Report to Shareholders in the country. This $103.1 million acquisition is a good strategic fit with transmission and distribution operations in Belize and was accretive to the overall earnings of Fortis from the onset, contributing $6.7 million to the bottom line this year. Canadian Niagara Power grew its operating earnings 3.9 per cent to $5.3 million in 2001 compared to  $5.1 million in the previous year.  The Company signed a $15.6 million, ten-year lease agreement with the City of Port Colborne in July to lease the electricity distribution business of Port Colborne Hydro Inc. Under the terms of the lease agreement, subject to Ontario Energy Board (“OEB”) approval, Canadian Niagara Power Inc., a wholly owned subsidiary of Canadian Niagara Power, will receive all revenues from Port Colborne Hydro Inc. in exchange for assuming responsibility for the operation  of the business. This investment is consistent with the Corporation’s strategy to grow the assets of Canadian Niagara Power in Ontario. Canadian Niagara Power has been aggressive and creative in overcoming the challenges presented by the restructuring of the electric utility business in the province and continues to be singularly successful as an investor-owned electric utility in expanding its business in Ontario. Fortis secured US$45 million (Canadian equivalency  of $71.7 million) in ten-year debt, with no recourse to  Fortis Properties expanded its presence in Atlantic Canada in 2001 with its $8.3 million acquisition of a portfolio of properties in downtown St. John’s, Newfoundland and Labrador, including the 96,300 square foot Class A office property known as TD Place, and with its official opening of its first hotel in Halifax, Nova Scotia. The $15 million, 178-room hotel is the first Four Points by Sheraton property in Atlantic Canada. As the largest market in Atlantic Canada, Halifax is integral to Fortis Properties’ strategy to grow its hospitality operations in the region. Fortis Properties achieved record financial results  for the fourth consecutive year. The Company contributed $8.7 million to the Corporation’s bottom line in 2001 compared to $4.1 million in 2000.  Dividends of $4.2 million were received from Caribbean Utilities in 2001 compared to $3.1 million in 2000. On October 26, 2001, the Company increased its regular quarterly dividend to US$0.155 from US$0.145  per Class A Ordinary Share. On an annualized basis, dividends per share increased seven per cent to US$0.62.  Fortis supports environmentally responsible initiatives such as the Government of Prince Edward IslandGLYPH<213>s five-MW wind-generated facility. TSE:FTS