Thomson Reuters plans to return an aggregate of US$10 billion of these proceeds to its shareholders. Blackstone supplemented its equity in Refinitiv with warrants and preferred shares. Settings, For CA: Do not sell my personal information, Thomson Reuters and Blackstone in discussions with London Stock Exchange Group regarding the Refinitiv Business. The use of debt to finance the original Refinitiv buyout magnifies the gains for the investors, which include Breakingviews parent Thomson Reuters. There is no assurance that a transaction involving all or part of the Financial & Risk business will be completed or that other events described in any forward-looking statement will materialize. +44 7909 898 605 Thomson Reuters is a leading provider of business information services. Thomson Reuters received approximately US$17 billion in gross cash proceeds at the closing. All opinions expressed are those of the authors. Except as may be required by applicable law, Thomson Reuters disclaims any obligation to update or revise any forward-looking statements. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. An affiliate of Canada Pension Plan Investment Board and an affiliate of GIC invested alongside Blackstone. If the deal closes next year as planned, Blackstone and its co-investors, Singapore’s GIC and the Canada Pension Plan Investment Board, will have done very well for not quite two years’ work. And by proposing the deal, the LSE may have sent out a beacon to those who would like to take over the UK exchange themselves. Senior Vice President, Corporate Affairs Thomson Reuters will receive approximately US$17 billion in gross proceeds when the transaction closes (subject to purchase price adjustments). Senior Vice President, Corporate Affairs The Financial & Risk business is now known as Refinitiv. +1 416 649 9904 David Crundwell +1 646 223 5288 The Refinitiv business is currently 55% owned by private equity funds managed by Blackstone and 45% by Thomson Reuters. Golden Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges (symbol: TRI). TORONTO, August 28, 2018 – Thomson Reuters (TSX/NYSE: TRI) today announced that it and private equity funds managed by Blackstone have agreed to close the sale of a 55% interest in the company's Financial & Risk business on October 1, 2018, subject to satisfaction or waiver of customary closing conditions. Settings, For CA: Do not sell my personal information, Thomson Reuters and Blackstone agree to close Financial & Risk transaction on October 1, 2018. TORONTO, July 26, 2019 – Thomson Reuters (TSX/NYSE: TRI) confirms that it and private equity funds affiliated with Blackstone are in discussions related to a possible acquisition of Refinitiv by the London Stock Exchange Group plc (LSEG) for a total enterprise value of approximately US$27 billion. If the buyout fared poorly, these instruments would increase the private equity group’s share of Refinitiv at Thomson Reuters’ expense. Frank J. Reuters News 30-year agreement signed last year with Refinitiv will continue if ownership of Refinitiv changes. NEW YORK/LONDON – 27 July 2018 – Thomson Reuters Financial & Risk business today announced that following the closing of the strategic partnership transaction between Thomson Reuters and private equity funds managed by Blackstone, the Financial & Risk business will be known as Refinitiv. Last year they put in a total of just $6.5 billion in equity and equity-like securities. These forward-looking statements are based on certain assumptions and reflect our company’s current expectations. Refinitiv is a global provider of financial market data and infrastructure. Thomson Reuters is the world’s leading source of news and information for professional markets. Some shares will be handed to Refinitiv executives as an incentive to stick around. Certain statements in this news release are forward-looking. After the closing, the Financial & Risk business will be known as Refinitiv. Reuters Breakingviews is the world's leading source of agenda-setting financial insight. Thomson Reuters has closed the sale of a 55% interest in the company’s Financial & Risk company to private equity firm Blackstone, and has now rebranded the unit as Refinitiv. david.crundwell@tr.com The company was founded in 2018. Our products include highly specialized information-enabled software and tools for legal, tax, accounting and compliance professionals combined with the world’s most global news service – Reuters. HONG KONG (Reuters Breakingviews) - When Blackstone bought a majority stake in Thomson Reuters’ financial data business last year, it found two ways to minimise its risk. For more information on Thomson Reuters, visit tr.com and for the latest world news, reuters.com. Except as may be required by applicable law, Thomson Reuters disclaims any obligation to update or revise any forward-looking statements. HONG KONG (Reuters Breakingviews) - When Blackstone bought a majority stake in Thomson Reuters’ financial data business last year, it found two ways to minimise its risk. SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS. For more information, visit www.thomsonreuters.com. TORONTO, July 26, 2019 – Thomson Reuters (TSX/NYSE: TRI) confirms that it and private equity funds affiliated with Blackstone are in discussions related to a possible acquisition of Refinitiv by the London Stock Exchange Group plc (LSEG) for a total enterprise value of approximately US$27 billion. As part of the deal, Thomson Reuters said that it received approximately $17 billion in gross cash proceeds, $10 billion of which will be returned to shareholders through a substantial issuer bid/tender (SIB) offer process. David Crundwell All quotes delayed a minimum of 15 minutes. New LSEG shares are contemplated to be issued as consideration in full for Refinitiv’s equity value, after adjusting for Refinitiv’s net debt and other adjustments. Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. These forward-looking statements are based on certain assumptions and reflect our company’s current expectations. Certain statements in this news release are forward-looking, including the company’s current expectations regarding the timing for closing of the Financial & Risk transaction (which remains subject to regulatory approval and customary closing conditions) and the expected use of proceeds of the Financial & Risk transaction. MEDIA The company expects to use the remaining proceeds not returned to shareholders to redeem approximately US$4 billion of debt, maintain approximately US$2 billion of cash on its balance sheet to fund focused acquisitions, and utilize approximately US$1 billion to cover transaction-related expenses including cash taxes, pension contributions, bond redemption costs and other fees and outflows related to the transaction. Any further announcements will be made as appropriate. Senior Vice President, Investor Relations After the closing, the Financial & Risk business will be known as Refinitiv. But the gains aren’t spread equally. The firm led by Stephen Schwarzman would have grown its $4 billion investment by a factor of 2.5 times. Thomson Reuters plans to return an aggregate of US$10 … Blackstone’s side will emerge with just under 22% of an enlarged company worth a total of $47 billion, based on Breakingviews calculations using the LSE’s share price on Thursday morning. The business has operated in more than 100 countries for more than 100 years. 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, including factors 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. It is jointly owned by Blackstone Group LP which has a 55% stake and Thomson Reuters which owns 45%. The subsequent jump in LSE shares lifted it to $17.5 billion by Thursday. So will Thomson Reuters, which owns 45% of Refinitiv. 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, including other factors 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. The company has an annual turnover of $6bn with more than 40,000 client companies in 190 countries. LSE boss David Schwimmer is offering Refinitiv shareholders 37% of the company he wants to create. Thomson Reuters will receive approximately US$17 billion in gross proceeds when the transaction closes (subject to purchase price adjustments). Refinitiv. The upshot is that if the LSE deal goes ahead, Thomson Reuters comes out on top. david.crundwell@tr.com, INVESTORS New LSEG shares are contemplated to be issued as consideration in full for Refinitiv’s equity value, … There can be no certainty that these discussions will progress or that a transaction will be forthcoming. Based on the exchange operator’s market value on Friday, when talks with Refinitiv were disclosed, that stake was worth $14 billion. INVESTORS However, if the deal performed well, Thomson Reuters’ share would rise instead.

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