11PT Hsbc Bk. 21

RNS Number:7426L
Thomson Corporation
17 October 2001

( BW)(THOMSON-CORPORATION)(TOC) The Thomson Corporation Updates

2001 Revenue and EBITDA Guidance



    Business Editors



    TORONTO--(BUSINESS WIRE)--Oct. 17, 2001--The Thomson Corporation

(TSE:TOC) today updated its revenue and EBITDA guidance for the full

year ending December 31, 2001 reflecting the impact of September 11

events and changing market conditions. In addition, Thomson provided

details regarding the integration of recently acquired Harcourt

businesses.

    Previously, Thomson provided guidance on its expected performance

excluding Harcourt. Consistent with this approach, Thomson now

anticipates revenues from ongoing operations for the full year 2001,

excluding the businesses acquired from Harcourt, will grow

approximately 10 to 13 percent, compared to earlier expectations of 15

percent. These revised revenue expectations are a result of weakened

market conditions across all groups, with the greatest impact coming

from Thomson Financial.

    EBITDA is still expected to increase substantially, but not to the

same levels as originally anticipated. Excluding Harcourt, Thomson now

expects 2001 EBITDA from ongoing operations to increase between 12 and

15 percent, versus the 17 percent previously anticipated. EBITDA

growth will continue to be driven by strategic initiatives, proactive

cost controls, and synergies achieved from recently acquired

businesses, but offset by lower than anticipated revenues.

    "Even taking into account the current economic environment, our

overall business remains solid and we expect to deliver significant

growth for the year," said Richard J. Harrington, president and chief

executive officer of The Thomson Corporation. "While Thomson Financial

has clearly been affected by recent events and associated market

conditions, it is important to note that our view for 2001 in no way

changes our long-term growth expectations for Thomson."



Harcourt Update



    Thomson also announced 2001 expectations for the Harcourt

businesses acquired from Reed Elsevier in July 2001. Thomson

anticipates revenue generated by these businesses will approach US$350

million in 2001 with an EBITDA margin in the 10 to 12 percent range.

However, one-time costs associated with the integration will largely

offset the margin contribution in 2001.

    "We are pleased with the progress of the Harcourt integration,"

Harrington said. "We are well on the way to realizing the benefits of

rationalization efforts over the next 24 months."

    "Throughout this year our focus has been on integrating our

acquisitions and improving efficiency," Harrington added. "That focus

is serving us well in the current economic environment."



Webcast Information



    A discussion regarding management's 2001 expectations will be

broadcast live on the Internet today at 10:30 a.m. (EDT). Richard J.

Harrington, president and chief executive officer, The Thomson

Corporation, Robert D. Daleo, executive vice president and chief

financial officer, The Thomson Corporation and Patrick J. Tierney,

president and chief executive officer of Thomson Financial, will host

the discussion.

    The webcast will be available at www.thomson.com (click on the

webcast announcement in the ThomsonNews scroll box and then follow

instructions). Interested parties should access the Thomson Internet

site at least fifteen minutes prior to the commencement of the webcast

to register, download, and install any necessary audio software. For

those unable to listen to the live webcast, a replay will be available

on the Corporation's web site immediately after its completion.



About Thomson



    The Thomson Corporation (www.thomson.com), with 2000 revenues of

approximately US$6 billion, is a leading, global provider of

integrated information solutions for business and professional

customers. With 40,000 people working in 100 countries, Thomson

comprises four market groups: Legal & Regulatory, Financial, Learning,

and Scientific & Healthcare. The Corporation's common shares are

listed on the Toronto and London stock exchanges.





    CONTACT: The Thomson Corporation

             Media Contact:

             Jason Stewart, 203/328-8339

             jason.stewart@thomson.com

             Investor Contact:


             John Kechejian, 203/328-9470


             john.kechejian@thomson.com

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