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Management's Discussion and Analysis Consolidated statement of changes in shareholders' equity
Management's responsibility for financial reporting Consolidated statement of cash flows
Auditors' report Notes to the consolidated financial statements
Consolidated balance sheet Consolidated financial statements and notes
Consolidated statement of income Supplementary information

Consolidated statement of changes in shareholders’ equity Microsoft Excel  
For the year ended October 31 (C$ millions) 2003 2002 2001  
Preferred shares
Balance at beginning of year   $ 1,515     $ 1,990     $ 2,001  
Issued 250  
Redeemed for cancellation (634 ) (464 ) (295 )
Issuance costs, net of related income taxes (3 )
Translation adjustment on shares denominated in foreign currency (68 ) (11 ) 37  
Balance at end of year 813 1,515 1,990  
Common shares
Balance at beginning of year 6,963 6,926 3,074  
Issued 190 190 3,976  
Issuance costs, net of related income taxes (1 ) (12 )
Purchased for cancellation (154 ) (152 ) (112 )
Balance at end of year 6,999 6,963 6,926  
Additional paid-in capital
Balance at beginning of year 76 33  
Renounced stock appreciation rights, net of related income taxes 5 29  
Stock options granted 7 14 33  
Balance at end of year 88 76 33  
Retained earnings
Balance at beginning of year 10,473 9,311 8,314  
Net income 3,036 2,898 2,435  
Preferred share dividends (68 ) (98 ) (135 )
Common share dividends (1,137 ) (1,022 ) (897 )
Premium paid on common shares purchased for cancellation (698 ) (612 ) (397 )
Issuance costs, net of related income taxes (15 ) (4 ) (9 )
Balance at end of year 11,591 10,473 9,311  
Accumulated other comprehensive income (loss),
net of related income taxes
Unrealized gains and losses on available for sale securities 113 202 190  
Unrealized foreign currency translation gains and losses,
   net of hedging activities
(893 ) (54 ) (38 )
Gains and losses on derivatives designated as cash flow hedges (104 ) (127 ) (190 )
Additional pension obligation (490 ) (293 ) (17 )
Balance at end of year (1,374 ) (272 ) (55 )
Shareholders' equity at end of year $ 18,117   $ 18,755   $ 18,205  
Comprehensive income, net of related income taxes
Net income $ 3,036   $ 2,898   $ 2,435  
Other comprehensive income
Change in unrealized gains and losses on available
   for sale securities
(89 ) 12 246  
Change in unrealized foreign currency translation
   gains and losses
(2,988 ) (59 ) 473  
Impact of hedging unrealized foreign currency translation
    gains and losses
2,149 43 (475 )
Cumulative effect of initial adoption of FAS 133 60  
Change in gains and losses on derivatives designated as
    cash flow hedges
(57 ) (50 ) (250 )
Reclassification to earnings of gains and losses on
    cash flow hedges
80 113  
Additional pension obligation (197 ) (276 ) (17 )
Total comprehensive income $ 1,934   $ 2,681   $ 2,472