CONSOLIDATED STATEMENT OF CASH FLOWS ENBRIDGE 2000 ANNU AL REPORT 31 (millions of dollars) Year ended December 31, 2000 1999 1998 Cash Provided from Operating Activities Earnings 414.5 299.8 240.9 Charges/(credits) not affecting cash Depreciation 453.5 383.8 309.0 Equity earnings in excess of cash distributions (52.0) (29.7) (13.8) Gain on reduction of ownership interest — (18.2) (1.0) Loss on foreign exchange contracts 24.5 — — Future income taxes (157.1) 5.5 (26.1) Other (23.0) (14.3) (18.6) Changes in operating assets and liabilities (396.4) (131.8) (178.0) 264.0 495.1 312.4 Investing Activities Long-term investments (554.9) (340.8) (181.0) Acquisition of subsidiaries (16.5) (16.7) (76.1) Additions to property, plant and equipment (364.3) (783.7) (1,388.4) Changes in construction payable (5.7) (56.0) 61.9 Other (8.4) (8.5) (6.8) (949.8) (1,205.7) (1,590.4) Financing Activities Variable rate financing, net (105.2) 204.3 349.0 Fixed rate debt issued 965.4 367.6 1,190.4 Fixed rate debt repayments (133.3) (183.1) (360.8) Non-controlling interests 21.2 100.0 — Preferred securities issued — 338.5 — Preferred shares issued — — 123.3 Common shares issued 175.4 10.3 218.0 Preferred security distributions (15.3) (5.0) — Preferred share dividends (6.9) (6.9) — Common share dividends (202.1) (186.4) (168.3) 699.2 639.3 1,351.6 Increase/(Decrease) in Cash 13.4 (71.3) 73.6 Cash at Beginning of Year 53.6 124.9 51.3 Cash at End of Year 67.0 53.6 124.9 The accompanying notes to the consolidated financial statements are an integral part of these statements.