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PREFERRED SHARES (Tables)

12 Months Ended

Dec. 31, 2019

Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]

Schedule of Preferred Shares

at December 31, 2019	Number of Shares Outstanding			Current Yield			Annual Dividend Per Share1,2				Redemption Price Per Share				Redemption and Conversion Option Date		Right to Convert Into		Carrying Value December 31
																			2019		2018		2017
	(thousands)																		(millions of Canadian $)3
Cumulative First Preferred Shares
Series 1	14,577			3.479	%			$0.86975				$25.00			December 31, 2024		Series 2		360		233		233
Series 2	7,423			Floating		4	Floating					$25.00			December 31, 2024		Series 1		179		306		306
Series 3	8,533			2.152	%			$0.538				$25.00			June 30, 2020		Series 4		209		209		209
Series 4	5,467			Floating		4	Floating					$25.00			June 30, 2020		Series 3		134		134		134
Series 5	12,714			2.263	%			$0.56575				$25.00			January 30, 2021		Series 6		310		310		310
Series 6	1,286			Floating		4	Floating					$25.00			January 30, 2021		Series 5		32		32		32
Series 7	24,000			3.903	%	5		$0.975752				$25.00			April 30, 2024		Series 8		589		589		589
Series 9	18,000			3.762	%	5		$0.9405				$25.00			October 30, 2024		Series 10		442		442		442
Series 11	10,000			3.80	%			$0.95				$25.00			November 30, 2020		Series 12		244		244		244
Series 13	20,000			5.50	%			$1.375				$25.00			May 31, 2021		Series 14		493		493		493
Series 15	40,000			4.90	%			$1.225				$25.00			May 31, 2022		Series 16		988		988		988
																			3,980		3,980		3,980

1 Each of the even-numbered series of preferred shares, if in existence, will be entitled to receive floating rate cumulative quarterly preferential dividends per share at an annualized rate equal to the 90-day Government of Canada Treasury bill rate (T-bill rate) plus 1.92 per cent (Series 2), 1.28 per cent (Series 4), 1.54 per cent (Series 6), 2.38 per cent (Series 8), 2.35 per cent (Series 10), 2.96 per cent (Series 12), 4.69 per cent (Series 14) and 3.85 per cent (Series 16). These rates reset quarterly with the then current T-Bill rate.

2 The odd-numbered series of preferred shares, if in existence, will be entitled to receive fixed rate cumulative quarterly preferential dividends, which will reset on the redemption and conversion option date and every fifth year thereafter, at an annualized rate equal to the then five-year Government of Canada bond yield plus 1.92 per cent (Series 1), 1.28 per cent (Series 3), 1.54 per cent (Series 5), 2.38 per cent (Series 7), 2.35 per cent (Series 9), 2.96 per cent (Series 11), 4.69 per cent, subject to a minimum of 5.50 per cent (Series 13) and 3.85 per cent, subject to a minimum of 4.90 per cent (Series 15).

3 Net of underwriting commissions and deferred income taxes.

4 The floating quarterly dividend rate for the Series 2 preferred shares is 3.572 per cent for the period starting December 31, 2019 to, but excluding, March 30, 2020. The floating quarterly dividend rate for the Series 4 preferred shares is 2.932 per cent for the period starting December 31, 2019 to, but excluding, March 30, 2020. The floating quarterly dividend rate for the Series 6 preferred shares is 3.164 per cent for the period starting October 30, 2019 to, but excluding, January 30, 2020. These rates will reset each quarter going forward.

5

No Series 7 or 9 preferred shares were converted on the April 30, 2019 or October 30, 2019 conversion option dates, respectively. As a result, the fixed rate dividend decreased for Series 7 from 4.00 per cent to 3.903 per cent on April 30, 2019 and for Series 9 from 4.250 per cent to 3.762 per cent on October 30, 2019, and are due to reset on every fifth anniversary thereafter.

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Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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