Thomson Reuters

I am writing to share the progress we have made since completing our merger on April 17, and to update you on our future plans.

In the last 90 days, we have focused on bringing together our sales, service and product teams into a single unified force – and have worked on developing an integration strategy that will make the most of our content, products and supporting infrastructure.

I am pleased with the progress we have made in these areas so far and wanted to highlight some of our more important achievements.

We have completely integrated our account teams so that every one of our customers around the world has a single account manager who has the authority to speak for all of the Thomson Reuters business. We have also delivered some early product and content enhancements that begin to show the power of our combination. These include delivering:

• Reuters News to Thomson ONE users
• Lipper data to Thomson ONE users
• Reuters Messaging to Thomson ONE users
• StreetEvents content to Reuters 3000 Xtra and Reuters Knowledge users
• Tradeweb benchmark fixed income data and Thomson’s municipal data to Reuters 3000 Xtra users
• IFR capital markets news and information to Reuters 3000 Xtra users.

In our first 90 days we have engaged in an active and productive dialogue with our customers to gain your perspective on the merger. We will be supplementing this with a formal Customer Advisory Program, and a global customer survey. I would encourage you to participate in this and offer your feedback through other channels as we continue to refine our plans.

In our early conversations, you expressed a strong desire to be kept up to date on product plans. Today we are publishing our strategy and plans for our products, content and supporting infrastructure. Each of our account managers is prepared to take you through these plans in more detail, and to discuss what it means for your business.

There have been a few important guiding principles in determining the product strategy for the combined company:

Choose the best of breed

With this merger we are combining unparalleled content, functionality and connectivity and we will draw from the very best assets of Thomson and Reuters. In the coming 18 months we expect that all of our customers will begin to see significant benefits from the merger -- and we will work with you to ensure that these benefits are delivered as seamlessly as possible.

Segment to serve the customer

We will continue to develop and offer our products on a segmented basis so that they are relevant to you, whatever your role in the financial markets. We have heard loud and clear that you do not want to be forced into a single product at a single price. We will allow choice across delivery mechanisms and price points that give you real control and flexibility.

Keep it simple

Our product line-up will be simple and straightforward. By early 2009, we will rationalize what we sell and re-brand our products so our offer is perfectly clear to our customers. We will progressively simplify the underlying infrastructure and supporting technology, so we focus on fewer and more resilient platforms that offer lower total cost of ownership.

Our goals for service and connectivity are no less ambitious. We are uniquely positioned to leverage our presence in 93 countries to truly reflect local market needs and opportunities. And our global footprint enables us to deliver robust global service whether you are in Dubai, London, New York or Hong Kong. As we connect the ex-Thomson Financial and ex-Reuters customer communities, we will provide peerless connectivity to trading and investing counterparts on the buy side, sell side and in corporations around the world.

We are committed to delivering a meaningful product and service dividend to you quickly. As we converge and upgrade our offerings, we are also working to reinvent our content and technology, by re-thinking search, collaboration, news and content aggregation. Innovation that redefines your experience of our products will be an important theme that you will hear more about as our plans progress. Until then, I want to thank you for your support, and look forward to hearing from you soon.

Devin Wenig
Chief Executive Officer
Thomson Reuters Markets