As we progressed with the execution of our integration plan for the acquired Reuters businesses, we identified significant additional opportunities for cost savings. We now expect $1 billion in annualized cost savings from integration programs by the end of 2011, up from $750 million of savings projected in May 2008. This raises the overall savings target (including legacy efficiency programs) to $1.4 billion.

Across all integration and legacy efficiency programs, we achieved combined run-rate savings of $750 million as of December 31, 2008. The 2008 pro forma cost required to achieve these savings through December 31 was approximately $362 million.

While cost savings were generated by a variety of functions across our entire organization, the following six areas currently contribute the majority of expected savings:

• product development
• sales and support
• technology
• corporate functions
• content
• real estate

We are now beginning the second phase of the acquisition integration, which includes retiring legacy products and systems to simplify the business and help make it more agile, responsive and profitable. In 2009, we will roll out new strategic products, consolidate data centers and capture revenue synergies.

* Estimated