<SUBMISSION>
<ACCESSION-NUMBER>0001104659-07-074272
<TYPE>425
<PUBLIC-DOCUMENT-COUNT>1
<FILING-DATE>20071010
<DATE-OF-FILING-DATE-CHANGE>20071010
<SUBJECT-COMPANY>
<COMPANY-DATA>
<CONFORMED-NAME>REUTERS GROUP PLC /ADR/
<CIK>0001056084
<ASSIGNED-SIC>2721
<IRS-NUMBER>000000000
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>425
<ACT>34
<FILE-NUMBER>333-08354
<FILM-NUMBER>071165778
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>THE REUTERS BUILDING
<STREET2>SOUTH COLONNADE, CANARY WHARF
<CITY>LONDON
<STATE>X0
<ZIP>E14 5EP
<PHONE>44 (0) 207 542 6706
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>THE REUTERS BUILDING
<STREET2>SOUTH COLONNADE, CANARY WHARF
<CITY>LONDON
<STATE>X0
<ZIP>E14 5EP
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>REUTERS GROUP PLC   /ADR/
<DATE-CHANGED>20010705
</FORMER-COMPANY>
</SUBJECT-COMPANY>
<FILED-BY>
<COMPANY-DATA>
<CONFORMED-NAME>THOMSON CORP /CAN/
<CIK>0001075124
<ASSIGNED-SIC>2741
<IRS-NUMBER>980176673
<STATE-OF-INCORPORATION>A6
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>425
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>METRO CENTER
<STREET2>ONE STATION PLACE
<CITY>STAMFORD
<STATE>CT
<ZIP>06902
<PHONE>2035398000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>METRO CENTER
<STREET2>ONE STATION PLACE
<CITY>STAMFORD
<STATE>CT
<ZIP>06902
</MAIL-ADDRESS>
</FILED-BY>
<DOCUMENT>
<TYPE>425
<SEQUENCE>1
<FILENAME>a07-26218_6425.htm
<DESCRIPTION>425
<TEXT>
<html>

<head>





</head>

<body lang="EN-US">

<div>

<p style="margin:0in 0in .0001pt 3.75in;text-indent:-3.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 3.75in;text-indent:-3.75in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FORM 425</font></b></p>

<p style="margin:0in 0in .0001pt 3.75in;"><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 3.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 3.75in;"><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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 3.75in;"><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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 3.75in;"><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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 3.75in;"><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 9, 2007 at 8:30 a.m.,
London time. 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 3.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><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 10, 2007.</font></b></p>

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

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

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

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

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

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

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

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

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

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

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

</div>
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<div>

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

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

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">OCTOBER 9, 2007; 8:30 a.m., London
time</font></b></p>

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

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

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

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

</div>

<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 many of you in the audience and on the webcast are new to the Thomson
story and are interested in learning more about the Company. We are confident
that you will leave here today with a clearer understanding of Thomson&#146;s
businesses, the key operating and financial characteristics of the Company, 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 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;">But
first, let&#146;s start with the definition of the Professional Division. Following
the closing of the Reuters transaction, we will split the businesses into two
divisions, Professional and Financial. The Financial Division will consist of
Reuters and Thomson Financial and will be managed by Reuters&#146; current COO,
Devin Wenig.</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
Professional Division will consist of four segments &#151; Legal, Tax &amp;
Accounting, Scientific, and Healthcare. Jim Smith, currently Thomson&#146;s Chief
Operating Officer, will be President and CEO of the Professional Division&#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,
many of you are here today based on your interest in Thomson&#146;s acquisition of
Reuters. Needless to say, we are very excited about the opportunities the Reuters
transaction presents for Thomson. Dick Harrington, our President and CEO, will
provide some perspective on what the combination will mean for The Thomson
Corporation, our customers, and our shareholders. Bob Daleo, our CFO, will also
provide further detail on what the combined Company will look like from a
financial perspective&#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,
regarding the Reuters transaction, as you know, yesterday we were informed by
the European Commission that it will proceed to a Phase 2 review of the
proposed transaction, to give it more time to examine the transaction and its
impact on the competitive environment. Competitive conditions in the industry
where Thomson Financial and Reuters operate are complex and constantly
evolving.</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;">Both
companies have had productive and constructive discussions with the Commission
and will continue to work closely with the EC to help narrow and resolve the
issues which the EC has indicated require further review. The companies
currently anticipate that the Phase 2 review will be completed during the first
quarter of 2008 and hope we can work with the regulators to expedite the
process and complete the transaction in or around the first quarter of next
year.</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;">Several
additional points to mention. First, the Commission&#146;s move is not a surprise,
given the deal&#146;s size and complexity. We are comfortable with the process and
have always planned for the possibility of a Phase 2 review in our business
planning.</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;">Second,
the Commission&#146;s press release is relatively general, which supports the impression
that Phase 2 is as much about the need for more time to consider the
transaction, rather than because substantive issues have identified.</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;">Third,
Thomson&#146;s and Reuters&#146; businesses are largely complementary with little overlap
in either geographical presence or product offering, and we believe that the
transaction will enhance competition. We are confident that the Commission will
clear the transaction following its Phase 2 review.</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
also noted in yesterday&#146;s press release, in the United States the two companies
have signed a timing agreement with the Department of Justice related to its
regulatory review. Under the timing agreement, the Department of Justice will
provide Thomson and Reuters with a decision by January 15, 2008. Lastly, we
will not be able to comment today on timing or regulatory approval related
issues beyond what I have just discussed&#133;.</font></b></p>

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

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

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</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;font-variant:normal !important;font-weight:normal;">Finally,
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 expected
due to a number of risks that we 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 disclosures of certain non-GAAP financial measures.
As required by regulatory rules, we have provided a reconciliation of each of
these measures to the most directly-comparable GAAP measure in the Investor
Relations section of our website found at Thomson.com&#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-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;">

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

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<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 are new to the Thomson story and are interested in learning more about
our Company in light of the proposed acquisition 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-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 get into some of the highlights so far this year. 2007 has been a transformational
year for our Company&#133;&#133;We sold all of our Thomson Learning businesses, receiving
gross proceeds of approximately $8.5 billion. We will use the $7 billion in net
proceeds for the Reuters acquisition we announced in May.</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
is the biggest transaction in our Company&#146;s history, and we are very excited
about the opportunities presented by this combination. 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 a transformational moment and the high
point of what we have been working toward for a decade. We have developed a
strategy, the business model, and capital structure to support this acquisition
and to take this major step.</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
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. We will deliver high-end critical
content electronically, with software tools and services to enable our
customers to perform at a higher level.</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. The 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
region.</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, we will have the management talent, financial strength, and the strong
operating position to capitalize on the opportunities in our markets. The net
result is that we believe that Thomson Reuters will create shareholder value,
and 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 markets and
the other serving financial markets.</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;">Combining
the complementary strengths of Thomson Financial and Reuters will create a
global leader in financial information. Thomson Financial has innovative
products and a strong market position in North America. Combining this with
Reuters&#146; strength in news and financial information and leading positions in
Europe and Asia 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;">But
we&#146;re here today to talk about the other half of Thomson-Reuters. Thomson has
built leading positions in Legal, Tax &amp; Accounting, Scientific, and
Healthcare information markets. This Professional Division will represent
approximately 40% of the revenues of the combined Thomson-Reuters business and
will generate over $1 billion in 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;">I am
confident that our Professional Division, combined with Reuters&#146; brand, news
service, and global reach, will create new growth opportunities. We will be
able to leverage content and platforms across all our businesses and
geographies. If the Thomson-Reuters had been combined in 2006, they would have
generated over $11 billion in revenue and nearly $2.5 billion in segment
operating profit.</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
have been with Thomson, at Thomson for 25 years, and the last 10 years as CEO.
I can honestly say the Company has never had more opportunity. The Thomson
Corporation is strategically positioned, operationally sound, and 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.</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;">&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
to tell you more, I would like to introduce the CFO for Thomson and the future
CFO for Thomson-Reuters, Bob Daleo.</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;">4</font></b></p>

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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>

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

</div>

<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;.We have about 70% of our revenues that are
outside of North America. We will show how that, when blended with Reuters,
really does create a significant and powerful footprint&#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 style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We believe that we have the right balance and use of debt and equity to
generate free cash flow; and that we believe that we can preserve our balance
sheet strength and maintain a strong capital rating over the long term &#151; which
is very important, for us to have access to capital markets. As you can see in
times like these, it is actually critical that you have a strong rating to be
able to access debt markets when you want to.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Importantly, you will hear about this throughout my presentation, our
focus is really on strong &#151; generating strong free cash flow, because it is
cash generation that really drives the long term of the Company. It allows us
to operate the way we choose to operate, and also allows us to deliver the kind
of returns we seek to deliver to our shareholder base. We believe that we
manage our capital expenditures in a very, very efficient way and that we
manage our cash strategy very effectively as well. &#133;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</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;font-variant:normal !important;font-weight:normal;">It is
not about a $7 billion company acquiring a $5 billion company. It is about a
business &#151; if you look at Thomson, last year we were $9 billion; all things
being considered we are probably tracking to be in excess of $10 billion in
2007. So it really is about having the capacity, the organizational structure,
the process, and the disciplines of a $10 billion corporation. And post-Reuters
as you know, we will be roughly about $11 billion, rapidly moving to $12
billion. So I think that is important to understand, that we do have the
infrastructure and capacity to manage this kind of an integration and
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
target double-digit growth in free cash flow as an operating return philosophy.
We manage our capital intensity around that, and we actively manage working capital.</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;">What
does it allow us to do strategically? It allows us to have both attractive and
growing returns for our shareholders in the form of cash going back; but also
with balanced reinvestment to the Company in terms of capital and in terms of
acquisitions&#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
target over the long-term our net debt-to-EBITDA ratio of around 2. We believe
that we must have access to capital markets in order to grow the business, and
that therefore our ratings are important; and that we have an absolute focus on
balancing both growth and returns, not one to the exclusion of the other. We
believe that how this creates value for us is that it gives us the optimum
financial flexibility to make strategic acquisitions, and the ability to do
what we&#146;re doing right now &#151; to stretch where we need to, to be able to
continue to grow the business and make the right kind of investment...</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
Corporation today has a policy of paying out roughly 40% of free cash flow in
the form of dividends. We have, as you can see in the past two years, flexed to
return additional cash to shareholders in the form of a buyback. Today, our
free cash flow payout is roughly 50% or a little bit more than that, given the
divestiture of Learning. So it&#146;s not a hard and fast rule, because we are very,
very committed to our dividends and believe that our dividend policy is
structured around the long-term health of the business and not any individual
annual fluctuation.</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;">Today,
we are not in the market buying back our stock, given the current deal that we
are contemplating with 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;">In
terms of credit ratings&#133;.S&amp;P affirmed our low A rating in spite of the fact
that Moody&#146;s actually dropped us one notch. DBRS, that rating is currently also
a low A; but I would tell you that it is under review.</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 a
Company and as the Chief Financial Officer, I will tell you that we are
absolutely committed to a low A rating, because we believe fundamentally that
quality debt and quality equity go hand-in-hand. I personally believe that a
low A rating is &#151; given the nature of our businesses and the cash generation &#151; is
very appropriate for a company like Thomson and like 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;">Now
just take a couple of minutes to talk about the Thomson-Reuters transaction.
First, it is very important &#151; as Dick has said and I echo, is that we are very
excited about it. We believe that the combination of these businesses with
revenues of in excess of <br>
$11 billion, we will be able to partner and compete anyplace in the world in a
very, very robust way.</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
will &#151; the combination of TF and Reuters, and the ability of Reuters to provide
some platforms for our Professional group as well, will allow us to really meet
customers&#146; demand globally for both broader and faster products and more
deeply-integrated information.</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 we
already articulated, we believe there are significant deliverable synergies
from our perspective, from the Thomson perspective. They pay for the
acquisition. They don&#146;t drive the real value creation that we&#146;re expecting
going forward.</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;">5</font></b></p>

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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;">We
will be a well-capitalized business, as well as being an industry leader. We
will have a dualistic structure, which will enable us to enjoy the benefit of
global shareholding to reflect the global nature of the Company, and we are
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
if we look at the footprint of the business, I have said that Thomson roughly
has 17% of its business outside of North America. You know that Reuters has a
smaller percentage of its business inside North America. When you put these
businesses together, you have a very strong footprint, with 60% of the business
in North America and 40% outside &#151; and as Dick mentioned, $1 billion of that in
the fast-growing region of Asia&#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;">I
have used this slide in May when we first announced the deal. So, the only
updates here that&#146;s different is that, as we examine it, we believe that on combination
and pro forma basis our net debt-to-EBITDA multiple would be about 2.4, not the
2.6 we had in the initial slide. But the other perspectives, a $36, $35 billion
market cap business with about $1.5 billion of free cash flow. That is simply &#151;
that is without any of the benefit of the synergies that we have talked about.
So clearly the capability of this to be a $2 billion-plus free cash flow
generating business is there before us.</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;">Just
to refresh you on the purchase price and the financing. We have agreed
(inaudible) part of the deal is 50% cash, 50% equity. Cash component is roughly
$9.5 billion. We have $7 billion sitting in investments today, which represent
the net cash received from our disposals. We have significant financial
commitments at favorable rates which were done before the current hiccup in the
current financial markets. So we have more than enough capacity to do this
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,
the net debt increase for the Corporation will be about $3.5 billion. $2.5
billion, you do the math, is just the difference between the cash flow outlay
and the cash that we have on hand; and $1 billion dollars is roughly our
anticipated level of debt that we will inherit from Reuters when we do 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;">Frank
talked about this, so I won&#146;t spend too much time on it, to say that we are in
Phase 2 right now. The US Department of Justice has agreed that we will have a
&#151; they will provide a decision by the middle of January.</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
think what is important here for you all to walk away with is that, in spite of
all this process, there is a lot of work going on right now. Not in certain
areas, obviously, because it wouldn&#146;t make sense. But there is a lot of work going
on between the businesses to understand how we are going to combine in certain
areas away from, say, products and markets and so on. That work is proceeding
at a good pace.</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;">Importantly,
behind that, the ability to have that done, is that the management teams are
working together very closely. I think that what is happening is that we are
rapidly becoming one management team as we think about the business and think
about the opportunities. And we&#146;re all mutually excited about what this
business will be like post 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,
Thomson-Reuters. We might have said this before, it may be news; we will report
under Canadian GAAP. We will reconcile to both US GAAP and IFRS. We have to do
that for the specifics of the Canadian listing that we have. However, we do
anticipate moving to IFRS as soon as allowed. Canadian authorities have
announced that they will transition to IFRS in 2011. We&#146;re hopeful that we can
get them to allow us to do that earlier than 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;">Our
dividends will be declared in US dollars, and our reporting will be done in US
dollars, since the preponderance of assets will be in US dollar denomination.</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 in
summary, Thomson-Reuters we believe is a focused portfolio with a proven
management team. We have leading positions in attractive markets. We have a
high proportion of recurring revenue. We believe our businesses are
complementary. We believe we have demonstrated that revenue growth can
translate to both expanding margins and increased free cash flow. And we have a
very disciplined capital allocation process to both fund our reinvestment and
the return of capital 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>

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

</div>

<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 am
very appreciative to be here today, not only as the COO of The Thomson
Corporation but, more importantly today, as the soon-to-be CEO of the
Professional Division of the combined Thomson-Reuters&#133;. If you look across the
team that is going to present for the remainder of the day, you&#146;ll find a
combined 136 years of Thomson experience.</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,
let me take a moment here and share with you what I hope you take away from
today&#146;s presentations and to highlight the themes that will be running
throughout all of the presentations. Above all else, I hope you take away the
understanding that these fundamental Thomson businesses, </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;">6</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;">which
will form the Professional Division of Thomson-Reuters, are very well
positioned to carry us into the future. That is largely because of a shared and
constant management focus&#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;">On
top of the foundational strength of our traditional Thomson businesses, I get
even more excited when I think about combining the assets of Thomson
Professional with Reuters. It is a highly complementary fit. As we begin to
explore ways of building upon their global infrastructure, deep historic
relationships, and worldwide brands, 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 are going to find ways of enriching product offerings across the
combined entity as we learn more about the particular technologies, tools, and
content sets that each party brings to the table. I know that the combined
Company will offer the kind of exciting, dynamic, and global opportunities that
will allow us to continue to attract and retain the best and brightest talent.</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
the future looks very promising, and the combination of companies is indeed
powerful&#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
you saw earlier on a financial basis, pro forma the Professional Division
represents 41% of the overall Thomson-Reuters revenue. The largest segment
clearly is Legal. These are very solid profitable businesses. In 2006 the
Professional Division would have represented 50% of the operating profit of the
combined entity&#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 workplace is in fact more global. More customers are
looking for cross-border solutions and have global needs. We feel that we have
several areas of opportunity internationally at present; but I want to
highlight that all of these opportunities will only be enhanced with the addition
of Reuters and the global footprint that brings to bear&#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;">So
that is how we approach revenues. Let&#146;s take a minute to discuss our cost based
and about some of the things we are doing to make ourselves more efficient.</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;">THOMSONplus
is an initiative that was announced in the second quarter of 2006. It&#146;s
actually a series of steps and initiatives to further drive effectiveness and
efficiency. Finance+ is focused on finance, accounting, business systems,
organization, all of our <br>
back-office functions. Technology+ is focused on consolidating our technology
infrastructure and streamlining technology operations. Customer+ is focused on
transforming our customer care experience. Efficiency+ is a series of various
initiatives at the business units doing things such as salesforce alignment,
facilities optimization, and so forth.</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 are solidly on pace to hit our
stated objective of $150 million in run rate savings by the end of 2008. We
continue to drive this initiative and will drive it after the completion 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;">In
conclusion, let me reiterate that 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 and proven strategy. We
have strong leadership positions in markets that are fundamental to the
knowledge economy.</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
are taking, particularly with the Reuters acquisition, an increasingly global
approach to our businesses as we better understand and adapt to our customers&#146;
needs. We have a disciplined approach to investment spending. And we generate
strong free cash flow, which allows us to continually invest in future growth
at the same time we deliver solid returns to shareholders.</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;">Then,
I think we have the most important element in the mix &#151; people, management,
leadership. I mentioned the collective longevity of the senior team you will be
hearing from today. Well, while we have all been working for Thomson for a long
time, we have also been working with each other for a long time. We know each
other. We inspire each other. We challenge each other. We support each other.
We work very much as a team, and we are team with a proven track record&#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;">What
I hope you take away from today&#146;s discussion is a belief that these businesses
aren&#146;t just solid, steady, predictable producers of profit and free cash flow &#151;
which they are. But these businesses are also very well positioned to grow in
the information age. In fact, we believe the Professional Division of
Thomson-Reuters will be a critical part of the growth story of the combined
Company for a long time to come&#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-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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<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>

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

</div>

<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;[T]he
bottom line is that Thomson is delivering on all fronts and remains extremely
well positioned to take advantage of these opportunities. We have leading
positions in some of the most vital markets in the world, and these markets are
demonstrating favorable business trends. We continue to focus on electronic
solution software and services, which results in high levels of recurring
revenue and 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;">And
more importantly, the business model becomes even more attractive with the
acquisition of Reuters, which will bring us a <br>
first-class brand and global reach. So it&#146;s a clear, strategic vision, sound
operating performance and financial stability, Thomson remains well positioned
to drive shareholder value for the years to come&#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 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>

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<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#133;..Michael
Graham <i>&#160;- Heathbridge Capital Management - Analyst</i></font></b></p>

</div>

<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;..Bob,
be that downgrading by Moody&#146;s to me must have irritated you a whole lot when
it was added at a time when as I heard your overall financial position has
never been stronger. What will it take to get that expunged, what do you have
to do, what does Thomson have to do and when might that happen&#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>

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

</div>

<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;Yes, I was slightly irritated over that. And
there are a whole bunch of other factors involved in it. You read the press and
you know that these rating agencies have been dragged before Congress over the
subprime market issue and what they missed there. I believe that what we need
to do is execute on what we said we were going to do with the Reuters transaction
and we are all very much comfortable and confident we can achieve those. And I
believe if we do achieve those we will be back up to an A rating.</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;">Realistically
I would like to say we could see that in a year but knowing how rating agencies
work, they would take more than that. My guess is it will take 18 to 24 months
for us of achieving a track record of what we set out to do for us to be
comfortable and for the rating agencies then or particularly Moody&#146;s to come
back and raise the rating for us. They don&#146;t like to, which makes sense I <br>
agree &#151; they don&#146;t like to shuffle these around rapidly regardless. And so I
would expect it be 18 to 24 months before we see anything positive&#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>

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

</div>

<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&#146;ve
got a couple of very general questions. The first one for Mike. You&#146;ve done a
great job with your technology side, I think about product philosophy and then
I think about Reuters and I would say they&#146;ve got a fairly hideous record over
the last 10 years of product philosophy. As you look at, as an outsider at
Reuters&#146; technology achievements over the last few years, their structure, the
fact they are using outsourcing deals with the like of BT, that I don&#146;t think
you have, as an outsider, have you been &#151;.</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>

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

</div>

<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;As you know, we are just starting to meet with
them, and it is really early to comment. It is true that they tend to outsource
a lot more than we do. It is also true, though, their business is more
technologically intense with networking and customer installations. And so as a
percentage of their revenue and things you&#146;ll see a higher number. I couldn&#146;t
hazard a guess for that right now. But I think one of the benefits that will
come from the combination of the two is some of our discipline in that space
will benefit their execution considerably, and at least we are hoping that will
be the case and that will be a source of synergy for us.</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>

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

</div>

<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;And if I could ask across the group culturally
you&#146;ve made great play of your 135 years together. You&#146;ve all grown up around
the group and suddenly you are going to have an injection of completely
different people and a completely different style from Reuters. How do you
think you are going to accommodate that sort of growth?</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;">8</font></b></p>

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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>

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

</div>

<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;Actually I think they will do quite well. I
think first of all the 128 or 30 years didn&#146;t include Bob and I, so you have us
too. Like I said, I&#146;ve been here over 25 years. Bob has been here about 13.
Obviously we&#146;ve been working with them as best we can. Obviously under the
circumstances as we look for approval. But I think the important thing is that
really look at the other cultures are slightly different, but I think if you
look at what both companies are trying to achieve, they are the same. I think
when you combine the cultures of both I think you will actually come out with
the best of both as opposed to the worst of both. And I think that Tom Glocer
is taking a lot of care at this particular point in making sure he fully
understands what that is and that they bring it together. They have set
together a new Ex Com team, which would be the senior members taking the
business forward.</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
part of the goal or the responsibilities of the new Ex Com has been if they
move forward is really coming out with what are the priorities of the business,
what are the operating philosophies, what are the cultural philosophies that
the new organization is going to work under? So I think they will be fine when
we are actually able to put it all together I think we will be fine out of the
box and I am very optimistic &#151; even though I won&#146;t be here I am very optimistic
that the companies will get together and hopefully end up with the best of
both. And again, that is what Tom is trying to achieve.</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>

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

</div>

<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 just add that, as I said before, we&#146;ve
already started working on many integration efforts. And so the management team
has already come together at a certain level. And I know I speak for my
colleagues when I say that we find far more bridges of common approach in terms
of how we think about our business, our markets and our customers and our
employees than differences. And I think that we unite about the common around
these common areas and so we feel very optimistic and we are very excited about
them&#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>

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

</div>

<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;.[J]ust on the opportunities it has been some
four or five months since the Reuters deal was announced. I was just wondering
whether with the benefit of that four to five months there is sort of any added
insight that you got in terms of the opportunities to collaborate with Reuters
across the professional&#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>

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

</div>

<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;Yes, I think I would just do what I said in my
remarks earlier which I was excited when the deal was announced and I am more
excited today as we continue to work more closely with them. And we get to see
the opportunities but we are still in the early stages because we obviously
have to get through the antitrust authorities. But I am very excited about the
opportunities. I think they are there. We know we are there. I think the teams
where they can work are working extremely well together. So we are pretty
excited. When you look at us, the combination gives us a great opportunity and
a great footprint for the next 10 years. And I think we have the management
talent and the financial strength to take advantage of that&#133;.</font></b></p>

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

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

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