Talisman’s 2003 Corporate Responsibility Report describes our performance in Canada, Colombia, Indonesia, Malaysia, Vietnam, Trinidad, Algeria, Qatar, Sudan, the United States and the North Sea against Talisman’s Policy on Business Conduct and Ethics and the International Code of Ethics for Canadian Business2. Each of these documents presents information about how the Company endeavours to make decisions and conducts its business by taking into account the social, environmental and economic impacts of its actions.

Talisman’s 2003 report has again been developed in the spirit of the Global Reporting Initiative (GRI) guidelines and is structured into three performance areas: Social, Health, Safety and the Environment and Economic. The 2003 report expands on previously reported key performance indicators and also includes discussion and analysis of the Company’s performance. Stakeholder commentary, not included in the 2002 report, has been reintroduced in an attempt to provide additional context to Talisman’s 2003 results.

Health, safety and environmental data provided in the report relates to facilities and operations where we hold the operating permit or licence, regardless of the level or size of ownership interest, in Canada, the North Sea and Malaysia for the 2003 calendar year. Information on project planning and environmental protection, waste management and energy efficiency and emissions is provided for a wider range of operating areas and country specific examples are provided throughout the document to reflect our global efforts in this area. We report on our social and economic performance in all areas where we do business. All currency figures are reported in Canadian dollars unless otherwise stated.

A number of new features have been added to the report, based on stakeholder feedback received throughout the year from investors, non-governmental organizations, sustainable investment fund indices, government representatives and our reviewer, PricewaterhouseCoopers. These changes are detailed in Inside The Report.

Talisman’s 2002 and 2003 performance, based on the GRI, can be found at the beginning of each subsection. For more comprehensive disclosure and supplementary corporate responsibility information, visit our website at
www.talisman-energy.com.

We believe that the 2002 report established a new baseline in corporate responsibility reporting for Talisman and trust the 2003 report upholds that same spirit, while demonstrating the evolution of our reporting. We strive to provide consistent data related to relevant social, health, safety and environmental and economic issues from one year to the next. This is undertaken in an effort to provide an objective appraisal and overview of our performance over a period of time so that trends can be examined and analyzed.

2 The Talisman Policy on Business Conduct and Ethics and the International Code of Ethics for Canadian Business can be viewed on our website at www.talisman-energy.com.