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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 <br />Scotia (the Bank) as at October 31, 2010 and 2009 and the <br />Consolidated Statements of Income, Changes in Shareholders' Equity, <br />Comprehensive Income, and Cash Flows for each of the years in the <br />three-year period ended October 31, 2010. These financial statements <br />are the responsibility of the Bank's management. Our responsibility is to <br />express an opinion on these financial statements based on our audits. <br />We conducted our audits in accordance with Canadian generally <br />accepted auditing standards and the standards of the Public Company <br />Accounting Oversight Board (United States). Those standards require <br />that we plan and perform an audit to obtain reasonable assurance <br />whether the financial statements are free of material misstatement. <br />KPMG LLP <br />Chartered Accountants, Licensed Public Accountants <br />Toronto, Canada <br />An audit includes examining, on a test basis, evidence supporting the <br />amounts and disclosures in the financial statements. An audit also <br />includes assessing the accounting principles used and significant <br />estimates made by management, as well as evaluating the overall <br />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 at <br />October 31, 2010 and 2009 and the results of its operations and its <br />cash flows for each of the years in the three-year period ended October <br />31, 2010 in accordance with Canadian generally accepted accounting <br />principles. <br />December 3, 2010