content_image/105712.jpg content_image/105711.jpg
## Report to Shareholders 

in the first quarter the Corporation increased its dividend to $1.88 from $1.84 on an annualized basis. 

Towards year-end, the National Environmental Appraisal Committee, appointed by the Government of Belize, granted environmental clearance for construction of the Chalillo Project which will double the production of the Mollejon hydroelectric facility. The Chalillo Project will greatly enhance the self- sufficiency of Belize to meet its increasing energy demand which is currently growing at a rate of approximately ten per cent per year. 

The people and democratic government of Belize have a world-class reputation for preserving their natural environment. Fortis has built its reputation upon its commitment to operate in the most economically and environmentally responsible manner possible. Through its operating companies, Belize Electricity and BECOL, Fortis will continue to work closely with the Government of Belize to develop the energy resources of Belize. Each and every investment opportunity considered by the Fortis Group of Companies is evaluated in terms of 

<img src='content_image/105712.jpg'>

<img src='content_image/105711.jpg'>

its ability to return value to shareholders, to improve quality of service to customers and to mitigate environmental impacts to ensure a balance between the need for progress and the need for preservation. 

Fortis is strongly committed to working with local businesses to develop economical and efficient cogeneration sources of energy supply to meet the growing long-term energy supply needs of Belize. Fortis will continue to be sensitive to the environmental objectives and concerns of Belize. 

The strong performance of the Fortis Group of Companies is largely attributable to the strong performance of the Corporation’s employees. On behalf of management, we extend our appreciation and congratulations on the results of hard work, commitment and determination of Fortis employees to provide customers with a superior level of service. 

We also extend our gratitude and best wishes to Mr. David Scales who retired from our Board of Directors in 2001 and we welcome Messrs. Geoffrey Hyland, John McCallum and Roy Rideout who joined our Board this year. To all members of the Board of 

