text: **Independent Auditors’ Report**
  To the Shareholders of 
  **Killam Properties Inc.**
  **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 
  We have audited the accompanying consolidated financial statements of Killam Properties Inc., which comprise the consol‑ 
  2012, and the consolidated statements of income and comprehensive income, changes in equity 
  idated statements of financial position as at December 31, 2013 and 2012, and the consolidated statements of income and 
  and cash flows for the years then ended, and a summary of significant accounting policies and 
  comprehensive income, changes in equity and cash flows for the years then ended, and a summary of significant accounting 
  other explanatory information. 
  policies and other explanatory information. 
  
  **Management's responsibility for the consolidated financial statements**
  
  **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. 