Work Sample

2. This is a presentation “makeover”. It
is intended to give potential clients an
idea of what my presentation work
might look like.
The original content for this
presentation belongs to The
Thompson Corporation.
I have redesigned the presentation,
but I have not altered the content.

3. The original presentation (for
comparison) can be found at:
http://tinyurl.com/27nrvw
The presentation was given June
7th, 2007 at the Merrill Lynch U.S.
Media Conference

4. I kept the show stark, clean, and a
little web2.0-ish.
Thomson is a truly modern
information company. The
audience is primarily investors and
analysts - expecting clean
information, not entertainment.

5. Visit my websites at:
www.i3mm.com
www. linux group of rochester .com

6. The Thomson Corporation – Legal Segment
Merrill Lynch Conference, London, June 7th, 2007

7. Safe Harbor

8. Agenda
Introduction Frank Golden
Legal Segment Peter Warwick
Overview
Market Trends
Strategy Objective and Revenue Growth Drivers
Summary

9. Thomson-Reuters
Creates Meets Positioned Combination
a global leader in customers’ for growth in two of two strong,
electronic growing demand business experienced
information for broader, faster segments – management
services, trading and more deeply Financial Services teams and a well
systems and news integrated and Professional capitalized
for professionals information and Services industry leader
in knowledge solutions ($35B market cap)
based industries

10. Thomson-Reuters Creates a Diversified $11B+ Company
2006 Pro Forma Revenue by Division
Financial Professional
$6.7B – 59% $4.6B – 41%
2006 Pro Forma Revenue by Region
Americas EMEA Asia-Pacific
$6.9B – 60% $3.5B – 31% $1.0B – 9%
88% - Electronic, Software & Services
86% - Recurring
Source: Public filings and investor presentations. Refer to Special Note for a more detailed explanation of pro forma financial information provided
throughout this presentation. Reuters results converted into US dollars at 2006 average USD/GBP exchange ratio of 1.84

11. Thomson-Reuters Pro-Forma 2006
Revenue $11.343B
Scientific
Healthcare
5%
4%
Tax & Acct.
5%
Legal
27%
Financial
59%
Source: Public filings and “Thomson-Reuters” presentation 5/15/2007.
Reuters results converted into US dollars at 2006 average USD/GBP exchange ratio of 1.84
Assumes all Reuters 2006 EBITA is combined with Thomson Financial to form “Financial”
*Percentages exclude Thomson corporate and other costs

12. Thomson-Reuters Pro-Forma 2006
Adjusted EBITA $2.144B
Scientific
Healthcare
5%
4%
Tax & Acct.
5%
Financial
59%
Legal
27%
Source: Public filings and “Thomson-Reuters” presentation 5/15/2007.
Reuters results converted into US dollars at 2006 average USD/GBP exchange ratio of 1.84
Assumes all Reuters 2006 EBITA is combined with Thomson Financial to form “Financial”
*Percentages exclude Thomson corporate and other costs

13. Agenda
Introduction Frank Golden
Legal Segment Peter Warwick
Overview
Market Trends
Strategy Objective and Revenue Growth Drivers
Summary

14. Professional Revenue Composition
Professional Group
2006 Revenue: $4.6B
Legal
$3.0B – 66%
Scientific
$0.6B – 13%
Tax & Acct.
$0.6B – 13%
Healthcare
$0.4B – 8%

15. Legal Operating Structure
Thomson Legal
2006 Revenue: $3.0B
Consulting
West FindLaw Elite International
Services
• Law Firms • Elite • Hildebrandt • Sweet &
Maxwell (UK)
• Corporate, Govt. • Hubbard One • Baker Robbins
& Academic • Aranzandi
• ProLaw
(Spain)
• GSI
• TLR Australia /
• West Education
NZ
Group
• Carswell

16. Legal Segment Highlights
• Strong Financial Results
• Global Market ~$21B
– 4 Year Revenue CAGR =
• #1 in North America 7%
• Market Growing ~5% per – Segment Operating Profit
Margin Up 170bps in 3 years
Year
• Driving Growth through
• Key Competition: Reed
Organic Initiatives
Elsevier (LexisNexis) and
Wolters Kluwer • Major Brands

17. Thomson Legal 2006 Revenue Composition
Revenue by Geography
International
17%
North America
83%

18. Thomson Legal 2006 Revenue Composition
Revenue by Format
Print
34%
Electronic / Software / Services
66%

19. Legal Segment Highlights
Segment Operating Profit Margin
Revenue Growth
$3.0B
7%
31.3%
2.8B
$2.7B 6%
30.4%
9%
$2.5B
29.6%
6% 29.4%
8%
4%
5%
2%
$2.2B 28%
2003 2004 2005 2006 2003 2004 2005 2006
%
Organic Other Total Revenue Growth
• Westlaw ($1.2B) organic growth of at least 8.5% for eight consecutive quarters
• Past tipping point in North America – growing both print and electronic

20. Changing Revenue Dynamics
$2.5B
North American Legal
Print/CD
Electronic/Software/Services $1.7
$1.0B
67%
$0.8
$0.6
33%
65% $0.4
35%
2006
1995 2000
Print Dynamics
Online Dynamics
• Enables rapid access to new information • Migration from print to online has stabilized
• Ideal environment for researching case law • Younger attorneys primarily trained in online legal
research
• Loading and linking facilitates usage growth
• Some areas of law are still better served by print –
• Enables integration of content with workflow
e.g. analytical law
applications
• Combining online and print resources is very
• We can quickly and effectively add components
compelling value proposition
that deliver additional value

21. Agenda
Introduction Frank Golden
Legal Segment Peter Warwick
Overview
Market Trends
Strategy Objective and Revenue Growth Drivers
Summary

22. Changing Revenue Dynamics
Market Trends Competitor Trends
• Legal market growing at estimated 5%
• Large US law firms have healthy • LexisNexis’ growth has focused
revenue growth of 8-10% outside core legal information in public
records, services and software
• Expense management becoming more
important • Wolters Kluwer is a smaller player with
niche positions
• “Boomers” reaching retirement is
increasing the pressure on talent

23. Growth of US Law Firms
Average and Total Lawyers
The size of the top 250
in NLJ 250 Firms
law firms has increased
116,671
dramatically over the
109,495
last 20 years 104,360
270%
increase
75,465
Total Lawyers
68,139 66,890
Average Lawyers per Firm
58,283
43,330 467
438
386
302
273 268
233
173
1985 1988 1991 1994 1997 2000 2003 2005
Source: The National Law Journal

24. U.S. Law School Enrollments
The talent pool is
U.S. Law School Enrollment
constrained as law
school enrollments
+ 0.5% - 0.2% - 0.1%
flatten + 1.6%
+ 2.1% + 0.1%
+ 3.2%
Actual
Projected
+ 4.1%
151,414 151,042 150,870
150,603
148,273
148,169
+ 2.0%
145,088
140,612
135,091
125,000
2002 2003 2004 2005 2006 2007 2008 2009 2010

25. Impact of Key Trends
Client Relationships Law Firms Opportunities for Thomson
• Practice of Law
• Shift to “buyer’s market” • Increased emphasis on opportunity:
from “seller’s market” client development/client
–Demand for workflow
teams
• Clients demand cost solutions that increase
effectiveness from law • Continued “talent war” efficiency and success
firms
• More aggressively • Business of Law
• Increasing use of managing cost structure opportunity:
competitive firm to maintain per partner
–Client development
assessment/selection profits
–Talent management

26. Key Competitor Comparison (2006)
Thompson NA Legal LexisNexis Wolters Kluwer
Revenue (MM) $2,476 $2,147 $260
Revenue Growth
Legal Information 6.9% 2.4% 2.4%
Other 8.1% 12.5% 4.0%
2005 2006 2005 2006 2005 2006
Total
6.6% 7.1% 14.8% 7.7% 1.9% 4.5%*
Strong OI and healthy Slowing growth driven Competitive threat
growth by non-legal information only in niches
OI (MM) $878 $507 $40
OI Margin 35.5% 23.6% 15.2%
* Includes acquisition of Best Case Solutions Bankruptcy Software
NOTE: Data for LexisNexis and Wolters Kluwer based on publicly reported
information, as adjusted to reflect our assumptions for comparative purposes
and conversion into US$

27. Agenda
Introduction Frank Golden
Legal Segment Peter Warwick
Overview
Market Trends
Strategy Objective and Revenue Growth Drivers
Summary

28. Strategic Objectives - Overview
Total Estimated US
Law Firm Billings is $200B*
Practice of Law Business of Law
Advisory
11%
Litigation Client Development
Transactions
Litigation
24%
Transaction Law Talent Management
65%
Advisory / Compliance Other C-Level Solutions
Source: Company Estimates.

29. Practice of Law Growth Strategy
US Law Firm Billings All areas share consistent
$200B* growth phases
3
Phase
2
Phase
1
Advisory Phase
Enable the
Enable the
11% Process
Practitioner’s
Acquire/Build
Workflow
Information
Leverage
Assets
Transactions
Platform
Litigation Develop
24%
Software Tools
Consolidate
65%
Information
(Load & Link)
Source: Company Estimates.

30. Litigation Workflow
The litigation process follows six broad stages
1 2 3 4 5 6
Value Case Negotiate/
Conduct
and Capture Plead Prepare for Conduct Trial Appeal
Discovery
Client Trial

31. Litigation Workflow – Core Assets
Market leading
Strong market share in Superior technology that will
comprehensive set of
overall legal information help link content to the larger
litigation content and
space litigation platform
workflow tools
~$2,400M
$50M ~$50M ~$2,100M
Investigate & Compile Facts
Analyze,
File &
Intake Negotiate,
Present
Draft
Research Law / Info
$3,900M
Current Presence
Growth Opportunity
Significant growth opportunities still ahead
Source: Company Estimates.

32. Westlaw Litigator Revenue Growth
Expanding share of
wallet and driving $110M
organic revenue
$77M
$43M
$12M
2003 2004 2005 2006

33. Transactional Law – Market Overview
Complex, high-value business transactions and associated
legal disclosures create significant legal opportunity
Workflow Perspective of Customers Business Transactions Legal Activity
Business Transactions:
High Securities &
Mergers & Business & Investment &
Offerings Finance Private Equity
Advisory Acquisitions
11% Restructuring &
Real Estate Business
Bankruptcy
Finance Entities
Intellectual
Tax
Litigation Property
Transactions Antitrust & Trade
65% 24%
Value Labor &
Insurance
Employment
Personal
Bankruptcy Estates & Trusts
Family Law
Immigration
US Law Firm Billings
$200B* Low High
Complexity
Source: Company Estimates.

34. Advisory/Compliance Customer Workflow
Customers work to assure corporations act in accordance
with complex statutory and regulatory requirements
Corporate Counsel
(35% in-house activity)
Compliance Workflow
1 2 3 4 5 6
Keeping Assessing Setting Policy Reporting & Litigating &
Lobbying
Current Risk & Process Monitoring Investigating
Litigation
65%
Advisory
Workflow Pain Points:
11%
Understanding compliance requirements
Transactions
24% Assessing greatest risk areas
Establishing appropriate policies and processes
Interpreting important changes
US Law Firm Billings Assuring filings and record keeping are complete
$200B*
Source: Company Estimates.

35. Business of Law Solutions ($250M and growing)
Assembling an array of industry leading solutions
addressing the most significant C-level focus areas
Strategy Profitability Client Talent Technology
Workflows:
Management Management Development Management Management
Managing CFOs, CMOs,
Chief
Partner, Executive Competitive Practice Heads,
Target Users: Technology
Executive Directors, Intelligence, Billing Partners
Officers
Committee Analysts Analysts
• Findlaw • Baker Robbins
• Hildebrandt • Elite • LegalEd Center
Thomson • Hubbard One • Managed
Solutions: • Peer Monitor • ProLaw • Legalworks Technology
• Litigator
Services
Monitor

36. Agenda
Introduction Frank Golden
Legal Segment Peter Warwick
Overview
Market Trends
Strategy Objective and Revenue Growth Drivers
Summary

37. Thomson-Reuters
Strong Leveraging Accelerated Stable
market unrivalled organic growth capital
conditions with scale, requirements
new growth reputation,
opportunities brand power
and domain
expertise
Focused on driving organic growth, margins and free cash flow

38. Questions & Answers

39. Visit my websites at:
www.i3mm.com
www. linux group of rochester .com