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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;">&nbsp;</font></b></p>

<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&nbsp;425</font></b></p>

<p style="margin:0in 0in .0001pt 3.0in;text-indent:-3.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&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&nbsp;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" style="font-size:10.0pt;">&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" style="font-size:10.0pt;">&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" style="font-size:10.0pt;">&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" style="font-size:10.0pt;">&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 February&nbsp;7, 2008
at&nbsp;8:30&nbsp;a.m.&nbsp;ET. The filing of these extracts under Rule&nbsp;425
shall not be deemed an acknowledgment that such a filing is required or that an
offer requiring registration under the Securities Act of 1933, as amended, may
ever occur in connection with the possible business combination transaction
described herein.</font></p>

<p style="margin:0in 0in .0001pt 3.0in;"><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;">CAUTIONARY NOTE CONCERNING FACTORS THAT MAY&nbsp;AFFECT
FUTURE RESULTS</font></b></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, includes forward-looking statements.&#160; These statements are based on certain
assumptions and reflect Thomson&#146;s current expectations.&#160; Forward-looking statements also include
statements about Thomson&#146;s beliefs and expectations related to its anticipated
run-rate savings and costs related to <i>THOMSONplus
</i>as well as the timing for the achievement of savings from the
program, and its beliefs that the Reuters acquisition will be approved and
close early in the second quarter. 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.&#160; 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.&#160; These risks
and uncertainties include 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; and the diversion of
management time on transaction-related issues.&#160;
Some of the other factors that could cause actual results or events to
differ materially from current expectations are actions of competitors; failure
to fully derive anticipated benefits from acquisitions and divestitures;
failure to develop additional products and services to meet customers&#146; needs,
attract new customers or expand into new geographic markets; and changes in the
general economy. Additional factors 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&nbsp;40-F filed with the
U.S. Securities and Exchange Commission (SEC).&#160;
Any forward-looking statements made by or on behalf of Thomson speak
only as of the date they are made.&#160; Thomson
disclaims any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise,
other than as required by applicable law, rule&nbsp;or regulation.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&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;">ADDITIONAL INFORMATION</font></b></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.&#160; Following satisfaction or waiver of the
pre-conditions to the proposed Reuters transaction, documents relating to the
proposed transaction will be furnished to or filed with the SEC.&#160; Shareholders are urged to read such documents
regarding the proposed transaction if and when they become available, because
they will </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;">1</font></p>

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

</div>
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<div>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">contain
important information.&#160; Shareholders will
be able to obtain free copies of these documents, as well as other filings
containing information about the companies, without charge, at the SEC&#146;s
website at <i>www.sec.gov</i>, at the
Canadian securities regulatory authorities&#146; website at<i> www.sedar.com</i> and from Thomson.&#160; These documents will also be available for
inspection and copying at the public reference room maintained by the SEC at
100 F Street, N.E., Washington, D.C. 20549, USA.&#160; 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;"><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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FOURTH-QUARTER AND FULL-YEAR 2007
CONFERENCE CALL</font></b></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;">&nbsp;</font></b></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;">FEBRUARY 7, 2008; 8:30&nbsp;a.m. ET</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&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;">Frank
Golden - <i>The Thomson Corporation - VP IR</i></font></b></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;">&#133;We
will begin this morning with Dick Harrington, our President and CEO, who will
discuss the highlights of a successful and momentous year for The Thomson
Corporation. Dick will provide a recap of 2007 and will report on the state of
the Company as he prepares to retire upon the closing of the Reuters
acquisition. He will provide a glimpse of the opportunities he sees for Thomson
Reuters in the years ahead.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;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;">Bob
Daleo, our CFO, will follow&#133;he will 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;">Now,
before we begin, let me address several points that investors have raised in
advance of the closing of the Reuters acquisition. First, we plan to report our
first-quarter earnings on Thursday, May&nbsp;1, following regulatory approvals
and the close of the transaction. At that time, we will provide the 2008
outlook for the Thomson Reuters company. On May&nbsp;1, we will also provide
pro forma information for 2006 and 2007. This pro forma information will
include revenue, operating profit, and depreciation and amortization on a
consolidated basis and by business segment. More details on the reporting
structure will follow in the weeks ahead.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;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 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;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&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;">Dick
Harrington <i>&#160;</i>-<i>
The Thomson Corporation - President, CEO</i></font></b></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;">Good
morning and thank you for joining us. This morning, I will cover three topics.
First, I will recap the significant developments of the past year and will
review the Company&#146;s strong operating results. Second, I will discuss how well
Thomson is positioned in its markets in advance of the Reuters acquisition.
Third, I will close with the tremendous opportunities that Thomson Reuters will
bring for our customers, employees, and shareholders in the years ahead. Today,
Thomson is as strongly positioned to innovate and grow as I have ever seen in
my 10 years as CEO.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;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;">2007
was certainly a milestone year for The Thomson Corporation. We&#133;announced the
acquisition of Reuters&#133;Our strategy is clear and consistent. Our businesses are
delivering solid results, and we are well equipped to drive even greater
success&#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;">Thomson&#146;s
overall revenue stream is more diversified, and following the Reuters
acquisition will also be more geographically diverse, with 60% of revenues from
North America, 30% from Europe, and 10% from Asia.</font></b></p>

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

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">It is
also important to note that when the two companies are combined, 60% of profits
will come from our 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;">At
Thomson Financial&#133;Combined with Reuters, the Financial Division will be better
positioned, with complementary products offered across the globe&#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
with this as a solid foundation, what is ahead for Thomson Reuters? Well, when
our customers go to work each day, we are at the center of their business and
commercial enterprise dealings. Whether it is completing a stock trade, closing
a merger deal, researching a chemical compound, or helping to file tax returns,
Thomson is there. When the Reuters acquisition closes, we will be the world&#146;s
leader in information services for business and professional customers.</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;">2</font></b></p>

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

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

</font></b></div>

</div>
<!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\c900117\08-4905-4\task2673906\4905-4-be.htm',USER='c900117',CD='Feb  8 02:38 2008' -->


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<div>

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

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">It
will give us a truly global footprint by combining Reuters&#146; strength in Europe
and Asia with ours in North America. It gives us greater traction in geographic
markets that are going to become very important in the years ahead. The Reuters
acquisition will give us over a $1 billion base in Asia and positions us to grow
along with the fastest-growing economies in the world.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;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;">Lastly,
we will develop a broader range of solutions and leverage our assets across the
Financial and Professional businesses. I&#146;m confident this will translate into
significant free cash flow growth and greater shareholder value in the years
ahead.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;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 say that our management team has never been more focused on
driving the business. They are delivering on all fronts. The leading positions
we have built in some of the world&#146;s most vital markets are enabling us to
continue our momentum and expand our position. With the acquisition of Reuters,
Thomson&#146;s business model will become even more attractive.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;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;">Looking
forward, the question for us in 2008 is not how can we make Thomson Reuters succeed.
We know what to do, and we have the core capabilities to do it. The challenge
is to do what we do even better than before, and to do it on a truly global
scale with 50,000 employees, a world of new customers, and more opportunities
than we have ever had.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;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
a clear strategic vision, sound operating performance, and financial stability,
I&#146;m confident that the new Thomson Reuters, under the leadership of Tom Glocer,
will remain well positioned to drive shareholder value for the years to come&#133;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&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;">Bob Daleo <i>&#160;</i>-<i> The Thomson Corporation - EVP, CFO</i></font></b></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;">&#133;I
will provide you with a brief update on the Reuters transaction&#133;</font></b></p>

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

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Since
we are awaiting regulatory approval for the Reuters transaction, we will not be
issuing our 2008 business outlook at this time. As Frank mentioned, we will
provide our 2008 outlook for Thomson Reuters at the time we report our
first-quarter results.</font></b></p>

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

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">&#133;THOMSONplus&#133;The
good news is that we will complete this program ahead of schedule, with higher
margins, and have better positioned the Company in advance of the Reuters
integration&#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 discuss corporate costs. In the fourth quarter&#133;Reuters-related expenses
totaled $45 million...The increase in THOMSONplus costs was due to the
acceleration of program&#146;s initiatives in advance of the Reuters acquisition&#133;</font></b></p>

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

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Now
as Dick has mentioned, today we announced that we will increase our 2008 annual
dividend&#133;The $0.10 increase reflects our continued confidence in our ability to
generate significant levels of free cash flow following the Reuters acquisition,
and our commitment to continue to return cash to our 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;">Now
let me provide you with just a brief update on the Reuters transaction. As you
know, the Department of Justice recently changed its timing to approve the
transaction, to align itself with European Commission&#146;s timeline. We remain
highly confident that the acquisition will receive the necessary regulatory
clearance and we continue to expect the transaction to close early in the
second quarter of this 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
await clearance, we continue to proceed with our integration planning efforts
and will hit the ground running once the deal is closed.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;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 say that 2007 was a milestone year&#133; We&#133;announced the
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;">At
this time, we eagerly anticipate the birth of Thomson Reuters. The long-term
value of our business is undeniable. However, in these uncertain times, the
fundamental strength of Thomson Reuters cannot be ignored. This is represented
by our strong market positions and market diversity; by our customer focus and
bent toward product innovation; and perhaps most importantly by the talent in
our combined organizations.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;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
strategy is clear and consistent. Our businesses are delivering solid results.
And we&#146;re well equipped to drive to even greater success&#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;">3</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 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="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&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;">&#133;Vince
Valentini <i>&#160;</i>-<i>
TD Newcrest - Analyst</i></font></b></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;">&#133;Question
on the dividend and the dividend policy. It would seem that with the Reuters
integration that you would have a bit of a drag on your free cash flow in year
one, when you account for all the integration costs, albeit you have still been
willing to raise the dividend by 10%, which I think is great news.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;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 I
just wanted to hear your thoughts on how you think about the payout ratio now.
Are you still trying to stick to a hard 40%? Or you seem to be willing to push
higher than 40% for a year or two while you go through the integration and then
get back to 40% long-term; is that what you are thinking about now?</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&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;">Bob Daleo <i>&#160;</i>-<i> The Thomson Corporation - EVP, CFO</i></font></b></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;">&#160;I think the way we think about dividends is
that it reflects the long-term strength of the Company. We have anticipated in
our thinking of our dividends what we are going to be doing over the next two
or three years, in investing in getting the right integration done between the
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;">From
our perspective, 40% has been a part of it. But you have to also remember that
the Woodbridge has agreed to reinvest a portion of the dividends, which gives
us a flexibility as well in terms of funding the kind of growth and kind of
investment that we need. So when you take the Woodbridge reinvestments in, that
brings out our ratio down quite substantially.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;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,
it is that thought that is also guiding us in terms of making these kind of
policy decisions&#133;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&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;">Drew
McReynolds <i>&#160;</i>-<i>
RBC Capital Markets - Analyst</i></font></b></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;">&#160;Thanks very much and good morning. I guess
three small questions for Bob. Just wondering in Q1, should we see again
Reuters-related acquisition costs in the quarter?...</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&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;">Bob Daleo <i>&#160;</i>-<i> The Thomson Corporation - EVP, CFO</i></font></b></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;">&#133;The
answer to your first question in terms of Reuters&#146; costs, yes, we will continue
to see them, those costs. These costs are primarily around consulting services
and stay bonuses. That is where the bulk of this is.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;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 we
will see those continue into the fourth quarter &#151; I mean, I&#146;m sorry, into the
first quarter. Then as we get forward into the second quarter and on, we will
begin to see more of the integration costs as we start putting the businesses
together&#133;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&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;">Scott Scher
<i>&#160;</i>-<i> Clovis Capital - Analyst</i></font></b></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;">&#160;Quick question. Can you guys update us on &#151; given
the share buyback that Reuters is doing, if they continue at the pace that they
are continuing, how much cash will you have to spend as the cash portion of the
deal, as compared to what you originally expected?</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;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
just give us an update as to how many shares they have bought back. And if they
continue at this pace, what is left on the buyback; and then what the delta is
as to the original cash you thought you would have to put out? What will you
have to put out?</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" style="font-size:10.0pt;">4</font></p>

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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Bob Daleo <i>&#160;</i>-<i> The Thomson Corporation - EVP, CFO</i></font></b></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;page-break-after:avoid;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">&#160;Well, we originally looked at this, we thought
that the stock consideration for the deal would be about $8.5 billion. Now we
think it&#146;s about $7.2 billion.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;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
cash consideration, oh, I see what you are saying &#151; you know what, Scott, I
will have to get back to you. I will give you more detail because obviously
every share we take out, that is less cash we have to put out in the
marketplace.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&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;">&#160;Scott Scher <i>&#160;</i>-<i>
Clovis Capital - Analyst</i></font></b></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;">&#160;Well, exactly, and they are buying back &#151;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&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;">Bob Daleo <i>&#160;</i>-<i> The Thomson Corporation - EVP, CFO</i></font></b></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;">&#160;Yes, I understand the question; I don&#146;t have
that information directly in front of me. So I will get it to you. You know
what we will do? We will post it on the website so anyone else who would like
to have that can have it as well&#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;">5</font></b></p>

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