COMBINED FINANCIAL STATEMENTS > NOTES TO THE COMBINED FINANCIAL STATEMENTS Exchange rates 28 The following exchange rates have been applied in preparing the combined financial statements: Profit and loss Balance sheet 2003 2002 2003 2002 Euro to sterling 1.45 1.59 1.42 1.53 US dollars to sterling 1.63 1.50 1.78 1.60 Euro to US dollars  0.89 1.06 0.80 0.96 US dollars to euro 1.12 0.94 1.25 1.05 REED ELSEVIER ANNUAL REPORTS & FINANCIAL STATEMENTS 2003 69