Independent Auditors’ Report
To the Shareholders of Killam Properties Inc.
We have audited the accompanying consolidated financial statements of Killam Properties Inc., which comprise the consol‑
idated statements of financial position as at December 31, 2013 and 2012, and the consolidated statements of income and 
comprehensive income, changes in equity and cash flows for the years then ended, and a summary of significant accounting 
policies and other explanatory information.
Management’s responsibility for the consolidated financial statements
Management is responsible for the preparation and fair presentation of these consolidated financial statements in accor‑
dance with International Financial Reporting Standards, and for such internal control as management determines is neces‑
sary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due 
to fraud or error.
Auditors’ responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted 
our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we comply 
with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated 
financial statements are free from material misstatement.
an audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated 
financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of 
material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assess‑
ments, the auditors consider internal control relevant to the entity’s preparation and fair presentation of the consolidated 
financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose 
of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appro‑
priateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as 
evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our 
audit opinion. 
Opinion
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Killam 
Properties Inc. as at December 31, 2013 and 2012, and its financial performance and its cash flows for the years then ended 
in accordance with International Financial Reporting Standards.
Halifax, Canada,    
INDEPENDENT AUDITORS’ REPORT
To the Shareholders of
Killam Properties Inc.
We have audited the accompanying consolidated financial statements of Killam Properties Inc .,
which comprise the consolidated statements of financial position as at December 31, 2013 and
2012, and the consolidated statements of income and comprehensive income, changes in equity
and cash flows for the years then ended, and a summary of significant accounting policies and
other explanatory information.
Management's responsibility for the consolidated financial statements
Management is responsible for the preparation and fair presentation of these consolidated financial
statements in accordance with International Financial Reporting Standards, and for such internal
control as management determines is necessary to enable the preparation of consolidated financial
statements that are free from material misstatement, whether due to fraud or error.
Auditors’ responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our
audits. We conducted our audits in accordance with Canadian generally accepted auditing