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CONSOLIDATED FINANCIAL SiAiEMEN 7S <br />Shareholders' Auditors' Report <br />To the Shareholders of The Bank of Nova Scotia <br />We have audited the Consolidated Balance Sheet of The Bank of <br />Nova Scotia (the Bank) as at October 31, 2006 and the Consoli- <br />dated Statements of Income, Changes in Shareholders' Equity and <br />Cash Flows for the year then ended. These financial statements are <br />the responsibility of the BankY management. Our responsibility is <br />to express an opinion on these financial statements based on <br />our audit. <br />We conducted our audit in accordance with Canadian generally <br />accepted auditing standards and the standards of the Public <br />Company Accounting Oversight Board (United States). Those <br />standards require that we plan and perform an audit to obtain <br />reasonable assurance whether the financial statements are free of <br />material misstatement. An audit includes examining, on a test basis, <br />evidence supporting the amounts and disclosures in the financial <br />statements. An audit also includes assessing the accounting <br />principles used and significant estimates made by management, as <br />well as evaluating the overall financial statement presentation. <br />KPMG LLP <br />Chartered Accountants <br />Toronto, Canada <br />In our opinion, these consolidated financial statements present <br />fairly, in all material respects, the financial position of the Bank as at <br />October 31, 2006 and the results of its operations and its cash <br />flows for the year then ended in accordance with Canadian <br />generally accepted accounting principles. <br />The Consolidated Balance Sheet as at October 31, 2005 and <br />the Consolidated Statements of Income, Changes in Shareholders' <br />Equity and Cash Flows for each of the years in the two-year period <br />ended October 31, 2005, prepared in accordance with Canadian <br />generally accepted accounting principles, were audited in <br />accordance with Canadian generally accepted auditing standards by <br />KPMG LLP and Pricewa[erhouseCoopers LLP, who expressed <br />an opinion without reservation on those statements in the Share- <br />holders' Auditors' report dated November 29, 2005. <br />December 8, 2006 <br />2006 SC OTIABANK ANNUAL REPORT 89 <br />