content_image/25941.jpg content_image/25942.jpg
## 11.Income Tax Rate 

The following is a reconciliation of the combined statutor income tax rate to the effective income tax rate: 

<img src='content_image/25941.jpg'>

## 12. Gain on Sale of Income Producing Property 

On July 4, 2001, Fortis Properties sold an income producing property for proceeds of $11.5 million, resulting in an after-tax gain of $2.6 million. 

## 13. Gain on Sale of Certain Trademark Rights 

On October 11, 2000, the Corporation sold certain Canadian trademark rights allowing the purchaser to use the name GLYPH<212>FortisGLYPH<213> in respect of insurance and financial services in Canada. Proceeds on the sale were $1.5 million, which resulted in an after-tax gain of $1.2 million. 

## 14. Gain on Sale of Surplus Land 

On December 12, 2000, Canadian Niagara Power sold surplus land for proceeds of $2.9 million, resulting in a gain, before income taxes, of $2.6 million. The CorporationGLYPH<213>s share of the after-tax gain was $1.0 million. 

## 15. Discontinued Operations 

On June 22, 2001, the Corporation sold the business comprising the deposits and loans of Fortis Trust for cash consideration of $5.8 million. Earnings from discontinued operations include the CorporationGLYPH<213> share of the income from operations of Fortis Trust for the period ended June 22, 2001. The 2000 consolidated balance sheet, statements of earnings, retained earnings and cash flows have been reclassified to conform with the 2001 presentation. The assets and liabilities of discontinued operations have been reported elsewhere in these consolidated financial statements. 

The results of discontinued operations, which have been included in the consolidated statements of earnings, are as follows: 

<img src='content_image/25942.jpg'>

