Exhibit 99.1

Thomson Reuters Reports Second-Quarter 2012 Results

● Revenues grew 3% before currency

● Adjusted EBITDA of $892 million with a margin of 28.0%

● Underlying operating profit of $617 million with a margin of 19.3%

● Adjusted earnings per share were $0.54 vs. $0.51 in the second quarter 2011

● 2012 Outlook affirmed

NEW YORK, July 31, 2012  – Thomson Reuters (TSX / NYSE: TRI), the world’s leading source of intelligent information for businesses and professionals, today reported results for the second quarter ended June 30, 2012. The company reported revenues from ongoing businesses of $3.2 billion, a 3% increase before currency. Adjusted EBITDA was up slightly from the prior-year period and the corresponding margin was 28.0% versus 28.1% in the second quarter of 2011. Underlying operating profit decreased 8% and the corresponding margin was 19.3% versus 21.2% in the prior-year period.

Adjusted earnings per share (EPS) were $0.54 compared to $0.51 in the second quarter of 2011.

“Our results for the quarter and first half of the year were on track,” said James C. Smith, chief executive officer of Thomson Reuters. “Growth in the second quarter was driven by the strong performance of our Legal, Tax & Accounting and Intellectual Property & Sciences businesses. Our Financial & Risk year-to-date revenue performance, though tepid, has held up relatively well despite growing headwinds in the global financial services industry. We have been making progress across the Financial & Risk business with a more rigorous and disciplined approach.”

“I am pleased that we were able to complete the sale of our Healthcare business for $1.25 billion and redeploy some of the proceeds to support key growth businesses as evidenced by our recent announcements to acquire FXall and MarkMonitor,” continued Mr. Smith.

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Consolidated Financial Highlights

	Three Months Ended June 30,
	(Millions of U.S. dollars, except EPS and margins)
IFRS Financial Measures	2012		2011		Change
Revenues	$	3,309	$	3,447		-4	%
Operating profit	$	1,318	$	833		58	%
Diluted earnings per share (EPS)	$	1.11	$	0.67		66	%
Cash flow from operations	$	870	$	879		-1	%

Non-IFRS Financial Measures1	2012			2011			Change			Change Before Currency
Revenues from ongoing businesses	$	3,189		$	3,161			1	%		3	%
Adjusted EBITDA	$	892		$	888			0	%		3	%
Adjusted EBITDA margin		28.0	%		28.1	%		-10	bp		-10	bp
Underlying operating profit	$	617		$	669			-8	%		-5	%
Underlying operating profit margin		19.3	%		21.2	%		-190	bp		-170	bp
Adjusted earnings per share (EPS)	$	0.54		$	0.51			6	%
Free cash flow	$	660		$	633			4	%
Free cash flow from ongoing operations	$	641		$	611			5	%

● Revenues from ongoing businesses were $3.2 billion, a 3% increase before currency.

● Adjusted EBITDA was up slightly, and the corresponding margin was 28.0% versus 28.1% in the prior-year period as the elimination of integration expenses and higher revenues were offset by an anticipated increase in expenses in Financial & Risk related to planned investments in customer service and customer administration.

● Underlying operating profit decreased 8% and the corresponding margin was 19.3% versus 21.2% in the prior-year period as higher revenues were offset by higher depreciation and amortization from investments made in prior periods and planned increases in expenses.

● Adjusted EPS was $0.54 compared to $0.51 in the prior-year period. The increase was primarily attributable to the elimination of integration expenses and a lower tax rate which were partly offset by lower underlying operating profit. Foreign exchange had a $0.01 negative impact on adjusted EPS.

Second-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.

Financial & Risk

● Revenues increased 1%. Growth in Marketplaces and Governance, Risk & Compliance and from acquisitions was offset by declines in revenues from the Trading and Investors business units.

● Recurring subscription-related revenues were flat. Transactions-related revenues increased 4%. Recoveries revenues increased 1% and Outright revenues declined 3%.

● By geography, revenues in Europe, Middle East and Africa (EMEA) were flat, revenues in the Americas were up 3% while revenues in Asia declined 2%, primarily related to Japan.

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.

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● EBITDA was $460 million, down 13%, with a related margin of 25.7%. The related margin decreased 290 basis points from the prior-year period.

● Operating profit was $306 million, down 19%, with a related margin of 17.1%. The related margin decreased 340 basis points due to lower organic revenues, planned investments in customer service and customer administration and higher depreciation and amortization from product investments made in prior periods.

● Eikon desktops totaled over 19,000 at the end of the second quarter, up approximately 20% from the end of the first quarter of 2012.

Trading

● Revenues decreased 2% with growth in Commodities & Energy and Data Feeds businesses offset by desktop cancellations in Exchange Traded Instruments and Fixed Income.

● Recoveries revenues increased 2%.

Investors

● Revenues declined 1%. A 4% increase in Enterprise Content revenues was offset by a 5% decline in Investment Management revenues due to weakness in Europe and global banks.

● Corporate revenues were up 2%. Wealth Management and Banking & Advisory (formerly Investment Banking) revenues were unchanged versus the prior-year period.

Marketplaces

● Revenues increased 6% (1% organic) driven by acquisitions and Tradeweb, which was up 24% (6% organic).

● Foreign exchange-related revenues declined 1% due to lower transaction volumes compared to the prior-year period.

Governance, Risk & Compliance

● Revenues grew 56% (18% organic) to $52 million driven by acquisitions, new sales and strong demand for risk and compliance solutions.

● Thomson Reuters Eikon for Compliance Management, a version of the flagship Eikon desktop dedicated to trading floor compliance, was launched in July 2012.

Legal

· Revenues increased 3%. US Law Firm Solutions grew 2% driven by a 17% increase in Business of Law revenues (FindLaw and Elite) while research-related revenues declined 2%. Corporate, Government and Academic revenues rose 5%. Global businesses grew 5%.

· EBITDA was up slightly from the prior-year period and the associated margin decreased 60 basis points to 39.0% primarily due to a change in business mix.

· Operating profit was flat and the associated margin was 30.7% compared to 31.1% in the prior-year period.

· WestlawNext has been sold to approximately 69% of Westlaw’s revenue base as of the end of the second quarter 2012.

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Tax & Accounting

● Revenues increased 25% (5% organic) driven by acquisitions and strong growth in revenues from the ONESOURCE platform and software sales to professional accounting firms.

● EBITDA increased 22% and the corresponding margin decreased 40 basis points to 29.7% due mainly to acquisition dilution.

● Operating profit increased 19% and the corresponding margin decreased 70 basis points to 19.8%.

● 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 revenues and 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% with growth across the business.

● EBITDA increased 6% with the corresponding margin increasing 110 basis points to 34.7%.

● Operating profit increased 4% with the corresponding margin increasing 30 basis points to 27.3%.

● Small movements in the timing of revenues and 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.

Consolidated Financial Highlights – Six Months

	Six Months Ended June 30, (Millions of U.S. dollars, except EPS and margins)
IFRS Financial Measures	2012		2011		Change
Revenues	$	6,663	$	6,777		-2	%
Operating profit	$	1,704	$	1,229		39	%
Diluted earnings per share (EPS)	$	1.49	$	0.97		54	%
Cash flow from operations	$	1,143	$	1,079		6	%

Non-IFRS Financial Measures1		2012			2011		Change			Change Before Currency
Revenues from ongoing businesses	$	6,376		$	6,238			2	%		4	%
Adjusted EBITDA	$	1,717		$	1,605			7	%		8	%
Adjusted EBITDA margin		26.9	%		25.7	%		120	bp		120	bp
Underlying operating profit	$	1,162		$	1,205			-4	%		-2	%
Underlying operating profit margin		18.2	%		19.3	%		-110	bp		-100	bp
Adjusted earnings per share (EPS)	$	0.98		$	0.88			11	%
Free cash flow	$	654		$	573			14	%
Free cash flow from ongoing operations	$	600		$	466			29	%

● Revenues from ongoing businesses were $6.4 billion, a 4% increase before currency.

● Adjusted EBITDA increased 7% and the corresponding margin was 26.9% versus 25.7% in the prior-year period as higher revenues and the elimination of integration expenses offset planned investments in customer service and customer administration.

● Underlying operating profit decreased 4% and the corresponding margin was 18.2% versus 19.3% in the prior-year period due to higher depreciation and amortization expense related to new product launches and planned increases in expenses.

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● Adjusted EPS was $0.98 compared to $0.88 in the prior-year period. The increase was primarily attributable to the elimination of integration expenses.

● Free cash flow was $654 million, up 14% compared to the prior-year period. Free cash flow from ongoing operations was $600 million, up 29% from the same period in 2011.

Corporate & Other (Including Media)

Second-quarter Media revenues were $83 million, up 1% from the prior-year period. Second-quarter Corporate & Other costs were $55 million compared to $62 million in the prior-year period. Media revenues for the first six months of 2012 were $165 million, up 1% from the prior-year period. Corporate & Other costs for the first six months of 2012 were $135 million compared to $138 million in the same period of 2011.

Recent Developments

On July 18, 2012, the company commenced a tender offer to acquire all of the outstanding shares of FXall, the leading independent global provider of electronic foreign exchange trading solutions to corporations and asset managers.

On July 26, 2012, the company announced it had signed a definitive agreement to purchase MarkMonitor, a global leader in online brand protection.

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 September 17, 2012, to shareholders of record as of August 23, 2012.

Year-to-date through July 31, 2012, the company repurchased 5.9 million shares for an aggregate cost of approximately $168 million pursuant to its Normal Course Issuer Bid (NCIB). The company repurchased 4.3 million shares under the current NCIB program which was renewed in May 2012 and authorizes the company to purchase up to 15 million shares.

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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.

IMPORTANT INFORMATION

This news release is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell any of the FXall common shares.The offer to buy the outstanding shares of common stock of FXall is being made pursuant to a tender offer statement on Schedule TO containing an offer to purchase, form of letter of transmittal and related materials filed by CB Transaction Corp. with the Securities and Exchange Commission on July 18, 2012.  FXall has filed a solicitation/recommendation statement on Schedule 14D-9 with respect to the tender offer with the Securities and Exchange Commission. The tender offer statement (including the offer to purchase, related letter of transmittal and other tender offer documents) and the solicitation/recommendation statement, as they may be amended from time to time, contain important information that should be read carefully before making any decision to tender securities in the tender offer. These materials have been or will be sent free of charge to all stockholders of FXall. Shareholders may also obtain a free copy of these materials (and all other tender offer documents filed with the Securities and Exchange Commission) on the Securities and Exchange Commission's website at www.sec.gov. The Schedule TO (including the offer to purchase and related materials) and the Schedule 14D-9 (including the solicitation/recommendation statement), may also be obtained for free by contacting Georgeson Inc., the information agent for the tender offer, toll-free at (866) 277-8239.

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

Thomson Reuters Reports Second-Quarter 2012 Results

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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.

CONTACT
MEDIA	INVESTORS
Calvin Mitchell	Frank J. Golden
Senior Vice President, Corporate Affairs	Senior Vice President, Investor Relations
+1 646 223 5285	+1 646 223 5288
calvin.mitchell@thomsonreuters.com	frank.golden@thomsonreuters.com

Thomson Reuters will webcast a discussion of its second-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.

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Thomson Reuters Corporation

Business Segment Information

(millions of U.S. dollars)

(unaudited)

	Three Months Ended
	June 30,						Change
	2012			2011 (1)			Total			Before Currency			Organic
Revenues
Trading	$	840		$	896			-6	%		-2	%		-2	%
Investors		608			627			-3	%		-1	%		-1	%
Marketplaces		292			282			4	%		6	%		1	%
Governance, Risk & Compliance		52			34			53	%		56	%		18	%
Financial & Risk		1,792			1,839			-3	%		1	%		-1	%
Legal		818			803			2	%		3	%		2	%
Tax & Accounting		283			229			24	%		25	%		5	%
Intellectual Property & Science		216			211			2	%		4	%		4	%
Corporate & Other (includes Media)		83			84			-1	%		1	%		1	%
Eliminations		(3	)		(5	)
Revenues from ongoing businesses (2)		3,189			3,161			1	%		3	%		1	%
Other businesses (3)		120			286
Revenues	$	3,309		$	3,447			-4	%

							Change						Margin
Adjusted EBITDA (4)							Total			Before Currency			2012			2011
Financial & Risk	$	460		$	526			-13	%		-9	%		25.7	%		28.6	%
Legal		319			318			0	%		1	%		39.0	%		39.6	%
Tax & Accounting		84			69			22	%		23	%		29.7	%		30.1	%
Intellectual Property & Science		75			71			6	%		7	%		34.7	%		33.6	%
Corporate & Other (includes Media)		(46	)		(54	)
Integration programs expenses		-			(42	)
Adjusted EBITDA	$	892		$	888			0	%		3	%		28.0	%		28.1	%
Underlying Operating Profit(5)
Financial & Risk	$	306		$	377			-19	%		-15	%		17.1	%		20.5	%
Legal		251			250			0	%		0	%		30.7	%		31.1	%
Tax & Accounting		56			47			19	%		21	%		19.8	%		20.5	%
Intellectual Property & Science		59			57			4	%		5	%		27.3	%		27.0	%
Corporate & Other (includes Media)		(55	)		(62	)
Underlying operating profit	$	617		$	669			-8	%		-5	%		19.3	%		21.2	%

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Thomson Reuters Corporation

Business Segment Information

 (millions of U.S. dollars)

(unaudited)

	Six Months Ended
	June 30,						Change
	2012			2011 (1)			Total			Before Currency			Organic
Revenues
Trading	$	1,699		$	1,781			-5	%		-2	%		-2	%
Investors		1,211			1,250			-3	%		-2	%		-2	%
Marketplaces		590			555			6	%		8	%		3	%
Governance, Risk & Compliance		103			57			81	%		83	%		17	%
Financial & Risk		3,603			3,643			-1	%		1	%		-1	%
Legal		1,595			1,557			2	%		3	%		2	%
Tax & Accounting		593			467			27	%		28	%		7	%
Intellectual Property & Science		425			412			3	%		4	%		4	%
Corporate & Other (includes Media)		165			166			-1	%		1	%		1	%
Eliminations		(5	)		(7	)
Revenues from ongoing businesses (2)		6,376			6,238			2	%		4	%		1	%
Other businesses (3)		287			539
Revenues	$	6,663		$	6,777			-2	%

							Change						Margin
Adjusted EBITDA (4)							Total			Before Currency			2012			2011
Financial & Risk	$	919		$	991			-7	%		-4	%		25.5	%		27.2	%
Legal		589			575			2	%		2	%		36.9	%		36.9	%
Tax & Accounting		180			133			35	%		36	%		30.4	%		28.5	%
Intellectual Property & Science		147			137			7	%		7	%		34.6	%		33.3	%
Corporate & Other (includes Media)		(118	)		(119	)
Integration programs expenses		-			(112	)
Adjusted EBITDA	$	1,717		$	1,605			7	%		8	%		26.9	%		25.7	%
Underlying Operating Profit(5)
Financial & Risk	$	608		$	704			-14	%		-10	%		16.9	%		19.3	%
Legal		451			440			3	%		2	%		28.3	%		28.3	%
Tax & Accounting		124			90			38	%		39	%		20.9	%		19.3	%
Intellectual Property & Science		114			109			5	%		5	%		26.8	%		26.5	%
Corporate & Other (includes Media)		(135	)		(138	)
Underlying operating profit	$	1,162		$	1,205			-4	%		-2	%		18.2	%		19.3	%

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Thomson Reuters Corporation

Reconciliation of Operating Profit to Adjusted EBITDA (4)

(millions of U.S. dollars)

(unaudited)

	Three Months Ended									Six Months Ended
	June 30,									June 30,
	2012			2011			Change			2012			2011			Change
Operating profit	$	1,318		$	833			58	%	$	1,704		$	1,229			39	%
Adjustments:
Amortization of other identifiable intangible assets		149			150						301			294
Integration programs expenses		-			42						-			112
Fair value adjustments		(43	)		(8	)					(13	)		(10	)
Other operating gains, net		(798	)		(286	)					(820	)		(319	)
Operating profit from Other businesses (1), (3)		(9	)		(62	)					(10	)		(101	)
Underlying operating profit (1)	$	617		$	669			-8	%	$	1,162		$	1,205			-4	%
Adjustments:
Integration programs expenses		-			(42	)					-			(112	)
Depreciation and amortization of computer software (excluding Other businesses (1), (3))		275			261						555			512
Adjusted EBITDA (1)	$	892		$	888			0	%	$	1,717		$	1,605			7	%
Underlying operating profit margin		19.3	%		21.2	%		-190	bp		18.2	%		19.3	%		-110	bp
Adjusted EBITDA margin		28.0	%		28.1	%		-10	bp		26.9	%		25.7	%		120	bp

Thomson Reuters Corporation

Reconciliation of Earnings from Continuing Operations to Adjusted EBITDA (4)

 (millions of U.S. dollars)

(unaudited)

	Three Months Ended									Six Months Ended
	June 30,									June 30,
	2012			2011			Change			2012			2011			Change
Earnings from continuing operations	$	936		$	572			64	%	$	1,264		$	827			53	%
Adjustments:
Tax expense		279			174						246			226
Other finance costs (income)		16			(9	)					(14	)		(16	)
Net interest expense		91			98						205			199
Amortization of other identifiable intangible assets		149			150						301			294
Amortization of computer software		166			162						341			326
Depreciation		109			110						219			217
EBITDA	$	1,746		$	1,257			39	%	$	2,562		$	2,073			24	%
Adjustments:
Share of post tax (earnings) losses in equity method investees		(4	)		(2	)					3			(7	)
Other operating gains, net		(798	)		(286	)					(820	)		(319	)
Fair value adjustments		(43	)		(8	)					(13	)		(10	)
EBITDA from Other businesses (1), (3)		(9	)		(73	)					(15	)		(132	)
Adjusted EBITDA (1)	$	892		$	888			0	%	$	1,717		$	1,605			7	%

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Thomson Reuters Corporation

Reconciliation of Underlying Operating Profit (5) to Adjusted EBITDA (4) by Business Segment

(millions of U.S. dollars)

(unaudited)

	Three Months Ended June 30, 2012								Three Months Ended June 30, 2011 (1)
	Underlying Operating Profit			Add: Depreciation and Amortization  of Computer Software**		Adjusted EBITDA			Underlying  Operating Profit			Add: Depreciation and Amortization of Computer Software **		Adjusted EBITDA
Financial & Risk	$	306		$	154	$	460		$	377		$	149	$	526
Legal		251			68		319			250			68		318
Tax & Accounting		56			28		84			47			22		69
Intellectual Property & Science		59			16		75			57			14		71
Corporate & Other (includes Media)		(55	)		9		(46	)		(62	)		8		(54	)
Integration programs expenses	na			na			-		na			na			(42	)
	$	617		$	275	$	892		$	669		$	261	$	888

	Six Months Ended June 30, 2012								Six Months Ended June 30, 2011 (1)
	Underlying Operating Profit			Add: Depreciation and Amortization  of Computer Software**		Adjusted EBITDA			Underlying  Operating Profit			Add: Depreciation and Amortization of Computer Software **		Adjusted EBITDA
Financial & Risk	$	608		$	311	$	919		$	704		$	287	$	991
Legal		451			138		589			440			135		575
Tax & Accounting		124			56		180			90			43		133
Intellectual Property & Science		114			33		147			109			28		137
Corporate & Other (includes Media)		(135	)		17		(118	)		(138	)		19		(119	)
Integration programs expenses	na			na			-		na			na			(112	)
	$	1,162		$	555	$	1,717		$	1,205		$	512	$	1,605

** excludes Other businesses (1), (3)

na = not applicable

Thomson Reuters Reports Second-Quarter 2012 Results

Page 12 of 16

Thomson Reuters Corporation

Reconciliation of Earnings Attributable to Common Shareholders

 to Adjusted Earnings from Continuing Operations (6)

(millions of U.S. dollars, except as otherwise indicated and except for per share data)

(unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2012			2011			2012			2011
Earnings attributable to common shareholders	$	922		$	563		$	1,236		$	813
Adjustments:
Operating profit from Other businesses (1), (3)		(9	)		(62	)		(10	)		(101	)
Fair value adjustments		(43	)		(8	)		(13	)		(10	)
Other operating gains,  net		(798	)		(286	)		(820	)		(319	)
Other finance costs (income)		16			(9	)		(14	)		(16	)
Share of post tax (earnings) losses in equity method investees		(4	)		(2	)		3			(7	)
Tax on above items		253			115			187			127
Interim period effective tax rate normalization (7)		46			15			52			5
Discrete tax items		(83	)		(46	)		(109	)		(46	)
Amortization of other identifiable intangible assets		149			150			301			294
Discontinued operations		1			-			3			(2	)
Dividends declared on preference shares		(1	)		(1	)		(2	)		(2	)
Adjusted earnings from continuing operations (1)	$	449		$	429		$	814		$	736
Adjusted earnings per share from continuing operations (1)	$	0.54		$	0.51		$	0.98		$	0.88
Diluted weighted average common shares (in millions)		830.7			839.8			830.5			839.0

Thomson Reuters Reports Second-Quarter 2012 Results

Page 13 of 16

Thomson Reuters Corporation

Reconciliation of Net Cash Provided by Operating Activities

to Free Cash Flow from Ongoing Operations (8)

(millions of U.S. dollars)

(unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2012			2011			2012			2011
Net cash provided by operating activities	$	870		$	879		$	1,143		$	1,079
Capital expenditures, less proceeds from disposals		(211	)		(247	)		(494	)		(541	)
Other investing activities		2			2			7			37
Dividends paid on preference shares		(1	)		(1	)		(2	)		(2	)
Free cash flow		660			633			654			573
Remove: Other businesses		(19	)		(22	)		(54	)		(107	)
Free cash flow from ongoing operations	$	641		$	611		$	600		$	466

Footnotes

(1) Prior-period amounts have been reclassified to reflect the current presentation.

(2) Revenues from ongoing businesses are revenues from reportable segments and Corporate & Other (which includes the Media business) less eliminations. Other businesses (see note (3) below) are excluded.

(3) Other businesses are businesses that have been or are expected to be exited through sale or closure that did not qualify for discontinued operations classification.

(millions of U.S. dollars)	Three Months Ended				Six Months Ended
	June 30,				June 30,
Other businesses	2012		2011		2012		2011
Revenues	$	120	$	286	$	287	$	539
Operating profit	$	9	$	62	$	10	$	101
Depreciation and amortization of computer software		-		11		5		31
EBITDA	$	9	$	73	$	15	$	132

(4) Thomson Reuters defines adjusted EBITDA as underlying operating profit excluding the related depreciation and amortization of computer software but including integration programs expense. Adjusted EBITDA margin is adjusted EBITDA expressed as a percentage of revenues from ongoing businesses.

(5) Underlying operating profit is operating profit from reportable segments and Corporate & Other (includes Media). Underlying operating profit margin is the underlying operating profit expressed as a percentage of revenues from ongoing businesses.

(6) Adjusted earnings from continuing operations and adjusted earnings per share from continuing operations include dividends declared on preference shares and integration programs expense, but exclude the pre-tax impacts of amortization of other identifiable intangible assets as well as the post-tax impacts of fair value adjustments, other operating (gains) and losses, certain impairment charges, the results of Other businesses (see note (3) above), other finance (income) costs, Thomson Reuters share of post-tax (earnings) losses in equity method investees, discontinued operations and other items affecting comparability. Adjusted earnings per share from continuing operations is calculated using diluted weighted average shares and does not represent actual earnings or loss per share attributable to shareholders.

(7) Adjustment to reflect income taxes based on estimated full-year effective tax rate. Reported earnings or loss for interim periods reflect income taxes based on the estimated effective tax rates of each of the jurisdictions in which Thomson Reuters operates. The adjustment reallocates estimated full-year income taxes between interim periods, but has no effect on full year income taxes.

(8) Free cash flow is net cash provided by operating activities less capital expenditures, other investing activities and dividends paid on the company’s preference shares. Other businesses (see note (3) above) are also removed to arrive at free cash flow from ongoing operations.

Thomson Reuters Reports Second-Quarter 2012 Results

Page 14 of 16

Thomson Reuters Corporation

Consolidated Income Statement

(millions of U.S. dollars, except per share data)

(unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2012			2011			2012			2011
Revenues	$	3,309		$	3,447		$	6,663		$	6,777
Operating expenses		(2,365	)		(2,478	)		(4,918	)		(5,030	)
Depreciation		(109	)		(110	)		(219	)		(217	)
Amortization of computer software		(166	)		(162	)		(341	)		(326	)
Amortization of other identifiable intangible assets		(149	)		(150	)		(301	)		(294	)
Other operating gains, net		798			286			820			319
Operating profit		1,318			833			1,704			1,229
Finance costs, net:
Net interest expense		(91	)		(98	)		(205	)		(199	)
Other finance (costs) income		(16	)		9			14			16
Income before tax and equity method investees		1,211			744			1,513			1,046
Share of post tax earnings (losses) in equity method investees		4			2			(3	)		7
Tax expense		(279	)		(174	)		(246	)		(226	)
Earnings from continuing operations		936			572			1,264			827
(Loss) earnings from discontinued operations, net of tax		(1	)		-			(3	)		2
Net earnings	$	935		$	572		$	1,261		$	829
Earnings attributable to:
Common shareholders		922			563			1,236			813
Non-controlling interests		13			9			25			16
Basic and diluted earnings per share	$	1.11		$	0.67		$	1.49		$	0.97
Basic weighted average common shares		828,482,671			837,096,717			828,661,765			836,129,383
Diluted weighted average common shares		830,744,813			839,846,235			830,507,227			839,025,585

Thomson Reuters Reports Second-Quarter 2012 Results

Page 15 of 16

Thomson Reuters Corporation

Consolidated Statement of Financial Position

(millions of U.S. dollars)

(unaudited)

	June 30,			December 31,
	2012			2011
Assets
Cash and cash equivalents	$	1,801		$	422
Trade and other receivables		1,733			1,984
Other financial assets		91			100
Prepaid expenses and other current assets		513			641
Current assets excluding assets held for sale		4,138			3,147
Assets held for sale		140			767
Current assets		4,278			3,914
Computer hardware and other property, net		1,355			1,509
Computer software, net		1,608			1,640
Other identifiable intangible assets, net		8,077			8,471
Goodwill		15,706			15,932
Other financial assets		317			425
Other non-current assets		540			535
Deferred tax		43			50
Total assets	$	31,924		$	32,476
Liabilities and equity
Liabilities
Current indebtedness	$	8		$	434
Payables, accruals and provisions		2,476			2,675
Deferred revenue		1,220			1,379
Other financial liabilities		63			81
Current liabilities excluding liabilities associated with assets held for sale		3,767			4,569
Liabilities associated with assets held for sale		17			35
Current liabilities		3,784			4,604
Long-term indebtedness		7,158			7,160
Provisions and other non-current liabilities		2,681			2,513
Other financial liabilities		32			27
Deferred tax		1,218			1,422
Total liabilities		14,873			15,726
Equity
Capital		10,292			10,288
Retained earnings		8,041			7,633
Accumulated other comprehensive loss		(1,629	)		(1,516	)
Total shareholders’ equity		16,704			16,405
Non-controlling interests		347			345
Total equity		17,051			16,750
Total liabilities and equity	$	31,924		$	32,476

Thomson Reuters Reports Second-Quarter 2012 Results

Page 16 of 16

Thomson Reuters Corporation

Consolidated Statement of Cash Flow

(millions of U.S. dollars)

(unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
Cash provided by (used in):
Operating activities
Net earnings	$	935		$	572		$	1,261		$	829
Adjustments for:
Depreciation		109			110			219			217
Amortization of computer software		166			162			341			326
Amortization of other identifiable intangible assets		149			150			301			294
Net gains on disposals of businesses		(789	)		(382	)		(826	)		(386	)
Deferred tax		53			(142	)		(119	)		(174	)
Other		(68	)		129			24			164
Changes in working capital and other items		315			280			(58	)		(191	)
Net cash provided by operating activities		870			879			1,143			1,079
Investing activities
Acquisitions, net of cash acquired		(101	)		(672	)		(260	)		(726	)
Proceeds from disposals		1,369			495			1,983			510
Capital expenditures, less proceeds from disposals		(211	)		(247	)		(494	)		(541	)
Other investing activities		2			2			7			37
Investing cash flows from continuing operations		1,059			(422	)		1,236			(720	)
Investing cash flows from discontinued operations		90			18			90			39
Net cash provided by (used in) investing activities		1,149			(404	)		1,326			(681	)
Financing activities
Repayments of debt		(2	)		(48	)		(2	)		(53	)
Net repayments under short-term loan facilities		(287	)		(63	)		(423	)		(20	)
Repurchases of common shares		(144	)		-			(168	)		-
Dividends paid on preference shares		(1	)		(1	)		(2	)		(2	)
Dividends paid on common shares		(256	)		(248	)		(512	)		(465	)
Other financing activities		12			(14	)		20			(14	)
Net cash used in financing activities		(678	)		(374	)		(1,087	)		(554	)
Translation adjustments on cash and cash equivalents		(7	)		1			(3	)		5
Increase (decrease) in cash and cash equivalents		1,334			102			1,379			(151	)
Cash and cash equivalents at beginning of period		467			611			422			864
Cash and cash equivalents at end of period	$	1,801		$	713		$	1,801		$	713