TR-1: Notifications of Major Interests in Shares

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

Thomson Reuters plc

2. Reason for notification (yes/no)

An acquisition or disposal of voting rights

yes

An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached 

no

An event changing the breakdown of voting rights

no

Other (please specify):

no

3. Full name of person(s) subject to notification obligation:

ValueAct Capital Management, LLC; ValueAct Capital Management, L.P.; ValueAct Holdings GP, LLC; ValueAct Holdings, L.P. (collectively "ValueAct Indirect Holders")

ValueAct Capital Master Fund, L.P. 

4. Full name of shareholder(s) (if different from 3):

ValueAct Capital Master Fund, L.P.

5. Date of transaction (and date on which the threshold is crossed or reached if different):

September 1, 2009

6. Date on which issuer notified:

September 1, 2009

7. Threshold(s) that is/are crossed or reached:

5%

8: Notified Details

A: Voting rights attached to shares

Class/

type of shares

If possible use ISIN code

Situation previous to the triggering transaction

Resulting situation after the triggering transaction

Number of shares

Number of voting rights

Number of shares

Number of voting rights

Percentage of voting rights

Direct

Indirect

Direct

Indirect

ValueAct Indirect Holders Ordinary Shares

10,569,475

10,569,475

9,009,918

9,009,918

5.0%

ValueAct Capital Master Fund, L.P. Ordinary Shares

10,569,475

10,569,475

9,009,918

9,009,918

5.0%

B: Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Expiration date

Exercise/ conversion period/date 

No. of voting rights that may be acquired (if the instrument exercised/converted)

Percentage of voting rights

Total (A+B)

Number of voting rights

Percentage of voting rights

9,009,918

5.0%

9. Chain of controlled undertakings through which the voting rights and /or the financial instruments are effectively held, if applicable:

All of the reported ordinary shares are held by ValueAct Capital Master Fund, L.P. (9,009,918 ordinary shares, 5.0%).  VA Partners I, LLC is the general partner of ValueAct Capital Master Fund, L.P. ValueAct Capital Management, L.P. is the manager of ValueAct Capital Master Fund, L.P. ValueAct Capital Management, LLC is the general partner of ValueAct Capital Management, L.P.  ValueAct Holdings, L.P. is the sole owner of the limited partnership interests of ValueAct Capital Management, L.P. and the membership interests of ValueAct Capital Management, LLC, and is the majority owner of the membership interests of VA Partners I, LLC. ValueAct Holdings GP, LLC is the General Partner of ValueAct Holdings, L.P. 

Proxy Voting:

10. Name of proxy holder:

11. Number of voting rights proxy holder will cease to hold:

12. Date on which proxy holder will cease to hold voting rights: