fact book 2012
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FACT BOOK2012
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Thms Reuters Fact Book 2012
W ar th lading sorc o intlligntinormation or th worlds bsinsss andprossionals, proiding cstomrs withcomptiti adantag. Intllignt inormationis a snthsis o hman intllignc, indstrxprtis and innoati tchnolog that
proids dcision-makrs with th knowldgto act, nabling thm to mak bttr dcisionsastr. Throgh approximatl 60,000mplos across mor than 100 contris, wdlir this ssntial insight to or cstomrs inth nancial and risk, lgal, tax and acconting,intllctal proprt and scinc and mdia
markts, powrd b th worlds most trstdnws organization.
Quick Facts:
400,000Thomson Rtrs nancial bsinss
srs mor than 40,000 cstomrs
and 400,000 nd srs across
th world.
80%Thomson Rtrs lgal rsarchis sd b mor than 80%
o Fortn 500 companis.
100%All o th top 100 CPA rms s or
fagship tax and acconting knowldg
soltion, Thomson Rtrs Chckpoint.
20 MillionOr Intllctal Proprt & Scinc
prodcts and srics ar sd
b mor than 20 million indiidals
arond th world.
1 MillionW writ mor than on million markt-
moing nws storis a ar.
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Thms Reuters Fact Book 2012 1
Th 2012 Fact Bookis intndd to proid a broad-basd inormation st to instors,
and also to sr as a dtaild rrnc gid to or sharholdrs.
This act book proids an introdction to Thomson Rtrs, rom or orarching
stratg to instmnt highlights. It proids smmar and dtaild inormation
rgarding th compans oprating sgmnts and nancial mtrics.
Business Overview Pages 2 12
Thomson Rtrs Strctr 3
Balancd Portolio o Bsinsss 4
Snior Managmnt 6Thomson Rtrs Prioritis 7
Global Growth & Oprations 8
Acisitions and Distitrs 10
Tchnolog 12
Historical Financial Inormation Pages 13 17
Investment Highlights Pages 18 24
Instmnt Highlights 19
Shar Pric Prormanc 20
Rtrning Cash to Sharholdrs 21
Capital Strctr 22
Dbt 23
Business Units Pages 25 60
Financial & Risk 26
Lgal 43
Tax & Acconting 49
Intllctal Proprt (IP) & Scinc 54
Rtrs Nws 59
Mdia 60
Corporate Inormation Pages 61 64Board o Dirctors 62
Trst Principls and Fondrs Shar Compan 63
Contact Inormation 64
Appendix Pages 65 73
Rconciliations 66
Calclation o Rtrn on Instd Capital 72
Spcial Not 73
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BuSINeSS OveRvIeW
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THOMSON ReuTeRS STRuCTuRe
W proid intllignt inormation to th worlds bsinsss and prossionals, sring or
primar cstomr grops. W ha a lading markt position, with wll rcognizd and
rspctd brands in ach o or principal markts.
Thomson Reuters
$12.7 billion 2011 rns
26.4% adjstd eBITDA margin
19.9% ndrling oprating prot margin
Financial& Risk
Tax &AccountingLegal
IP &Science
$7.3 billion 2011 rns
27.0% eBITDA margin19.1% oprating prot margin
Trading
Investors
Marketplaces
Governance, Risk& Compliance (GRC)
$1.1 billion 2011 rns
31.6% eBITDA margin22.6% oprating prot margin
Knowledge Solutions
Corporate
Indirect,Property & Trust
Proessional
Government
$3.2 billion 2011 rns
37.6% eBITDA margin29.2% oprating prot margin
Small Law Firms
Large Law Firms
General Counsels
Government
$852 million 2011 rns
34.7% eBITDA margin27.8% oprating prot margin
IntellectualProperty Solutions
Scientic & ScholarlyResearch
Lie Sciences
Global Growth & Operations
Reuters News / Media
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Corporate, Government& Academic
U.S. Law Firm Solutions
Global LegalBusinesses
INTELLECTUAL
PROPERTY
& SCIENCE
TAX & ACCOUNTING
Media
GRCMARKETPLACES
Enterprise Content
Corporate
Investment Banking
Wealth Management
Investment Management
Communications& Omgeo
Commodities& Energy
Foreign Exchange (FX)
Fixed Income
Equities, Derivatives& Options
Data Feeds& Platform
LEGAL
25%FINANCIAL & RISK
57%
TRADING
INVESTORS
9%
1%
3%
8%
7%
5%
6%
14%
7%
6%
5%
4%
3%
3%
6%
5%
4%
2%2%
$12.7billion 2011 revenues1
1 Rns rom ongoing bsinsss.
BALANCeD PORTFOLIOOF BuSINeSSeS
W bli or portolio o assts is wll dirsid b prodct and cstomr.
This chart illstrats th dirsit o or bsinss.
Thms Reuters Fact Book 2012 4Busess overvew Balanced Portolio o Businesses
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Approximatl 80% o or portolio grw in 2011 with a signicant prcntag
growing astr than 5%.
Corporate, Government& Academic
U.S. Law Firm Solutions
Global LegalBusinesses
INTELLECTUAL
PROPERTY
& SCIENCE
TAX & ACCOUNTING
Media
GRCMARKETPLACES
LEGAL FINANCIAL & RISK
TRADING
INVESTORS
>5%
Pre-FX Growth
0% to 5%
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SeNIOR MANAGeMeNT
James C. Smith
Prsidnt and Chi
excti Ocr
Stephen J. Adler
editor-in-Chi,
Rtrs Nws and
excti vic
Prsidnt, Nws
James T. Powell
excti vic
Prsidnt and Chi
Tchnolog Ocr
Stephane Bello
excti vic
Prsidnt and Chi
Financial Ocr
Shanker
Ramamurthy
Prsidnt, Global
Growth &
Oprations
David W. Craig
Prsidnt, Financial& Risk
Deirdre Stanley
excti vicPrsidnt and
Gnral Consl
Christopher
Kibarian
Prsidnt,
Intllctal
Proprt & Scinc
Brian Peccarelli
Prsidnt, Tax
& Acconting
Michael E.
Suchsland
Prsidnt, Lgal
Peter Warwick
excti vic
Prsidnt and
Chi Popl Ocr
As o March 2012
Thms Reuters Fact Book 2012 6Busess overvew Senior Management
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THOMSON ReuTeRS PRIORITIeS
W ha st or k prioritis or 2012:
Grow our Financial& Risk business
W ha otlind a clar
stratg, pt nw ladrs in
plac, organizd arond
cstomrs and st clar
accontabilitis.
W ar nriching or prodct
piplin to dri sals.
W ar dramaticall improing
cstomr xprinc to achi
signicant impromnt to or
cstomr satisaction ratings.
Invest in highergrowing segmentsand close adjacentmarkets
W ar rning or ocs on
whr to compt and
contining to shit instmnt
toward astr growing
sgmnts and mrging
opportnitis.
On o or astst growthopportnitis lis at th
intrsction o rglation and
nanc. Gin or strong
markt position in nancial
srics and in risk and
complianc, w ha a ni
opportnit to xpand or
position in this growing markt.
Exploit ranchisestrengths
No othr inormation compan
has th bradth o prodct, th
gographic rach and global
cstomr rlationships o
Thomson Rtrs.
W ar working in nw was
across bsinss nits to bildprodcts that mt cstomrs
ni nds throgh
componnts contribtd b
all or nits.
Nws and insight will bcom
an incrasingl important part
o all or fagship prodcts.
Acceleratedevelopmentin ast-growinggeographies
W ha lanchd a nw
Global Growth & Oprations
nit. Jst gtting bttr in or
cor markts will not b
scint i th majorit o
global growth happns
lswhr.
W spnt two-thirds o or
acisition dollars in 2011
otsid North Amrica, and
or strctr and talnt ar
organizd to spport or
global stratg.
1 2 3 4
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GLOBAL GROWTH & OPeRATIONS
Or nw Global Growth & Oprations (GGO) organization works with or Financial & Risk,
Lgal, Tax & Acconting and Intllctal Proprt & Scinc bsinsss to xpand or
prsnc and dlopmnt in contris and rgions whr w bli th gratst growth
opportnitis xist. Gographic aras that GGO is crrntl ocsd on incld Latin
Amrica, China, India, th Middl east, Arica, Rssia and contris comprising th
Commonwalth o Indpndnt Stats (CIS) and Trk.
GGO will acclrat growth in k markts b lraging global capabilitis and
addrssing local markt opportnitis. GGO will capitaliz on growth opportnitis b
haing t on th grond in ths markts and will mak xction astr b ptting s
closr to th local cstomrs in ths markts. Whr w don this in th past, w ha
acclratd growth. Now w will do it at scal.
In 2011, two-thirds o or acisition spnd was otsid o North Amrica to spport or
global growth stratg. Th map blow dpicts th contris whr w acird bsinsss.
Contris whr wacird bsinsss
Top 10 locationsb total nmbro mplos
TOP 10 LOCATIONS By TOTALNuMBeR OF eMPLOyeeS:
eagan, MN, u.S. Hdrabad, India
Bangalor, India Bijing, China
London, u.K. Bangkok, Thailand
Nw york, Ny, u.S. Bnos Airs,Argntina
Manila, Philippins Toronto, Canada
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Brazil
Paraguay
Uruguay
Argentina
Chile
Lgal and Tax & Acconting Positionin Latin AmricaW bli Latin Amrica is a rgion that has signicant potntial as prossional markts
dlop, and w ha mad sral acisitions or th past 24 months. In 2009, or
Lgal and Tax & Acconting rns wr lss than $35 million; b th nd o 2012 w
xpct rns will xcd $200 million.
Th rlati conomic strngth o Brazil and th rst o Latin Amrica contrasts with th
low conomic growth in th dlopd conomis. Latin Amrica is attracti gin its
larg and growing prossional class, dlopd prossional markts and lowr ll o
spnd pr prossional as compard to u.S. and eropan markts.
In 2010 w acird th largst lgal pblishr in Brazil, Rista Dos Tribnais; and in 2011
w acird on o th lading tax and acconting sotwar proidrs, Mastrsa. W ar in
th procss o intgrating Mastrsas capabilitis into or Global ONeSOuRCe platorm.
BRAZIL
#1 Lgal inormation proidr:Rista Dos Tribnais
#1 Tax & Acconting sotwarproidr or corporations: Mastrsa
Lading lgal sotwar proidr:Tdsco
ARGeNTINA, PARAGuAy& uRuGuAy
#1 Lgal inormation proidr:La L and Abldo Prrot
#1 Tax & Acconting sotwarproidr: Sistmas Bjrman
CHILe
#1 Lgal inormation proidr:Lgal Pblishing Grop, PntoLx
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Quick Facts
39W compltd 39 acisitions in 2011.
$1.3 BillionTh total cash considration or or 2011
acisitions was approximatl $1.3 billion,nt o cash acird.BuSINeSS uNIT ACquISITION COuNTRy DeSCRIPTION
Tax & Acconting Manatron u.S. Proidr o proprttax atomation andland rgistr sotwaror gornmnts andmnicipalitis
Tax & Acconting Mastrsa Brazil Proidr o tax andacconting sotwar
Gornanc, Risk &Complianc
World-Chck u.K. Proidr o nancialcrim and corrptionprntion inormation
Financial & Risk Rart CapitalMarkts
u.S. Rgistrdbrokr-dalr
ACquISITIONS
Acisitions ha alwas plad a k rol in or corporat stratg. Or acisitions
ar gnrall tactical in natr and primaril rlat to th prchas o inormation,
prodcts or srics that w intgrat into or oprations to broadn th rang o or
orings in ordr to bttr sr or cstomrs, to ntr adjacnt markts and to
xpand or global prsnc.
Acquisitions in 2011 that were greater than $50 million in purchase price
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W rcntl ntrd into a dniti agrmnt to sll or Halthcar bsinss or
$1.25 billion. W xpct to s th procds rom th sal or tactical acisitions and
instmnts in xisting prodcts and srics. W ma also s som o th procds
to rprchas shars o or compan. In Fbrar 2012 w annoncd or intntion to
sll or Proprt Tax Srics bsinss, a proidr o proprt tax otsorcing and
complianc srics in th u.S. and sral othr smallr bsinsss that collctil
had approximatl $170 million o rns in 2011.
BuSINeSS uNIT DIveSTITuRe COuNTRy DeSCRIPTION
Lgal BARBRI u.S. Proidr o barxam prparatorworkshops, corss,sotwar, lctrs andothr tools
Lgal, Tax &Acconting
Scandinaian lgal,tax and accontingbsinss
Dnmark
Swdn
Proidr o lgal andrglator prodctsand srics inDnmark and Swdn
Financial & Risk Trad and RiskManagmnt 1
u.K. Proidr o riskmanagmnt
soltions to nancialinstittions, incldingbanks, brokr-dalrsand hdg nds
DIveSTITuReS
As part o or contining stratg to optimiz or portolio o bsinsss and to nsr
that w ar insting in th parts o or bsinss that or th gratst opportnitis to
achi highr growth and rtrns, w ha distd sral bsinsss.
Divestitures in 2011 that were greater than $50 million
1 This transaction closd in Janar 2012.
Quick Facts
$415 MillionTh total procds rom 2011 disposals was
$415 million, nt o taxs paid.
$1.25 BillionW ntrd into a dniti agrmnt tosll or Halthcar bsinss or $1.25 billion.
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TeCHNOLOGy
Tchnolog plas a ital rol in spporting protabl growth across Thomson Rtrs. W
ar lraging procsss and platorms to dlir gratr oprational cinc across th
bsinss, nabling a shit in spnd rom maintnanc to cstomr-cntric innoation,
rsarch and prodct dlopmnt.
Or world is incrasingl mobil and so ar or cstomrs. W proid th sr intracs
th want on th mobil dics th s. For xampl, th Proviw Radr application
or th iPad is a rst-o-its-kind platorm or th dlir and s o spcializd Thomson
Rtrs contnt and tools anwhr, antim.
W ar also improing analtical capabilitis across or prodcts. Common analticsplatorms (across dsktops and mobil) ar proiding dpr insights into how or
cstomrs s or prodcts, which in trn inorms or prodct dlopmnt and
impromnt stratgis. Additionall, th s o analtics on cstomr sarch bhaior
hlps s rtri th answr to thir stion n i that docmnt dos not contain
thir r words, and is in s within prodcts sch as WstlawNxt.
Insting in innoati prodcts and tchnolog nabls th dlir o xprt-nrichd
contnt and adancd sarch tchnolog to cstomrs. R&D dro orts to dlir
sotwar that scans contnt and prdicts tags and topics to nrich th mtadata in
ditorial contnt.
Intgrating or knowldg assts rom a mltitd o databass ors s a signicant
comptiti adantag. Contnt Marktplac conncts ths othrwis disparat assts
togthr in a samlss, introprabl wa so th can b accssd b bsinss nits acrossth compan. Th rslt: nw combinations o contnt that crat high al soltions or
Thomson Rtrs clints. earl wins incld CLeAR enhancd D Dilignc, which
proids compan inormation combind with popl inormation, and Companion, which
nabls clints to accss rlant Thomson Rtrs data as th sr th wb.
B bilding a stratgic inrastrctr and architctr that aligns closl to programs and
bsinss goals, as wll as ling agil innoation basd on cstomr nds, Tchnolog
proids both th ondation and springboard or protabl growth across th compan.
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HISTORICAL FINANCIALINFORMATION
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HISTORICAL FINANCIAL INFORMATION
2011 Revenue Highlights4
Recurring
Nonrecurring
14%
86%
Americas
EMEA
Asia
12%
31%
57%
Electronic, Software & Services
Print
10%
90%
Revenues by Type
W drid 86% o or rns romsbscriptions and othr similar contractalarrangmnts, which ar gnrall rcrringin natr.
Revenues by Region
43% o or rns wr gnratd b oroprations otsid o th Amricas.
Revenues by Media
90% o or inormation was dlirdlctronicall, sotwar and srics.
1 Ths and othr non-IFRS nancial masrs ar dnd and rconcild to th most dirctl comparabl IFRS masrs in th tabls appndd to this act book.
2 Thr is no comparabl IFRS masr or pro orma rslts. D to th signicant impact o th Rtrs acisition on Thomson Rtrs rslts, rns rom ongoingbsinsss, adjstd eBITDA and ndrling oprating prot or 2007 and 2008 ar proidd on a pro orma basis. Pro orma rslts prsnt th hpothtical prormanco th Thomson Rtrs bsinss as i Rtrs had bn part o Thomson or all o 2007 and 2008.
3 2007 grs ar historicall rportd Thomson rslts.
4 Rns rom ongoing bsinsss, which rfct rns rom rportabl sgmnts and Corporat and Othr (which inclds th Mdia bsinss) as o March 2012and xcld th rslts o bsinsss that ha bn or ar xpctd to b xitd.
Twl Months endd Dcmbr 31,
Canadian GAAP IFRS
(u.S.$ millions, xcpt pr shar amonts) 2007 2Pro Forma
2008 2 2009 2010 2011
Rns rom ongoing bsinsss $11,384 $12,206 $11,843 $11,937 $12,743
Rn growth bor crrnc 3 9% 7% 0% 1% 5%
Organic rn growth 3 6% 6% -1% -1% 2%
Adjstd eBITDA $2,859 $3,016 $2,976 $2,809 $3,368
Adjstd eBITDA margin 25.1% 24.7% 25.1% 23.5% 26.4%
undrling oprating prot $2,095 $2,523 $2,502 $2,317 $2,541
undrling oprating prot margin 18.4% 20.7% 21.1% 19.4% 19.9%
Adjstd arnings pr shar (ePS) 3 $1.69 $1.59 $1.62 $1.53 $1.96
Capital xpnditrs % rns 3 8.3% 8.6% 8.7% 8.8% 7.6%
Fr cash fow $1,066 $1,817 $1,570 $1,563 $1,602
Non-IFRS Financial Measures1
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Key MeTRICS1
Underlying Operating Prot Margin Return on Invested Capital (ROIC)
Canadian GAAP
IFRS
2007 2 2008 2 2009 2010 2011
18.4%
20.7% 21.1%
19.4%19.9%
2007 20 08 2 2009 2010 2011
8.7%
6.9% 6.8%
6.0%
6.9%
Free Cash Flow
(u.S. $ billions)
Adjusted Earnings Per Common Share
(u.S. $)
Revenue Growth Beore Currency
2007 2008 2009 2010 2011
1.1
1.8
1.6 1.6 1.6
2007 20 08 2 2009 2010 2011
1.591.69 1.62
1.53
1.96
2007 200 82 2009 2010 2011
7%
9%
0%
1%
5%
1 Ths and othr non-IFRS nancial masrs ar dnd and rconcild to th most dirctl comparabl IFRS masrs in th tabls appndd to this act book.
2 Basd on Pro Forma with Rtrs.
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Twl Monthsendd Dcmbr 31, Chang
(u.S.$ millions) 2011 2010 Total Bor Crrnc Organic
Revenues
Trading $3,537 $3,400 4% 0% 0%
Instors 2,472 2,432 2% -1% -1%Marktplacs 1,134 997 14% 11% 4%
Gornanc, Risk & Complianc 154 73 111% 108% 14%
Financial & Risk 7,297 6,902 6% 3% 1%
Lgal 3,221 3,027 6% 5% 2%
Tax & Acconting 1,050 907 16% 15% 6%
Intllctal Proprt & Scinc 852 789 8% 7% 5%
Corporat & Othr (inclds Mdia) 336 324 4% 0% 0%
eliminations (13) (12)
Revenues rom ongoing businesses 12,743 11,937 7% 5% 2%
Othr bsinsss 1,064 1,133
Revenues $13,807 $13,070 6%
Twl Monthsendd Dcmbr 31, Chang Margin
(u.S.$ millions) 2011 2010 2011 2010
Adjusted EBITDA
Financial & Risk $1,972 $1,790 10% 27.0% 25.9%
Lgal 1,210 1,146 6% 37.6% 37.9%
Tax & Acconting 332 284 17% 31.6% 31.3%
Intllctal Proprt & Scinc 296 263 13% 34.7% 33.3%
Corporat & Othr (inclds Mdia) (227) (211)
Intgration programs xpnss (215) (463)
Adjusted EBITDA $3,368 $2,809 20% 26.4% 23.5%
Underlying Operating Prot
Financial & Risk $1,396 $1,270 10% 19.1% 18.4%
Lgal 941 892 5% 29.2% 29.5%
Tax & Acconting 237 203 17% 22.6% 22.4%
Intllctal Proprt & Scinc 237 209 13% 27.8% 26.5%
Corporat & Othr (inclds Mdia) (270) (257)
Underlying operating prot $2,541 $2,317 10% 19.9% 19.4%
SeGMeNT INFORMATION
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16%
9%
13%
62%
19%
15%
7%
59%
U.S. Dollars
Other
Euro
British Pound Sterling
CuRReNCy PROFILe
Thomson Rtrs has signicant gographic dirsit in rn strams, gnrating
approximatl 38% o rns in crrncis othr than th u.S. dollar. Sbstantial
rns otsid th unitd Stats, copld with a trl global workorc, rslt in
Thomson Rtrs nancial statmnts haing xposr to momnts in orign crrncis
against or rporting crrnc, th u.S. dollar. W mitigat this xposr b ntring
into xchang contracts.
2011 Revenue by Currency1
2011 Operating Expenses by Currency1,2
1 exclds th rslts o disposals.
2 expnss incld all costs applid to th ndrling oprating prot gr.
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INveSTMeNT HIGHLIGHTS
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INveSTMeNT HIGHLIGHTS
Building Shareholder Value
W sk to bild sstainabl sharholdr al b ocsing on organic rn growth
and r cash fow growth. This growth is drin b combining dp and broad indstr
knowldg with strong tchnolog and oprating platorms to addrss global markts with
larg prot pools. undrstanding or cstomrs challngs and opportnitis ips s
to bild tools th s to la th ondation or cint and transparnt markts, cti
naigation o lgal, rglator and tax nironmnts, and innoation and scintic discor.
ATTRACTIve BuSINeSS MODeL
86% o or 2011 rns wr rcrring
Propritar databass and dpl
mbddd workfow tools and soltions
90% o or 2011 rns wr rom
inormation dlird lctronicall and
sotwar & srics
Focs on r cash fow growth
Strong and stabl capital strctr
Diidnds ar a k componnt o
sharholdr rtrn (which w spplmnt
with shar rprchass rom tim to tim)
Or bsinss gnrats strong r cash
fow, and or prdnt approach to capital
managmnt positions s wll or both th
short and long trm
INDuSTRy LeADeRSHIP
#1 or #2 in or markts
Dp and broad indstr knowldg and
xprtis in ach markt sgmnt
essntial prodcts and srics tailord
or prossionals
BALANCeD & DIveRSIFIeD
For distinct cor cstomr grops
Global rn strams and a wid rang
o cstomrs proid balanc and dirsit
Tchnolog and oprating platorms bilt
to addrss th global marktplac
Th dirsit o or rn strams
proid stabilit and spport growth
Or largst singl cstomr accontd or
approximatl 1% o or 2011 rns
Thms Reuters Fact Book 2012 19Building Shareholder Valueivestmet Hghghts
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SHARe PRICe PeRFORMANCe
-60%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
4/16/08 8/16/08 12/16/08 4/16/09 8/16/09 12/16/09 4/16/10 8/16/10 12/16/10 4/16/11 8/16/11 12/16/11 4/3
TRI: NYSE
TRI: TSX
S&P 500 INDEX
Index Membership:
Dow Jons Titans MdiaSM 30 Indx Rssll Global
Dow Jons Sctor TitansSMComposit Indx Rssll Small Cap Compltnss Indx
Rssll 1000 Rssll Top 200 Indx
Rssll 1000 Financial Srics Indx Rssll Top 200 Growth Indx
Rssll 1000 Growth Indx S&P TSX 60 Indx
Rssll 1000 val Indx S&P TSX Canadian Diidnd AristocratsSM
Rssll 3000 S&P TSX Composit Diidnd IndxRssll 3000 Growth Indx S&P TSX Cappd Consmr Discrtionar Indx
Rssll 3000 val Indx
Average 2011 daily trading volume: TSX: 1.10 million; NYSE: 979,000
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ReTuRNING CASH TO SHAReHOLDeRS
Common Share Dividend History
Thomson Rtrs and its prdcssor companis ha paid ot diidnds consistntl or
or 30 ars, and w iw diidnds as a critical componnt o total sharholdr rtrn.
W ha incrasd or diidnd or 19 conscti ars. In th rst artr o 2012, w
annoncd a $0.04 incras in or diidnd to $1.28 pr shar annall, which rfcts or
iw o th cash fow gnration capabilitis o th compan. W targt a diidnd paot
ratio o 40% to 50% o annal r cash fow.
Dividend History (u.S. $ pr shar) Payout Ratio (u.S. $ millions)
96 97 98 99 0 0 01 02 03 04 0 5 06 07 08 09 10 11 12
$1.28
$0.56
2007 2008 2009 2010 2011
1,066
1,8171,570
1,563 1,602
57%
33%
58%
57%
60%
Free Cash Flowafter dividends
Dividends1
Payout Ratio
Share Repurchases
Whil or primar mthod to rtrn cash to sharholdrs has bn diidnds, w ha
also tilizd shar bback programs rom tim to tim. W ha a 15 million shar Normal
Cors Issr Bid that was rnwd in Ma 2012. Sinc 2005, w ha rprchasd
approximatl $1.7 billion o stock.
Share Repurchases (u.S. $ millions)
256
412
168
522
0 0
326
2005 2006 2007 2008 2009 2010 2011
1 Diidnds paid on common and ordinar shars ar shown nt o amonts rinstd in or diidnd rinstmnt plan.
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CAPITAL STRuCTuRe
Thomson Reuters
CommonShares
DepositaryInterests 1
PreerenceShares
TSXSmbol: TRI NYSESmbol: TRI (Rprsntingcommon shars) TSXSmbol: TRI.PR.B
Dividenddeclarationcurrency
u.S. $ u.S. $ u.S. $ C $
Dividendpaymentcurrency
Dalt u.S. $
Sharholdrs can opt orC $ and GBP withotcharg
Dalt u.S. $
Sharholdrs can opt orC $ and GBP withotcharg
Dalt GBP
DI holdrs can opt or C $and u.S. $ withot charg
DI holdrs ma also optor othr crrncis/xchang or TSX or
NySe listd shars ora
C $
2012 Quarterlydividend rateper share 2
u.S. $0.32 u.S. $0.32 u.S. $0.32 Paid artrl at anannal rat o 70% o thCanadian bank primrat applid to th statdcapital o th shars
Voting rights On ot pr shar On ot pr shar On ot pr DI Non-oting
1 each Dpositar Intrst (DI) rprsnts on common shar, and has th sam conomic and oting rights as a common shar. Comptrshar holds th common shars asnomin on bhal o DI holdrs. DIs ma b sttld in th u.K. throgh CReST.
2 All diidnds ar sbjct to Board approal.
Fll Fngibl
Conrtibl or a
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DeBT
Debt Maturity Prole as o December 31, 20111 (u.S. $ millions)
2012 2013 2014 2015 2016 2018 2019 2020 2021 2035 2040
Fixed
Floating
Commercial Paper
388
1,000
1,169
123
593 610
1,000
500
731
350
400
500
($ millions)Primar dbtinstrmnts
Driatiinstrmnts
(asst) liabilit
Bank and othr 45
Commrcial papr 390
C$600, 5.20% Nots, d 2014 604 (121)
C$600, 5.70% Nots, d 2015 587 27C$750, 6.00% Nots d 2016 733 (117)
C$750, 4.35% Nots d 2020 731 (13)
uS$250, 5.25% Nots, d 2013 249
uS$750, 5.95% Nots, d 2013 748
uS$800, 5.70% Nots, d 2014 796
uS$1,000, 6.50% Nots, d 2018 990
uS$500, 4.70% Nots d 2019 496
uS$350, 3.95% Nots d 2021 346
uS$400, 5.50% Dbntrs, d 2035 392
uS$500, 5.85% Dbntrs, d 2040 487
Total 7,594 (224)Current portion (434)
Long-term portion 7,160 (224)
Crdit Ratings Moods Standard & Poors DBRS Limitd Fitch
Long-trm dbt Baa1 A- A (low) A-
Trnd/Otlook Stabl Ngati Stabl Stabl
1 vals in dbt matrit prol rfct contractd xchang rat to b paid at matrit (atr swaps) and xclds $45 million o bank and othr borrowings primaril orshort-trm cash managmnt. vals in tabl rfct carring amont rcordd in th consolidatd statmnt o nancial position.
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Quick Facts:
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BuSINeSS uNITS
25Thms Reuters Fact Book 2012
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FINANCIAL & RISKFinancial & Risk proids soltions that connct th global nancial commnit. W dlir critical
nws, inormation and analtics, nabl transactions and bring togthr commnitis that allow
trading, insting, nancial and corporat prossionals to connct. Financial & Risk also proids
lading rglator and oprational risk managmnt soltions.
W bli that Financial & Risks inormation, spporting tchnolog and inrastrctr hlp or
cstomrs gnrat sprior rtrns, impro risk and complianc managmnt, incras accss to
liidit and crat cint, rliabl inrastrctrs in incrasingl global, lctronic and mlti-asst
class markts.
In 2011, 86% o rns wr drid rom rcrring sorcs, with th rmaindr primaril romtransactions. Financial & Risk cstomrs accss or inormation, analtics and trading commnitis
throgh or dsktop soltions, datads and mobil applications across a wid rang o dics. Lss
than 50% o Financial & Risks rns wr drid rom dsktop prodcts, with th rmaindr rom
sals o datads, transactions and sotwar.
The Faca & Rsk busess ut cssts ur custmer segmets but arud ed users,
ther cmmutes ad ther wrkw.
Thomson Reuters
Trading($3.5 Billion)
Proids inormation, analtics,ral-tim data and tchnologor th trading foor actiitis ocstomrs in orign xchang(FX), xd incom anddriatis, itis and othrxchang-tradd instrmnts,as wll as in th commoditisand nrg markts
Data Feeds & Platorm
Equities, Derivatives & Options
Fixed Income
Foreign Exchange
Commodities & Energy
Investors ($2.5 Billion)
Proids inormation, analtics,workfow and tchnologsoltions that nabl ctiinstmnt dcision-making,dri prormanc and hlp mtrglator rirmnts orcstomrs in instmntmanagmnt, instmntbanking, walth managmnt,
hdg nds and corporations
Investment Management
Wealth Management
Investment Banking
Corporate
Enterprise Content
Marketplaces ($1.1 Billion)
Oprats lctronic tradingns that proid accss toliidit in or-th-contrmarkts, trad xction andconnctions or marktparticipants and commnitis onancial prossionals worldwid
Foreign Exchange
(Dealing/Matching)
Fixed Income (Tradeweb)
Governance,Risk & Compliance($0.2 Billion)
Proids soltions thatconnct or cstomrsstratg, oprations andbsinss transactions to thr-changing rglatornironmnt
Banking & Securities
Insurance
Highly Regulated Industries
Global Growth & Operations
Reuters News / Media
2011 Revenues: $7.3 Billion
2011 EBITDA: $2.0 Billion2011 Operating Prot: $1.4 Billion
Financial& Risk
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Revenues (u.S. $ millions) EBITDA (u.S. $ millions) Operating Prot (u.S. $ millions)
2007 1 2008 1 2009 2010 2011
7,2956,797 6,976 6,902
7,297
Canadian GAAP
IFRS
2007 1 2008 1 2009 2010 2011
1,9681,662
1,979 1,790 1,972
24.5%27.0% 28.4% 25.9% 27.0%
Canadian GAAP
EBITDA
EBITDA Margin
2007 1 2008 1 2009 2010 2011
1,3511,039
1,394 1,270 1,396
15.3%
18.5% 20.0% 18.4% 19.1%
Canadian GAAP
Operating Profit
Operating Profit Margin
Electronic, Software & Services
Print
1%
99%
EMEA
Americas
Asia
18%
38%44%
Recurring
Nonrecurring
14%
86%
Revenues by Media Revenues by Region Revenues by Type
1 Pro Forma rslts prsnt th hpothtical prormanc as i Rtrs had bn part o Thomson or all o 2007 and 2008.
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Trading
Th Trading bsinss srs th nancial commnit b allowing markt participants
to connct, accss rich contnt and trad in a scr nironmnt. Trading proids
cstomrs a combination o th Thomson Rtrs eikon dsktop, th Thomson Rtrs
elktron ntwork, contnt intgration and managmnt tchnolog, contnt ds and
databass and transactions inrastrctr. This combination o soltions spports th
trading actiitis o b-sid and sll-sid cstomrs in orign xchang (FX), xd
incom and driatis, itis and othr xchang-tradd instrmnts, and in th
commoditis and nrg markts.
Revenues (u.S. $ millions) Revenues by Type
2009 2010 2011
3,4983,400
3,537
Recurring
Recoveries
Transactions
Outrights
18%
5%
2%
75%
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Or soltions nabl rms to cintl obtain ral-tim and non-ral-tim contnt to
mak bsinss trading dcisions and mt rglator rirmnts. Or soltions
nabl srs to dlop and xct trading stratgis ickl, cintl and scrl
and proid a combination o dp, global cross-asst nws and contnt combind with
sophisticatd pr-trad dcision-making, commnication and trad-connctiit tools.
Or Trading bsinss contins to roll ot, nhanc and dlop or fagship inormation
dsktop, Thomson Rtrs eikon. eikon is an nablr o or stratg, a prodct that will
bcom th gold standard in or portolio o prodcts and srics and dirntiat
s rom or comptitors.
W contin to dplo Thomson Rtrs elktron, or high prormanc trading and
data inrastrctr that nabls both or nxt gnration ral-tim ds and
managd sric soltions. To dat, w ha lanchd Thomson Rtrs elktron
hosting acilitis in 11 k nancial cntrs. W also bgan to incorporat Thomson
Rtrs and third-part applications into elktron, sppling an intgratd architctr
to spport r part o th trad liccl. In addition, or elktron Hosting inrastrctr
allows s to dplo spcic clint applications, oring accss to or bradth o markt
data and data managmnt capabilitis in a managd sric nironmnt.
Competition
Tradings inormation prodcts compt with Bloombrg, SnGard, Tlkrs and IDC
as wll as local, rgional and nich comptitors ranging rom Markit and SprDriatis
to qick and Xinha Financ. Tradings ral-tim datads compt with Bloombrg,
S&P and IDC and its markt data dlir orings compt with spcialt tchnolog
proidrs, xchangs sch as NySe eronxt and larg IT ndors sch as IBM.
Quick Facts:
1.5 MillionW distribt approximatl 1.5 million pric
pdats pr scond to th nancial markts.
250W proid ral-tim and historical datarom mor than 250 xchangs and
hndrds o OTC markts and pric
contribtors coring 14 million instrmnts.
2,400Or 2,400 cstomrs s or entrpris
Platorm soltion to manag and distribt
ral-tim data.
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Inormation about Tradings customers, end users and products
CuSTOMeR eND uSeR PRODuCTS
Sll-sid banks, b-sid trading dsks,cstodians, liidit cntrs and dpositoris,hdg nds, prim brokrs, propritartradrs, intr-dalr brokrs, mltilatraltrading acilitis, cntral banks and ndadministrators
Trading prossionals, salspopl, brokrsand nancial analsts
Thomson Rtrs eikon, Rtrs 3000 Xtra
Markt data and IT prossionals Thomson Rtrs elktron
Thomson Rtrs Ral Tim
Thomson Rtrs entrpris Platorm
Inormation about Tradings products
PRODuCTS DeSCRIPTION
Thomson Rtrs eikon, Rtrs 3000 Xtra Flagship dsktop prodcts proiding pr-trad dcision-making tools, nws, ral-tim pricing,trading connctiit and collaboration tools
Thomson Rtrs elktron High-spd rsilint nancial markts ntwork and managd srics nironmnt
Thomson Rtrs Ral Tim Ral-tim datads rlatd to programmatic and atomatd trading, markt and crdit risk,instrmnt pricing and portolio managmnt and alations
Thomson Rtrs entrpris Platorm Sotwar platorm or intgrating and distribting ral-tim and historical nancial inormation
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Instors
Th Instors bsinss proids or b-sid and o-trading foor cstomrs with
inormation, analtics, workfow and tchnolog soltions. Ths soltions nabl cti
instmnt dcision-making, dri prormanc and hlp mt rglator rirmnts or
or cstomrs in instmnt managmnt, instmnt banking, walth managmnt,
hdg nds and corporations.
Revenues (u.S. $ millions) Revenues by Type
2009 2010 2011
2,4322,4592,472
Recurring
Recoveries
Transactions
Outrights
9%
4%
3%
84%
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Instors cstomrs ha dirct, ral-tim accss to th global contnt sts ndd
to dri intllignt insight in cor aras inclding portolio managmnt, rsarch
dlopmnt and dissmination and global M&A. Thomson Rtrs ni contnt
and analtics capabilitis incld ndamntals, stimats, conomic indicators,
ownrship data, brokr rsarch, dals data, it and xd incom data, lings,
xchang data, tick histor as wll as historical and tim sris data. Or cstomrsalso ha accss to pricing and rrnc data or thir middl and back ocs or trad
matching and sttlmnt, risk managmnt and analsis and portolio alation.
Instors propritar sorcs o contnt incld I/B/e/S, Datastram, Lippr,
StarMin, extl, First Call, IFR and Rtrs Nws. Th Instors dsktop platorm is
Thomson ONe, which w cstomiz to targt th nds o or cstomr grops. W
ha bgn th task o simpliing or prodct orings in Instmnt Managmnt b
consolidating twl lgac dsktop prodcts to or cor dsktop platorms inclding
Datastram Prossional and eikon with Datastram.
To capitaliz on growth opportnitis in Asia and an stablishd cstomr sgmnt in
erop, w addd a rang o markt monitoring and dcision spport tools or walth
managrs to or Thomson Rtrs eikon dsktop. W ha also bgn dploing eikon
or Instmnt Managmnt in erop. W contin to grow or Thomson Rtrsindics bsinss b xpanding both th asst classs and rgions cord, particlarl
in th growing Islamic nanc ara.
Competition
Or Instors bsinss compts with Bloombrg, FactSt, S&P/Capital Iq,
Morningstar, SnGard Data Sstms, Broadridg Financial Soltions, IDC, Tlkrs
and othr companis.
Quick Facts:
5,000Throgh or Financial & Risk inormation and
transactions soltions, Thomson Rtrs
spports mor than 5,000 instmnt
rms and hdg nds worldwid and or
780 global trading partnrs.
2.5 MillionW proid indpndnt, accrat
and timl pricing inormation or
approximatl 2.5 million xd incom,
driatis instrmnts and loans.
2 MillionOr global transactions databas cors
two million nancial markt transactions.
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PRODuCTS DeSCRIPTION CuSTOMeRS
Thomson ONe
Thomson Rtrs eikon
Intgratd accss to inormation, analticsand tools dlird within workspacsdsignd spcicall or ach targtcstomrs workfow
Portolio managrs, b-sid rsarchanalsts and associats, hdg nd managrs
Instmnt bankrs, sll-sid rsarchanalsts, stratg and rsarch prossionals,consltants, lawrs
Walth managmnt and high nt worthprossionals
Instor rlations ocrs, corporatcommnications prossionals, trasrrsand nanc prossionals, priat itprossionals
Thomson Rtrs Datastram Prossional Sophisticatd conomic rsarch withcross-asst class analtics and ndamntaldata in on intgratd application
Portolio managrs and rsarch analsts,conomists, hdg nd managrs, stratgists
Thomson Rtrs Dals Bsinss Intllignc Analsis and rporting tools or bsinssplanning, inclding prormanc, marktshar and targting
Bsinss managmnt and stratg tamsin instmnt banks
Thomson Rtrs Dal Analtics Tool or pr grop analsis and in-dpthcompan alation or crating and pdatingpitch books
Jnior-ll instmnt bankrs
Lippr Mtal nd inormation, bnchmarking data,prormanc inormation and analsis
Asst managmnt prossionals incldingnd markting, sals, prodct dlopmnt,prormanc masrmnt, nancialintrmdiaris and indiidal instors
Thomson Rtrs DataScop Data dlir platorm or all ThomsonRtrs ni and timl pricing andcross-asst rrnc data
Markt data and IT prossionals innancial instittions
Inormation about Investors products and customers
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Featured Solution:
THOMSON ReuTeRS DATASTReAMPROFeSSIONAL
Datastram Prossional intgrats top-down macro-conomic rsarch with
bottom-p analsis.
Global nts lik th erozon dbt crisis ha ld to instors placing incrasing
importanc on top-down macro analsis to spport thir instmnt procsss. To hlp
mt this nd, Thomson Rtrs cratd Datastram Prossional. Its a powrl
tool that intgrats conomic rsarch and stratg with cross-asst analsis in
on application.
Datastram Prossional is a nw prodct that combins th worlds largst historical
nancial databas, Datastram, with critical ral-tim markt data, global nws rom
Rtrs and powrl analtical tools all within on soltion. Th sstm proids accss
to Thomson Rtrs ndamntal data, I/B/e/S stimats, StarMin it analtics,
ASSeT4 nironmntal, social rsponsibilit and corporat gornanc contnt and mor.
Datastram Prossional proids instors with th powr to analz and map historical
trnds and rlationships, alidat trading idas, and capitaliz on nw opportnitis.
Th platorms powrl sarch tool proids intllignt sarching, ranking and ltring
across all tim-sris and intitil sggsts links to rlant contnt, allowing th sr
to asil naigat and xplor th rang o data to idnti thir nds, whthr nws,
indics, analtics or macroconomics. It incorporats sophisticatd charting andcorrlation analsis, making it asir to xamin rlationships and trnds btwn assts
at th toch o a btton.
Datastram Prossional can b accssd ia its scr, wb-basd soltion, th iPad,
mobil dics or within Microsot Oc.
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Marktplacs
Th Marktplacs bsinss oprats lctronic trading ns that proid accss to
liidit in or-th-contr markts, trad xction and connctions or markt
participants and commnitis o nancial prossionals worldwid. Marktplacs also
proids post-trad srics globall, nabling banks, brokrs and lctronic marktplacs
to samlssl connct with thir contrpartis.
Revenues (u.S. $ millions) Revenues by Type
2009 2010 2011
997964
1,134
Recurring
Recoveries
Transactions
Outrights
33%
1%
2%
64%
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Or trading soltions ha spportd th trasr sctor or or thirt ars, hlping
th worldwid orign xchang markts as th dlop. Or workfow soltions
impro or clints cinc and hlp cstomrs mt thir rglator obligations.
W contin to mak nhancmnts to or Daling platorm to nsr that it will mt
nw global rglator rirmnts.
Tradwb is a world ladr in bilding and oprating lctronic xd incom and
driatis marktplacs. Tradwb is ownd b Thomson Rtrs and 10 globalinstmnt banks. On arag, mor than $300 billion trads on th arios platorms
ach da. W bli w ar wll positiond to tak adantag o rglator chang
b oring or-th-contr ns throgh Tradwb.
Competition
On th orign xchang sid, Marktplacs compts with th larg intr-dalr
brokrs, sch as ICAPs eBS platorm, as wll as singl-dalr and mlti-dalr portals.
Tradwbs principal comptitors incld MarktAxss and Bloombrg.
Quick Facts:
18,000Thomson Rtrs Daling is th worlds
lading pr-to-pr conrsational
trading application, with a commnit
o or 18,000 prossionals.
$3 MillionOr $3 million is tradd ach scondor th Tradwb platorm with or
$500 trillion tradd in th last 10 ars.
50Thomson Rtrs Spot Matching conts
1,100 sbscribr banks as cstomrs that
actil trad or 50 crrnc pairs.
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Average daily FX spot volume
140
160
180
100
80
60
40
20
0
120
Q1 2009 Q1 2012Q4 2011Q3 2011Q2 2011Q1 2011Q4 2010Q3 2010Q2 2010Q1 2010Q4 2009Q3 2009Q2 2009
105
116120
123
140
156
127
136
146152
165
140133
Inormation about Marketplaces customers and end users
CuSTOMeR eND uSeR PRODuCTS
Global liidit proidrs (sll-sid marktmakrs), tir-2 and tir-3 rgional banks,intr-dalr brokrs, hdg nds, b-sidtrading dsks (corporat trasr andasst managrs)
Forign xchang and mon marktparticipants
Thomson Rtrs Daling
Forign xchang tradrs, sals dsks andhdg nds
Thomson Rtrs Matching
Instittional xd incom tradrs Tradwb
Inormation about Marketplaces products
PRODuCTS DeSCRIPTION
Thomson Rtrs Daling Pr-to-pr conrsational trading prodct primaril rlatd to FX and mon markts
Thomson Rtrs Matching elctronic FX trad matching sstm
Tradwb Global lctronic mlti-dalr-to-cstomr marktplac or trading xd-incom, driatiand mon markt prodcts, conncting major instmnt banks with instittional cstomrs
In 2011, Thomson Rtrs arag dail FX spot olms xcdd $150 billion. This rprsnts th arag amont tradd dail on Thomson Rtrs main FX spot tradingsrics Thomson Rtrs Daling, Matching and Rtrs Trading or FX.
U.S.
$Billions
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Featured Solution:
TRADeWeB
Tradwb has bilt a global ntwork o thosands o th largst banks, asst managrs,
cntral banks, pnsion nds and insranc companis, which tak adantag o th
liidit o mor than 40 dalrs to b and sll gornmnt bonds and othr xd incom
and driati instrmnts. This clint-to-dalr bsinss srs instittions in 22 markts,
across sn crrncis in mor than 50 contris. In th intr-dalr markt, Tradwb
proids a broad rang o oic, lctronic and hbrid platorms to th major global banks.
Dalrwb, th intr-dalr diision o Tradwb, was ormd in 2008. Tradwb also
oprats Tradwb Rtail , a xd incom marktplac targtd at nancial adisors
and thir trading dsks.
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Gornanc, Risk & Complianc
Throgh its fagship prodct, Thomson Rtrs Accls, or Gornanc, Risk &
Complianc (GRC) bsinss conncts or cstomrs stratg, oprations and bsinss
transactions to th r-changing global rglator nironmnt, allowing cstomrs to
acclrat growth whil managing bsinss risk.
Revenues (u.S. $ millions) Revenues by Type
2009 2010 2011
73
55
154
Recurring
Outrights
36%
64%
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Th cost and brdn o implmnting rglator complianc, rptational risk controls
and oprational risk controls is a critical priorit or man o or nancial clints.
Thomson Rtrs Accls is a comprhnsi sit o soltions that proids inormd
otcoms to highl rglatd indstris (sch as nancial srics) and law rms that
sr ths indstris. W ha intgratd inormation, sotwar and srics to powr
and connct th commnit o GRC practitionrs in th aras o gornanc, transaction
and lgal risk, complianc and rglator risk, and nancial crims and rptational risk.
In 2011, w acird World-Chck, a lading global proidr o nancial crim and
corrption prntion inormation.
W ar now xtnding GRC into th workfow o or nancial cstomrs. W plan to
lanch nw prodcts to xtnd th Chi Complianc Ocr prodct sit to th
trading foor. Thomson Rtrs eikon or Complianc Managmnt will add complianc
atrs to eikons cross-asst markt data, compan inormation and nws. Ths
atrs will allow complianc prossionals to analz a rms trading actiitis to
idnti xction iolations and calclat transaction costs with analtics. Th prodct
will also or th latst pdats on rglator disclosr rirmnts inorming
complianc ocrs o pnding actions rird to maintain complianc.
Inormation about GRCs fagship product
PRODuCT DeSCRIPTION CuSTOMeR
Thomson RtrsAccls
Inormation-basdgornanc, risk andcomplianc prodctsand srics
Corporat complianc, adit,lgal and risk managmntprossionals
Quick Facts:
14,215Thr wr 14,215 rglator annoncmnts
mad worldwid in 2011, a 16% incras
or 2010.
60W sppl cstomrs with rlant, timl,
and actionabl intllignc on approximatl
60 rglator pdats pr da.
18,000Thomson Rtrs Accls srs 18,000
clints arond th glob, inclding rglator
and gornmnt agncis and 49 o th top
50 banks.
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Featured Solution:
THOMSON ReuTeRS ACCeLuS
Th Thomson Rtrs Accls prodcts ha pron, strong and matr rlationships
with adit, lgal, complianc, nancial and risk prossionals. Ths rlationships, copld
with or ast inormation assts, adancd tchnolog and abilit to connct rlant
inormation strams in a maningl wa, mak Thomson Rtrs Accls prodcts th
natral choic or th dlir o trstd gornanc, risk and complianc soltions.
Thomson Rtrs Accls is th combination o markt-lading prodct orings rom th
hritag bsinsss o Complint, Paisl, Odn, Wsts Capitol Watch, Wstlaw
Complianc Adisor, World-Chck, Wstlaw Bsinss and eDGARlings. Or missionis to or th most comprhnsi sit o gornanc, risk and complianc soltions that
dnamicall connct bsinss stratg, oprations and transactions to th r-changing
rglator nironmnt, mpowring or cstomrs to acclrat growth whil managing
bsinss risk.
We work with rms and their advisors to:
Dnamicall naigat bsinss and
rglator nironmnts
qickl connct nancial goals to
rglator obligations
Bring compliant nancial prodcts to
markt astr than th comptition
Dlir rigoros approachs to
managing th anti-mon landring
and know-or-cstomr procsss
Condct sppl chain d dilignc
ecintl link corporat actiitis to
adit and rporting rirmnts
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LEGALOr Lgal bsinss is a lading proidr o critical inormation, dcision spport tools,
sotwar and srics to lgal, instigation, bsinss and gornmnt prossionals
arond th world. Or Lgal bsinss ors a broad rang o onlin srics that tiliz
or lctronic databass o lgal, rglator, nws and bsinss inormation. Or Lgal
prodcts and srics incld lgal rsarch soltions, sotwar-basd workfow soltions,
complianc soltions, markting, nanc and oprations sotwar and conslting srics,
and lgal procss otsorcing srics. W hlp to adanc th prodctiit and growth o
law rms o all sizs, balanc risk with commrcial opportnit in corporations, and sr
th pblic intrst in gornmnt agncis.
Eectve Jauary 1, 2012, the lega segmet s rgazed arud ur key custmer segmets
but arud ed users, ther cmmutes ad ther wrkw: Sma law Frms, large law
Frms, Geera Cuses ad Gvermet. Certa busesses rm ur Gverace, Rsk &
Cmpace ut, cudg Cmpet ad Wrd-Check, were traserred t the ewy
rmed Faca & Rsk busess ut.
2011 Revenues: $3.2 Billion2011 EBITDA: $1.2 Billion2011 Operating Prot: $941 Million
Thomson Reuters
Small Law Firms
Proids inormation, dcisionspport tools, sotwar andsrics to small law rms in thunitd Stats
Large Law Firms
Proids inormation, dcisionspport tools, sotwar andsrics to larg law rms in thunitd Stats
General Counsels
Proids gnral consls andcorporat lgal dpartmntswith inormation, sotwarand srics
Government
Proids a broad sit osoltions to th gornmntand law school commnit,rad prntion andinstigati markts
Legal
Global Growth & Operations
Reuters News / Media
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$3.2billion 2011 revenues1
U.S. LAW FIRMS(Westlaw & Print)
-2% GROWTH
GLOBAL13% GROWTH
CORPORATE,
GOVERNMENT& ACADEMIC9% GROWTH
BUSINESS OF LAW17% GROWTH
$1.4B
$0.6B
$0.8B
$0.4B
1 Rslts or ongoing bsinsss, rstatd or disposals and transr o GRC rom Lgal to Financial & Risk.
Approximatl 60% o Lgals rns ar gnratd b bsinss othr than cor u.S. lgal
rsarch, and in 2011 ths rns grw 12%.
Investing in high-growth areas
Bsinss o Law
Risk & Frad
Rapidl Dloping economis (Latin Amrica)
Gnral Consl
Litigation Sotwar
WestlawNext continues to exceed
expectations with 65% converted
rom Westlaw
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Revenues (u.S. $ millions) EBITDA (u.S. $ millions) Operating Prot (u.S. $ millions)
2007 2008 2009 2010 2011
2,9872,840
2,954 3,027
3,221
Canadian GAAP
IFRS
2007 2008 2009 2010 2011
1,1831,093
1,177 1,446 1,210
38.5% 39.6% 39.8% 37.9% 37.6%
Canadian GAAP
EBITDA
EBITDA Margin
2007 2008 2009 2010 2011
950896 946 892 941
31.5% 31.8% 32.0%
29.5% 29.2%
Canadian GAAP
Operating Profit
Operating Profit Margin
Electronic, Software & Services
Print
65%
35%
Americas
EMEA
Asia
88%
8%
4%
Recurring
Nonrecurring
89%
11%
Revenues by Media Revenues by Region Revenues by Type
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Or Small Law Firms and Larg Law Firms bsinsss proid inormation, dcision
spport tools, sotwar and srics to law rms and consmrs in th unitd Stats.
Wstlaw srs as th primar onlin dlir platorm. Wstlaw ors athoritati
contnt, powrl sarch and naigation tools that nabl cstomrs to nd and
shar spcic points o law and sarch or topicall-rlatd commntar. Introdcd in
th unitd Stats in 2010, or nxt-gnration sric, WstlawNxt, dlirsimprod sarch, nhancd collaboration and sprior rsarch cincis to hlp
lgal prossionals proid bttr clint sric. W also proid contr-spcic
srics arond th world sch as, Rista dos Tribnais Onlin, th rst onlin lgal
rsarch sric in Brazil, which w lanchd lss than a ar ago atr complting
or acisition o Brazilian lgal book pblishr editora Rista dos Tribnais.
Th Gnral Consls bsinss proids corporat lgal dpartmnts with inormation,
tools and srics. It combins Wstlaw with th global ladr in lgal procss
otsorcing (Panga3), th lgal prossions most widl sd and highst-ratd
-billing and mattr managmnt platorm (Srngti) and a lgal docmnt rtrial
bsinss (Cortexprss).
Or Gornmnt bsinss proids a broad sit o soltions to th gornmnt lgal
commnit, as wll as rad prntion and instigati markts. CLeAR is anxt gnration instigati tool which has or a dcad o histor in th pblic
rcords markt.
Competition
Lgals primar global comptitors ar Rd elsir (which oprats LxisNxis) and
Woltrs Klwr. Lgal also compts with othr companis that proid lgal and
rglator inormation, inclding Bloombrg (which acird BNA in 2011), as wll as
practic and mattr managmnt sotwar, clint dlopmnt and othr sotwar and
srics proidrs to spport lgal prossionals.
Quick Facts:
500,000Or 500,000 sarchs ar rn ach da
on Wstlaw and WstlawNxt.
5 MillionOr 5 million srs isit FindLaw.comr month.
65%WstlawNxt has bn sold to approximatl
65% o Wstlaws rn bas.
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PRODuCTS DeSCRIPTION CuSTOMeRS
WstlawNxt
Wstlaw
Wst Books
Lgal, rglator and compliancinormation-basd prodcts and srics
Lawrs, law stdnts, law librarians andothr lgal prossionals
Wst Lgaledcntr Contining lgal dcation matrialsand sminars
Lawrs and lgal prossionals
Swt & Maxwll (u.K.)
Aranzadi (Spain)
La L (Argntina)
Lawtl (u.K. and e.u.)
Rista dos Tribnais (Brazil)
Carswll (Canada)
Lgal inormation-basd prodctsand srics
Lawrs, law stdnts, law librarians
Corporat lgal prossionals
Gornmnt agncis and tradmarkprossionals
elit 3e
elit entrpris
Sit o intgratd sotwar applications thatassist with bsinss managmnt nctions,inclding nancial and practicmanagmnt, mattr managmnt,
docmnt and mail managmnt,acconting and billing, timkping andrcords managmnt
Prossional srics organizations, lawrs,law rm nanc and tchnolog prossionals
FindLaw Firmsit
Spr Lawrs
Hbbard On
Law rm markting and clint dlopmntsrics inclding a consmr portal withonlin lgal dirctoris, law rm wbsitdlopmnt and sarch ngin optimization,social mdia srics and lawr rating srics
Lawrs, lgal prossionals and consmrs
Hildbrandt Institt Law rm bnchmarking, rsarch andthoght ladrship srics
Lawrs and othr lgal prossionals
Srngti Trackr elctronic billing and mattrmanagmnt sotwar
Corporat consl and law rm prossionals
Panga3 Lgal procss otsorcing srics Corporat and law rm lgal prossionals
CLeAR Instigati pblic rcords rsarch tool Law norcmnt and instigatiprossionals
Inormation about Legals products and customers
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Featured Solution:
THOMSON ReuTeRS CLeAR
CLeAR enhancd D Dilignc was bilt to addrss th instigati nds o th
corporat d dilignc and corporat scrit markts. CLeAR ors a ni dashboard
that accsss intgratd analtical tools. qick Analsis Flags rapidl classis and
illstrats risks associatd with a prson or bsinss. WbAnaltics simltanosl
sarchs th Wb or onlin prsonal and bsinss rrncs, inclding social ntworks,
blogs and mor. Graphical Displa isalizs connctions btwn popl and bsinsss,
allowing a sr to rsarch associats o a sbjct. Ngati nws accsss nws data,
inclding ltring capabilitis, to ickl s nws rslts with ngati sntimnts.
AddrssMap plots all known addrsss with a sarch sing Googl Maps to iw a ick
gographical rprsntation o a prson or bsinss. Compan Famil Tr graphicall
displas th corporat hirarch o sbsidiaris, diisions, branchs and aliats.
Key Features:
Brings all important inormation
on a prson or bsinss into an
as-to-s dashboard intrac
to ickl s potntial risk
inormation on th sbjct
o intrst
Accsss ni data rom on
rpositor, combining pblic
rcords, global bsinss, nws and
sanction data
Alrts noti o an k inormation
changs on th prson or bsinss
bing instigatd
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TAX & ACCOUNTINGTh Tax & Acconting bsinss is a lading global proidr o intgratd tax complianc
and acconting inormation, sotwar and srics or prossionals in acconting rms,
corporations, law rms and gornmnt. Tax & Acconting contins to xpand globall
throgh nw prodct introdctions, prodct lin xtnsions or ONeSOuRCe and
Chckpoint and b ntring th gornmnt tax atomation sctor throgh th acisition
o Manatron.
Eectve Jauary 1, 2012, the Tax & Accutg segmet s rgazed arud fve key custmer
segmets but arud ed users, ther cmmutes ad ther wrkw:
2011 Revenues: $1.1 Billion2011 EBITDA: $332 Million2011 Operating Prot: $237 Million
Thomson Reuters
KnowledgeSolutions
Proids inormation andrsarch or tax andacconting prossionalsas wll as continingprossional dcation(CPe) tools
Corporate
Proids dral, stat,local and intrnationaltax complianc, planningand managmntsotwar and sricsto companis arondth world
Indirect, Property& Trust
Proids sotwar ormanaging complianc oindirct, proprt andtrst taxs, as wll as taxinormation rporting
Proessional
Proids a sit o tax,acconting, digitaldocmntation andpractic managmntsotwar and srics toacconting rms
Government
Proids intgratdproprt tax managmntand land rgistr soltionsto gornmnts arondth world
Tax & Accounting
Global Growth & Operations
Reuters News / Media
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Revenues (u.S. $ millions) EBITDA (u.S. $ millions) Operating Prot (u.S. $ millions)
2007 2008 2009 2010 2011
799
699
837907
1,050
Canadian GAAP
IFRS
2007 2008 2009 2010 2011
250203
260 284332
29.0%31.3% 31.1% 31.3% 31.6%
Canadian GAAP
EBITDA
EBITDA Margin
2007 2008 2009 2010 2011
198166
195 203237
23.7% 24.8% 23.3% 22.4% 22.6%
Canadian GAAP
Operating Profit
Operating Profit Margin
Electronic, Software & Services
Print
91%
9%
Americas
EMEA
Asia
93%
4%3%
Recurring
Nonrecurring
85%
15%
Revenues by Media Revenues by Region Revenues by Type
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Tax & Acconting srs a arit o cstomrs, inclding small and mdim-sizd
acconting and tax rms, mlti-national corporations (MNCs) and th larg global
acconting rms that sr thm.
Or Knowldg Soltions bsinss proids tax and acconting prossionals
inormation, applications, xprt gidanc and workfow tools, as wll as a wid
collction o larning soltions coring an xtnsi arit o acconting and tax
topics. Chckpoint proids inormation-basd soltions, xprt gidanc and
workfow tools on a singl intgratd platorm. Chckpoint Larning proids
tchnolog-basd contining prossional dcation with corss on topics thathlp accontants sta on top o thir ld.
Th Corporat and Indirct, Proprt and Trst bsinsss sr corporat tax
dpartmnts, lawrs and trst prossionals throgh its fagship prodct,
ONeSOuRCe. Th ONeSOuRCe global tax workstation proids nd srs with
th abilit to manag all aspcts o corporat tax workfow.
Or Prossional bsinss proids a sit o tax, acconting, digital docmntation
and practic managmnt sotwar and srics to acconting rms. CS Prossional
Sit srs accontants in small to mdim-sizd acconting rms with th most
tchnologicall adancd sit o prodcts and srics to implmnt compltl
intgratd workfow procsss.
Th Gornmnt bsinss is a lading proidr o sotwar and srics soltions that
allow gornmnt agncis, taxpars and priat instittions to cintl procss,manag and archi inormation. Or fagship soltion, Gornmnt Rn
Managmnt (GRM), nabls th managmnt o proprt, land and rcords in national,
stat and local gornmnts in or 40 u.S. stats and mor than 20 contris.
Competition
Tax & Accontings primar comptitor across th corporat and acconting rm
sgmnts is Woltrs Klwr (which inclds CCH). Othr major comptitors incld
Intit in th prossional sotwar and srics markt and CORPTAX (ownd
b Corporation Srics Compan) and vrtx in th corporat sotwar markt.
Tax & Acconting also compts with othr proidrs o sotwar and srics.
Quick Facts:
45 MillionOr Gornmnt Rn Managmnt
sotwar manags approximatl 45
million land parcls ach da.
94Nint-or o th top 100 law rms,
95 o th Fortn 100 and all o
th top 100 CPA rms s Chckpoint.
6Six o or Tax & Acconting soltions wr
catgor winnrs in th 2012 CPA Practic
Adisors Radrs Choic Awards.
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PRODuCTS DeSCRIPTION CuSTOMeRS
Knowledge Solutions
Chckpoint Platorm intgrating inormation,applications, xprt gidanc and workfowtools rom Tax & Acconting brands incldingRIA, WG&L and PPC, as wll as primarsorcs and third-part contnt proidrs
Acconting rms, corporat tax, nancand acconting dpartmnts, law rmsand gornmnts
Chckpoint World Onlin oring combining global rsarch,nws and gidanc on intrnational tax andacconting practics to ctil managcross-bordr transactions
Acconting rms, corporat tax, nanc andacconting dpartmnts o mltinationalcorporations
Chckpoint Larning Onlin platorm or contining prossionaldcation and training, intgrating globalrsarch, corss and crtication with crdit-tracking capabilit or indiidals and rms
Acconting rms, corporat tax, nanc andacconting dpartmnts
Corporate and Indirect, Property & Trust
ONeSOuRCe A global tax workstation that gis corporattax dpartmnts worldwid th abilit to
manag all aspcts o corporat tax workfow,inclding tax planning, tax proision, transrpricing, tax rtrn complianc, tax andinormation rporting, acconts prodctionand orall workfow managmnt
Corporat, lgal, bank and trst markt andlarg acconting rms
Proessional
CS Prossional Sit Intgratd sit o sotwar applications,inclding lading prodcts sch as ultraTaxCS and Practic CS, that ncompass raspct o a prossional acconting rmsoprations - rom collcting cstomr dataand posting nishd tax rtrns to th orall
managmnt o th acconting practic
Small to mdim-sizd acconting rms
entrpris Sit Soltions or tax prparation, ngagmnt,practic managmnt and docmnt andworkfow managmnt, inclding GoSstmTax RS and GoFilRoom
Larg acconting rms
Government
Gornmnt Rn Managmnt end-to-nd sotwar and srics thatmpowr gornmnts worldwid to managrn throgh atomatd land andproprt tax administration
National, stat and local gornmntsrsponsibl or proprt rgistration, taxgnration and collction
Inormation about Tax & Accountings products and customers
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Featured Solution:
THOMSON ReuTeRS GOveRNMeNTReveNue MANAGeMeNT
Thomson Rtrs Gornmnt Rn Managmnt soltion proids proprt tax
atomation and land rgistr sotwar or gornmnts and mnicipalitis arond th world.
Gornmnts s this soltion to rplac lgac sstms to hlp impro cstomr sric,
stramlin procsss and manag th growing locit o lgislati changs. In addition
to its markt-lading proprt tax orings, it is also considrd a ladr in th proision
o land administration sstms hlping gornmnts and th priat sctor map, adit,
rgistr and pblish th al o assts and land. As a lading proidr o nd-to-ndgornmnt proprt tax managmnt and land administration sstms, Thomson Rtrs
Gornmnt Rn Managmnt soltion procsss mor than $100 billion in annal
tax rn.
Thomson Reuters Government Revenue
Management suite o products:
GRM Tax: Th lading tax billing,
rn collction and managmnt
soltion, hlping tax ocials to maintain,
bill, collct and distribt proprt and
othr taxs
GRM Valuation: Nw point-in-tim
sstm that is th rslt o dcads
o proprt alation knowldg
and xprinc
GRM Registry: A land inormation
sstm that allows rgistr ocs to
atomat and manag ormal land
rgistration procsss, whil maintaining
and incorporating local laws, throgh a
workfow-drin, ntrpris ll
sotwar sstm
GRM Cadastre: An ntrpris cadastral
managmnt sstm basd on esri GIS
tchnolog that intgrats a sit o
sr and cadastral managmnt
applications, nabling th nd sr to
collct proprt data, gnrat mapsand proid pblic accss ia th wb
eGovernment: Proids constitnts th
abilit to accss inormation and mak
pamnts onlin
OpenTitle: An all-inclsi approach to
collcting, docmnting and rcording
th docmntation and gographic
inormation rlating to proprt rights
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INTELLECTUAL PROPERTY& SCIENCEOr Intllctal Proprt & Scinc bsinss proids comprhnsi intllctal proprt
and scintic inormation, dcision spport tools and srics that nabl gornmnts,
acadmia, pblishrs, corporations and law rms to discor, dlop and dlir
innoations. In this nironmnt, w bli cstomrs will sk orings that impro
prodctiit and simpli complx dcision-making in scholarl rsarch and drg
discor. As innoations ar commrcializd, w bli cstomrs will also sk orings
that spport th assrtion and protction o intllctal proprt rights.
Eectve Jauary 1, 2012, the iteectua Prperty & Scece segmet s rgazed arud
three key custmer segmets but arud ed users, ther cmmutes ad ther wrkw.
2011 Revenues: $852 Million2011 EBITDA: $296 Million2011 Operating Prot: $237 Million
Thomson Reuters
Intellectual Property Solutions
Proids patnt and tradmark contnt andsrics that hlp corporat and lgal IPprossionals dri nw growth opportnitis,protct IP assts and crat maximm alrom thir IP portolio
Scientifc & Scholarly Research
Proids accss to th worlds criticalrsarch, as wll as analtics dsignd tomaximiz rtrns on rsarch nding andtools to pblish pr-riwd articls
Lie Sciences
Proids dcision spport inormationand analtics to pharmactical andbiotchnolog companis
IP & Science
Global Growth & Operations
Reuters News / Media
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Revenues (u.S. $ millions) EBITDA (u.S. $ millions) Operating Prot (u.S. $ millions)
2007 2008 2009 2010 2011
756
707
756789
852
Canadian GAAP
IFRS
2007 2008 2009 2010 2011
269256 269 263296
36.2% 35.6% 35.6%33.3% 34.7%
Canadian GAAP
EBITDA
EBITDA Margin
2007 2008 2009 2010 2011
229217 218 209237
30.7% 30.3% 28.8%26.5% 27.8%
Canadian GAAP
Operating Profit
Operating Profit Margin
Electronic, Software & Services
Print
95%
5%
Americas
EMEA
Asia
70%
24%
6%
Recurring
Nonrecurring
72%
28%
Revenues by Media Revenues by Region Revenues by Type
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Intllctal Proprt & Scinc srs mor than 15,000 cstomrs and 20 million nd
srs with a strong, global prsnc across North Amrica, erop, Asia, th Middl
east, and Arica. W sr clints in arios indstris, inclding consmr goods,
lctronics, pharmacticals and gornmnt agncis.
Th IP Soltions sgmnt proids soltions to attorns and paralgals, and IP,
rsarch and bsinss dlopmnt prossionals to hlp thm mak mor condntIP dcisions. On o or major brands and th lading IP rsarch and analsis soltion,
Thomson Innoation, brings togthr th worlds most comprhnsi intrnational
patnt corag and powrl IP analsis tools to nabl cstomrs to crat, maintain
and protct IP assts.
Th Scintic & Scholarl Rsarch sgmnt proids gornmnt, scintic and
acadmic prossionals accss to objcti contnt and powrl tools to sarch, track,
masr and collaborat in th scincs, social scincs, arts and hmanitis. Among
its brands, th Thomson Rtrs Wb o Knowldg rsarch platorm proids accss
to th worlds lading citation databass, inclding powrl citd rrnc sarching,
th Analz Tool, and or 100 ars o comprhnsi backl and citation data.
Th Li Scincs sgmnt hlps acclrat pharmactical rsarch and dlopmnt
b proiding dcision spport inormation and analtics to pharmactical andbiotchnolog companis. Thomson Rtrs Cortllis incorporats mltipl Li
Scincs prodcts which gis or cstomrs a singl sorc o pharmactical
intllignc with fxibl dlir options or ickr, mor inormd dcision-making.
Competition
Primar comptitors o th IP Soltions bsinss incld Corsarch, CPA Global,
LxisNxis, Minsot and patnt oc sits. Primar comptitors o th Scintic &
Scholarl Rsarch bsinss ar Rd elsir, Woltrs Klwr, Proqst, eBSCO,
Aris and Googl Scholar. Primar comptitors o th Li Scincs bsinss ar
Rd elsir, Woltrs Klwr, Inorma and Chmical Abstracts Srics.
Quick Facts:
20 MillionIP & Scinc prodcts and srics ar sd b
mor than 20 million indiidals in acadmic
and gornmnt instittions, corporations
and law rms.
15,000W proid Intllctal Proprt andScintic Rsarch soltions to mor
than 15,000 cstomrs.
100IP & Scinc srs cstomrs in mor than
100 contris arond th world.
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PRODuCTS DeSCRIPTION CuSTOMeRS
IP Solutions
SeRION Sit o tradmark rsarch soltions within a wb-basdworkfow nironmnt or scrning, sarching, watchingand protcting global brands
Tradmark attorns, paralgals, markting xctis,nam gnrators and comptiti intllignc analsts incorporations and law rms
Thomson Rtrs IPManagr
entrpris-ll, highl congrabl intllctal asstmanagmnt soltion or patnts, tradmarks, licnsing
agrmnts, inntion disclosrs and conficts
IP portolio managrs, dockting administrators, IPconsl, attorns, paralgals
Thomson Innoation Lading IP intllignc and collaboration platorm withcomprhnsi contnt, powrl analsis andisalization tools and markt insight
IP consl, attorns, inormation prossionals, hads orsarch and dlopmnt, licnsing xctis, bsinssstratgists, bsinss intllignc analsts and M&A xctis
IP Srics Global ntwork o highl xprincd xprts skilld inpatnt sarch and analtics, licnsing, prparation andprosction, IP managmnt administration and litigation
Bsinss xctis, IP consl, stratgists, bsinssdloprs, patnt attorns, IP spcialists
Scientic &Scholarly Research
Thomson RtrsWb o Knowldg
Comprhnsi and intgratd platorm that incldspropritar Thomson Rtrs databass as wll as thirdpart-hostd contnt, ditoriall slctd wbsits andtools to accss, analz and manag rsarch inormation;atrs Wb o Scinc abstractd/indxd jornals,articls with citd rrncs and conrnc procdings
Rsarch scintists and scholars at gornmnt agncis,rsarch libraris and nirsitis and collgs
endNot Comprhnsi collction o bibliographic rsorcs thatar sarchabl onlin to atomaticall organiz andlocat ll-txt rrncs, nabling grop collaboration
Rsarchrs, scholarl writrs, stdnts and librarians
Rsarch Analtics Rsarch alation, bnchmarking, managmnt anddcision spport tools and srics
Acadmic and rsarch instittions, gornmnts, not-or-prots and nding agncis
ScholarOn Pr-riw workfow soltions that stramlin andacclrat sbmission to pblication
Pblishrs, organizations and associations
Lie Sciences
Thomson RtrsCortllis
Intgratd platorm containing athoritati R&D drgpiplin inormation, patnts, dals, compan inormation,braking indstr nws and conrnc corag
Bsinss dlopmnt, licnsing and instmntprossionals at pharmactical and biotchnologcompanis
Li ScincsProssional Srics
exprt analsts with dp pharmactical and li scincknowldg who appl disas ndrstanding and patintnds to discor, clinical dlopmnt and lanch
Li scinc, pharmactical and biotchnolog companis
Thomson RtrsIntgrit
Dtaild inormation or scintists and rsarchrs thatintgrats biolog, chmistr and pharmacolog data tospport drg discor and dlopmnt
R&D scintic prossionals at pharmactical andbiotchnolog companis
Inormation about Intellectual Property & Sciences products and customers
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Featured Solution:
THOMSON INNOvATION
Thomson Innoation is th most comprhnsi IP intllignc and collaboration platorm.
It ors comprhnsi patnt, bsinss, nws and scintic litratr contnt along with
bst-in-class analtic and collaboration tools. Thomson Innoation has nparallld
english-langag corag o th Asia-Pacic rgion that allows srs arond th glob
th opportnit to gain gratr insight into tchnolog and bttr ndrstand an
innoations nolt.
Key Benets:
Stimlat nw idas and gt th most
accrat pictr o prior art b
simltanosl sarching global
collctions o patnts, scintic jornals,
bsinss inormation and nws
Gain gratr insights into tchnolog
and idnti an innoations nolt that
can onl b ncord b sarching th
ditoriall nhancd english-langag
titls and abstracts in Drwnt World
Patnts Indx
B crtain that clints arnt inringing
on xisting patnts throgh comprhnsi
sarching and alrting capabilitis or
patnt data
Spot mrging trnds and pattrns
bor comptitors b analzing
tchnolog landscaps sing sprior
data analsis tools, sch as Charting
and Citation Mapping
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REUTERS NEWSRtrs is th trstd nws sorc that powrs th worlds markts, inorms prossionals
with spcialist nws and data and rachs a billion consmrs o nws r da. It is th
worlds largst indpndnt global nws agnc, with approximatl 3,000 jornalists in
narl 200 bras who proid braking nws and insight that connct th dots or or
cstomrs and gi thm a comptiti dg. Gidd b th Thomson Rtrs Trst
Principls, w rport on nancial markts, conomics, compan nws, commoditis,
politics, lgal and taxation isss, and mor. W dl dpr into nws nts and isss
to proid award-winning instigati jornalism and agnda-stting commntar.
Rtrs is a cornrston asst or all o or bsinsss, with its contnt incrasingl sdacross th ntir compan. W ar xpanding corag o lgal and taxation isss, adding
indstr-spcic jornalists to proid nw contnt or thos sctors. Rtrs nws and
insight ar proidd ia dsktop prodcts and dlird in machin-radabl orm in th
Financial & Risk bsinss. Th Mdia bsinss slls Rtrs nws ds to mdia otlts
sch as broadcastrs, wbsits and nwspaprs, and rachs consmrs ia www.reuters.com.
Rtrs dlirs nws and insight ia txt, ido, pictrs and graphics. Hndrds o
photographrs arond th glob dlir p to 1,600 pictrs ach da, coring braking
nws, atrs, ntrtainmnt, bsinss and sports. Th Rtrs Pictrs wbsit ors
dirct accss to li pictrs, as wll as an archi o mor than million imags. Or
ido jornalists prodc approximatl 97,000 ido storis pr ar.
Rtrs contins to win
prstigios awards, inclding
awards rom th Socit
o Amrican Bsinss editors
and Writrs (SABeW) and
thr rom Pictr o th yar
Intrnational (POyI).
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MEDIAMdia is organizd in two bsinsss.
Or Rtrs Nws Agnc bsinss proids th worlds mdia companis with ast,
accrat and xtnsi corag o global, rgional and national nws in 20 langags
coring politics, bsinss, nanc, ntrtainmnt, listl, tchnolog, halth, scinc
and sports. W also proid li/braking nws and l-basd dlir o nws ido,
a rich ido archi, p-to-th mint photographs rom or global ntwork o or 600
photojornalists/idojornalists and an onlin pictr archi that consists o or
million imags. Or graphics proid a isal analsis o top world nts and or
mltimdia nws srics incld prioritizd, rad-to-pblish onlin rports, ido and
pictr slctions dsignd or digital platorms.
Th Consmr Pblishing bsinss inclds th adrtising-spportd, dirct-to-consmr
pblishing actiitis o Rtrs.com and its global ntwork o wbsits, mobil applications
and lctronic ot-o-hom displas.
Competition
Primar comptitors o or Rtrs Nws Agnc bsinss incld th Associatd Prss,
Agnc Franc-Prss and Gtt Imags. Primar comptitors o or Consmr Pblishing
bsinss incld WSJ.com, Bloombrg.com, Forbs.com, CNNMon.com and FT.com.
Revenues (u.S. $ millions)
2007 1 2008 1 2009 2010 2011
Canadian GAAP
IFRS
358
379
331 324336
1 Pro Forma rslts prsnt th hpothtical prormanc as i Rtrs had bn part o Thomson or all o 2007 and 2008.
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CORPORATe INFORMATION
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David Thomson
Chairman
Dirctor sinc 1988
W. Georey Beattie
Dpt Chairman
Corporat Gornanc Committ
Hman Rsorcs Committ
Dirctor sinc 1998
James C. Smith
Dirctor sinc 2012
Manvinder (Vindi) S. Banga
Hman Rsorcs Committ
Dirctor sinc 2009
Mary Cirillo
Corporat Gornanc Committ
Hman Rsorcs Committ
Dirctor sinc 2005
Steven A. Denning
Chair o th Hman Rsorcs Committ
Dirctor sinc 2000
Lawton W. Fitt
Chair o th Corporat Gornanc Committ
Adit Committ
Dirctor sinc 2008
Roger L. Martin
Adit Committ
Dirctor sinc 1999
Sir Deryck Maughan
Corporat Gornanc Committ
Dirctor sinc 2008
Ken Olisa, OBE
Adit CommittDirctor sinc 2008
Vance K. Opperman
Chair o th Adit Committ
Dirctor sinc 1996
John M. Thompson
Adit Committ
Corporat Gornanc Committ
Dirctor sinc 2003
Peter J. Thomson
Dirctor sinc 1995
Wul von Schimmelmann
Adit Committ
Dirctor sinc 2011
Woodbridge
As o April 30, 2012, Woodbridg bnciall
ownd approximatl 55% o or common
shars and is th principal and controlling
sharholdr o Thomson Rtrs.
Woodbridg, a priat compan, is th
primar instmnt hicl or mmbrs
o th amil o th lat Ro H. Thomson,
th rst Lord Thomson o Flt. Woodbridgis a prossionall managd compan
that, in addition to its controlling intrst
in Thomson Rtrs, has othr sbstantial
instmnts.
Th it o Woodbridg contins
to b ownd b mmbrs o sccssi
gnrations o th amil o th rst
Lord Thomson o Flt.
Woodbridgs primar instmnt is its
holding o or shars. It actil monitors
or compan as a controlling sharholdr.
In its inolmnt with or compan,Woodbridg ocss on ths mattrs:
corporat gornanc, inclding th
ctinss o or board;
appointmnt o th Chi excti Ocr
and othr mmbrs o snior managmnt
and rlatd sccssion planning;
dlopmnt o th long-trm bsinss
stratg o Thomson Rtrs and
assssmnt o its implmntation; and
capital stratg.
With its sbstantial it instmntin or compan, Woodbridg considrs
that its intrsts as a Thomson Rtrs
sharholdr ar alignd with thos o all
othr sharholdrs.
As o March 2012
BOARD OF DIReCTORS
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TRuST PRINCIPLeS AND FOuNDeRSSHARe COMPANy
Or compan is ddicatd to pholding th Thomson Rtrs Trst Principls and to
prsring its indpndnc, intgrit and rdom rom bias in th gathring and
dissmination o inormation and nws.
The Trust Principles are:
That Thomson Rtrs shall at no tim pass into th hands o an on intrst, grop
or action;
That th intgrit, indpndnc and rdom rom bias o Thomson Rtrs shall
at all tims b ll prsrd;
That Thomson Rtrs shall sppl nbiasd and rliabl nws srics to nwspaprs,
nws agncis, broadcastrs and othr mdia sbscribrs and to bsinsss,
gornmnts, instittions, indiidals and othrs with whom Thomson Rtrs has
or ma ha contracts;
That Thomson Rtrs shall pa d rgard to th man intrsts which it srs
in addition to thos o th mdia; and
That no ort shall b spard to xpand, dlop and adapt th nws and othr
srics and prodcts o Thomson Rtrs so as to maintain its lading position in th
intrnational nws and inormation bsinss.
Thomson Rtrs Fondrs Shar Compan was stablishd in 1984 whn Rtrs bcam
a pblic compan. Th dirctors o th Fondrs Shar Compan ha a dt to nsr,
to th xtnt possibl, that th Trst Principls ar complid with.
Th dirctors ha a minimm o two mtings pr ar. Dirctors rci rports on or
actiitis in th dirnt lds in which w oprat and mt with both or board
and rprsntatis o snior managmnt. Throgh th Fondrs Shar Compans
chairman, rglar contact is maintaind with or compan. Th rlationship is on
o trst and condnc.
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Corporate Headquarters
3 Tims Sar
Nw york, Nw york 10036
unitd Stats
tl: +1 646 223 4000www.thomsonrtrs.com
Stock Exchange Listings
Common Shares
Toronto Stock exchang (TSX)
(smbol TRI)
Nw york Stock exchang (NySe)
(smbol TRI)
828,646,016 shars otstanding
as o Ma 8, 2012
Series II Preerence Shares
Toronto Stock exchang(smbol TRI.PR.B)
6,000,000 shars otstanding
as o March 31, 2012
2012 Financial Calendar
yar nd: Dcmbr 31
qartrl rslts: Ma 1 (q1),
Jl 31 (q2), Octobr 30 (q3)
Dividends
At th discrtion o th dirctors.
Paid on March 15/Jn 15/Sptmbr 15/
Dcmbr 15, or on th rst bsinss
da thratr.
Employees
As o Dcmbr 31, 2011, w had approximatl
60,000 mplos.
Transer Agent and RegistrarComptrshar Trst Compan o Canada
100 unirsit An, 9th Floor
Toronto, Ontario M5J 2y1
Canada
tl: +1 800 564 6253 (u.S., Canada)
tl: +44 (0) 870 707 1804 (u.K.)
tl: +1 514 982 7555 (otsid North Amrica)
www.comptrshar.com
Investor Relations Contacts
Frank Goldn
Snior vic Prsidnt, Instor Rlations
-mail: [email protected]: +1 646 223 5288
Matthw Al
Snior Dirctor, Instor Rlations
-mail: [email protected]
tl: +1 646 223 4875
Further Inormation
www.thomsonrtrs.com
-mail: [email protected]
CONTACT INFORMATION
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APPeNDIX
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1 Rns rom ongoing bsinsss ar rns rom rportabl sgmnts and Corporat & Othr (which inclds th Mdia bsinss) lss liminati