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'%%-Ä'%%.DciVg^dCdgi]aVcYIgVchedgiVi^dc8dbb^hh^dc6ccjVaGZedgi 6jY^idgÉhGZedgi (% Auditor’s Report To the Ontario Northland Transportation Commission and the Minister of Northern Development and Mines I have audited the consolidated balance sheet of the Ontario Northland Transportation Commission as at March 31, 2009 and the consolidated statements of investment by the Province of Ontario, operations and retained earnings and cash flows for the year then ended. These consolidated financial statements are the responsibility of the Commission’s management. My responsibility is to express an opinion on these consolidated financial statements based on my audit. I conducted my audit in accordance with Canadian generally accepted auditing standards. Those standards require that I plan and perform an audit to obtain reasonable assurance whether the consolidated financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall consolidated financial statement presentation. In my opinion, these consolidated financial statements present fairly, in all material respects, the financial position of the Commission as at March 31, 2009 and the results of its operations and its cash flows for the year then ended in accordance with Canadian generally accepted accounting principles. Toronto, Ontario Jim McCarter, CA May 29, 2009 Auditor General Licensed Public Accountant 8dchda^YViZY7VaVcXZH]ZZi (& YdaaVgh^ci]djhVcYh BVgX](& BVgX](& '%%. 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