The Holiday Inn St. JohnGLYPH<213>s is a landmark property situated in the heart of St. JohnGLYPH<213>s, Newfoundland and Labrador. Directors, we thank you for your guidance, insight and commitment which steer us along our strategic course. Our disciplined acquisition strategy continues to produce positive results and to provide our shareholders with a healthy return. Our goal is to deliver record earnings to our shareholders for a third consecutive  year while continuing to provide our customers with quality service at reasonable costs. On behalf of the Board of Directors, Angus A. Bruneau Chair of the Board Fortis Inc. FORTIS Inc. 2OO1 Annual Report 7 H. Stanley Marshall President and  Chief Executive Officer Fortis Inc.