Year ended December 31 (millions of dollars except per share amounts) 2001 2000 1999 Revenues 5,249 4,421 4,239 Expenses Operating expenses 2,313 1,672 1,689 Depreciation 793 737 696 Restructuring and other costs  (Note 18) 8 – 170 3,114 2,409 2,555 Operating Income 2,135 2,012 1,684 Other Expenses/(Income) Financial charges  (Note 7) 895 951 1,009 Financial charges of joint ventures  (Note 8) 107 113 120 Allowance for funds used during construction (5) (8) (46) Interest and other income (72) (107) (38) Gain on sale of assets – (37) (91) 925 912 954 Income from Continuing Operations before Income Taxes 1,210 1,100 730 Income Taxes (Note 13) 473 371 178 Net Income from Continuing Operations 737 729 552 Net (Loss)/Income from Discontinued Operations (Note 19) (67) 61 (534) Net Income 670 790 18 Preferred Securities Charges (Note 9) 45 44 46 Preferred Share Dividends 22 35 52 Net Income/(Loss) Applicable to Common Shares 603 711 (80) Net Income/(Loss) Applicable to Common Shares Continuing operations 670 650 454 Discontinued operations (67) 61 (534) 603 711 (80) Net Income/(Loss) Per Share – Basic and Diluted (Note 11) Continuing operations $ 1.41 $ 1.37 $ 0.94 Discontinued operations (0.14) 0.13 (1.13) $ 1.27 $ 1.50 $ ( 0.19) The accompanying notes to the consolidated financial statements are an integral part of these statements. TRANSCANADA 40 CONSOLIDATED INCOME