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CONSOLIDATED FINANCIAL STATEMENTS
<br />' Consolidated Statement of Cash Flows
<br />Sources (uses) of rash floss
<br />For the ar ended October 31 (S mil0ons) 3006 2005 2009
<br />Cash flows from operating activities
<br />Net income S 3,579 $ 3,209 S 2,908
<br />Adjustments to net income to determine cash flows:
<br />Depreciation and amortization 230 202 216
<br />Provision for credit losses 216 230 390
<br />Future income taxes (178) (231) (87)
<br />Net gain on investment securities (371) (414) (477)
<br />Net accrued interest receivable and payable 79 (204) (103)
<br />Trading securities (13,042) 0,014) (1,514)
<br />Trading derivatives' market valuation, net 1,305 (400) 350
<br />Other, net 2,218 1,300 (718)
<br /> (5,964) (3,322) 965
<br />Cash flows from financing activities
<br />Deposits 44,014 22,282 8,106
<br />' Obligations related to securities sold under repurchase agreements 8,245 6,676 (8,011)
<br />Obligations related to securities sold short 2,190 3,693 (1,528)
<br />Subordinated debentures redemptions/repayments (300) - -
<br />Capital instrument liabilities redemptions/repaymenu - - (260)
<br />Capital stock issued 118 416 114
<br />Capital stock redeemed/purchased for cancellation (350) (1,057) (319)
<br />Cash dividends paid (1,513) (1,342) (1,126)
<br />Other, net 684 806 (230)
<br /> 53,088 31,474 (3,254)
<br />Cash flows from investing activities
<br />Interest-bearing deposits with banks (1,664) (2,814) 3,483
<br />Loans, excluding securitizations (37,611) (23,910) (7,998)
<br />Loan securitizations ~ 2,514 2,153 3,514
<br />Investment securities:
<br />Purchases (47,326) (26,200) (24,471)
<br />Maturities 18,017 12,955 14,742
<br />Sales 75,146 10,724 14,384
<br />Land, buildings and equipment, net of disposals (256) (168) (228)
<br />Other, net"' (2,099) (276) (69)
<br />Effect of exchange rate changes on cash and cash equivalents
<br />Net change in wsh and rash equivalents
<br />Cash and cash equivalents at beginning of year
<br />Cash and wsh equivalents at end of year'"
<br />Cash disbursements made for:
<br />Interest
<br />Income taxes
<br />S 10,559 IS 8,142 E 6,581
<br />S 1.012 4 907 4 751
<br />(1) Compirses investments in subsiduries and lwsirnss units, and the pwchase of assets related !o these investments, which are net o1 nonrash <onsidestion consisting of
<br />common shares issued from treasury of ft (2005 -fag: 2004 -nip and net of cash antl cash equivalents at the date of acquisitbn off 167 (2D05 - f t 7; 2004 -nip.
<br />12) Represents cash and non-interest-bearing tleposits vnth banks.
<br />The accompanying notes are an integral part o/these consolidated financial statements.
<br />200fi SC OTIABANK ANNUAL REPORT 93
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