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Short-term borrowings, which primarily finance gas in storage and other working capital items, are comprised of commercial paper with maturities of less than one year with a weighted average interest rate (including the effect of hedging instruments) of 5.7% at December 31, 2000 (1999 — 4.9%; 1998 — 5.4%). 

In 2000, total interest paid was $410.5 million (1999 — $399.5 million; 1998 — $319.7 million). 

## Credit Facilities 

<img src='content_image/69016.jpg'>

Committed facilities carry a weighted average standby fee of 0.091% per annum on the unutilized portion. The committed facilities for Energy Transportation and Energy Distribution expire in 2001 and are extendible annually subject to the approval of the lenders. The committed facilities for corporate purposes expire in 2001 and 2005 and are extendible annually subject to the approval of the lenders. Drawdowns under these facilities bear interest at prevailing market rates. 

## 6. Preferred Securities 

During 1999, the Company completed public offerings of $175 million of 7.6% and $175 million of 8.0% Preferred Securities, for net proceeds of $338.5 million. The Preferred Securities may be redeemed at the Company’s option in whole or in part after the fifth anniversary of each issue. The Company has the right to defer, subject to certain conditions, payments of distributions on the securities for a period of up to 20 consecutive quarterly periods. Deferred and regular distribution amounts are payable in cash or, at the option of the Company, in common shares of the Company. Since the distributions may be settled through the issuance of common shares at the Company’s option, the Preferred Securities are classified into their respective debt and equity components. The equity component of the Preferred Securities is $340.4 million at December 31, 2000 (1999 — $341.1 million). 

## 7. Share Capital 

The authorized share capital of the Company consists of an unlimited number of common and preferred shares. 

## Common Shares 

<img src='content_image/69015.jpg'>

