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CONSOLIDATED FINANCIAL STATEMENTS <br />Shareholders' Auditors' Report <br />To the Shareholders of The Bank of Nova Scotia <br />We have audited the Consolidated Balance Sheets of The Bank of <br />Nova Scotia (the Bank) as at October 31, 2007 and 2006 and the <br />Consolidated Statements of Income, Changes in Shareholders' <br />Equity, Comprehensive Income, and Cash Flows for the years then <br />ended. These financial statements are the responsibility of the <br />Bank's management. Our responsibility is to express an opinion on <br />these financial statements based on our audits. <br />We conducted our audits in accordance with Canadian gener- <br />ally 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 />In our opinion, these consolidated financial statements present <br />fairly, in all material respects, the financial position of the Bank as <br />at October 31, 2007 and 2006 and the results of its operations and <br />its cash flows for the years then ended in accordance with Cana- <br />dian generally accepted accounting principles. <br />The consolidated financial statements of the Bank for the year <br />ended October 31, 2005, prepared in accordance with Canadian <br />generally accepted accounting principles, were audited in accor- <br />dance with Canadian generally accepted auditing standards by <br />KPMG LLP and PricewaterhouseCoopers LLP, who expressed an <br />opinion without reservation on those statements in the Share- <br />holders' Auditors' report dated November 29, 2005. <br />KPMG LLP <br />Chartered Accountants, <br />Licensed Public Accountants <br />Toronto, Canada <br />December 6, 2007 <br />2007 SCOTIABANK ANNUAL REPORT 95 <br />