Mr. Steve Hasker reports

THOMSON REUTERS AND KKR ANNOUNCE JOINT VENTURE FOR THOMSON REUTERS GLOBAL PRINT BUSINESS

Thomson Reuters Corp. has signed a definitive agreement to enter into a joint venture with KKR, a leading global investment firm. As part of the transaction, Thomson Reuters will sell a 51-per-cent stake in its Global Print business to capital accounts advised by KKR. Thomson Reuters will receive approximately $500-million in gross proceeds at closing and will retain a 49-per-cent equity interest in the joint venture. Thomson Reuters will also maintain intellectual property rights and full editorial control over its content portfolio. This new joint venture will hold an exclusive licence to distribute the content in print and on ProView, Global Print's e-book platform.

The Thomson Reuters Global Print business provides legal and tax information in print format and through ProView to customers around the world, and provides commercial printing services to a wide range of book publishers.

"Thomson Reuters has built a highly regarded, trusted print platform that has become the gold standard for printed reference materials," said KKR partner Brian Dillard, co-chief investment officer for Global Atlantic. "Building on KKR's experience with helping global corporations unlock value in their businesses, we see a compelling opportunity both to support the Global Print business as a stand-alone proposition and to help Thomson Reuters optimize its portfolio of businesses."

"The Global Print business has a long and respected history of serving legal and tax professionals with trusted printed reference materials," said Steve Hasker, president and chief executive officer of Thomson Reuters. "We believe this transaction with KKR provides our Global Print business with the focused investment, operational capabilities and independence to thrive as a stand-alone business while ensuring that Thomson Reuters printed content continues to reach the professionals who depend on it. At the same time, it sharpens Thomson Reuters's focus on providing innovative fiduciary-grade AI solutions for the legal, tax, audit and compliance industries."

Closing of the transaction is subject to specified regulatory approvals and customary closing conditions. The transaction is not subject to any financing conditions. As part of the transaction, Thomson Reuters has agreed to provide certain financial support designed to give KKR a minimum return on its equity investment in the joint venture under certain circumstances. Thomson Reuters expects the transaction to close in the fourth quarter of 2026.

Centerview Partners LLC is serving as financial adviser to Thomson Reuters.

About Thomson Reuters's Global Print business

Thomson Reuters Global Print business is a leading provider of information, primarily in print format and through ProView to legal and tax professionals, governments, law schools, and corporations. Global Print also leverages its capabilities through offering commercial printing services to a wide range of book publishers including those in trade, government, associations, faith-based organizations, universities and children's books. The business serves customers primarily in the United States, Canada and the United Kingdom.

About Thomson Reuters Corp.

Thomson Reuters informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, audit, accounting, compliance, government and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence and solutions needed to make informed decisions and to help institutions in their pursuit of justice, truth and transparency. Reuters, part of Thomson Reuters, is a world-leading provider of trusted journalism and news.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital market and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets, and has strategic partners that manage hedge funds. KKR's insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR's investments may include the activities of its sponsored funds and insurance subsidiaries.

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