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Consolidated Statements of Equity $ in Millions | CAD ($) | Common Shares CAD ($) | Preferred Shares CAD ($) | Common Shares CAD ($) | Common Shares Common Shares CAD ($) | Treasury Shares CAD ($) | Preferred Shares CAD ($) | Warrants CAD ($) | Paid in Surplus CAD ($) | Paid in Surplus Common Shares CAD ($) | Retained Earnings CAD ($) | Retained Earnings Common Shares CAD ($) | Retained Earnings Preferred Shares CAD ($) | AOCI CAD ($) | [1]
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Beginning balance at Dec. 31, 2022 |  | $ 27,576 |  |  | $ 16,320 |  | $ 0 | $ 519 | $ 184 | $ 2,691 |  | $ 6,392 |  |  | $ 1,470
Net Earnings (Loss) |  | 4,109 |  |  |  |  |  |  |  |  |  | 4,109 |  |  |
Other Comprehensive Income (Loss), Net of Tax |  | (262) |  |  |  |  |  |  |  |  |  |  |  |  | (262)
Comprehensive Income (Loss) |  | 3,847 |  |  |  |  |  |  |  |  |  | 4,109 |  |  | (262)
Common shares issued under stock option plans (in shares) |  |  |  |  |  | 58 |  |  |  |  |  |  |  |  |
Common Shares Issued Under Stock Option Plans |  |  | $ 46 |  |  |  |  |  |  |  | $ (12) |  |  |  |
Purchase of Common Shares Under NCIBs | [2] |  | (1,061) |  |  | $ (373) |  |  |  |  | (688) |  |  |  |
Warrants Exercised |  | 18 |  |  | 26 |  |  |  | (8) |  |  |  |  |  |
Stock-Based Compensation Expense |  | 11 |  |  |  |  |  |  |  | 11 |  |  |  |  |
Dividends paid |  | (990) | (990) | $ (36) |  |  |  |  |  |  |  |  | $ (990) | $ (36) |
Variable Dividends on Common Shares |  | 0 |  |  |  |  |  |  |  |  |  |  |  |  |
Warrants Purchased and Cancelled |  | (713) |  |  |  |  |  |  | (151) |  |  | (562) |  |  |
Ending balance at Dec. 31, 2023 |  | 28,698 |  |  | 16,031 |  | 0 | 519 | 25 | 2,002 |  | 8,913 |  |  | 1,208
Net Earnings (Loss) |  | 3,142 |  |  |  |  |  |  |  |  |  | 3,142 |  |  |
Other Comprehensive Income (Loss), Net of Tax |  | 1,105 |  |  |  |  |  |  |  |  |  |  |  |  | 1,105
Comprehensive Income (Loss) |  | 4,247 |  |  |  |  |  |  |  |  |  | 3,142 |  |  | 1,105
Common shares issued under stock option plans (in shares) |  |  |  |  |  | 68 |  |  |  |  |  |  |  |  |
Common Shares Issued Under Stock Option Plans |  |  | 52 |  |  |  |  |  |  |  | (16) |  |  |  |
Purchase of Common Shares Under NCIBs | [2] |  | (1,445) |  |  | $ (479) |  |  |  |  | $ (966) |  |  |  |
Purchase of Common Shares Under Employee Benefit Plan |  | (43) |  |  |  |  | (43) |  |  |  |  |  |  |  |
Preferred Shares Redeemed |  | (250) |  |  |  |  |  | (163) |  | (87) |  |  |  |  |
Warrants Exercised |  | 26 |  |  | 39 |  |  |  | (13) |  |  |  |  |  |
Stock-Based Compensation Expense |  | 11 |  |  |  |  |  |  |  | 11 |  |  |  |  |
Dividends paid |  | (1,255) | (1,255) | $ (36) |  |  |  |  |  |  |  |  | (1,255) | $ (36) |
Variable Dividends on Common Shares |  | (251) | $ (251) |  |  |  |  |  |  |  |  |  | $ (251) |  |
Ending balance at Dec. 31, 2024 |  | $ 29,754 |  |  | $ 15,659 |  | $ (43) | $ 356 | $ 12 | $ 944 |  | $ 10,513 |  |  | $ 2,313
[1] | Accumulated other comprehensive income (loss) (“AOCI”).
[2] | (2)Normal course issuer bid (“NCIB”). For the year ended December 31, 2024, amount includes taxes payable on purchase of shares.

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