Annual General MeetingMay 14, 2003

non-utility

distribution

utilities

hydroelectric

generation

38%

100%

100%

100%

100%

100%

67%

95%

51%

Newfoundland Power

FortisOntario

Maritime Electric

Belize Electricity

Caribbean Utilities

FortisUS Energy

BECOL

Central Newfoundland Energy

Fortis Properties

Distribution of Assets (December 31, 2002)

Newfoundland PowerFortis Properties

FortisOntario

Maritime Electric

Belize Electricity

Caribbean Utilities

BECOL

FortisUS Energy

CNE

0

10

20

30

40

50

60

70

80

93 94 95 96 97 98 99 00 01 '02

BECOL

Caribbean Utilities

Belize Electricity

FortisOntario

Fortis Properties

Maritime Electric

Newfoundland Power

$M

Fortis Inc.

Earnings Applicable to Common Shares

-20 -15 -10 -5 0 5 10 15 20 25

FTS

Gas & Electrics

S&P/TSX Comp.

Gas & Electric Utilities Returns - 2002

Per cent

TRP

BCG

CU

ENB

EMA

ACO/X

TA

Gas & Electric Utilities Returns (2-year return)

-15 -10 -5 0 5 10 15 20 25 30

Per cent

FTS

Gas & Electrics

S&P/TSX Comp.

TRP

BCG

CU

ENB

EMA

ACO/X

TA

100

200

300

400

92 93 94 95 96 97 98 99 '00 '01 '02

Fortis

S&P/TSX Canadian Utilities Index

S&P/TSX Composite Index

$

Total Shareholder Return

2002 Performance Review

2002 2001

Energy sales (GWh) 7,271 6,701

Revenue ($M) 715.5 628.3

Cash flow from operations ($M) 128.9 120.7

Recurring earnings ($M) 63.3 50.1

Non-recurring items ($M) - 3.5

Earnings applicable to common shares ($M) 63.3 53.6

Recurring earnings per common share ($) 3.89 3.36

Earnings per common share ($) 3.89 3.60

Dividends paid per share ($) 1.94 1.87

Operating Revenue ($M) 2002 2001

Newfoundland Power 369.6 359.3

FortisOntario 74.5 20.3

Maritime Electric 96.0 97.5

Belize Electricity 77.8 72.4

BECOL 16.6 16.1

Caribbean Utilities 4.9 4.2

Fortis Properties 90.4 73.9

Corporate 6.3 0.9

Total (net of inter-segment eliminations) 715.5 628.3

Segmented Earnings ($M)

2002 2001

Newfoundland Power 28.8 28.9

FortisOntario 9.2 5.3

Maritime Electric 6.6 6.1

Belize Electricity 6.9 6.5

BECOL 4.6 6.7

Caribbean Utilities 4.9 4.2

Fortis Properties 9.3 6.1

Corporate (7.0) (13.7)

Recurring Earnings 63.3 50.1

Assets ($M) 2002 2001

Newfoundland Power 724.3 685.0

FortisOntario 164.1 34.4

Maritime Electric 256.8 250.0

Belize Electricity 230.9 216.8

BECOL 109.3 114.6

Fortis Properties 299.3 237.5

Corporate 185.0 89.4

Total (net of inter-segment eliminations) 1,927.3 1,591.9

1.00

1.10

1.20

1.30

1.40

1.50

1.60

1.70

1.80

1.90

2.00

94 95 96 97 98 99 00 01 '02

0

10

20

30

40

50

60

70

80

90

Dividends per Common Share Payout Ratio

$ %

Dividends Paid

Liquidity

0

200

400

600

800

1,000

0

1,000

2,000

3,000

4,000

5,000

6,000

1997 2002 1997 2002

Market Cap ($M) Annual Volume (000’s)

2003 First Quarter Results

First Quarter Results

2003 2002

Revenue ($M) 235.4 182.8

Earnings ($M) 20.0 15.0

Earnings per share ($) 1.16 1.00

Cash flow from operations ($M)

38.0 32.9

First Quarter Earnings ($M)

2003 2002

Newfoundland Power 9.8 10.3

FortisOntario 5.2 1.1

Maritime Electric 1.8 1.7

Belize Electricity 1.1 1.3

BECOL (0.8) 0.0

Caribbean Utilities 2.3 1.2

Fortis Properties 1.2 0.9

Corporate (0.6) (1.5)

Earnings applicable to common shares 20.0 15.0

Annual General MeetingMay 14, 2003

Delivering in a changing environment

Another year of record earnings