As the Corporation continues to grow, an appropriate capital structure will be maintained in order to access capital markets at the lowest possible cost. The capital structure of Fortis is presented in the following table. In September 2001, Fortis Properties acquired a portfolio of properties including TD Place, in downtown St. John’s, Newfoundland and Labrador, for $8.3 million. During 2001, Fortis Properties sold the Centennial Building in Halifax, Nova Scotia for proceeds of $11.5 million and realized an after-tax gain of $2.6 million. The Corporation received $5.5 million in proceeds and realized an after-tax gain of $0.5 million on the sale of the assets and liabilities of Fortis Trust. Capital expenditures excluding acquisitions,  by operating segment, are presented in the following table. The Corporation paid $28.0 million in Common Share dividends in 2001, or $1.87 per Common Share, compared to $25.7 million, or $1.84 per Common Share, in 2000. Fortis has increased its dividends per Common Share every year since its inception in 1987. The dividend payout ratio declined to 52.1 per cent in 2001 from 67.6 per cent in 2000. The Corporation received $7.1 million in 2001 for Common Shares issued through its Dividend Reinvestment Plan, Consumer Share Purchase Plan, Employee Share Purchase Plan, Executive Stock Option Plan and Director Stock Option Plan compared to $4.9 million in the prior year.  The $2.2 million increase over 2000 results predominantly from exercise of stock options in 2001. Newfoundland Power’s capital expenditures focused on improving the reliability of the electricity system throughout the province of Newfoundland and Labrador. Maritime Electric’s capital expenditures focused on initiatives to strengthen its energy delivery system to meet increased load. Belize Electricity’s capital expenditures predominately pertain to the Power III Project, which is designed to extend electrical services to 13,000 new customers by 2003. Fortis Properties’ capital expenditures were mainly associated with construction of the $15 million Four Points by Sheraton Halifax hotel in Halifax, Nova Scotia. The primary business risks for Fortis are related to regulation, energy prices, weather, foreign exchange, In January 2001, Fortis acquired a 95 per cent interest in BECOL for an aggregate purchase price of $103.1 million. In September 2001, the Corporation, through Newfoundland Power and another subsidiary, closed a transaction to purchase poles and related infrastructure from Aliant Telecom for an aggregate purchase price of $46 million.  Investing Activities: Cash used in investing activities totalled $239.7 million in 2001 compared to $240.7 million in 2000. Fortis invested $103.0 million in acquiring new business interests and $149.5 million in capital expenditures during 2001. Business Risk Management Capital Structure 2001 2000 ($ millions) % ($ millions) % Total Debt, Net of Cash  882.3 63.9 706.2 60.4 Preferred Shares 50.0 3.6 50.0 4.3 Common Shareholders' Equity 448.9 32.5 412.1 35.3 Total 1,381.2 100.0 1,168.3 100.0 ($ millions) 2001 2000 Newfoundland Power 48.1 43.7 Maritime Electric 14.6 12.6 Belize Electricity 27.6 21.0 Canadian Niagara Power 3.5 3.4 Fortis Properties 16.8 16.9 Other 4.7 0.5 Total 115.3 98.1 Capital Expenditures, excluding acquisitions FORTIS Inc. 2OO1 Annual Report 38 TSE:FTS