Spreadsheet: 052a40b6-5fb6-4dcd-be87-a6cfa3906362
Sheet: Reconciliations

THOMSON REUTERS CORPORATION
Reconciliations to Most Directly Comparable IFRS Measure (unaudited)
(millions of U.S. dollars, except as otherwise indicated and except for per share data)
ONGOING BUSINESSES- RESTATED-- EXCLUDES 2012 ANNOUNCED DISPOSALS |  | 2009 |  | 2010 |  | 2011
 |  | Full Year |  | Full Year |  | Q1 | Q2 | Q3 | Q4 |  | Full Year
Reconciliation of Ongoing Revenues
Revenues
Financial & Risk |  | 6976 |  | 6902 |  | 1804 | 1839 | 1839 | 1815 |  | 7297
Legal |  | 2954 |  | 3027 |  | 754 | 803 | 821 | 843 |  | 3221
Tax & Accounting |  | 837 |  | 907 |  | 238 | 229 | 242 | 341 |  | 1050
Intellectual Property & Science |  | 756 |  | 789 |  | 201 | 211 | 215 | 225 |  | 852
Corporate & Other (includes Media) |  | 331 |  | 324 |  | 82 | 84 | 83 | 87 |  | 336
Eliminations |  | -11 |  | -12 |  | -2 | -5 | -3 | -3 |  | -13
Revenues from ongoing businesses |  | 11843 |  | 11937 |  | 3077 | 3161 | 3197 | 3308 |  | 12743
Other businesses |  | 1154 |  | 1133 | 0 | 253 | 286 | 256 | 269 |  | 1064
Revenues |  | 12997 |  | 13070 |  | 3330 | 3447 | 3453 | 3577 |  | 13807
Reconciliation of Operating Profit (Loss) to Underlying Operating Profit and Adjusted EBITDA
Operating Profit (Loss) |  | 1575 |  | 1419 |  | 396 | 833 | 659 | -2593 |  | -705
Adjustments:
Goodwill impairment |  | 0 |  | 0 |  | 0 | 0 | 0 | 3010 |  | 3010
Amortization of other identifiable intangible assets |  | 499 |  | 545 |  | 144 | 150 | 152 | 166 |  | 612
Integration programs expenses |  | 506 |  | 463 |  | 70 | 42 | 39 | 64 |  | 215
Fair value adjustments |  | 170 |  | 117 |  | -2 | -8 | -102 | -37 |  | -149
Other operating (gains) losses, net |  | -9 |  | 16 |  | -33 | -286 | 17 | 98 |  | -204
Operating profit from other businesses |  | -239 |  | -243 |  | -39 | -62 | -75 | -62 |  | -238
Underlying operating profit |  | 2502 |  | 2317 |  | 536 | 669 | 690 | 646 |  | 2541
Adjustments:
Integration programs expenses |  | -506 |  | -463 |  | -70 | -42 | -39 | -64 |  | -215
Depreciation and amortization of computer software (excluding other businesses) |  | 980 |  | 955 |  | 251 | 261 | 260 | 270 |  | 1042
Adjusted EBITDA |  | 2976 |  | 2809 |  | 717 | 888 | 911 | 852 |  | 3368
Underlying operating profit margin |  | 0.211264037828253 |  | 0.194102370779928 |  | 0.1741956451088723 | 0.2116418854792787 | 0.2158273381294964 | 0.1952841596130593 |  | 0.1994035941301107
Adjusted EBITDA margin |  | 0.2512876804863632 |  | 0.2353187568065678 |  | 0.233019174520637 | 0.2809237583043341 | 0.2849546449796684 | 0.2575574365175333 |  | 0.2643019697088598
Reconciliation of Earnings Attributable to Common Shareholders to Adjusted Earnings from Continuing Operations
Earnings attributable to common shareholders |  | 844 |  | 909 |  | 250 | 563 | 369 | -2572 |  | -1390
Adjustments:
Goodwill impairment |  | 0 |  | 0 |  | 0 | 0 | 0 | 3010 |  | 3010
Goodwill impairment attributable to non-controlling interests |  | 0 |  | 0 |  | 0 | 0 | 0 | -40 |  | -40
Operating profit from Other businesses |  | -239 |  | -243 |  | -39 | -62 | -75 | -62 |  | -238
Fair value adjustments |  | 170 |  | 117 |  | -2 | -8 | -102 | -37 |  | -149
Other operating (gains) losses, net |  | -9 |  | 16 |  | -33 | -286 | 17 | 98 |  | -204
Other finance cost (income), net |  | 242 |  | -28 |  | -7 | -9 | 35 | -4 |  | 15
Other non-operating charge |  | 385 |  | 0 |  | 0 | 0 | 0 | 0 |  | 0
Share of post tax earnings in equity method investees |  | -7 |  | -8 |  | -5 | -2 | -4 | -2 |  | -13
Tax on above items |  | 22 |  | 21 |  | 12 | 115 | 63 | -47 |  | 143
Interim period effective tax rate normalization |  | 0 |  | 0 |  | -10 | 15 | -15 | 10 |  | 0
Discrete tax items |  | -531 |  | -47 |  | 0 | -46 | 13 | -72 |  | -105
Amortization of other identifiable intangible assets |  | 499 |  | 545 |  | 144 | 150 | 152 | 166 |  | 612
Discontinued operations |  | -23 |  | 0 |  | -2 | 0 | 0 | -2 |  | -4
Dividends declared on preference shares |  | -2 |  | -3 |  | -1 | -1 | 0 | -1 |  | -3
Adjusted earnings from continuing operations |  | 1351 |  | 1279 |  | 307 | 429 | 453 | 445 |  | 1634
Adjusted earnings per share from continuing operations |  | 1.62 |  | 1.53 |  | 0.37 | 0.51 | 0.54 | 0.54 |  | 1.96
Diluted weighted average common shares  (in millions) |  | 832.9 |  | 836.4 |  | 839.7 | 839.8 | 836.7 | 829.7 |  | 835.8
Reconciliation of Earnings (Loss) from continuing operations to Adjusted EBITDA
Earnings (Loss) from continuing operations |  | 844 |  | 933 |  | 255 | 572 | 381 | -2604 |  | -1396
Adjustments:
Tax (benefit) expense |  | -299 |  | 139 |  | 52 | 174 | 145 | -78 |  | 293
Other finance cost (income) costs |  | 242 |  | -28 |  | -7 | -9 | 35 | -4 |  | 15
Net interest expense |  | 410 |  | 383 |  | 101 | 98 | 102 | 95 |  | 396
Amortization of other identifiable intangible assets |  | 499 |  | 545 |  | 144 | 150 | 152 | 166 |  | 612
Amortization of computer software |  | 548 |  | 572 |  | 164 | 162 | 155 | 178 |  | 659
Depreciation |  | 509 |  | 457 |  | 107 | 110 | 107 | 114 |  | 438
EBITDA |  | 2753 |  | 3001 |  | 816 | 1257 | 1077 | -2133 |  | 1017
Adjustments:
Share of post tax earnings in equity method investees |  | -7 |  | -8 |  | -5 | -2 | -4 | -2 |  | -13
Other non-operating charge |  | 385 |  | 0 |  | 0 | 0 | 0 | 0 |  | 0
Other operating (gains) losses, net |  | -9 |  | 16 |  | -33 | -286 | 17 | 98 |  | -204
Goodwill impairment |  | 0 |  | 0 |  | 0 | 0 | 0 | 3010 |  | 3010
Fair value adjustments |  | 170 |  | 117 |  | -2 | -8 | -102 | -37 |  | -149
EBITDA from other businesses |  | -316 |  | -317 |  | -59 | -73 | -77 | -84 |  | -293
Adjusted EBITDA |  | 2976 |  | 2809 |  | 717 | 888 | 911 | 852 |  | 3368
Adjusted EBITDA margin |  | 0.2512876804863632 |  | 0.2353187568065678 |  | 0.233019174520637 | 0.2809237583043341 | 0.2849546449796684 | 0.2575574365175333 |  | 0.2643019697088598