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> CONSOLIDATED FINANCIAL STATEMENTS <br />• Consolidated Statement of Changes in Shareholders' Equity <br />Fw fie tsar ended Ottaber 3l (f mill~sl 2004 2003 2002 <br />Preferred shares (Note 13) <br />Bank: <br />Balance at beginning of year S 550 $ 1,025 S 1,525 <br />Redeemed (250) (475) (500) <br />Balance at end of y~r 300 550 1,025 <br />Scotia Mortgage Investment Corporation 250 250 250 <br />Total 550 800 1,275 <br />Common shares and conhihuted surplus <br />Common shares (Note 73): <br />Balance at beginning of year 3,140 3,002 2,920 <br />Issued 117 163 101 <br />Purchased for cancellation (29) (25) (19) <br />Balance at end of year 3,228 3,140 3,002 <br />Conhibuted surplus: fair value of stock optiorrs (Note 14) 1 7 - <br />Total 3,229 3,141 3,002 <br />Retained earnings <br />Balance at beginning of year 11,747 10,398 9,674 <br />Cumulative effect of adoption of new accounting standard - - (76pn <br /> 11,747 10,398 9,598 <br />Net income 2,931 2,477 1,797 <br />Dividends: Preferred (29) (52) (105) <br />Common (7,170) (849) (732) <br />Purchase of shares and premium on redemption (300) (220) (154) <br />Other (7) (6) <br />Balance at end of year 13,239 17,747 70,398 <br /> <br />. Cumulative foreign curtenq translation <br />Balance at beginning of year (1,074) 102 239 <br />Net unrealized foreign exchange translation gains/(lossespt (709) (1,176) (137)m <br />Baance at end of year (1,783) (1,074) 702 <br />Total shareholders' equity at end of year S 15,235 I S 74,614 S 14,777 <br />(1) Refs [o Nole 7. <br />(2) Comprises unreaBzM forego ex)ange tramWtbn gainsglasses) on rret insestrrimts in scNsustmnag foreign operatio ns of H7.085)120 03- N2,185): 2002 - 5(728)), <br />gains/(loses) from reWred forego exchange hedging activities of f37b (2003 - 51,009: 2002 - Spt)), reversal of prior years' foreign ex dlange losses whidt were recog- <br />nized in the Consolidated Statement of Income of n1 (zoo3 -nil 2002 - 512) and when dnil (zoo3 -nil; 2002 - 51 0). <br />p) mdudes unrealized foreign exd~ange gaim of 5707 arising in final 2002 fmm the trarnla[bn of the net investment p osition in Scwiaba nk Ouimres, whkh were remNed <br />in cumulative foreign arrenq transWtion. On deposal of Scwiabank Ouilmes' operations (refer to Nate 23), the lifetim e foreign exchan ge gams of $95 were vairsferted <br />In the Consolidated Statement of Income. <br />The accwr~panyirg rrores are an integral part of tMSe conmfidared financia)siatements <br />2004 Scotiabank Annual Report 87 <br />