Thomson Reuters (TSX: TRI) (NYSE: TRI)

--  Revenues grew 4% before currency
--  Adjusted EBITDA grew 15% to $825 million with a margin of 25.9%
--  Underlying operating profit up 2% to $545 million with a margin of
    17.1%
--  Adjusted earnings per share were $0.44 vs. $0.37 in the first quarter
    2011
--  2012 Outlook affirme
    

Thomson Reuters (TSX: TRI) (NYSE: TRI), the world's leading source
of intelligent information for businesses and professionals, today
reported results for the first quarter ended March 31, 2012. The company
reported revenues from ongoing businesses of $3.2 billion, a 4% increase
before currency. Adjusted EBITDA increased 15% with the corresponding
margin up 260 basis points to 25.9%. Underlying operating profit
increased 2% with a corresponding margin of 17.1% versus 17.4% in the
prior-year period.

    Adjusted earnings per share (EPS) were $0.44 compared to $0.37 in the
first quarter of 2011. 

    "The first-quarter performance was consistent with our full-year
expectations," said James C. Smith, chief executive officer of Thomson
Reuters. "The Legal, Tax & Accounting and IP & Science businesses each
performed well. Our Financial & Risk business continues to make progress
in a very difficult environment. We are executing against a more focused
strategy. In all, we are on track and affirm our full-year outlook."

    "Last week, we announced an agreement to sell our Healthcare business for
$1.25 billion. The transaction will enable us to redeploy capital to a
number of alternatives, including accelerating development of our core
businesses, as well as those in fast-growing geographies around the
world."

    Consolidated Financial Highlights 

                                         Three Months Ended March 31,
                                   ---------------------------------------- 
                                     (Millions of U.S. dollars, except EPS
                                                 and margins)

IFRS Financial Measures               2012       2011     Change
                                   ---------  ---------  --------
Revenues                           $   3,354  $   3,330         1%
Operating profit                   $     386  $     396        -3%
Diluted earnings per share (EPS)   $    0.38  $    0.30        27%
Cash flow from operations          $     273  $     200        37%

Non-IFRS Financial Measures(1)                                      Change
                                                                    Before
                                      2012       2011     Change   Currency 
                                   ---------  ---------  --------  -------- 
Revenues from ongoing businesses   $   3,187  $   3,077         4%        4%
Adjusted EBITDA                    $     825  $     717        15%       15%
Adjusted EBITDA margin                  25.9%      23.3%    260bp     250bp 
Underlying operating profit        $     545  $     536         2%        2%
Underlying operating profit margin      17.1%      17.4%    -30bp     -30bp 
Adjusted earnings per share (EPS)  $    0.44  $    0.37        19%
Free cash flow                     $      (6) $     (60)       90%
Free cash flow from ongoing
 operations                        $     (41) $    (145)       72%

(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 news release. Additional information is provided in the explanatory
 note at the end of this news release.

    

--  Revenues from ongoing businesses were $3.2 billion, a 4% increase
    before currency.
--  Adjusted EBITDA increased 15%, and the corresponding margin was 25.9%
    versus 23.3% in the prior-year period primarily due to the elimination
    of integration expenses and flow-through from higher revenues.
--  Underlying operating profit increased 2% and the corresponding margin
    was 17.1% versus 17.4% in the prior-year period as higher revenues
    were offset by higher depreciation and amortization from new product
    launches.
--  Adjusted EPS was $0.44 compared to $0.37 in the prior-year period. The
    increase was largely attributable to the elimination of integration
    expenses and higher underlying operating profit.

    

First-Quarter Business Segment Highlights
 Unless otherwise noted,
all revenue growth comparisons in this news release are before the impact
of foreign currency as Thomson Reuters believes this provides the best
basis to measure the performance of its business. Effective January 1,
2012, Thomson Reuters is organized as four reportable segments: Financial
& Risk, Legal, Tax & Accounting and Intellectual Property & Science.
Results for the first quarter of 2011 have been reclassified to reflect
the current reportable segments.

    Financial & Risk 


--  Revenues increased 1%. Good growth in Marketplaces and Governance,
    Risk & Compliance was offset by declines in revenues from the
    Trading (Exchange Traded Instruments and Fixed Income) and Investors
    (Investment Management) business units.
--  Recurring subscription-related revenues grew 1%. Transactions-related
    revenues increased 4%. Recoveries revenues increased 2% and Outright
    revenues rose 9%.
--  By geography, revenues in Europe, Middle East and Africa (EMEA) rose
    2%, revenues in the Americas were up 1% while revenues in Asia were
    flat.
--  EBITDA was $459 million, down 1%, with a related margin of 25.3%.
    Excluding currency, EBITDA increased 1% and the related margin was
    unchanged from the prior-year period.
--  Operating profit was $302 million, down 8%, with a related margin of
    16.7%. Excluding currency, operating profit decreased 4% and the
    related margin decreased 100 basis points due to higher depreciation
    and amortization related to new product investments.
--  Eikon desktops now total over 16,000, up 30% from the fourth quarter
    of 2011.


    

Trading 


--  Revenues decreased 2% with growth in Commodities & Energy and
    Foreign Exchange offset by desktop cancellations in Exchange Traded
    Instruments and Fixed Income.
--  Recoveries revenues increased 2%.


    Investors

--  Revenues declined 3%. A 16% increase in Enterprise Content revenues
    was offset by a decline in Investment Management (down 10%) due to
    prior-year cancellations and weakness in Europe. Wealth Management
    declined 3%.
--  Investment Management net sales, though negative in the first quarter,
    improved from the fourth quarter of 2011.
--  Corporates revenues increased 1% and Investment Banking revenues were
    flat.

    Marketplaces

--  Revenues increased 10% (4% organic) driven by acquisitions and
    Tradeweb, which was up 11% on an organic basis.
--  Foreign exchange-related revenues rose slightly, impacted by lower
    volumes compared to the prior-year period.

    

Governance, Risk & Compliance


--  Revenues grew 122% (16% organic) to $51 million driven by
    acquisitions, new sales and strong demand for risk and compliance
    solutions.
--  Thomson Reuters Accelus Compliance Manager was launched in March 2012
    with strong interest from customers.

    Legal

--  Revenues increased 3%. US Law Firm Solutions grew 2% driven by a 12%
    increase in Business of Law revenues (FindLaw and Elite) with
    research-related revenues flat. Corporate, Government and Academic
    revenues rose 4%. Global businesses grew 7% with good growth in Latin
    America.
--  EBITDA increased 5% and the associated margin increased 60 basis
    points to 34.7%.
--  Operating profit increased 5% and the associated margin was 25.7%
    compared to 25.2% in the prior-year period.
--  WestlawNext has been sold to approximately 65% of Westlaw's revenue
    base.

    

Tax & Accounting


--  Revenues increased 31% (9% organic) driven by acquisitions and strong
    growth across the business.
--  EBITDA increased 50% and the corresponding margin increased 410 basis
    points to 31.0%.
--  Operating profit increased 58% and the corresponding margin increased
    380 basis points to 21.9% due to strong revenue flow-through and
    efficiency initiatives, partly offset by the dilutive effect of
    acquisitions.
--  Tax & Accounting is a seasonal business with a significant
    percentage of its operating profit traditionally generated in the
    fourth quarter. Small movements in the timing of expenses can impact
    margins in any given quarter for the Tax & Accounting business.
    Full-year margins are more reflective of the segment's underlying
    performance.

    

Intellectual Property & Science


--  Revenues were up 4% driven by growth in the IP Solutions and
    Scientific & Scholarly Research businesses, partly offset by a 1%
    decline in Life Sciences revenues due to timing of renewals and a
    difficult comparable in the first quarter of 2011.
--  EBITDA increased 9% with the corresponding margin increasing 160 basis
    points to 34.4%.
--  Operating profit increased 6% with the corresponding margin increasing
    40 basis points to 26.3%.
--  Small movements in the timing of expenses can impact margins in any
    given quarter for the Intellectual Property & Science business.
    Full-year margins are more reflective of the segment's underlying
    performance.

    

Corporate & Other (Including Media) 

    Media revenues totaled $82 million, unchanged from the prior-year period.
Corporate and Other costs totaled $80 million compared to $76 million in
the prior-year period. 

    Recent Developments

    On April 23, 2012, Thomson Reuters announced it had entered into a
definitive agreement to sell its Healthcare business to an affiliate of
Veritas Capital for $1.25 billion. The sale is not subject to any
financing condition but is subject to regulatory approval and customary
closing conditions, including the expiration or termination of applicable
waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act.
The sale is expected to close in the next few months. 

    The Healthcare business provides data, analytics and performance
benchmarking solutions and services to hospitals, health systems,
employers, health plans, government agencies and healthcare professionals.

    Business Outlook (Before Currency)

    Thomson Reuters today reaffirmed its business outlook for 2012 that was
previously communicated in February.

    Thomson Reuters expects its revenues to grow low-single digits in 2012.

    Thomson Reuters expects its adjusted EBITDA margin to range between 27%
and 28% in 2012. 

    The company forecasts its underlying operating profit margin to range
between 18% and 19% in 2012 due to higher depreciation and amortization
expense.

    Thomson Reuters expects reported free cash flow to grow 5% to 10% and
free cash flow from ongoing operations to grow 15% to 20% in 2012.

    The information in this section is forward-looking and should be read in
conjunction with the section below entitled "Special Note Regarding
Forward-Looking Statements, Material Assumptions and Material Risks."

    Dividend and Share Repurchases

    As previously announced, Thomson Reuters increased its 2012 annual
dividend by $0.04 per share to $1.28 per share. A quarterly dividend of
$0.32 per share is payable on June 15, 2012 to shareholders of record as
of May 24, 2012. 

    As of May 1, 2012, the company has repurchased 11.6 million shares for an
aggregate purchase price of approximately $350 million pursuant to its
Normal Course Issuer Bid (NCIB). The current NCIB program authorizes the
company to purchase up to 15 million shares. 

    Thomson Reuters

 Thomson Reuters is the world's leading source of
intelligent information for businesses and professionals. We combine
industry expertise with innovative technology to deliver critical
information to leading decision makers in the financial and risk, legal,
tax and accounting, intellectual property and science and media markets,
powered by the world's most trusted news organization. With headquarters
in New York and major operations in London and Eagan, Minnesota, Thomson
Reuters employs approximately 60,000 people and operates in over 100
countries. Thomson Reuters shares are listed on the Toronto and New York
Stock Exchanges (symbol: TRI). For more information, go to
www.thomsonreuters.com.
;

    NON-IFRS FINANCIAL MEASURES

 Thomson Reuters prepares its financial
statements in accordance with International Financial Reporting Standards
(IFRS), as issued by the International Accounting Standards Board (IASB). 

    This news release includes certain non-IFRS financial measures. Thomson
Reuters uses these non-IFRS financial measures as supplemental indicators
of its operating performance and financial position. These measures do
not have any standardized meanings prescribed by IFRS and therefore are
unlikely to be comparable to the calculation of similar measures used by
other companies, and should not be viewed as alternatives to measures of
financial performance calculated in accordance with IFRS. Non-IFRS
financial measures are defined and reconciled to the most directly
comparable IFRS measures in the appended tables. 

    SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS, MATERIAL ASSUMPTIONS
AND MATERIAL RISKS

 Certain statements in this news release, including,
but not limited to, statements in the "Business Outlook (Before
Currency)" section and Mr. Smith's comments, are forward-looking. These
forward-looking statements are based on certain assumptions and reflect
our company's current expectations. As a result, forward-looking
statements are subject to a number of risks and uncertainties that could
cause actual results or events to differ materially from current
expectations. There is no assurance that the events described in any
forward-looking statement will materialize. A business outlook is
provided for the purpose of presenting information about current
expectations for 2012. This information may not be appropriate for other
purposes. You are cautioned not to place undue reliance on
forward-looking statements which reflect expectations only as of the date
of this news release. Except as may be required by applicable law,
Thomson Reuters disclaims any obligation to update or revise any
forward-looking statements.

    The company's 2012 business outlook is based on various external and
internal assumptions. Economic and market assumptions include, but are
not limited to, positive GDP growth in the countries where Thomson
Reuters operates led by rapidly developing economies and a continued
increase in the number of professionals around the world and their demand
for high quality information and services. Internal financial and
operational assumptions include, but are not limited to, the successful
execution of the company's ongoing product release programs,
globalization strategy, other growth initiatives and efficiency
initiatives.

    Some of the material risk factors that could cause actual results or
events to differ materially from those expressed in or implied by
forward-looking statements in this news release include, but are not
limited to, changes in the general economy (including the current
European Union debt crisis); actions of competitors; failure to develop
new products, services, applications and functionalities to meet
customers' needs, attract new customers or expand into new geographic
markets; increased accessibility to free or relatively inexpensive
information sources; failures or disruptions of network systems or the
Internet; failure to maintain a high renewal rate for subscription-based
services; dependency on third parties for data, information and other
services; changes to law and regulations, including the impact of the
Dodd-Frank legislation and similar financial services laws around the
world; failure to adapt to recent organizational changes; failure to
recruit, motivate and retain high quality management and key employees;
failure to meet the challenges involved in operating globally; failure to
protect the brands and reputation of Thomson Reuters; additional
impairment of goodwill and identifiable intangible assets; inadequate
protection of intellectual property rights; threat of legal actions and
claims; risk of antitrust/competition-related claims or investigations;
downgrading of credit ratings and adverse conditions in the credit
markets; fluctuations in foreign currency exchange and interest rates;
the effect of factors outside of the control of Thomson Reuters on
funding obligations in respect of pension and post-retirement benefit
arrangements; actions or potential actions that could be taken by the
company's principal shareholder, The Woodbridge Company Limited, and
failure to derive fully the anticipated benefits from existing or future
acquisitions, joint ventures, investments or dispositions. These and
other factors are discussed in materials that Thomson Reuters from time
to time files with, or furnishes to, the Canadian securities regulatory
authorities and the U.S. Securities and Exchange Commission. Thomson
Reuters annual and quarterly reports are also available in the "Investor
Relations" section of www.thomsonreuters.com. 

Thomson Reuters will webcast a discussion of its first-quarter 2012
results today beginning at 8:30 a.m. Eastern Daylight Time (EDT). You can
access the webcast by visiting the "Investor Relations" section of
www.thomsonreuters.com. An archive of the webcast will be available
following the presentation.

MEDIA
Calvin Mitchell
Senior Vice President, Corporate Affairs
+1 646 223 5285
calvin.mitchell@thomsonreuters.com
;

INVESTORS
Frank J. Golden
Senior Vice President, Investor Relations
+1 646 223 5288
frank.golden@thomsonreuters.com
;

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