Historical Financial Summary 2001 2000 1999 1998 Statements of Earnings (in thousands $) Operating Revenues 628,254 580,197 505,218 472,725 Operating Expenses 418,347 417,607 356,227 339,429 Amortization 62,495 52,513 45,407 42,428 Finance Charges: Interest and amortization 62,655 52,737 43,090 40,662 Dividends on preference shares 2,975 2,975 2,975 2,975 Income Taxes 28,088 17,228 27,476 22,998 Results of Discontinued Operations and Other Unusual Items 3,535 2,771 (57) 3,696 Equity Income Non-Controlling Interest 3,787 3,149 803 515 Earnings Applicable to Common Shares 53,442 36,759 29,183 27,414 Balance Sheets (in thousands $) Current Assets 134,935 165,814 92,862 94,123 Long-Term Investments 82,211 81,515 Other Assets 123,011 116,912 160,998 162,487 Capital Assets and Income Producing Properties 1,284,595 1,114,355 984,737 780,582 Total Assets 1,624,752 1,478,596 1,238,597 1,037,192 Current Liabilities 273,313 224,431 229,569 147,764 Long-Term Debt 746,092 678,349 487,828 424,275 Preference Shares 50,000 50,000 50,000 50,000 Deposits Due Beyond One Year 15,640 15,745 Deferred Credits 70,283 82,174 82,366 52,301 Non-Controlling Interest 36,135 31,502 29,381 8,430 ShareholdersGLYPH<213> Equity 448,929 412,140 343,813 338,677 Cash Flows (in thousands $) Operations 94,115 97,499 84,679 68,898 External Financing 171,358 177,820 66,797 15,858 Investing Activities 239,726 240,698 122,469 65,882 Dividends 29,913 27,661 24,303 23,824 Financial Statistics Return on Average Common ShareholdersGLYPH<213> Equity 12.41% 9.73% 8.55% 8.24% Capitalization Ratios  (year-end) Long-Term Debt 58.2% 57.8% 53.5% 51.7% Non-Controlling Interest 2.8% 2.7% 3.2% 1.0% Preference Shares 3.9% 4.3% 5.5% 6.1% Common ShareholdersGLYPH<213> Equity 35.1% 35.2% 37.8% 41.2% Interest Coverage Debt 2.3 2.1 2.3 2.2 All Fixed Charges 2.2 1.9 2.1 2.0 Capital Expenditures (in thousands $) 149,455 157,652 86,475 65,468 Common Share Data Book Value per Share (year-end) ($) 29.97 27.89 26.21 26.09 Average Common Shares Outstanding (in thousands) 14,878 13,517 13,047 12,908 Earnings per Common Share ($) 3.59 2.72 2.24 2.12 Dividends Declared per Common Share ($) 1.88 1.84 1.82 1.80 Dividends Paid per Common Share ($) 1.87 1.84 1.81 1.80 Dividend Payout Ratio 52.1% 67.6% 80.8% 84.9% Price Earnings Ratio 13.1 13.2 14.0 18.0 Share Trading Summary Closing Price ($) (TSE) 46.95 36.00 31.40 38.25 Volume (in thousands) (TSE & ME) 5,365 6,690 2,256 3,089 Note: Certain comparative figures have been reclassified to confirm with the current yearGLYPH<213>s presentation. 58 FORTIS Inc. 2OO1 Annual Report