Consolidated Financial Statements of
LORUS THERAPEUTICS INC.
Years ended May 31, 2010, 2009 and 2008
AUDITORS' REPORT TO THE SHAREHOLDERS
We have audited the consolidated balance sheets of Lorus Therapeutics Inc. as at May 31, 2010
and 2009 and the consolidated statements of operations and comprehensive income, deficit and
cash flows for each of the years in the three-year period ended May 31, 2010 and for the period
from inception on September 5, 1986 to May 31, 2010. These financial statements are the
responsibility of the Company's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with Canadian generally accepted auditing
standards. Those standards require that we plan and perform an audit to obtain reasonable
assurance whether the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial statement presentation.
In our opinion, these consolidated financial statements present fairly, in all material respects, the
financial position of the Company as at May 31, 2010 and 2009 and the results of its operations
and its cash flows for each of the years in the three-year period ended May 31, 2010 and for the
period from inception on September 5, 1986 to May 31, 2010 in accordance with Canadian
generally accepted accounting principles.
Chartered Accountants, Licensed Public Accountants
August 23, 2010, except
Bay Adelaide Centre
333 Bay Street Suite 4600
Toronto ON M5H 2S5