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## Vision 

Fortis, through its operating companies, 

has been a generator and distributor of electricity since 1885. It was structured as a holding company in 1987 to pursue profitable growth. Our electricity business now consists of investments in three provinces of Canada (Newfoundland and Labrador, Prince Edward Island and Ontario) as well as in Belize, Grand Cayman, and New York. We have grown our non-utility operation, Fortis Properties, into the leading owner and operator of commercial real estate and hotels in Atlantic Canada. While pursuing growth and diversification, we have strengthened Fortis and greatly enhanced earnings. 

To continue to enhance value for our shareholders, we believe Fortis should build upon its long history of sound financial performance and continue to grow without significantly disturbing the risk-reward balance traditionally associated with the operation of electric 

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utilities. Therefore, we have adopted the following objectives: 

i) Our return on equity should continue at a rate commensurate with those of other well-run Canadian utilities. 

ii) The financial and business risks of Fortis operations overall should not be substantially greater than those associated with the operation of a Canadian utility. 

iii) Our growth in market capitalization should be greater than the average of other Canadian public corporations of similar size. 

The principal business of Fortis will remain the ownership and operation of electric distribution utilities. We will be proactive and innovative in responding to the challenges and opportunities presented by changes in 

