CUSTOMER ADVISORY BOARD

CUSTOMER ADVISORY BOARD UK BUY-SIDE PRE-READ - THE SAVOY, SEPTEMBER 15 TH INTRODUCTION: We are delighted to be joined by Shanker Ramamurthy at our upcoming Customer Advisory Board meeting on September 15th. Shanker was recently appointed to lead our newly created Financial Professionals & Marketplaces business and is prioritising meeting with all of our Boards worldwide, seeking input from customers on our vision for the desktop business. We will also hear updates from Neil Masterson on Investment Management and Tom Frossell on Customer Service, given the candid feedback received at the June 7th Board in Edinburgh. Dr. Stephen Malinak will be seeking the Board s input into the Thomson Reuters proposal to enter the credit ratings space and, to finish, Philippe Carrel will introduce our consultancy offering in the Government, Risk & Compliance space. AGENDA: 9.30-10.00: 10.00-10.35: 10.35-11.10: 11.10-11.20: 11.20-12.05: 12.05-12.45: Arrivals/ Breakfast Welcome - Debra Walton, Global Head of Market Development Update on Investment Management Desktop Convergence Strategy Neil Masterson, Global Managing Director, Investment Management Update on Customer Service - Tom Frossell, Global Head of Customer Service Introducing Financial Professionals & Marketplaces Shanker Ramamurthy, President, Financial Professionals & Marketplaces Break Thomson Reuters Credit Ratings Dr. Stephen Malinak, Global Head of Quantitative Research Dr. George Bonne, Director of Quantitative Research Government, Risk & Compliance - Consultancy Philippe Carrel, EVP, Data Management, Governance, Risk and Compliance Advisory Services WEDNESDAY, SEPT 14 TH, 2011 DINNER LOCATION: The Montcalm 52 Chiswell Street London, EC1Y 4SD +44 20 7614 0100 THURSDAY, SEPT 15 TH, 2011 MEETING LOCATION: The Savoy Strand London WC2H 6RJ +44 (0)20 7836 4343 If you have any questions, please contact: Wieteke Dupain 12.45-14.00: Wrap up and Lunch

TOPIC 1: INTRODUCING FINANCIAL PROFESSIONALS & MARKETPLACES Shanker Ramamurthy, President, Financial Professionals & Marketplaces BEHIND THE RECENT ORGANISATIONAL CHANGES AT THOMSON REUTERS: Shanker Ramamurthy joined Thomson Reuters in June 2011 as president of Sales and Trading and, in August of the same year, expanded his responsibilities to lead the newly created Financial Professionals & Marketplaces (FP&M) business the combined Sales & Trading and Investment & Advisory business units. As head of FP&M, Shanker oversees all Thomson Reuters products and services for professionals delivered to screens and trading marketplaces, including our flagship product, Thomson Reuters Eikon. In the Customer Advisory Board sessions over the next two months, Shanker will give a candid overview of the recent leadership changes within Thomson Reuters and will talk to the plans to further simplify our structure, empower our domain experts and streamline decision-making to enable the organisational agility needed to better serve our customers. Specifically, Shanker is looking for the Board s input into a strategic shift in how Thomson Reuters sells to global institutions, based on an outside in approach that focuses on customer priorities and finds solutions to their key challenges based on our products and partnerships. FINANCIAL PROFESSIONALS & MARKETPLACES AND THOMSON REUTERS EIKON: Our customers have told us repeatedly that our internal divisions make us difficult to work with and the creation of FP&M is part of simplifying our organizational structure. We now have two business units supporting our two platform strategy. Elektron, which supports our customer s enterprise infrastructure priorities, is managed by our Enterprise business and Eikon, our desktop platform, supported by FP&M. Realizing the platform vision for Eikon depends on offering the best user experience in terms of the functionality, content and apps accessed through their desktop. YOUR VIEWS: What are the top priorities for your institutions and how can Thomson Reuters partner with you? Who are the key decision makers in your organization? Who else should we be engaging? Who could Thomson Reuters partner with (financial, technology, infrastructure partners ) to truly revolutionize the way our customers do business? FP&M is a ~$5.5B business with more than 350K desktops spanning traders, bankers, investment managers and corporate treasurers and investor relations departments. Its mission is to facilitate the workflows of financial professionals and to operate next generation marketplaces, providing the desktop products and services that help financial professionals to be more profitable, connected and efficient.

TOPIC 2: THOMSON REUTERS CREDIT RATINGS Dr. Stephen Malinak, Global Head of Quantitative Research; Dr. George Bonne, Director of Quantiative Research OVERVIEW: The recent financial crisis and ongoing market turbulence highlight the importance of accurate assessments and forecasts of credit risk. In addition, the major ratings agencies - S&P, Moody s and Fitch - suffered serious damage to their reputation and credibility when many highly-rated assets collapsed. Investors, risk managers, and regulators are hungry for better alternatives to traditional agency ratings. They want greater accuracy, accountability and transparency, and quicker reactions to evolving events. Regulators around the world want to address the structural problems and conflicts of interest inherent in the traditional issuer-paid credit ratings industry. Currently issuers of debt pay the ratings agencies to rate their debt. An alternative business model is developing in which investors in debt pay for unbiased ratings. The investor-paid business model is growing rapidly as the issuer-paid model continues to fail and shrink. Thomson Reuters is facing a historic opportunity in the wake of the worldwide financial crisis to change the paradigm for credit ratings. OUR APPROACH: We propose to create a 100% quantitative, investor-paid ratings service, thus providing financial professionals a new and robust benchmark for credit risk with transparency of inputs that is free of the inherent conflicts of interest in the traditional system. Our proposed credit ratings service will quantitatively assess and predict credit risk, providing letter ratings and forecasts of Probability of Default and Loss Given Default. We will bring to bear the full force of Thomson Reuters content assets to provide our customers with a holistic view of a company s credit worthiness, extracting information from a multitude of data sources, some traditional and some highly novel and unique, with a compelling suite of analytical methods. Specifically, we are developing a three-fold approach to company credit ratings: 1. Equity Market Analysis: We will assess the equity market s view of public company credit risk in our own proprietary structural or Merton model that can hold its own against, or even better, any other structural quantitative model in its predictive power. 2. Ratio Analysis: We will assess corporate financial health via comprehensive financial ratio analysis that incorporates not just backward-looking reported financial statement information but also forward-looking analyst estimates via the StarMine SmartEstimate. Forward-looking information provides a significant boost to model power and, as a result, our ratings will react much more quickly to changing circumstances and the market environment. 3. Text Mining: We will apply sophisticated text mining algorithms to various textual documents such as earnings conference call transcripts, financial filings, footnotes, news, and broker research to identify key language that is predictive of credit risk. This text mining leverages our leadership in both textual content and analytics.

TOPIC 2: THOMSON REUTERS CREDIT RATINGS Dr. Stephen Malinak, Global Head of Quantitative Research; Dr. George Bonne, Director of Quantiative Research The unique and forward-looking content employed in our credit model the text documents and analyst estimates allows us to create ratings that are more accurate and responsive than any other. In addition, our model will have among the largest coverage of any available. Thus, we believe that this approach will provide customers with a superior and unbiased assessment of credit risk from which to evaluate investment ideas and strategies. OUR CURRENT PLANS: We intend to incorporate this service across our desktop and feed platforms including Eikon, Thomson One, Datascope Select, and QA Direct. Initially, our service will cover over 35,000 public companies. Ultimately we plan to branch out to include sovereigns and private companies. We are less inclined to rate structured products such as mortgage-backed securities. Given the large scope of the project, the various components (Merton model, Ratios analysis, Text Mining) will be incorporated and available in the platforms incrementally, beginning in 2011 with full availability by the end of 2012. YOUR VIEWS: Does a quantitative, investor-paid credit rating service appeal to you and your firm? Which components would add the most value and why? Is it possible for quantitatively generated credit ratings to displace the traditional agency ratings? Would you be willing to pay for it? How do you think Thomson Reuters could best build brand in credit ratings and get established as a major player in the business? What is your relative level of interest in public company, private company, sovereign, and structured product credit ratings? We seek to gain a better understanding of the market s appetite for a quantitatively generated credit rating. We will use the input from this session to help refine our proposition and define our go-to-market strategy for the credit ratings service.

TOPIC 3: GOVERNMENT, RISK & COMPLIANCE - CONSULTANCY Philippe Carrel, EVP, Data Management, Governance, Risk and Compliance Advisory Services The objective of this session is to solicit feedback on our approach to building a new consulting practice providing Governance, Risk and Compliance advice and solutions to help customers implement change projects in these areas. In this session we will share our view on the implications of regulatory change for our customers. Building on this we will outline our new consultancy proposition aimed at supporting customers managing these implications. We have identified five areas where we feel the buy-side customer need is most acute and where Thomson Reuters can provide valuable advice. We would appreciate the Board s view on the relative impact of the five areas and the value of the advisory service we are proposing to develop. MARKET CONTEXT AND IMPLICATIONS: The increasing costs and complexity of compliance keep regulation at the forefront of issues shaping the future strategy and profitability of financial services globally. The impact of regulatory change on the market is large, with US$ 600 trillion in OTC business being eligible for MTF trading and CCP clearing. Data integrity is more critical to valuations than ever; requiring pricing and modeling platforms to adapt for risk and compliance. Also, regulation of new and expanding activities such as high frequency trading continuously demand the design of new, specific risk management and compliance functionality and tools. To cope effectively with the myriad of changes in regulation, internal models and systems for risk management and regulatory compliance are being reviewed across the board. In a quest to control the increasing costs of these reviews and the associated changes, demand is growing for unified governance frameworks, horizontal connectivity to integrate venues, CCP, custody, collateral management, funding and accounting and more effective third party support and expertise. TOP CUSTOMER NEEDS: From our global vantage point and with insights from a broad base of financial professionals and institutions the key areas of change we see are the following: Data governance Liquidity management, funding and margining, high frequency trading Full transparency of order, execution, allocations Post trade best execution, trading activities surveillance, compliance reports Client screening, identification, reporting OUR APPROACH: To support our customers in coping effectively with the far-reaching implications of regulatory change on content and enterprise data management we are developing a consulting capability to help customers: Build a data governance model providing consistency, transparency and high performance across the Enterprise, facilitating present and future compliance needs, allowing continuous data access to end users; Successfully manage data management platform implementations, counterparty data, corporate actions, asset set-up and data source consolidation; Implement benchmark pricing capabilities to provide transparent and independent portfolio valuations and support how to value instruments; Manage OTC trade execution, confirmation, settlement and processing in the new CCP environment and provide customers with adequate connectivity; Design and implement a risk controlled environment for high frequency trading; Design and propose trade surveillance, client screening frameworks and anti-money laundering.

TOPIC 3: GOVERNMENT, RISK & COMPLIANCE - CONSULTANCY Philippe Carrel, EVP, Data Management, Governance, Risk and Compliance Advisory Services Our experience from the data consulting practice set up earlier this year has demonstrated how we can use our experience and expertise to help our customers better optimize data across their enterprise. For example, we worked with a Global Investment Bank to define a consolidated reference data strategy, manage the requirements, support delivery and adoption within their organization. Another example is the help we provide a Central Bank leverage Thomson Reuters content across multiple business applications. Building on our data consulting practice to focus on governance, risk and compliance challenges will allow us to more effectively align our expertise, prioritize innovation and enable increased and sustainable sales successes as a truly valued and important solution partner. We currently have a core team of 12 Thomson Reuters experts, a broader supporting team of 180 consultants, additional contractors and partners in Asia, EMEA and North America. Our specific areas of expertise include: Data management, data cleansing, data consulting, optimization and rationalization for large financial institutions; Experience of business process re-engineering; Expertise in key data sets such as Corporate Actions, Legal Entity; Complex data management and risk management project implementation; Hands-on experience in pricing and valuations, quantitative strategies and structured products; Expertise in risk management (credit market and operational) and regulatory compliance; Experience in trading and trade processing workflow, clearing, margining; Internal audit, governance and compliance knowledge and experience. YOUR VIEWS: Which of the top customer needs defined on the previous page are relevant to you? More specifically: - What do you do about centralized clearing? - How do you manage best execution today? - Have you combined corporate governance projects with risk management and compliance as opposed to managing those by separate projects? - How is Dodd Frank impacting your business? Which of these issues are of concern / hot topics with your firms? - How would you rate the importance of these topics? - Did we miss any customer need? Would you consider engaging our consultants to advise you? What type of advice / expertise would you value? And why? Who else might you consider to address these concerns? Internal departments / other consultants? If the latter, whom? What advice would you give us on developing this proposition?