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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 Nova Scotia (the Bank) as at October 31, <br />2008 and 2007 and the Consolidated Statements of Income, Changes in Shareholders' Equity, Comprehensive <br />Income, and Cash Flows for each of the years in the three-year period ended October 31, 2008. These <br />financial statements are the responsibility of the Bank's management. Our responsibility is to express an <br />opinion on these financial statements based on our audits. <br />We conducted our audits in accordance with Canadian generally accepted auditing standards and the <br />standards of the Public Company Accounting Oversight Board (United States). Those standards require that <br />we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of <br />material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and <br />disclosures in the financial statements. An audit also includes assessing the accounting principles used and <br />significant estimates made by management, as well as evaluating the overall financial statement presentation. <br />In our opinion, these consolidated financial statements present fairly, in all material respects, the financial <br />position of the Bank as at October 31, 2008 and 2007 and the results of its operations and its cash flows for <br />each of the years in the three-year period ended October 31, 2008 in accordance with Canadian generally <br />accepted accounting principles. <br />KPMG LLP <br />Chartered Accountants, Licensed Public Accountants <br />Toronto, Canada <br />• December 2, 2008 <br />• <br />2008 Scotiabank Annual Report 105 <br />