content_image/134150.jpg content_image/134151.jpg
## MANAGEMENT’S TORSTAR CORPORATION 

## CONSOLIDATED STATEMENTS OF INCOME 

YEARS ENDED DECEMBER 31, 2004 AND 2003 (thousands of dollars) 

<img src='content_image/134150.jpg'>

(See accompanying notes) 

## CONSOLIDATED STATEMENTS OF RETAINED EARNINGS 

YEARS ENDED DECEMBER 31, 2004 AND 2003 (thousands of dollars) 

<img src='content_image/134151.jpg'>

(See accompanying notes) 

