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AUDITED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2003 AND 2002
The management of The Thomson Corporation is responsible for the accompanying consolidated financial statements and
other information included in the annual report. The financial statements have been prepared in conformity with Canadian
generally accepted accounting principles using the best estimates and judgments of management, where appropriate.
Information presented elsewhere in this annual report is consistent with that in the financial statements.
Management is also responsible for a system of internal control which is designed to provide reasonable assurance that assets
are safeguarded, liabilities are recognized and that the accounting systems provide timely and accurate financial reports.
The Board of Directors is responsible for ensuring that management fulfills its responsibilities in respect of financial reporting
and internal control. The Audit Committee of the Board of Directors meets periodically with management and the Corporation's
independent auditors to discuss auditing matters and financial reporting issues. In addition, the Audit Committee recommends
to the Board of Directors the approval of the interim and annual consolidated financial statements and the annual appointment
of the independent auditors.
February 12, 2004
To the shareholders of The Thomson Corporation:
We have audited the consolidated balance sheet of The Thomson Corporation (the Corporation) as at December 31, 2003 and
2002, and the consolidated statements of earnings and retained earnings and of cash flow for each of the years in the two year
period ended December 31, 2003. These consolidated financial statements are the responsibility of the Corporation's
management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in a