TGM / IFR Announcement

ORGANIZATION & MANAGEMENT

TO: TGM employees/IFR employees

FROM: Roland Beaulieu, CEO-TTS & Ron Schlosser, CEO-TFPG

DATE: October 5, 1999

RE: Merger of Thomson Global Markets with International Financing Review

Effective today, Thomson Trading Services ("TTS") and Thomson Financial Publishing Group ("TFPG") have reached a decision to merge Thomson Global Markets ("TGM"), as a division, into International Financing Review ("IFR"). The merger will create a $70 million Capital Markets, Fixed Income and Foreign Exchange busi

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