</font></b></p>

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<p align="left" style="border:none;color:#003399;font-weight:bold;margin:0in 0in .0001pt;padding:0in;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Bob Daleo <i>&#160;- Thomson Corporation - EVP &amp; CFO</i></font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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;">&#160;Our short answer is we&#146;re not active by our
own choice at this time.</font></b></p>

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<p align="left" style="border:none;color:#003399;font-weight:bold;margin:0in 0in .0001pt;padding:0in;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Mark Braley <i>&#160;- Deutsche Bank - Analyst</i></font></b></p>

<p align="center" style="border:none;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;padding:0in;text-align:center;">&nbsp;</p>

<p align="center" style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">8</font></b></p>

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<p align="center" style="border:none;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;padding:0in;text-align:center;">&nbsp;</p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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
one question&#133;..When you&#146;re talking about the combination with Reuters, you
specifically highlighted the global news service. Can you just give a bit more
feel for how you see the opportunity to leverage that with nonfinancial
businesses? I.e. are you going to look to kind of staff up in these businesses
to support financial, etc.?.....</font></b></p>

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<p align="left" style="border:none;color:#003399;font-weight:bold;margin:0in 0in .0001pt;padding:0in;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Jim Smith <i>&#160;- Thomson Corporation - EVP &amp; COO</i></font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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;">&#160;Look, that&#146;s an area we&#146;re just beginning to
explore and just beginning to understand what those capabilities are. I think
they fall into two broad buckets. The first is how can we use those
capabilities to offer tailored real-time current events coverage and
information to our deep referential products? How can we do that particularly
from the international standpoint in local languages and locally tailored
content?</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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;">On
the second bit, I think we want to explore very much something that relates to
the metadata discussion that Mike raised. If you just think about the sheer
volume of information that comes in through those news feeds and through those
historical archives, if we can get the metadata around that material right, it
makes for truly powerful vertical solutions for us.</font></b></p>

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<p align="left" style="border:none;color:#003399;font-weight:bold;margin:0in 0in .0001pt;padding:0in;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Scott Scher <i>&#160;- Clovis Capital - Analyst</i></font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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,
could you comment on return on invested capital? You commented that it is a
metric you look at. You think it is very important in the context of capital
allocation. A couple of questions. One, what is the number today? Two, what has
it been? Three, what do you find satisfactory? Is it satisfactory? What is a
reasonable goal over time?</font></b></p>

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<p align="left" style="border:none;color:#003399;font-weight:bold;margin:0in 0in .0001pt;padding:0in;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Bob Daleo <i>&#160;- Thomson Corporation - EVP &amp; CFO</i></font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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;">&#160;Today the last time we reported our return on
invested capital after tax was in excess of 9%, 9.2%, something like that. It
has been as low as 6% or 7%. Our objective, my objective and I think a good
return is for us to drive to it is over the long-term see if we can get to 12%.
12% return on invested capital for a business our size making the kind of
investments that we make I think is a very laudable objective, but it is going
to take awhile to get there.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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, the reason for that is because of the highly priced asset base. I believe
that with the acquisition of Reuters that that will drop obviously below where
it currently is today. Probably my guesstimate would be in the neighborhood of about
7% at this point -- the day of the acquisition. But I see no reason why given
that cash generation in the business, the ability as you&#146;ve heard here -- the
ability to leverage a lot of our assets and to drive the growth that we have, I
do not see any reason why over the intermediate term we could not get this
business back up certainly closer to 12%......</font></b></p>

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<p align="left" style="border:none;color:#003399;font-weight:bold;margin:0in 0in .0001pt;padding:0in;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Vince Valentini <i>&#160;- TD Newcrest - Analyst</i></font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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;">&#133;. In
terms of IFRS or accounting, does that have any impact on amortization of
intangibles in your mind, Bob? Could you give us any update of your thoughts
there? I mean there&#146;s going to be some massive intangible assets on the Reuters
deal and we don&#146;t really have any color yet on how that is going to be
amortized? Is there any further thoughts?</font></b></p>

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<p align="left" style="border:none;color:#003399;font-weight:bold;margin:0in 0in .0001pt;padding:0in;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Bob Daleo <i>&#160;- Thomson Corporation - EVP &amp; CFO</i></font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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;">&#160;Let me just tell you that what I know about
IFRS you can put on the head of a pin and you would have a lot of extra room,
so I&#146;m not going to really comment on that other than to say I know there is a
different treatment for that. And I will assure you that as soon as we have a
better understanding of that and if there are implications one way or another,
we will communicate that clearly to the marketplace. But I really couldn&#146;t
comment at this point.</font></b></p>

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<p align="left" style="border:none;color:#003399;font-weight:bold;margin:0in 0in .0001pt;padding:0in;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Dick Harrington <i>&#160;- Thomson Corporation -
President &amp; CEO</i></font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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;">&#160;We actually have people in our business that
understand this fully..&#133;.</font></b></p>

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<p align="left" style="border:none;color:#003399;font-weight:bold;margin:0in 0in .0001pt;padding:0in;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jeff Fan <i>&#160;- UBS -
Analyst</i></font></b></p>

<p align="center" style="border:none;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;padding:0in;text-align:center;">&nbsp;</p>

<p align="center" style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">9</font></b></p>

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<p align="center" style="border:none;font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;padding:0in;text-align:center;">&nbsp;</p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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;">....A
question for Mike on the Novus platform&#133;..the ability of the platform to scale
and perhaps move more products onto that platform; i.e., some of the Reuters
products, as you plan going forward?.....</font></b></p>

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<p align="left" style="border:none;color:#003399;font-weight:bold;margin:0in 0in .0001pt;padding:0in;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mike Wilens <i>&#160;- Thomson
Corporation - EVP &amp; CTO</i></font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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
far as Reuters goes, Reuters is -- you can only have so many conversations at
this point in the process, but conversations to date suggest that they are
fairly excited about the ability of moving a whole plethora of search solutions
that are all over the place onto a common search platform and it would be Novus
if that was it. So you can expect more conversations there. It is just very
early in in the process&#133;.</font></b></p>

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<p align="left" style="border:none;color:#003399;font-weight:bold;margin:0in 0in .0001pt;padding:0in;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Catriona Fallon <i>&#160;- Citigroup - Analyst</i></font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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]f
you could just talk quickly, Bob, about the free cash flow goals for the
future? There was a chart shown about how now 24% average across the
businesses. Where do you expect that to get to, the free cash flow operating
margin for all the businesses in general, what is your goal?</font></b></p>

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<p align="left" style="border:none;color:#003399;font-weight:bold;margin:0in 0in .0001pt;padding:0in;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

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<p style="border:none;font-weight:bold;line-height:normal;margin:4.0pt 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Bob Daleo <i>&#160;- Thomson Corporation - EVP &amp; CFO</i></font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;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;">&#133;.I
think that it is possible that you could bring the free cash flow margin, which
on a pre-tax basis probably up to greater than -- up to the EBITDA margin, so
it could get into the high 20s. Our objective is to drive it as high as we can
so I don&#146;t want to put a cap on it, but to say what would be a reasonable
expectation. That might be a reasonable one&#133;..</font></b></p>

<p align="center" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">&nbsp;</font></b></p>

<p align="center" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">10</font></b></p>

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