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<PHONE>44 (0) 207 542 6706
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<TEXT>
<html>

<head>





</head>

<body lang="EN-US">

<div>

<p style="margin:0in 0in .0001pt 3.0in;text-indent:-3.0in;"><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 3.0in;text-indent:-3.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 3.0in;"><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 3.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 3.0in;"><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 3.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 3.0in;"><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 3.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 3.0in;"><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 3.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 3.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Note:
The following are extracts from a transcript of a presentation given by The
Thomson Corporation&nbsp;on October 25, 2007 at&nbsp;8:30 a.m.&nbsp;ET. The
filing of these extracts 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 3.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">CAUTIONARY NOTE CONCERNING FACTORS THAT MAY AFFECT
FUTURE RESULTS</font></u></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;">This presentation, in particular the discussion of
the proposed acquisition of Reuters Group PLC and remarks related to Thomson&#146;s
outlook and prospects, includes forward-looking statements, such as Thomson&#146;s
beliefs and expectations regarding its financial performance in 2007. 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 its ability to deliver continued growth and
profitability and drive shareholder value, its anticipated run-rate savings and
costs related to THOMSON<i>plus</i> as
well as the timing for the program, 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 U.S. 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></p>

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

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

</div>
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<div>

<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;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">ADDITIONAL INFORMATION</font></u></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;">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, USA. For further
information about the public reference room, call the SEC at +1 800-732-0330.</font></p>

<p style="margin:0in 0in .0001pt;"><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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THIRD-QUARTER
2007 CONFERENCE CALL</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;">OCTOBER
25, 2007; 8:30 a.m. ET</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 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;">Frank Golden <i>&#160;</i>-<i> The Thomson Corporation - VP of 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;..Dick
Harrington, our President and CEO, will&#133;..provide an update on the proposed
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;">The
following discussion contains forward-looking statements that relate to future
results and events and are based on Thomson&#146;s current expectations. Actual
results may differ materially from those currently expected due to a number of
risks and uncertainties discussed in documents that we provide to the
regulatory agencies&#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="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;">Dick Harrington
<i>&#160;</i>-<i> The Thomson Corporation - President and 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;&#133;I
will provide a regulatory update related to the Reuters acquisition. I will
also touch on the opportunities the Thomson-Reuters combination will bring for
our customers, employees and shareholders&#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;">Now
let me turn to the Reuters regulatory approval process and recap where we
stand. As you know, we were informed by the European Commission on October 8
that it will proceed to a Phase II review. The Commission&#146;s move was not a
surprise, given the deal&#146;s size and complexity. We&#146;re comfortable with the
process and have always planned for the possibility of a Phase II review in our
business planning. We anticipate that the review will be completed during the
first quarter of 2008 and hope we can work with the regulators to expedite this
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;">As we
have said since we announced the transaction in May, we continue to believe a
combined Thomson and Reuters will enhance competition as well as customer
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;">In
the U.S., we have entered into a timing agreement with the Department of
Justice related to its regulatory review. Under the agreement, the DOJ will
provide us with a decision by January 15, 2008.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;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
lastly, the integration planning teams have been in place for several months
and continue to make progress. The teams are laying the groundwork to ensure
that when the deal closes, we will be off to a running start, having identified
the opportunities that will drive the business and better serving our
customers.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;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 me discuss the opportunities that the acquisition of Reuters presents for
Thomson and our shareholders. As I said when we announced the Reuters
acquisition in May, this combination is the next logical step for Thomson. We
have developed the strategy, the business model and the capital structure to
support this acquisition and to take this major step.</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 style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</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;">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 that enable our
customers to perform at a higher level. 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.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;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 and financial strength and a
strong operating position to capitalize on the opportunities in our markets.
The net result is that we believe Thomson and Reuters will create shareholder
value and will be beneficial for our customers&#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;">With
the acquisition of Reuters, Thomson&#146;s business model becomes even more
attractive, gaining a first-class brand and a global reach. And with a clear
strategic vision, sound operating performance and financial stability, Thomson
remains well positioned to drive shareholder value for years to come&#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="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;</i>-<i> The Thomson Corporation - 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;">....For
the quarter, corporate costs&#133;&#133;increase consisted primarily of $29 million of
Reuters acquisition-related integration costs&#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;">I
would like to reiterate several items&#133;&#133;that will affect the fourth quarter's
results&#133;&#133;Lastly, we will continue to make the necessary investments to best
facilitate a smooth integration with Reuters and expect to incur additional
acquisition-related integration costs of about $30 million in the quarter&#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;letter-spacing:0pt;text-transform:none;">QUESTION AND ANSWER</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;letter-spacing:0pt;">&nbsp;</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" style="font-size:10.0pt;">&#133;..Tim Casey <i>&#160;</i>-<i> BMO 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;">I&#146;m
wondering, can you talk about when you expect to have some sort of roadmap that
you will be able to present to your customers in the Financial segment?
Obviously, you&#146;ve got some big decisions to make on integrating Reuters and
Thomson. When do you think you&#146;ll be out talking to customers so that they can
decide what products they are going to continue to take, some they may drop and
obviously some they may accelerate purchase of?</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;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="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;">Dick Harrington
<i>&#160;</i>-<i> The Thomson Corporation - President and 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;">Tim,
I think it&#146;s really difficult for us to answer the question while we are in the
middle of the DOJ and European Commission process&#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="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;">Karl Choi <i>&#160;</i>-<i> Merrill Lynch - 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
just want to ask, in the Thomson Financial area, have you seen any changes in
renewal patterns or more or more pricing resistance, given some of the market
turmoil?....</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;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="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;">Dick Harrington
<i>&#160;</i>-<i> The Thomson Corporation - President and 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;">The
anomaly on Thomson Financial, I would say there&#146;s been obviously some minor
issues with customers who want to take a wait-and-see attitude on what the new
products are. But, that said, I think we are performing &#151; the units that are
performing &#151; Bob mentioned a number of units that are performing at 7%-plus
organic growth. Those units we would expect to perform regardless of the
transaction, and so we feel pretty comfortable that Thomson Financial is
basically achieving market rate growth based on the product line that we have.
And so, although there is some noise out there from some of the customers, it
has had minimal effect on Thomson Financial&#133;..</font></b></p>

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

<p style="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;">Peter Appert <i>&#160;</i>-<i> 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;">Can
you talk a little bit about how deep you are able to go pre-transaction in
terms of planning the integration? And I ask specifically in the context of the
$29 million in costs you cite, which seems like a very high number, at least
based on my understanding of the restrictions that are on you currently. So how
deep can you go, and why are those costs so high?</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;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="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;">Dick Harrington
<i>&#160;</i>-<i> The Thomson Corporation - President and 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;">Well,
Peter, first of all, what we can do is obviously anything dealing with
basically what the corporate office is going to look like, which is HR,
finance, etc., certain infrastructure costs. What we have not been able to do &#151;
what we won&#146;t be able to do until a review is done is do a deeper dive into
customers, into products, etc. So as far as the costs are concerned, I will let
Bob go over the costs with you.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;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="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;</i>-<i> The Thomson Corporation - 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;">Yes,
there are really two large components of it. One is consultants, because we
have hired Deloitte and McKinsey to help us manage that, and they are working
with us full time in terms of laying out the planning. So the consultants&#146;
costs are up-front in terms of helping you plan, and then once you acquire the
business, then you execute. And those consulting costs fall away &#151; well, the
bulk of them fall away.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;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
other thing is that we have put in place, as you would expect, a series of
retention bonuses with our own people to make sure that we get the continuity
of performance in the business and that we treat our employees fairly,
particularly as it relates to Thomson Financial, because as we&#146;ve said and it&#146;s
known by our employees that we&#146;re integrating Thomson Financial into Reuters.
So there are many good people there and we want to make sure we continue to
motivate the sales organization, keep management in place, and there are costs
associated with that that are above and beyond the normal run rate costs of the
business. And that&#146;s why these costs, because they&#146;re our own employees, these
costs we need to expense as opposed to include them as part of any deal costs.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;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="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;">Peter Appert <i>&#160;</i>-<i> 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;">I
understand. And $29 million, would that be a run rate for the next couple of
quarters, or for the fourth quarter, let&#146;s say?</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;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="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;</i>-<i> The Thomson Corporation - 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;">As I&#146;ve
said, it certainly would be for the fourth quarter. I think that as we get
closer into 2008, we will share what information we have&#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="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;">Michael Meltz <i>&#160;</i>-<i> Bear Stearns - 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;..One,
to follow up on Peter&#146;s question there, the $60 million you are talking about,
is any of that &#151; is there a separate capitalized cost regarding that integration
effort?....</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;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="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;</i>-<i> The Thomson Corporation - 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;">In
terms of the integration costs, the integration costs are not &#151; there are deal
costs that are separate from this. Those would be things like bank fees and
legal fees and others. Those costs are capitalized. In fact, you see some small
amounts of them reflected in our cash flow, where we&#146;ve made payments to the
banks and so on, so roughly about $20 million in the quarter. So those are
separate. These costs, integration costs, are actually costs that we need to
expense because they are in preparation of the transaction and don&#146;t qualify
for being capitalized as part of the transaction&#133;&#133;</font></b></p>

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