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    Fact Book 2017

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    The intelligence, technology and human expertise you need to find trusted answers.

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    Table of Contents The 2017 Fact Book is intended to provide a broad-based information set to investors, and also to serve as a detailed reference guide for our shareholders. This Fact Book provides an introduction to Thomson Reuters, from our overarching strategy to specific featured solutions. It also provides summary and detailed information regarding the company’s operating segments and financial metrics. Unless otherwise specified all financial results presented in this publication exclude the results of the Intellectual Property & Science business unit which was sold in 2016. Business Historical Financial Business 4 Overview 16 Information 28 Units 6 Business Overview 18 Historical Financial 30 Financial & Risk 8 Results by Business Unit Information 50 Legal 10 Business Model and Key 19 Key Metrics 62 Tax & Accounting Operating Characteristics 20 Segment Information 72 Reuters News 11 Culture 22 Share Price Performance 12 Our Strategy 23 Returning Cash to 14 Executive Team Shareholders 24 Common Share Dividend History 25 Capital Structure 26 Debt 76 Additional Business Information 86 Appendix 78 Global Growth Organization 88 Operating & Capital Strategy 2014 - 2016 79 Enterprise Technology & Operations 90 Acquisitions and Divestitures 80 Corporate 91 Reconciliations 99 Special Note 81 Corporate Responsibility & Inclusion 82 Thomson Reuters Foundation 83 Trust Principles and Founders Share Company 84 Board of Directors 85 Contact Information

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    3 Thomson Reuters Fact Book 2017 Business Overview

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    4 Business Overview

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    Business Overview 5 Thomson Reuters is the world’s leading source of news and information for professional markets. Our customers rely on us to deliver the intelligence, technology and human expertise they need to find trusted answers. The business has operated in more than 100 countries for more than 100 years. We are a Canadian company with shares listed on the Toronto Stock Exchange and New York Stock Exchange® (symbol: TRI). Our website is thomsonreuters.com. PERFORMANCE HIGHLIGHTS 2016 was a year of continued progress executing against our operating and financial plans, as illustrated by a number of achievements, including: +1% +100 bp Second consecutive year of positive organic Adjusted EBITDA margin improvement to 28.4%* revenue growth $2.07 Adjusted EPS * $2.0 billion A 16% improvement against prior year Free cash flow generated, a 12% improvement compared to the prior year * Excludes $212m fourth quarter charges and compares against 2015 restated to exclude then Intellectual Property & Science business 2016 RESULTS In 2016, our company´s organic revenue was positive for the second consecutive year and our Financial business returned to revenue growth (before currency) in the second half of the year. Our core Legal and Tax & Accounting businesses also performed strongly in 2016. Improving productivity and profitability has been at the core of our strategy. In 2016, our internal initiatives led to further efficiency gains and greater savings. We also remained focused on continuing to provide an attractive return to shareholders through improved operating performance, an increased annualized dividend and share repurchases. Our business continued to generate significant free cash flow in 2016, which we are utilizing to both invest in the company and deliver value to shareholders through returns. Thomson Reuters Fact Book 2017 Business Overview

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    6 2016 was also the fifth consecutive year that we met or exceeded each of the performance metrics in our external financial outlook. We originally communicated a full-year outlook in February 2016 which was updated in November 2016 to account for planned fourth-quarter charges of between $200 million and $250 million to simplify and streamline our business. We subsequently incurred $212 million of charges in the fourth quarter. HIGHLIGHTS Financial Measures (1) 2016 Outlook* 2016 Performance Revenues Low single digit growth 1% increase Excluding Financial & Risk’s recoveries revenues Between 2% and 3% 2% increase Adjusted EBITDA margin Between 25% and 26% 25.5% Adjusted EBITDA margin, excluding charges Between 27.3% and 28.3% 27.6% Underlying operating profit margin Between 16% and 17% 16.5% Underlying operating profit margin, excluding charges Between 18.4% and 19.4% 18.5% Free cash flow Between $1.7 billion and $1.9 billion $2.0 billion * The 2016 Outlook and 2016 performance were measured at constant currency rates relative to 2015, except for the 2016 free cash flow performance which was reflected at actual currency rates. Foreign currency had a favorable impact on actual adjusted EBITDA and underlying operating profit margins. Actual adjusted EBITDA and underlying operating profit margins were 26.5% and 17.3% including the charges, and 28.4% and 19.2% excluding the charges, respectively. IFRS financial measures (Millions of U.S. dollars, except per share amounts) 2016 2015 Total Change Revenues 11,166 11,257 (1%) Operating profit 1,390 1,526 (9%) Diluted EPS (includes discontinued operations) $4.13 $1.60 158% Non-IFRS financial measures(1) Change Change Excluding Charges (Millions of U.S. dollars, except per share amounts and margins) 2016 2015 Total Constant Currency Total Constant Currency Revenues 11,166 11,257 (1%) 1% (1%) 1% Adjusted EBITDA 2,954 3,089 (4%) (6%) 2% 2% Adjusted EBITDA margin 26.5% 27.4% (90)bp (190)bp 100bp 20bp Underlying operating profit 1,930 2,055 (6%) (9%) 4% 2% Underlying operating profit margin 17.3% 18.3% (100)bp (180)bp 90bp 20bp Adjusted earnings per share (adjusted EPS) $1.79 $1.78 1% (4%) 16% 12% (1) These and other non-IFRS financial measures are defined and reconciled to the most directly comparable IFRS measures in the tables appended to this Fact Book. All non-IFRS measures exclude the results of IP & Science apart from Free cash flow. Thomson Reuters Fact Book 2017 Business Overview

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    Results by Business Unit 7 2016 RESULTS Financial & Risk Legal Tax & Accounting See page 30 See page 50 See page 62 0% +1% +4% $6.1 billion 2016 revenues $3.4 billion 2016 revenues $1.5 billion 2016 revenues 29.7% EBITDA margin 37.4% EBITDA margin 29.8% EBITDA margin 20.0% Operating profit margin 30.0% Operating profit margin 20.7% Operating profit margin A leading provider of critical A leading provider of critical A leading provider of integrated news, information and analytics, online and print information, tax compliance and accounting enabling transactions and decision tools, software and information, software and connecting communities of services that support legal, services for professionals in trading, investment, financial investigation, business and accounting firms, corporations, and corporate professionals. government professionals law firms and government. Financial & Risk also provides around the world. leading regulatory and operational risk management solutions. Revenue growth rates are before the impact of currency EBITDA and Operating profit margins exclude the impact of charges taken in the fourth quarter of 2016 Segments do not add to total due to Corporate & Other (including Media) and eliminations WE ALSO OPERATE: • Reuters, a leading provider of real-time, high-impact, multimedia news and information services to newspapers, television and cable networks, radio stations and websites around the globe. • A Global Growth Organization (GGO) that works across our business units to combine our global capabilities and expand our local presence and development in countries and regions where we believe the greatest growth opportunities exist. GGO supports our businesses in Latin America, China, India, the Middle East, Africa, the Association of Southeast Asian Nations, North Asia, Russia and countries comprising the Commonwealth of Independent States and Turkey. • An Enterprise Technology & Operations (ET&O) group which drives the transformation of our company into a more integrated enterprise by unifying infrastructure across our organization, including technology platforms, data centers, real estate, products and services. In October 2016, we sold our Intellectual Property & Science business for gross proceeds of $3.55 billion. The business was subsequently renamed Clarivate Analytics. Thomson Reuters Fact Book 2017 Business Overview

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    8 THOMSON REUTERS 2016 REVENUES BY BUSINESS UNIT (1) FINANCIAL & RISK 0% growth (54% of revenues) LEGAL 1% growth (30% of revenues) 1% growth Full-Year 2016 $11.2 billion TAX & ACCOUNTING 4% growth (13% of revenues) REUTERS NEWS 4% growth (3% of revenues) (1) Revenues growth rates presented before the impact of currency Thomson Reuters Fact Book 2017 Business Overview

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    Business Model and 9 Key Operating Characteristics We derive the majority of our revenues from selling electronic content and services to professionals, primarily on a subscription basis. Our businesses provide solutions, software and workflow tools which integrate our core data and information. The table below describes some of our key operating characteristics. Industry leader • A leader in most of the market segments that we serve • Deep and broad industry knowledge • Products and services tailored for professionals Balanced and diversified • Distinct core customer group revenues: - 54% Financial & Risk - 30% Legal - 13% Tax & Accounting - 3% Reuters News • Geographical diversity by revenues: - 62% from the Americas - 27% from Europe, the Middle East and Africa - 11% from Asia Pacific • No single customer accounted for more than 2% of our 2016 revenues • Technology and operating platforms are built to address the global marketplace Attractive business model • 86% recurring revenues • 93% of revenues from information delivered electronically, software and services • Strong and consistent cash generation capabilities Thomson Reuters Fact Book 2017 Business Overview

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    Culture 10 Our Values Shape Our Culture Trust Innovation We act with integrity and indepen- We innovate to serve our dence by holding ourselves and customers, drive our growth each other accountable, ethical and win in dynamic business and reliable in all that we do. environments. Partnership Performance We work together, with each other, We deliver results and we excel with our customers and with at work that positively affects industry partners to deliver superior the world. results and experiences. Thomson Reuters Fact Book 2017 Business Overview

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    Our Strategy 11 In late 2013, we announced our intention to change the way that we managed Thomson Reuters, transforming from a portfolio of individual operating companies to an integrated enterprise. Our strategy is to be the premier global provider of the most trusted, must-have decision support tools and workflow solutions to professionals in information-intensive and highly regulated businesses. We operate at the fast-changing intersection of regulation and commerce, where intelligence, technology and human expertise are required to achieve success in the digital economy. We are focused on accelerating organic growth, improving profitability and maintaining a consistent approach to our capital strategy in the following ways: STRENGTHEN AND ENABLE THE CORE We made solid progress over the last three years in strengthening and enabling our core through simplification and productivity initiatives. We consolidated platforms by retiring 110 legacy applications, simplified our technical infrastructure by closing a number of data centers and consolidated 62 office locations. We also have been simplifying our product portfolio. In our Financial & Risk business, we reduced the number of our products by approximately 70% and our U.S. Legal business is in the midst of a similar initiative. We also reduced our workforce by approximately 20%. We expect that significant opportunities remain in 2017 to further simplify and improve productivity through our transformation initiatives. We believe these efforts will result in revenue growth, higher margins and increases in adjusted EPS. Thomson Reuters Fact Book 2017 Business Overview

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    12 IMPROVE GO-TO-MARKET CAPABILITIES We continue to pursue opportunities to improve the impact of our go-to-market capabilities, which are focused on our customers and sales practices. In 2015, we established a new ˝Thomson Reuters Way˝ of going to market. The Thomson Reuters Way involves a set of shared standards, processes, tools and technology that are utilized across the organization with a focus on increasing customer and revenue retention while driving new sales growth. We are also simplifying customer interactions and increasing e-commerce and digital customer experiences. In 2017, we are leveraging our transformation program methodology and resources towards key areas that are critical to our customers and sales force. First, we are looking to increase sales growth through more focused management and deployment of our go-to-market resources. We are also focused on systematically resolving and removing customer pain points as well as improving the productivity and effectiveness of our sales force, which is expected to result in higher retention rates. ACCELERATE IN HIGH-GROWTH MARKET SEGMENTS We continue to reallocate more resources and increase investments in the businesses in our portfolio that we believe have the highest potential for growth – Risk, Elektron Data Platform, Legal Software & Services and Global Tax. These growth segments now represent approximately 40% of our total revenue base. We plan to continue focusing on these businesses in 2017. DEPLOY A CONSISTENT CAPITAL STRATEGY We continue to focus on growing revenues from existing businesses and free cash flow, allowing us to maintain a consistent approach to our capital strategy. We balance reinvestment in our core businesses with the return of capital to our shareholders through dividends and share repurchases while maintaining a strong balance sheet, ample liquidity and a solid investment grade rating. Thomson Reuters Fact Book 2017 Business Overview

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    Executive Team 13 James C. Smith Stephane Bello Deirdre Stanley President and Executive Vice President & Executive Vice President, Chief Executive Officer Chief Financial Officer General Counsel & Secretary Peter Warwick Neil Masterson Brian Scanlon Executive Vice President & Executive Vice President & Executive Vice President & Chief People Officer Chief Transformation Officer Chief Strategy Officer David W. Craig Susan Taylor Martin Brian Peccarelli President, Financial & Risk President, Legal President, Tax & Accounting Thomson Reuters Fact Book 2017 Business Overview

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    14 OTHER EXECUTIVE COMMITTEE MEMBERS Gus Carlson Carla Jones Richard H. King Executive Vice President & Chief of Staff Executive Vice President & Chief Communications Officer Chief Information Officer Gonzalo Lissarrague President, Global Growth Organization For more information on our Executive Team, please visit tr.com/en/about-us/executive-team.html. Thomson Reuters Fact Book 2017 Business Overview

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    15 Thomson Reuters Fact Book 2017 Business Overview

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    16 Historical Financial Information Thomson Reuters Fact Book 2017 Business Overview

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    Historical Financial Information 17 Non-IFRS Financial Measures(1) Reported (U.S. $ Millions except EPS and Margins) 2013 2014 2015 2016 Revenue from ongoing businesses(2) $11,618 $11,648 $11,257 $11,166 Organic revenue growth(2) -1% 0% 2% 1% Adjusted EBITDA $2,770 $2,992 $3,089 $2,954 Adjusted EBITDA margin 23.8% 25.7% 27.4% 26.5% Underlying operating profit $1,639 $1,882 $2,055 $1,930 Underlying operating profit margin 14.1% 16.2% 18.3% 17.3% Adjusted earnings per share (EPS) $1.18 $1.47 $1.78 $1.79 Capital expenditures as a percent of revenues 8.2% 7.8% 8.4% 8.1% Free cash flow $1,163 $1,445 $1,801 $2,022 Excluding charges(3) 2013 2014 2015 2016 Adjusted EBITDA $3,007 $3,129 $3,089 $3,166 Adjusted EBITDA margin 25.9% 26.9% 27.4% 28.4% Underlying operating profit $1,891 $2,019 $2,055 $2,142 Underlying operating profit margin 16.3% 17.3% 18.3% 19.2% Adjusted earnings per share (EPS) $1.44 $1.62 $1.78 $2.07 2016 Revenue Highlights(2) Revenue by Media Revenue by Geography Revenue by Type 93% of our information was 38% of our revenues are 86% of our revenues are derived from delivered electronically over the generated outside of the U.S., contractual arrangements which are Internet and to mobile devices. Canada and Latin America. generally recurring in nature. 93% 86% 62% 27% 7% 11% 14% Electronic, Software & Services Americas Recurring Print EMEA Non-recurring "TJB1BDJ¾D Footnotes on next page Thomson Reuters Fact Book 2017 Historical Financial Information

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    (1) Key Metrics 18 Free Cash Flow Adjusted Earnings per Revenue Growth (U.S. $ billions)(3) Common Share (U.S. $)(3) Before Currency 2.1 2.07 1.9 1.8 1.78 1.7 1.62 1.44 1.2 1.4 1.8 2.0 1.18 1.47 1.79 2% 1% 1% 1% 2013 2014 2015 2016 2013 2014 2015 2016 2013 2014 2015 2016 Underlying Operating Cash Operating Income(3)(4) Return on Invested Capital(5) 1SP¾U.BSHJO(3) (U.S. $ billions) 7.4% 19.2% 2.3 6.7% 18.3% 2.2 2.1 17.3% 2.1 5.8% 16.3% 5.3% 14.1% 16.2% 17.3% 1.8 2.1 2.0 6.7% 1SP¾U.BSHJO 2013 2014 2015 2016 2013 2014 2015 2016 2013 2014 2015 2016 Including Charges Excluding Charges (1) 5IFTFBOEPUIFSOPO*'34¾OBODJBMNFBTVSFTBSFEF¾OFEBOESFDPODJMFEUPUIFNPTUEJSFDUMZDPNQBSBCMF*'34NFBTVSFTJOUIFUBCMFT appended to this Fact Book. All non-IFRS measures exclude the results of IP & Science apart from Free Cash Flow and Return on Invested Capital. (2) Revenues from reportable segments and Corporate and Other (which includes the Reuters News business) less eliminations. Organic refers to revenue growth from existing businesses before the impact of currency. (3) The table below summarizes charges and related cash payments incurred, as well as a $500 million pension contribution made in 2013. Q4 2013 FY 2014 FY 2015 FY 2016 Adjusted EBITDA 237 137 – 212 Underlying operating profit 252 137 – 212 5IFTFBOEPUIFSOPO*'34¾OBODJBMNFBTVSFTBSFEF¾OFEBOESFDPODJMFEUPUIFNPTUEJSFDUMZDPNQBSBCMF*'34NFBTVSFTJOUIFUBCMFT Cash operating income 237 137 – 212 Free cash flow 527 306 71 39 (3) The table below summarizes charges and related cash payments incurred, as well as a $500 million pension contribution made in 2013. (4) Adjusted EBITDA less Capital Expenditures. (5) 2016 Return on Invested Capital has been calculated both including and excluding charges. All other periods presented include charges. Thomson Reuters Fact Book 2017 Historical Financial Information

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    Segment Information 19 Change Foreign Before (U.S. $ Millions) 2016 2015 Total Currency Currency Revenues Financial & Risk $6,057 $6,148 -1% -1% 0% Legal 3,367 3,407 -1% -2% 1% Tax & Accounting 1,452 1,417 2% -2% 4% (3) Corporate & Other 304 296 3% -1% 4% Eliminations (14) (11) n/m n/m n/m Revenues $11,166 $11,257 -1% -2% 1% Excluding Charges 2016 2015 Change Adjusted EBITDA(1) (2) 2016 2015 Change Margin Margin 2016 vs. 2015 Margin Financial & Risk $1,629 $1,701 -4% 26.9% 27.7% $1,796 6% 29.7% Legal 1,232 1,268 -3% 36.6% 37.2% 1,258 -1% 37.4% Tax & Accounting 414 456 -9% 28.5% 32.2% 432 -5% 29.8% Corporate & Other(3) (321) (336) n/m n/m n/m (320) n/m n/m Adjusted EBITDA $2,954 $3,089 -4% 26.5% 27.4% $3,166 2% 28.4% Underlying Operating Profit (1) (2) Financial & Risk $1,044 $1,104 -5% 17.2% 18.0% $1,211 10% 20.0% Legal 984 1,013 -3% 29.2% 29.7% 1,010 0% 30.0% Tax & Accounting 283 343 -17% 19.5% 24.2% 301 -12% 20.7% Corporate & Other(3) (381) (405) n/m n/m n/m (380) n/m n/m Underlying operating profit $1,930 $2,055 -6% 17.3% 18.3% $2,142 4% 19.2% n/m Not meaningful (1) These and other non-IFRS financial measures are defined and reconciled to the most directly comparable IFRS measures in the tables appended to this Fact Book. (2) Charges of $212 million (related to severance costs) incurred in 2016 impacted Adjusted EBITDA and Underlying Operating Profit. (3) Corporate & Other includes Reuters News. Thomson Reuters Fact Book 2017 Historical Financial Information

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    20 Thomson Reuters Fact Book 2017 Historical Financial Information

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    Share Price Performance 21 $65 $60 +111% $55 $50 $45 +59% $40 $35 $30 $25 -15 12 -12 16 -13 -14 -16 14 14 12 15 13 13 16 15 17 p- p- n- n- p- n- p- p- n- n- n- ay ay ay ay ay Se Se Ja Ja Se Ja Se Se Ja Ja Ja M M M M M TRI.N TRI.TO Average 2016 daily trading volume: TSX: 0.70 million; NYSE: 0.87 million Index membership Dow Jones Islamic Market World Index KBW Nasdaq Financial Technology Index Dow Jones Titans Media Index S&P TSE 300 Capped Index Dow Jones Titans Sector Composite Index S&P TSX Capital Markets Index FTSE All World Index S&P TSX Diversified Financials Index NYSE Composite Index S&P TSX Financials Index Russell Top 200 Index S&P TSX Canadian Dividend Aristocrats Russell Top 200 Value Index S&P TSX 60 Index Russell 1000 S&P TSX Capped Financials Index Russell 1000 Value Index S&P TSX Publishing Index Russell 3000 TSX 300 Composite Index Thomson Reuters Fact Book 2017 Historical Financial Information

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    Returning Cash to Shareholders 22 We return cash to shareholders through dividends and share buyback programs. Between January 2013 and December 2016 we repurchased 117 million common shares for $4.5 billion. In the fourth quarter of 2016 we completed our fourth program and in February 2017 announced a plan to repurchase a further $1.0 billion of our common shares. 2.7 2.4 2.1 1.4 1.4 1.3 1.2 0.9 0.9 0.8 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Dividends (net of dividends reinvested) Share repurchases Thomson Reuters Fact Book 2017 Historical Financial Information

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    Common Share Dividend History 23 Thomson Reuters and its predecessor companies have paid out dividends consistently for over 30 years and we view dividends as a critical component of total shareholder return, increasing our dividend for 24 consecutive years. In February 2017, we announced a $0.02 increase in our dividend to $1.38 per share annually, which reflects our view of the cash flow generation capabilities of the company. We target a dividend payout ratio of 40% to 50% of annual free cash flow.(1) Dividend History (U.S. $ per share) Payout Ratio (U.S. $ billions) $1.38 61% 59% 54% 48% $0.63 $0.7 $0.7 $0.9 $1.1 $1.0 $1.0 $1.0 $1.0 2013 2014 2015 2016 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 Free Cash Flow Dividends(2) Excluding Cash Payout Ratio Payments After Dividends(3)   'SFFDBTI¿PXBOEPUIFSOPO*'34NFBTVSFTBSFEF¾OFEBOESFDPODJMFEUPUIFNPTUEJSFDUMZDPNQBSBCMF*'34NFBTVSFTJOUIFUBCMFTBQQFOEFE to this Fact Book. (2) Dividends paid on common shares are shown net of amounts reinvested in our dividend reinvestment plan. (3) The table below details cash payments incurred relating to charges and a pension contribution made in Q4 2013. Q4 2013 FY 2014 FY 2015 FY 2016 Cash Payments 527 306 71 39 Thomson Reuters Fact Book 2017 Historical Financial Information

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    Capital Structure 24 Common Shares Depositary Interests(1) Preference Shares TSX NYSE (representing TSX Symbol: TRI.TO Symbol: TRI.N common shares) Symbol: TRI.PR.B Dividend US$ US$ US$ C$ declaration currency Dividend payment Default—US$ Default—US$ Default—GBP C$ currency Shareholders can opt for C$ Shareholders can opt for C$ DI holders can opt for C$ and GBP without charge and GBP without charge and US$ without charge DI holders may also opt for other currencies/exchange for TSX or NYSE listed shares for a fee Dividend Yes Yes Yes No reinvestment plan 2017 Dividend Record date Record date Record date Record date record and February 23 February 23 February 23 March 17 payment dates(2) May 18 May 18 May 18 June 16 August 17 August 17 August 17 September 18 November 16 November 16 November 16 December 19 Payment date Payment date Payment date Payment date March 15 March 15 March 15 March 31 June 15 June 15 June 15 June 30 September 15 September 15 September 15 October 02 December 15 December 15 December 15 January 02, 2018 2017 Quarterly US$0.345 US$0.345 US$0.345 Paid quarterly at a rate dividend rate of 70% of the Canadian per share bank prime rate applied to the stated capital of the shares Voting rights One vote per share One vote per share One vote per DI Non-voting Transfer agent, Computershare Trust Computershare Trust Computershare Investor Computershare Trust registrar and Company of Canada Company of Canada Services Company of Canada paying agent +1 800 564 6253 service@ +1 800 564 6253 service@ +44 (0) 370 707 1804 +1 800 564 6253 computershare.com computershare.com WebCorres@ service@ computershare.co.uk computershare.com (1) Each Depositary Interest (DI) represents one common share, and has the same economic and voting rights as a common share. Computershare holds the common shares as nominee on behalf of DI holders. DIs may be settled in the U.K. through CREST. (2) All dividends are subject to Board approval. Thomson Reuters Fact Book 2017 Historical Financial Information

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    Debt 25 ($ Millions) Primary Debt Instruments(1) Derivative Instruments Liability(1) Bank and other 9 – C$500, 3.369% Notes, due 2019 372 99 C$750, 4.35% Notes, due 2020 557 163 C$550, 3.309% Notes, due 2021 408 65 $550, 1.30% Notes, due 2017 549 – $550, 1.65% Notes, due 2017 549 – $1,000, 6.50% Notes, due 2018 998 – $500, 4.70% Notes, due 2019 499 – $350, 3.95% Notes, due 2021 348 – $600, 4.30% Notes, due 2023 595 – $450, 3.85% Notes, due 2024 446 – $500, 3.35% Notes, due 2026 494 – $350, 4.50% Notes, due 2043 341 – $350, 5.65% Notes, due 2043 341 – $400, 5.50% Debentures, due 2035 394 – $500, 5.85% Debentures, due 2040 489 – Total 7,389 327 Current Portion 1,111 – Long-Term Portion 6,278 327 Credit Ratings Moody’s Standard & Poor’s DBRS Limited Fitch Long-term debt Baa2 BBB+ BBB (high) BBB+ Commercial paper P-2 A-2 R-2 (high) F2 Trend/outlook Stable Stable Stable Stable (1) Values reflect carrying amounts recorded in the consolidated statement of financial position. Thomson Reuters Fact Book 2017 Historical Financial Information

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    Debt (continued) 26 %FCU.BUVSJUZ1SP¾MFBTPG%FDFNCFS (1) (U.S. $ millions) 1,600 1,100 1,000 978 731 833 600 500 450 2017 2018 2019 2020 2021 2023 2024 2026 2035+ Net Debt(2) (U.S. $ billions) Net Debt/Adjusted EBITDA Ratio(2) 7.9 7.4 6.7 2.2x 2.3x 2.1x 1.8x 5.4 2013 2014 2015 2016 2013 2014 2015 2016   7BMVFTJOEFCUNBUVSJUZQSP¾MFSF¿FDUDPOUSBDUFEFYDIBOHFSBUFUPCFQBJEBUNBUVSJUZ BGUFSTXBQT 7BMVFTJOUBCMFSF¿FDUDBSSZJOHBNPVOUSFDPSEFEJOUIFDPOTPMJEBUFE TUBUFNFOUPG¾OBODJBMQPTJUJPO   /FUEFCUBOEPUIFSOPO*'34¾OBODJBMNFBTVSFTBSFEF¾OFEBOESFDPODJMFEUPUIF most directly comparable IFRS measures in the table appended to this Fact Book. Thomson Reuters Fact Book 2017 Historical Financial Information

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    28 Business Units

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    Financial & Risk Through its open platform approach, Financial & Risk provides critical news, information and analytics, enables transactions and connects communities of trading, investment, financial and corporate professionals. It also provides leading regulatory and risk management solutions to help customers anticipate and manage risk and compliance.

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    30 30 2016 Revenues 2016 EBITDA Margin 2016 Operating Profit Margin $6.1 billion 26.9% (29.7% excluding charges) 17.2% (20.0% excluding charges) Thomson Reuters Fact Book 2017 Financial & Risk

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    Financial & Risk Business Portfolio(1) 31 DESKTOP $2.4 billion -3% (-1% excluding pricing adjustment) 0% growth TRANSACTIONS $0.9 billion +2% Full-Year Revenues $6.1 billion RECOVERIES $0.5 billion -13% ELEKTRON DATA PLATFORM & RISK $2.3 billion +6% (1) Revenue growth rates presented before the impact of currency. 39% Revenues 38% Revenues 15% Revenues 8% Revenues Desktop EDP & Risk Transactions Recoveries Revenues predominantly Revenues predominantly Non-recurring revenues Low-margin revenues that we generated by our flagship related to our enterprise real- from our trading platforms collect from customers and desktop terminal Thomson time and nonstreaming feeds and discrete sales, pass through to a third-party Reuters Eikon®, Thomson ONE® businesses, related products including sales of software. provider in return for their and our Foreign Exchange and services, and Risk. content or services distributed (FX) Trading desktop. through our platform. Thomson Reuters Fact Book 2017 Financial & Risk

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    Financial Information 32 0QFSBUJOH1SP¾U 64NJMMJPOT (1) Revenues (U.S. $ millions) EBITDA (U.S. $ millions) 0QFSBUJOH1SP¾U 64NJMMJPOT 24.5% 26.3% 27.7% 29.7% 15.0% 16.5% 18.0% 20.0% 6,648 6,538 6,148 6,057 2000 1,721 1,701 1,796 1500 1,629 1,211 1,081 1,104 1500 1200 994 900 1000 417 456 414 417 456 414 1,457 1,591 1,701 1,629 600 816 951 1,104 1,044 500 300 0 0 2013 2014 2015 2016 2013 2014 2015 2016 0QFSBUJOH1SP¾U&YDMVEJOH$IBSHFT 2013 2014 2015 2016 0QFSBUJOH1SP¾U 0QFSBUJOH1SP¾U.BSHJO&YDMVEJOH$IBSHFT EBITDA Excluding Charges(1)(2) 0QFSBUJOH1SP¾U&YDMVEJOH$IBSHFT(1)(2) EBITDA(1) 0QFSBUJOH1SP¾U(1) EBITDA Margin Excluding Charges(1)(2) 0QFSBUJOH1SP¾U.BSHJO&YDMVEJOH$IBSHFT(1)(2) Revenues by Geography(3) Revenues by Type 19% 77% 40% 15% 41% 8% "TJB1BDJ¾D Americas Subscription EMEA Transactions "TJB1BDJ¾D Recoveries   3FTVMUTGSPNPOHPJOHCVTJOFTT5IFTFBOEPUIFSOPO*'34¾OBODJBMNFBTVSFTBSFEF¾OFEBOESFDPODJMFEUPUIFNPTUEJSFDUMZ comparable IFRS measures in the tables appended to this Fact Book. (2) The table below summarizes charges incurred.   3FTVMUTGSPNPOHPJOHCVTJOFTT5IFTFBOEPUIFSOPO*'34¾OBODJBMNFBTVSFTBSFEF¾OFEBOESFDPODJMFEUPUIFNPTUEJSFDUMZ Q4 2013 FY 2014 FY 2015 FY 2016 EBITDA 172 130 – 167 Operating Profit 178 130 – 167 (3) Revenues by Geography presented by destination. Thomson Reuters Fact Book 2017 Financial & Risk

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    The Evolution of Financial & Risk’s Revenues 33 Over the past four years, Financial & Risk has evolved its revenue streams away from head-count-reliant desktop revenues towards higher growth areas, such as from its Elektron Data Platform and Risk products. The business unit also derived an increased proportion of its revenues from buy-side customers. The regional split of its revenues remains relatively unchanged over the time frame. Businesses Customers Regions 100 100 100 17% 19% "TJB1BDJ¾D 80 31% +7% 38% Elektron 80 80 Data Platform & Risk 63% -7% 56% Sell-side 12% 60 60 60 39% 40% Americas 15% Transactions 11% 8% Recoveries 40 40 40 37% +7% 44% Buy-side 20 20 20 44% -3% 41% EMEA 46% -7% 39% Desktop 0 0 0 2012 2016 2012 2016 2012 2016 Note: Charts show metrics as a percentage of Financial & Risk’s revenues in each period. Thomson Reuters Fact Book 2017 Financial & Risk

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    34 FINANCIAL & RISK AWARD HIGHLIGHTS Chartis 2016 Financial Crime Risk Global Finance The Innovators TMT News 2016 Technology Management Solutions Report 2016 – Corporate Finance Awards Awards Category Leader for AML and Process Innovation Innovator in FX Best Global Financial Technology Transaction Monitoring Solutions American Business Awards Salesforce.com Dreamforce Best-of-Breed for Enterprise Gold Stevie Award for Customer Conference Awards Fraud Technology Solutions Service Department of the Year Trailblazer for Service Best-of-Breed and Category Bronze Stevie Award for Marketing Buy-Siders’ Choice Awards Leader for KYC and Client Campaign of the Year FX Trading System On-Boarding Solutions Best-of-Breed for Watch List Wealth Briefing Asia – Hong Kong Wealth and Finance Monitoring Solutions Best FX Solutions Provider 2016 Awards Best Financial Market Waters Technology Profit & Loss Readers’ Choice Awards Intelligence Provider Best Reference Data Provider Best FX Market Data Platform Risk and Compliance Specialist Best Corporate Actions of the Year – South Africa Best Trading Platform for Solution Provider Corporations Buy-Side Tech Awards Best Cloud-Based Services Inside Market & Inside Best Buy-Side EMS Provider Provider Reference Data Awards (REDI) Global Finance World’s Best Best Reference Data Provider Best Buy-Side Pricing/ FX Providers Valuation Service (TRPS) Best News Provider Best Independent Online FX Trading System Best Mobile Initiative FX Week Awards Best Broker for Forward FX Best Liquidity Provider European Business Awards Runner-Up Gold Medal Award Best Broker for Emerging Innovator in FX for Customer Focus Markets Sell-Side Technology Awards Best Vendor for Dealing Best Data Provider to the International Business Awards Technology Sell Side Silver Stevie Award for Customer Service Department of the Year Thomson Reuters Fact Book 2017 Financial & Risk

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    Financial 35 The Financial business provides a broad and robust range of offerings to financial markets professionals. It delivers global content sets, including fundamentals, estimates, and primary and secondary research. Financial also provides customers with tools, platforms, venues and services to enable fast, intelligent decision making. Financial’s flagship financial markets desktop platform is Thomson Reuters Eikon. QUICK FACTS 300,000+ 8 million updates 2,000+ Thomson Reuters instant Thomson Reuters saw a record Over 2,000 customer sites use messaging community connects peak of 8 million price updates the Thomson Reuters Enterprise over 300,000 people across per second in 2016 Platform to support their trading 30,000 firms in 180 countries infrastructure in over 40 countries Thomson Reuters Fact Book 2017 Financial & Risk

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    36 MAJOR BRANDS, PRODUCTS AND CUSTOMERS Major Brands & Product Categories Type of Product/Service Target Customers Thomson Reuters Flagship desktop platform providing pre-trade decision- Investment professionals, portfolio managers, Eikon making tools, news, real-time pricing, research and analysis, wealth managers, research analysts, economists, charting, analytics, portfolio tools, trading connectivity and strategists, investment bankers, professional services collaboration tools and private equity professionals, salespeople, traders, brokers, corporate treasurers, corporate strategy and research professionals, financial analysts, and supply chain and procurement managers Thomson ONE Integrated access to information, analytics and tools Wealth management firms, professional delivered within workspaces designed specifically services and private equity professionals for each target customer’s workflow Corporate customers, including strategy and research professionals, treasurers and finance professionals Thomson Reuters A complete suite of integrated, intelligent solutions to manage Wealth management firms BETA retail brokerage operations, including workflow and productivity tools, transaction processing, reporting and archiving, data delivery and more Thomson Reuters Flexible, high-performance, cross-asset data and trading Investment banks, asset managers, custodians, Elektron™ infrastructure that includes low-latency real-time data feeds, liquidity centers and depositories, hedge funds, non-real-time data, analytics and transactional connectivity; prime brokers, proprietary traders, inter-dealer services can be offered in a range of deployment and brokers, multilateral trading facilities (MTFs), hosted models central banks and fund administrators Thomson Reuters Scalable and robust technology platforms that enable Financial institutions Enterprise Platform financial institutions to control real-time information flows FX Trading Foreign Exchange (FX) Trading FX and money market traders, sales desks, Solutions Premium pre-trade, execution and post-trade desktop hedge funds and alternative market makers, with access to a professional FX trading community of asset managers, banks, broker/dealers over 4,000 institutions and 15,000 users in more than and prime brokers 120 countries around the world Electronic Trading Powerful e-commerce solutions for automated FX price distribution and risk management used by banks globally FXall Dealer-to-client multibank trading and workflow solutions used by institutions globally with liquidity from over 160 leading providers Tradeweb® Global electronic multi-dealer-to-customer Institutional traders marketplace for trading fixed income, derivatives and money market products that connects major investment banks with institutional customers Thomson Reuters Fact Book 2017 Financial & Risk

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    37 COMPETITION Our Financial business competes with a wide range of large and specialist providers, which primarily include Bloomberg, FactSet, S&P (including its Capital IQ business), FIS, ICE Data Services, Telekurs, Dow Jones and large IT vendors, such as IBM®. The FX business primarily competes with large inter-dealer brokers, such as NEX Group’s (formerly ICAP) EBS platform and other electronic communication networks (ECNs) such as Bloomberg. Tradeweb’s principal competitors include MarketAxess and Bloomberg. The Financial business also competes with single-dealer and multi-dealer portals. Thomson Reuters Fact Book 2017 Financial & Risk

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    38 Thomson Reuters Fact Book 2017 Financial & Risk

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    FEATURED SOLUTION Thomson Reuters Elektron Data Platform 40 Powering the enterprise, connecting global markets Thomson Reuters Elektron provides the financial markets with a data and trading infrastructure that is flexible and cross-asset, and is the power behind Eikon, the Thomson Reuters flagship desktop financial product. Solutions include low-latency real-time data feeds, non-real-time data, analytics and transactional connectivity. These services are offered in a range of deployment models, offering our clients choice and flexibility based on their individual needs. Thomson Reuters distributes nearly 2.5 million price updates per second and its data is used to price an average of over $3 trillion in assets daily. The Elektron API family offers an open-source single In the first quarter of 2017, Thomson Reuters point of access to Thomson Reuters Elektron content, announced, in partnership with Tradeweb, the as well as third-party and proprietary content. These creation of a holistic suite of reporting services that APIs provide enterprise-wide benefits to enable our will support the workflow of market participants in clients to be agile, innovative and cost-efficient. their efforts to meet post-trade transparency require- ments mandated by MiFID II. To help clients meet the Tick History enables firms to build back-test trading upcoming requirements of MiFID II, Thomson Reuters strategies and perform quantitative research and is working closely with over 50 European exchanges analytics. It provides microsecond, time-stamped tick and more than 30 additional venues to on-board new data dating back to January 1996 and covers over 45 MiFID II content to its Elektron Data Platform. We are million OTC and exchange-traded global instruments. also providing test data to market participants so that they can prepare their systems for new parameters, such as high-precision time-stamps, in advance of MiFID II deadlines. Thomson Reuters Fact Book 2017 Financial & Risk

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    FEATURED SOLUTION Thomson Reuters Trading Capabilities 42 Integrated workflow solutions for the trading community Thomson Reuters trading products deliver flexible, secure and integrated workflow solutions to the trading community across all asset classes. In early 2017, Thomson Reuters strengthened its Thomson Reuters is the majority owner of Tradeweb cross-asset trading capabilities through the acquisition Markets, a leader in the fixed-income, derivative and of REDI Holdings, a trading technology pioneer ETF trading sectors. Customers rely on Tradeweb whose flagship REDIPlus execution management to drive the evolution of fixed income and derivatives system provides advanced cross-asset class trading through flexible trading architecture and more capabilities to the buy-side. By incorporating REDI’s efficient, transparent markets. trading products into its flagship desktop product Eikon, Thomson Reuters will enable institutional Thomson Reuters BETA Systems is a complete suite traders to move seamlessly from pre-trade activities of products that enables customers to manage to trade execution across asset classes on an the daily tasks of their brokerage business. From integrated platform. Thomson Reuters REDI™ brokerage processing and database synchronization supports execution management for approximately to business process management and reporting and 3,600 buy-side customers. trade inquiry, BETA offers all the tools needed to manage operations, plus forward-thinking features to Thomson Reuters continues to be an innovative position for the future. No other brokerage processing leader in the foreign exchange (FX) market. system provider is as comprehensive and reliable. With average daily trading volumes of $350 billion, FX Trading provides the foreign exchange Set to take effect in 2018, MiFID II regulatory updates market with a single platform that combines the will require greater transaction reporting and trans- Thomson Reuters pre-trade tool, trading venues parency across all trading sectors. Thomson Reuters and post-trade capabilities. Thomson Reuters is committed to helping its clients meet these new supports the largest global institutional FX requirements through enhancements to its existing trading community, covering 4,000 organizations products and collaboration with innovative partners. and 14,000 users over 120 countries. Thomson Reuters Fact Book 2017 Financial & Risk

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    Risk 43 Our Risk business provides a comprehensive suite of solutions designed to help our customers address third-party risk (customer, supplier and partner), regulatory compliance, corporate governance, operational risk controls, and pricing and valuation. Risk’s solutions combine powerful technology with trusted regulatory and risk intelligence to deliver integrated offerings to financial services and multinational institutions for global regulatory intelligence; financial crime prevention; anti-bribery, anti-money laundering and anticorruption; know-your-customer (KYC); and other due diligence, compliance management, internal audit, e-learning and risk management services. QUICK FACTS 750+ 350,000 records $3 trillion Thomson Reuters Regulatory With the acquisition of Clarient and Thomson Reuters data is used to Intelligence includes global coverage Avox, Thomson Reuters combined price $3 trillion of assets daily of over 750 regulatory bodies Know Your Customer operation manages over 350,000 KYC records, with 1.25 million managed legal entities in over 140 countries Thomson Reuters Fact Book 2017 Financial & Risk

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    44 MAJOR BRANDS, PRODUCTS AND CUSTOMERS Major Brands & Product Categories Type of Product/Service Target Customers Customer and Information, software products and managed Compliance and risk management Third-Party Risk services that include Thomson Reuters professionals, money laundering World-Check® risk intelligence, Thomson reporting officers, general counsel, Reuters Org ID™ (KYC compliance managed supply chain and procurement service) and Enhanced Due Diligence reports managers, and business leaders to help organizations detect, assess and minimize potential risks with customers, suppliers and partners, and protect against reputational and financial damage Regulatory Intelligence Information and software products that Corporate compliance, risk management and Regulatory Change include global coverage of over 750 regulatory professionals, corporate and company Management bodies and more than 2,500 collections of secretaries, general counsel, business regulatory and legislative materials, with leaders, boards of directors and law firms exclusive news and analysis from our global team of regulatory compliance experts and journalists. Incorporates insight and content and maps relevant policies to rule changes to comprehensively evaluate their effect on businesses Compliance Learning Training programs that assist in Corporate compliance, risk management changing behavior and supporting a professionals, money laundering culture of integrity and compliance reporting officers, corporate and company secretaries, general counsel, human resources, business leaders, boards of directors and law firms Internal Audit and Controls Internal auditing and internal controls Audit management professionals, testing, including risk assessment, global business leaders and boards of directors issue tracking and administration Enterprise Risk Management Risk management solution that helps Risk management professionals, identify, document and assess strategic business leaders and boards of and operational risks, including loss directors events, key risk indicators, assessment responses and scenario analysis data Pricing and Reference Data delivery platform for nonstreaming Custodians, banks, insurance Services cross-asset class content globally; supports companies, fund administrators, the management of financial risk, including pension firms, mutual funds, hedge such instruments as peer-to-peer or funds, sovereign funds, underwriters, marketplace loans market makers, accounting firms and government institutions Thomson Reuters Fact Book 2017 Financial & Risk

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    45 COMPETITION Risk’s products and services compete with a wide variety of global, regional and niche competitors. Risk’s Customer and Third Party Risk key competitors include Dow Jones and LexisNexis. Regulatory Intelligence products primarily compete with Wolters Kluwer, LexisNexis, Bloomberg and MetricStream. Regulatory Change Management products primarily compete with Wolters Kluwer, IBM® Watson Analytics and Nasdaq BWise. Risk’s pricing and reference services business primarily competes with ICE Data Services, Bloomberg and a number of smaller asset pricing and reference data providers. Thomson Reuters Fact Book 2017 Financial & Risk

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    47 Thomson Reuters Fact Book 2017 Financial & Risk

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    FEATURED SOLUTION Thomson Reuters Org ID 48 A Global KYC Managed Service Our customers are dealing with regulatory demands that are constantly evolving. In particular, the legal obligation that banks, investment managers and corporations have to know whom they are doing business with and the requirement to demonstrate that they operate in a compliant manner are more urgent and more complex than ever before. In 2014, we introduced our Org ID managed service to help them meet these Know Your Customer (KYC) obligations. Org ID helps organizations simplify their counter- We recognize how difficult it can be for our party due diligence activities and streamline the “ clients to keep up-to-date with the complex ongoing maintenance of their KYC records. It delivers and ever-increasing KYC regulations, which a managed service that collects, classifies and verifies ultimately makes complying with these an end client’s identity. Org ID builds KYC records regulations a daunting task. We believe against a global standardized policy, reducing the that the Thomson Reuters Org ID solution time and cost of KYC due diligence while meeting the will significantly reduce the time and costs demands of regulators worldwide. Org ID provides associated with supplying this information integrated screening and ongoing monitoring to by eliminating duplication when loading detect changes in legal entity status, enabling information for a number of different firms to fulfill new regulatory needs while avoiding financial institutions, while still meeting the cost and time expense of full-scale remediation. the demands of regulators around the world. The easy-to-use portal has stringent On July 13, 2016, Thomson Reuters Org ID launched security features which will give our clients a regional managed service solution for KYC due full control and visibility over who can access diligence in South Africa, together with design and view their documents.” partner banks Barclays Africa, Rand Merchant Bank (a division of FirstRand Bank) and Standard Bank — James Formby, chief executive officer of Africa. These three banks committed to use the of Rand Merchant Bank (RMB) Org ID service to perform KYC on their populations of corporate and institutional banking clients. Thomson Reuters Fact Book 2017 Financial & Risk

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    Legal Legal is a leading provider of critical online and print information, know-how, decision tools, software and services. The business serves customers in law firms, corporate legal departments and governments, including federal, provincial, state and local government lawyers and judges, as well as investigators.

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