Thomson Reuters Mergers and Acquisitions Presentation Deck

7 ● - A balanced approach for expected uses of proceeds Cash proceeds ~$ 17 billion ~$ 1.5-2.5 billion Taxes & Expenses Debt Repayment Cash to Balance Sheet ~$ 3 billion (maintain target Net Debt to Adjusted EBITDA leverage ratio of 2.5x) ~$ 1-3 billion Share Repurchases ~$ 9-11 billion - Transaction Financial Overview $20 Billion Valuation ~$17 billion gross cash proceeds to Thomson Reuters Cash proceeds funded with $14 billion of debt and preferred equity at partnership and $3 billion cash equity Thomson Reuters retains 45% stake in our financial services business Thomson Reuters retains Reuters News business and selected Risk assets - Dividend maintained at $1.38 per share in 2018 & repurchase shares via substantial issuer bid/tender The company expects its principal shareholder (Woodbridge) will participate in the issuer bid/tender offer to help facilitate a successful completion Woodbridge expects to return ownership level to within 50-60% target range (currently 64%) Woodbridge has also advised the company that it plans to reinvest between 30% and 50% of its dividend in Thomson Reuters shares for at least 3 years following the closing of the transaction the answer company™ THOMSON REUTERS®

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