TSE:FTS FOR TIS INC. (Incorporated under the laws of the Province of Newfoundland and Labrador) CONSOLIDATED BALANCE SHEETS As at December 31 ASSETS 2001 (in thousands) 2000 Current Assets Cash $ 14,285 $ 18,432 Accounts receivable 102,156 76,506 Materials and supplies 18,173 16,731 Assets of discontinued operations 321 54,145 134,935 165,814 Other Assets Corporate income tax deposit 6,949 13,636 Deferred charges (Note 1) 83,224 67,112 90,173 80,748 UtilitiesGLYPH<213> Capital Assets (Note 2) 1,064,257 908,790 Income Producing Properties (Note 3) 220,338 205,565 Long-Term Investments (Note 4) 82,211 81,515 Goodwill 32,838 36,164 $ 1,624,752 $ 1,478,596 LIABILITIES Current Liabilities Short-term borrowings (Note 5) $ 129,882 $ 34,446 Accounts payable and accrued charges 122,776 128,934 Current installments of long-term debt (Note 6) 20,644 11,881 Liabilities of discontinued operations 11 49,170 273,313 224,431 Long-Term Debt (Note 6) 796,092 728,349 Deferred Credits (Note 7) 70,283 82,174 Non-Controlling Interest (Note 8) 36,135 31,502 SHAREHOLDERS' EQUITY Common shares (Note 9) 216,440 209,294 Foreign currency translation adjustment 5,380 1,163 Retained earnings  227,109 201,683 ShareholdersGLYPH<213> equity 448,929 412,140 $ 1,624,752 $ 1,478,596 Commitments (Note 22) Contingent liability (Note 23) Subsequent event (Note 24) Approved on Behalf of the Board: See accompanying notes to consolidated financial statements. Angus A. Bruneau, Director Bruce Chafe, Director FORTIS Inc. 2OO1 Annual Report 42