REUTERS / Benoit Tessier Thomson Reuters Summer 2021 Investor Booklet August 2021 Special Note Special Note Regarding Forward-Looking Statements, Material Risks and Material Assumptions This presentation consists of these slides and the associated remarks and comments, which are related and intended to be presented and understood together. Certain statements in this presentation and discussion are forward-looking, including, but not limited to, statements regarding the potential or expected impact of the COVID-19 pandemic on Thomson Reuters, its customers and the general economy, statements about the company’s third-quarter 2021 and full-year 2021-2023 outlook and other expectations regarding the future financial and operational performance of the company and its individual business segments, the company’s strategic priorities, initiatives and opportunities and the company’s expectations regarding its Change Program and share repurchases. While the company believes that it has a reasonable basis for making forward-looking statements in this presentation, they are not a guarantee of future performance or outcomes and there is no assurance that any of the events described in any forward-looking statement will materialize. Forward-looking statements, including those related to the COVID-19 pandemic, are subject to a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from current expectations. Many of these risks, uncertainties and assumptions are beyond our company’s control and the effects of them can be difficult to predict. In particular, the full extent of the impact of the COVID-19 pandemic on our business, operations and financial results will depend on numerous evolving factors that we may not be able to accurately predict. Some of the factors that could cause actual results to differ materially from current expectations are discussed in the “Risk Factors” section of our annual report and in other materials that we from time to time file with, or furnish to, the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission. Many of those risks are, and could be, exacerbated by the COVID-19 pandemic and any worsening of the global business and economic environment as a result. Our company has provided a business outlook for the purpose of presenting information about current expectations for the third quarter of 2021 and full-year 2021-2023. 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 presentation. Except as may be required by applicable law, Thomson Reuters disclaims any obligation to update or revise any forward-looking statements. The company’s business outlook is based on information currently available to the company and is based on various external and internal assumptions made by the company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the company believes are appropriate under the circumstances. Please refer to our first quarter 2021 management’s discussion and analysis, which is available on www.tr.com, for a discussion of material assumptions and material risks related to our business outlook. Material assumptions and material risks related to our business outlook will also be reflected in our second-quarter 2021 management’s discussion and analysis for the period ended June 30, 2021, expected to be filed shortly. Non-IFRS Financial Measures This presentation contains disclosures of certain non-IFRS financial measures. These measures include adjusted EBITDA and the related margin, free cash flow, adjusted earnings, adjusted EPS and net debt to adjusted EBITDA leverage ratio, selected measures before the impact of currency and changes in revenues computed on an organic basis. Please see our earnings release dated August 5, 2021, which is available on www.tr.com, for a reconciliation of each of Thomson Reuters’ measures to the most directly comparable IFRS financial measure. You can also find IFRS reconciliations in the “Investor Relations” section of our website. 2 BUSINESS & MARKET OVERVIEW 3 Thomson Reuters - Investment Highlights 1 • Currently operate in an est. $28B market segment growing at 6% - 8% (5 yr. CAGR) • Potential market segment of ~$47B growing at 7% - 9% through multiple adjacent Attractive Industry expansion opportunities (5 yr. CAGR) • Legal, Tax & Government market segments prime for content-driven innovation 2 • #1 or #2 positions in key Legal, Corporates, Tax & Accounting and Government market segments Balanced & Diversified • Resilient businesses, historically stable - Affirmed by performance during COVID-19 • ~500,000 customers / Largest customer, excl. Refinitiv, accounts for ~2% of revenues 3 • ~80% of total revenue is recurring Attractive Business Model • 90% of total revenue delivered electronically or as software & services • Strong & consistent cash generation capabilities 4 • Proprietary content + data + human expertise combined with AI key differentiators Strong Competitive Positioning • Products deeply embedded in customers’ daily workflow • ~90% retention rates 5 • Focused & Incentivized on Organic Revenue & Free Cash Flow Per Share growth • Balance investing in business & returning capital to shareholders Disciplined Financial Policies • 2021 $0.10 (7%) dividend increase (28 consecutive years of dividend increases) • Committed to maintaining investment grade rating with stable capital structure • Forecasting $15B Capital Capacity over next 4 years affords significant optionality Market segment size and growth rates based on TRI internal estimates and excludes Reuters News and Global Print 4 Powerful Businesses Built with Proprietary Content, AI & Experts LEGAL TAX CORPORATES NEWS (Incl. Government – Risk, Fraud & Compliance) KEY PROPRIETARY CONTENT ASSETS • ~2,400 journalists, • ~1,500 experienced • Global team of EDITORIAL • TRSS experts with • ~200 qualified Tax photographers, CAPABILITIES attorney editors tax/legal experts specialist Attorneys (CPAs & editors operating in COMBINED WITH • Adding tax law • 50+ locations government compliance specialists) 40+ languages AI/ML knowledge and interpretation, • Adding analysis, • Adding treatises, ARE A experience compliance • 74 news bureaus FOUNDATIONAL commentary, proprietary audit expertise, analysis • 6 Pulitzer Prizes STRENGTH & headnotes, • Public Records methodology, and guidance and 8 finalists since DIFFERENTIATOR synopses professionals analysis summaries. 2015 Trusted, Authoritative Content - Difficult to Replicate 5 Thomson Reuters Leadership Positions in Historically Stable & Attractive Markets Segments Legal Professionals Corporates Tax & Accounting Professionals $2.5B – 42% of Revenues $1.4B – 23% of Revenues $0.8B – 14% of Revenues • 3% organic revenue growth - 2020 • 5% organic revenue growth - 2020 • 4% organic revenue growth - 2020 • #1 position in global legal market segment • #1 provider of Corporate Legal & • #1 position in U.S. & Latin America tax Corporate Tax solutions in U.S. market segment • 93% recurring revenue • 84% recurring revenue • 82% recurring revenue • ~90% retention / 94% U.S. Westlaw alone • ~88% retention • ~90% retention • 99 of AmLaw 100 firms use TR legal • ALL of the Fortune 100 firms are TR research customers • 75% software revenue • ~115,000 customers • ALL of the Global 100 firms are TR • ALL of the top 100 U.S. CPA firms are customers TR customers • ~235,000 customers • ~145,000 customers Reimagining & Streamlining Workflows More Essential for Our ~500,000 Customers Given COVID-19 & Work From Home Total customer count includes 5,000 Reuters News customers 6 Thomson Reuters - 2020 Revenues Reuters News 11% of Global revenues Print 10% of $0.6B -5% revenues $0.6B Legal -10% Professionals $2.5B 42% of $6.0 Billion +3% revenues +1% Organic Corporates $1.4B 23% of +5% revenues “Big 3” $0.8B +4% 79% of revenues +4% organically Tax & Accounting Professionals 14% of revenues Notes: Individual segments do not sum to total due to rounding All growth rates organic 7 Full-Year 2020 - Results by Segment Reported Revenues up 1% to $6.0 billion Organic revenues up 1% Organic recurring revenues up 4% Tax Corporates Reuters News Global Print Professionals Legal Tax & Accounting Corporates Reuters News Global Print Professionals Professionals $2.5B $1.4B $0.8B $0.6B $0.6B Reported +4% +5% -1% +0% -11% Revenues (+3% organic) (+5% organic) (+4% organic) (-5% organic) (-10% organic) “Big 3” grew 4% organically 8 Thomson Reuters - 2020 Results by Segment Revenues: $6.0B Adjusted EBITDA: $2.0B(1) 23% 22% 14% 48% 16% 42% 11% 3% 10% 11% Legal Professionals Corporates Tax & Accounting Reuters News Global Print Professionals 80% Recurring Revenues / 90% Electronic, Software & Services 9 (1) Percentage of total based on $2.1B of adjusted EBITDA, which excludes corporate costs Thomson Reuters - 2020 Revenues by Region Tax & Accounting Legal Professionals Corporates Professionals Consolidated $2.5B $1.4B $0.8B $6.0B 80% 83% 84% 3% 12% 4% 12% 79% 5% 2% 11% 1%2% U.S. U.S. U.S. Other Americas Other Americas Other Americas 6% EMEA EMEA EMEA 11% Asia Pacific Asia Pacific Asia Pacific 4% Reuters News Global Print $0.6B $0.6B 67% U.S. 2% 70% Other Americas 22% 16% 9% EMEA 9% 5% Asia Pacific U.S. U.S. Other Americas Other Americas EMEA EMEA 10 Notes: Individual segments do not sum to total