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<SEC-DOCUMENT>0001104659-10-008190.txt : 20100219
<SEC-HEADER>0001104659-10-008190.hdr.sgml : 20100219
<ACCEPTANCE-DATETIME>20100219162132
ACCESSION NUMBER:		0001104659-10-008190
CONFORMED SUBMISSION TYPE:	40-F
PUBLIC DOCUMENT COUNT:		18
CONFORMED PERIOD OF REPORT:	20091231
FILED AS OF DATE:		20100219
DATE AS OF CHANGE:		20100219

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ENBRIDGE INC
		CENTRAL INDEX KEY:			0000895728
		STANDARD INDUSTRIAL CLASSIFICATION:	PIPE LINES (NO NATURAL GAS) [4610]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15254
		FILM NUMBER:		10619854

	BUSINESS ADDRESS:	
		STREET 1:		3000 425 - 1ST STREET SW
		CITY:			CALGARY ALBERTA CANA
		STATE:			A0
		ZIP:			T2P 3L8
		BUSINESS PHONE:		4032313900

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	IPL ENERGY INC
		DATE OF NAME CHANGE:	19940616

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERPROVINCIAL PIPE LINE SYSTEM INC
		DATE OF NAME CHANGE:	19930108
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-F
<SEQUENCE>1
<FILENAME>a10-3715_140f.htm
<DESCRIPTION>40-F
<TEXT>

<html>

<head>





</head>

<body lang="EN-US">

<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">U.S. SECURITIES AND EXCHANGE
COMMISSION</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">WASHINGTON,
D.C.&#160; 20549</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;">FORM
40-F</font></b></h1>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">[&#160;&#160;&#160;&#160;&#160;&#160; ]&#160;&#160;
REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES<br>
EXCHANGE ACT OF 1934</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">OR</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">[ &#160;</font><font size="1" face="Wingdings 2" style="font-size:8.0pt;">P</font><font size="1" face="Arial" style="font-size:8.0pt;"> &#160;]&#160;&#160;
ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE SECURITIES<br>
EXCHANGE ACT OF 1934</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">For the fiscal year ended December
  31, 2009</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Commission file number 001-15254</font></p>
  </td>
 </tr>
 <tr>
  <td width="53%" valign="top" style="border:none;border-bottom:solid windowtext 2.25pt;padding:0in 0in 0in 0in;width:53.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 2.25pt;padding:0in 0in 0in 0in;width:43.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">ENBRIDGE INC.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Exact name of Registrant as specified in its charter)</font></i></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">&nbsp;</font></i></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Not
Applicable</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Translation of Registrant's Name into English (if applicable))</font></i></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Canada</font></b></p>
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Province or other jurisdiction<br>
  of incorporation or organization)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">4923</font></b></p>
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Primary Standard Industrial<br>
  Classification Code</font></i><font size="1" face="Arial" style="font-size:8.0pt;"><br>
  <i>Number (if applicable))</i></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">None</font></b></p>
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(I.R.S. Employer Identification<br>
  Number (if applicable))</font></i></p>
  </td>
 </tr>
</table>

</div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">3000 Fifth Avenue Place</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">425 &#150; 1</font></b><b><font size="1" style="font-size:7.0pt;font-weight:bold;position:relative;top:-3.0pt;">st</font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&#160;Street S.W.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Calgary, Alberta, Canada&#160; T2P 3L8</font></b></p>

<h4 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;">Telephone
Number:&#160; (403) 231-3900</font></b></h4>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Address and telephone number of Registrant's principal executive
offices)</font></i></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Enbridge (U.S.) Inc.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1100 Louisiana, Suite 3200</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Houston, Texas 77002</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Telephone Number:&#160; (713) 650-8900</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Name, address (including zip code) </font></i><font size="1" face="Arial" style="font-size:8.0pt;">and telephone number
<i>(including area code)</i>  <i>of agent for service in the United States)</i></font></p>

<div style="border:none;border-bottom:solid windowtext 2.25pt;padding:0in 0in 1.0pt 0in;">

<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

</div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Securities registered pursuant to Section 12(b) of the Act:</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="46%" valign="bottom" style="padding:0in 0in 0in 0in;width:46.08%;">
  <p style="margin:0in 0in .0001pt .75in;"><u><font size="1" face="Arial" style="font-size:8.0pt;">Title of
  each class</font></u></p>
  </td>
  <td width="52%" valign="bottom" style="padding:0in 0in 0in 0in;width:52.92%;">
  <p style="margin:0in 0in .0001pt;"><u><font size="1" face="Arial" style="font-size:8.0pt;">Name of each exchange on which
  registered</font></u></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="bottom" style="padding:0in 0in 0in 0in;width:46.08%;">
  <p style="margin:0in 0in .0001pt .75in;"><font size="1" face="Arial" style="font-size:8.0pt;">Common Shares</font></p>
  </td>
  <td width="52%" valign="bottom" style="padding:0in 0in 0in 0in;width:52.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">New York Stock Exchange</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Securities registered pursuant to Section 12(g) of the Act:</font></b><font size="1" face="Arial" style="font-size:8.0pt;">&#160; None</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Securities for which there is a reporting obligation pursuant to
Section 15(d) of the Act:</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">None</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">For annual
reports, indicate by check mark the information filed with this Form:</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.88%;">
  <p style="margin:0in 0in .0001pt .75in;"><font size="1" face="Arial" style="font-size:8.0pt;">[ &nbsp;</font><font size="1" face="Wingdings 2" style="font-size:8.0pt;">P</font><font size="1" face="Arial" style="font-size:8.0pt;"> &nbsp;] Annual Information Form</font></p>
  </td>
  <td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">[ &nbsp;</font><font size="1" face="Wingdings 2" style="font-size:8.0pt;">P</font><font size="1" face="Arial" style="font-size:8.0pt;"> &nbsp;] Audited annual financial statements</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Arial" style="font-size:8.0pt;">Indicate the
number of outstanding shares of the issuer&#146;s classes of capital or common stock
as of the close of the period covered by the annual report:</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">378,233,956
Common shares (as at December&nbsp;31, 2009)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Arial" style="font-size:8.0pt;">Indicate by
check mark whether the Registrant by filing the information contained in this
Form is also thereby furnishing the information to the Commission pursuant to
Rule&nbsp;12g3-2(b) under the Securities Exchange Act of 1934 (the &quot;Exchange
Act&quot;).&#160; If &quot;Yes&quot; is
marked, indicate the filing number assigned to the Registrant in connection
with such Rule.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ] Yes</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.44%;">
  <p style="margin:0in 0in .0001pt 1.0in;"><font size="1" face="Arial" style="font-size:8.0pt;">[ &nbsp;</font><font size="1" face="Wingdings 2" style="font-size:8.0pt;">P</font><font size="1" face="Arial" style="font-size:8.0pt;"> &nbsp;] No</font></p>
  </td>
  <td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Arial" style="font-size:8.0pt;">Indicate by
check mark whether the Registrant (1)&nbsp;has filed all reports required to be
filed by Section&nbsp;13 or 15(d) of the Exchange Act during the preceding 12
months (for such shorter period that the Registrant was required to file such
reports) and (2)&nbsp;has been subject to such filing requirements for the past
90 days.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">[&nbsp;
  </font><font size="1" face="Wingdings 2" style="font-size:8.0pt;">P</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp; ] Yes</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.44%;">
  <p style="margin:0in 0in .0001pt 1.0in;"><font size="1" face="Arial" style="font-size:8.0pt;">[ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] No</font></p>
  </td>
  <td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.5pt;font-weight:bold;">DISCLOSURE CONTROLS AND PROCEDURES</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.5pt;">As of the end of the period covered
by this report, an evaluation was carried out under the supervision of and with
the participation of the Registrant's management, including the Chief Executive
Officer and Chief Financial Officer, of the effectiveness of the design and
operation of the Registrant's disclosure controls and procedures (as defined in
Rule&nbsp;13a-15(e) under the Securities Exchange Act of 1934).&#160; Based on that evaluation, the Chief Executive
Officer and Chief Financial Officer concluded that the design and operation of
these disclosure controls and procedures were effective in ensuring that
information required to be disclosed by the Registrant in reports that it files
with or submits to the Securities and Exchange Commission is recorded,
processed, summarized and reported within the time periods required.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.5pt;">No changes were made in the
Registrant's internal control over financial reporting or in other factors
during the period covered by this annual report on Form&nbsp;40-F that have
materially affected or are reasonably likely to materially affect the
Registrant's internal control over financial reporting.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.5pt;font-weight:bold;">MANAGEMENT&#146;S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.5pt;">The
information provided under the heading &#147;Management&#146;s Report on Internal Control
over Financial Reporting&#148; contained in the Management&#146;s Discussion and
Analysis, filed as exhibit 99.7 to this annual report on Form 40-F, is
incorporated herein by reference.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.5pt;font-weight:bold;">AUDIT COMMITTEE FINANCIAL EXPERT</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.5pt;">The Registrant's Board of Directors
has determined that Messrs. J.H. England and D.A. Leslie and Ms. C.L. Williams,
members of the Audit Committee, each qualify as an audit committee financial
expert (as defined in Form 40-F under the Securities Exchange Act of 1934) and
are independent as defined by the New York Stock Exchange corporate governance
rules applicable to foreign private issuers.&#160;
The SEC has indicated that the designation of each of
Messrs.&nbsp;England and Leslie and Ms. Williams as an audit committee financial
expert does not make any one of them an &quot;expert&quot; for any purpose,
impose any duties, obligations or liability on any one of them that are greater
than those imposed on members of the audit committee and board of directors who
do not carry this designation or affect the duties, obligations or liability of
any other member of the audit committee.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.5pt;font-weight:bold;">CODE OF ETHICS</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.5pt;">The Registrant has adopted a code of
ethics (the &quot;Statement on Business Conduct&quot;) that applies to all
employees and officers, including its principal executive officer, principal
financial officer and principal accounting officer.&#160; The Statement on Business Conduct is
available at the Registrant's Internet website, www.enbridge.com and is
available in print to any shareholder upon written request to the Corporate
Secretary of the Registrant.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.5pt;font-weight:bold;">PRINCIPAL ACCOUNTANT FEES AND SERVICES</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.5pt;">PricewaterhouseCoopers LLP (or a
predecessor firm, Price Waterhouse) (&quot;PwC&quot;)
have been the auditors of the Registrant since 1992.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.5pt;">The information provided under the
headings &#147;Pre-Approval Policies and Procedures&#148; and &#147;External Auditor Services
&#150; Fees&#148; contained in the Annual Information Form, filed as exhibit 99.5 to this
annual report on Form 40-F, is incorporated herein by reference.</font></p>

<p align="left" style="margin:12.0pt 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.5pt;font-weight:bold;">OFF-BALANCE SHEET ARRANGEMENTS</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.5pt;">The Registrant has no off-balance
sheet arrangements as defined by Form 40-F under the Securities Act of 1934.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Page 2<a name="PB_2_063538_7056"></a></font></p>

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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.5pt;font-weight:bold;">TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.5pt;">The information provided in the Management&#146;s
Discussion and Analysis under the heading &#147;Contingencies on Commitments &#150;
Contractual Obligations&#148;, filed as exhibit 99.7 to this annual report on Form
40-F, is incorporated herein by reference.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.5pt;font-weight:bold;">IDENTIFICATION OF THE AUDIT COMMITTEE</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.5pt;">The Registrant is required by
Canadian law to have an audit committee.&#160;
The Chair of the Audit, Finance &amp; Risk Committee is D.A. Leslie and
the other members at year-end were J.H. England, G.K.Petty, C.E. Shultz and
C.L. Williams.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.5pt;font-weight:bold;">FORWARD-LOOKING STATEMENTS</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.5pt;">A number of statements in the
documents incorporated by reference in this Form 40-F constitute
&quot;forward-looking statements&quot; within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995.&#160;
Please refer to the last paragraph under the heading &#147;Forward-Looking
Information&#148; in the Annual Information Form of Enbridge Inc. for the year ended
December&nbsp;31, 2009, dated February 18, 2010, incorporated herein and
forming an integral part of this document, for a discussion of risks,
uncertainties and assumptions that could cause actual results to vary from
those forward-looking statements.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.5pt;font-weight:bold;">UNDERTAKING</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.5pt;">The Registrant undertakes to make
available, in person or by telephone, representatives to respond to inquiries
made by the Commission staff, and to furnish promptly, when requested to do so
by the Commission staff, information relating to the securities in relation to
which the obligation to file an annual report on Form&nbsp;40-F arises or
transactions in said securities.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.5pt;font-weight:bold;">SIGNATURES</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.5pt;">Pursuant to the requirements of the
Exchange Act, the Registrant certifies that it meets all of the requirements
for filing on Form 40-F and has duly caused this Annual Report to be signed on
its behalf by the undersigned, thereunto duly authorized.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.5pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.74%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.26%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="60%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">ENBRIDGE
  INC.</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="60%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.56%;">
  <p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Date:</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">February
  18, 2010</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="55%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:55.56%;">
  <p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&#147;signed&#148;</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:55.56%;">
  <p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Alison T. Love</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.56%;">
  <p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Vice President &amp; Corporate Secretary</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

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<div>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.5pt;font-weight:bold;">EXHIBIT INDEX</font></b></p>

<p align="center" style="margin:12.0pt 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">99.1</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Certificate of the Chief Executive
  Officer under Section 302 of the <i>Sarbanes-Oxley
  Act of 2002</i>.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">99.2</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Certificate of the Chief Financial
  Officer under Section 302 of the <i>Sarbanes-Oxley
  Act of 2002</i>.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">99.3</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Certificate of the Chief Executive
  Officer under Section 906 of the <i>Sarbanes-Oxley
  Act of 2002</i>.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">99.4</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Certificate of the Chief Financial
  Officer under Section 906 of the <i>Sarbanes-Oxley
  Act of 2002</i>.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">99.5</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Annual Information Form of the
  Registrant dated February 18, 2010.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">99.6</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Audited financial statements of
  the Registrant and notes thereto for the fiscal years ended December&nbsp;31,
  2008 and 2009 and Auditor's Report thereon.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">99.7</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Management's Discussion and
  Analysis of the Registrant for the year ended December&nbsp;31, 2009 dated
  February 18, 2010.</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">99.8</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Consent of
  PricewaterhouseCoopers LLP, independent auditors of the Registrant.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a10-3715_1ex99d1.htm
<DESCRIPTION>EX-99.1 CERTIFICATE OF THE CEO UNDER SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002.
<TEXT>

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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">EXHIBIT 99.1</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">CERTIFICATION</font></b></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">I, Patrick D.&nbsp;Daniel, certify that:</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">I have reviewed this annual report on Form&nbsp;40-F of Enbridge Inc.;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Based on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the issuer as of, and for,
the periods presented in this report;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">The issuer's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer
and have:</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the issuer, including its
consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Evaluated the effectiveness of the issuer's disclosure controls and
procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the period covered
by this report based on such evaluation; and</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Disclosed in this report any change in the issuer&#146;s internal control
over financial reporting that occurred during the period covered by the annual
report that has materially affected, or is reasonably likely to materially
affect, the issuer&#146;s internal control over financial reporting; and</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">The issuer's other certifying officer and I have disclosed, based on our
most recent evaluation of internal control over financial reporting, to the
issuer's auditors and the audit committee of issuer's board of directors (or
persons performing the equivalent functions):</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">All significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably
likely to adversely affect the issuer's ability to record, process, summarize
and report financial information; and</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Any fraud, whether or not material, that involves management or other
employees who have a significant role in the issuer's internal control over
financial reporting.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Date:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">February 18, 2010</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="33%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:33.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&#148;signed&#148;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="33%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Patrick D. Daniel</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">President &amp; Chief Executive Officer</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>a10-3715_1ex99d2.htm
<DESCRIPTION>EX-99.2 CERTIFICATE OF THE CFO UNDER SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002.
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">EXHIBIT 99.2</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">CERTIFICATION</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">I, J. Richard Bird, certify that:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">I have reviewed this annual report on Form&nbsp;40-F of Enbridge Inc.;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Based on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the issuer as of, and for,
the periods presented in this report;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">The issuer's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer
and have:</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the issuer, including its
consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Evaluated the effectiveness of the issuer's disclosure controls and
procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the period covered
by this report based on such evaluation; and</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Disclosed in this report any change in the issuer&#146;s internal control
over financial reporting that occurred during the period covered by the annual
report that has materially affected, or is reasonably likely to materially
affect, the issuer&#146;s internal control over financial reporting; and</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">The issuer's other certifying officer and I have disclosed, based on our
most recent evaluation of internal control over financial reporting, to the
issuer's auditors and the audit committee of issuer's board of directors (or
persons performing the equivalent functions):</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">All significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably
likely to adversely affect the issuer's ability to record, process, summarize
and report financial information; and</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Any fraud, whether or not material, that involves management or other
employees who have a significant role in the issuer's internal control over
financial reporting.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Date:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">February 18, 2010</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&#147;signed&#148;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">J. Richard Bird</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Executive Vice President, Chief
  Financial Officer<br>
  &amp; Corporate Development</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>a10-3715_1ex99d3.htm
<DESCRIPTION>EX-99.3 CERTIFICATE OF THE CEO UNDER SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002.
<TEXT>

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<body lang="EN-US">

<div style="font-family:Times New Roman;">

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">EXHIBIT 99.3</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.5pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.5pt;font-weight:bold;">CERTIFICATION</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.5pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.5pt;font-weight:bold;">Pursuant to 18 U.S.C. Section
1350, <br>
as Enacted Pursuant to <br>
Section 906 of the Sarbanes-Oxley Act of 2002</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.5pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In connection with the annual report
of Enbridge Inc. (the &#147;Corporation&#148;) on Form 40-F for the fiscal year ending
December 31, 2009, as filed with the Securities and Exchange Commission on the
date hereof (the &#147;Report&#148;), I, Patrick D. Daniel, President &amp; Chief
Executive Officer of the Corporation, certify, pursuant to 18 U.S.C. Section
1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,
that:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.5pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">The Report fully
complies with the requirements of section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">The information
contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the Corporation.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Dated at Calgary, Alberta, this 18<font style="position:relative;top:-4.0pt;">th</font>&#160;day of February, 2010.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&#147;signed&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Patrick D. Daniel</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">President &amp; Chief Executive
  Officer</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.5pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>a10-3715_1ex99d4.htm
<DESCRIPTION>EX-99.4 CERTIFICATE OF THE CFO UNDER SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002.
<TEXT>

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<body lang="EN-US">

<div style="font-family:Times New Roman;">

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">EXHIBIT 99.4</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">CERTIFICATION</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Pursuant to 18 U.S.C. Section
1350, <br>
as Enacted Pursuant to <br>
Section 906 of the Sarbanes-Oxley Act of 2002</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In connection with the annual report
of Enbridge Inc. (the &#147;Corporation&#148;) on Form 40-F for the fiscal year ending
December 31, 2009, as filed with the Securities and Exchange Commission on the
date hereof (the &#147;Report&#148;), I, J. Richard Bird, Executive Vice President, Chief
Financial Officer &amp; Corporate Development of the Corporation, certify,
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">The Report
fully complies with the requirements of section 13(a) or 15(d) of the
Securities Exchange Act of 1934; and</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">The
information contained in the Report fairly presents, in all material respects,
the financial condition and results of operations of the Corporation.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Dated at Calgary, Alberta, this 18</font><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-4.0pt;">th</font><font size="2" face="Arial" style="font-size:10.0pt;">&#160;day of February, 2010.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&#147;signed&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">J. Richard
  Bird</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Executive Vice President, Chief Financial Officer<br>
  &amp; Corporate Development</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>a10-3715_1ex99d5.htm
<DESCRIPTION>EX-99.5 ANNUAL INFORMATION FORM OF THE REGISTRANT DATED FEBRUARY 18, 2010.
<TEXT>

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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">Exhibit 99.5</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman"><img width="264" height="80" src="g37151mu01i001.jpg"></font></p>

<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="5" face="Arial" style="font-size:16.0pt;font-weight:bold;">ENBRIDGE INC.</font></b></p>

<p align="center" style="margin:12.0pt 0in .0001pt;text-align:center;"><b><font size="5" face="Arial" style="font-size:16.0pt;font-weight:bold;">ANNUAL INFORMATION FORM</font></b></p>

<p align="center" style="margin:12.0pt 0in .0001pt;text-align:center;"><font size="4" face="Arial" style="font-size:14.0pt;text-transform:uppercase;">For the Year Ended December
31, 2009</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="background:white;font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="background:white;font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="background:white;font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="background:white;font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="background:white;font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="background:white;font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="background:white;font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Arial" style="background:white;font-size:14.0pt;font-weight:bold;">February
18, 2010</font></b></p>

<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<div style="background:white;margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">TABLE OF
CONTENTS</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="94%" valign="bottom" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Page</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">Glossary</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">Presentation of Information</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">Forward-Looking Information</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">Corporate Structure</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">Description of the Business</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">General Development of the
  Business</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">8</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">Liquids Pipelines</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">10</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">Natural Gas Delivery and Services</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">13</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">Sponsored Investments</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">19</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">Corporate</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">20</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">General</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">21</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">Corporate Social
  Responsibility</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">21</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">Environmental Matters</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">22</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">Risk Factors</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">22</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">Dividends</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">23</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">Description of Capital
  Structure</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">23</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">Market for Securities</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">25</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">Credit Facilities</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">26</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">Directors and Officers</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">26</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">Audit, Finance &amp; Risk
  Committee</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">29</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">Legal Proceedings</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">31</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">Interest of Management and
  Others in Material Transactions</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">31</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">Registrar and Transfer Agent</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">31</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">Material Contracts</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">32</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">Interests of Experts</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">32</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">Additional Information</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">32</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">Appendix A &#150; Audit, Finance
  &amp; Risk Committee Terms of Reference</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">34</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">GLOSSARY</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">Adjusted earnings</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Earnings applicable to common
  shareholders adjusted for non-recurring or non-operating factors</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.48%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">AFR
  Committee or the Committee</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.52%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Audit,
  Finance &amp; Risk Committee</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.48%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">AIF</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.52%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Annual
  Information Form</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.48%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">bpd</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.52%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Barrels
  per day</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.48%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">bps</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.52%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Basis
  points</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.48%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">bcf/d</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.52%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Billion
  cubic feet per day</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.48%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">CAPP</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.52%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Canadian
  Association of Petroleum Producers</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.48%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">CSR</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.52%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Corporate
  Social Responsibility</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.48%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EEM</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.52%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge
  Energy Management, L.L.C. &#150; Enbridge has a </font><font size="2" face="Arial" style="font-size:10.0pt;">17.2% investment
  in EEM, which owns 100% of EEP&#146;s i-units</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.48%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EEP</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.52%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge
  Energy Partners, L.P. &#150; </font><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge has a 27.0% ownership
  interest in EEP, which owns and operates crude oil and liquid petroleum
  transmission pipeline systems, natural gas gathering and related facilities
  and marketing assets in the United States</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.48%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EGD</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.52%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge
  Gas Distribution Inc. &#150; 100% owned </font><font size="2" face="Arial" style="font-size:10.0pt;">natural
  gas distribution utility serving customers in its franchise areas of Central
  and Eastern Ontario, including the City of Toronto and surrounding areas</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.48%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EGNB</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.52%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge
  Gas New Brunswick Inc. &#150; Enbridge owns </font><font size="2" face="Arial" style="font-size:10.0pt;">70.8% of this natural gas
  distribution utility</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.48%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EIF</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.52%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge
  Income Fund &#150; Enbridge has a 41.9% ownership interest in this publicly traded
  income fund</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.48%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">FERC</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.52%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Federal
  Energy Regulatory</font><font size="2" face="Arial" style="font-size:10.0pt;"> Commission</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.48%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">GHG</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.52%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Greenhouse
  gases</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.48%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">IR</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.52%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Incentive
  Regulation (applicable to EGD)</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.48%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">ITS</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.52%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Incentive
  Tolling Settlement on the Enbridge mainline system</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.48%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">MD&amp;A</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.52%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Management&#146;s
  Discussion and Analysis</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.48%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">mmcf</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.52%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Million
  cubic feet</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.48%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">mmcf/d</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.52%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Million
  cubic feet per day</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.48%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">MTNs</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.52%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Medium-term
  notes</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.48%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">NEB</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.52%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">National
  Energy Board</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.48%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">NGLs</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.52%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Natural
  gas liquids</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.48%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">OEB</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.52%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Ontario
  Energy Board</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.48%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Offshore</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.52%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge
  Offshore Pipelines &#150; Enbridge has </font><font size="2" face="Arial" style="font-size:10.0pt;">interests ranging from 22% to 100%
  in these underwater pipelines in the Gulf of Mexico</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.48%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">PwC</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.52%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">PricewaterhouseCoopers
  LLP &#150; the Company&#146;s external auditors</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.48%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">SEP</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.52%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">System
  Expansion Project</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.48%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Year End</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.52%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">December
  31, 2009</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">3<a name="PB_3_021202_7056"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">
<div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">PRESENTATION OF INFORMATION</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Unless
otherwise noted, the information contained in this Annual Information Form&nbsp;(AIF)
for Enbridge Inc. (Enbridge or the Company) is given at or for the year ended December&nbsp;31,
2009 (Year End). Amounts are expressed in Canadian dollars unless otherwise
indicated. Financial information is presented in accordance with Canadian
generally accepted accounting principles (GAAP).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge&#146;s
Management&#146;s Discussion and Analysis (MD&amp;A), dated February&nbsp;18, 2010,
and Enbridge&#146;s Audited Consolidated Financial Statements, dated February&nbsp;18,
2010, as at and for the year ended December&nbsp;31, 2009 are incorporated by
reference into this AIF and can be found on SEDAR at <u><font color="blue" style="color:blue;">www.sedar.com</font></u>.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;">METRIC CONVERSION TABLE</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The
conversion factors set out below are approximate factors. To convert from
Metric to Imperial multiply by the factor indicated. To convert from Imperial
to Metric divide by the factor indicated.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="42%" style="border-bottom:none;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:42.1%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="41%" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:41.14%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="16%" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:16.76%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="42%" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:42.1%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Metric</font></b></p>
  </td>
  <td width="41%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:41.14%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Imperial</font></b></p>
  </td>
  <td width="16%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:16.76%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Factor</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="42%" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:42.1%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Cubic metre of liquid hydrocarbons</font></p>
  </td>
  <td width="41%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:41.14%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Barrel of liquid hydrocarbons</font></p>
  </td>
  <td width="16%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:16.76%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">6.29</font></p>
  </td>
 </tr>
 <tr>
  <td width="42%" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:42.1%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Cubic metre kilometre</font></p>
  </td>
  <td width="41%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:41.14%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Barrel mile</font></p>
  </td>
  <td width="16%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:16.76%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">3.91</font></p>
  </td>
 </tr>
 <tr>
  <td width="42%" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:42.1%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Cubic metre of natural gas</font></p>
  </td>
  <td width="41%" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:41.14%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Cubic feet of natural gas</font></p>
  </td>
  <td width="16%" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:16.76%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">35.3145</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The
annual capacities noted throughout this AIF take into account estimated crude
receipt and delivery patterns and ongoing pipeline maintenance and reflect
achievable pipeline capacity over long periods of time.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-transform:uppercase;"><b><font size="2" face="Arial" style="font-size:10.0pt;text-transform:none;">FORWARD-LOOKING INFORMATION</font></b></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;font-style:italic;">Forward-looking information, or forward-looking statements,
have been included in this AIF to provide the Company&#146;s shareholders and
potential investors with information about the Company and its subsidiaries,
including management&#146;s assessment of Enbridge&#146;s and its subsidiaries&#146; future
plans and operations. This information may not be appropriate for other
purposes. Forward-looking statements are typically identified by words such as &#145;&#145;anticipate&#146;&#146;,
&#145;&#145;expect&#146;&#146;, &#145;&#145;project&#146;&#146;, &#145;&#145;estimate&#146;&#146;, &#145;&#145;forecast&#146;&#146;, &#145;&#145;plan&#146;&#146;, &#145;&#145;intend&#146;&#146;, &#145;&#145;target&#146;&#146;,
&#145;&#145;believe&#146;&#146; and similar words suggesting future outcomes or statements
regarding an outlook. Forward-looking information or statements included or
incorporated by reference in this document include, but are not limited to,
statements with respect to: expected earnings or adjusted earnings; expected
earnings or adjusted earnings per share; expected costs related to projects
under construction; expected in-service dates for projects under construction;
expected tariffs for pipelines; expected capital expenditures; and estimated
future dividends.</font></i></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;font-style:italic;">Although Enbridge believes that these forward-looking
statements are reasonable based on the information available on the date such
statements are made and processes used to prepare the information, such
statements are not guarantees of future performance and readers are cautioned
against placing undue reliance on forward-looking statements. By their nature,
these statements involve a variety of assumptions, known and unknown risks and
uncertainties and other factors, which may cause actual results, levels of
activity and achievements to differ materially from those expressed or implied
by such statements. Material assumptions include assumptions about: the
expected supply and demand for crude oil, natural gas and natural gas liquids;
prices of crude oil, natural gas and natural gas liquids; expected exchange,
inflation and interest rates; the availability and price of labour and pipeline
construction materials; operational reliability; customer project approvals;
maintenance of support and regulatory approvals for the Company&#146;s projects;
anticipated in-service dates; and weather. Assumptions regarding the expected
supply and demand of crude oil, natural gas and natural gas liquids, and the
prices of these commodities, are material to and underlay all forward-looking
statements. These factors are relevant to all forward-looking statements as
they may impact current and future levels of demand for the Company&#146;s services.
Similarly, exchange, inflation and interest rates impact the economies and
business environments in which the Company operates, may impact levels of
demand for the Company&#146;s services and cost of inputs, and are therefore
inherent in all forward-looking statements. Due to the interdependencies and
correlation of these macroeconomic factors, the impact of any one assumption on
a forward-looking statement cannot be determined with certainty, particularly
with respect to expected earnings or adjusted earnings and associated per share
amounts, or estimated future dividends. The most relevant assumptions
associated with forward-looking statements on projects under construction,
including estimated in-service dates, and expected capital expenditures
include: the availability and price of labour and pipeline construction
materials; the effects of inflation and foreign exchange rates on labour and
material costs; the effects of interest rates on borrowing costs; and the
impact of weather and customer and regulatory approvals on construction
schedules.</font></i></p>

<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">4<a name="PB_4_004338_7056"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;font-style:italic;">Enbridge&#146;s forward-looking statements are subject to risks
and uncertainties pertaining to operating performance, regulatory parameters,
project approval and support, weather, economic and competitive conditions,
exchange rates, interest rates, commodity prices and supply and demand for
commodities, including but not limited to those risks and uncertainties
discussed in this AIF and in the Company&#146;s other filings with Canadian and
United States securities regulators. The impact of any one risk, uncertainty or
factor on a particular forward-looking statement is not determinable with
certainty as these are interdependent and Enbridge&#146;s future course of action
depends on management&#146;s assessment of all information available at the relevant
time. Except to the extent required by law, Enbridge assumes no obligation to
publicly update or revise any forward-looking statements made in this AIF or
otherwise, whether as a result of new information, future events or otherwise.
All subsequent forward looking statements, whether written or oral,
attributable to Enbridge or persons acting on the Company&#146;s behalf are
expressly qualified in their entirety by these cautionary statements.</font></i></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-transform:uppercase;"><b><font size="4" face="Arial" style="font-size:13.0pt;text-transform:none;">CORPORATE STRUCTURE</font></b></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;">INCORPORATION</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge&#146;s
head office and registered office are located at 3000, 425 - 1<font style="position:relative;top:-3.0pt;">st</font>&#160;Street SW, Calgary, Alberta, T2P 3L8. Enbridge
is a public company trading on both the Toronto and New York stock exchanges
under the symbol &#147;ENB&#148;. Significant dates and events are set forth below.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="20%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:20.84%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="79%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:79.16%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.84%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Date</font></b></p>
  </td>
  <td width="79%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:79.16%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Event</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.84%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">April&nbsp;13,
  1970</font></p>
  </td>
  <td width="79%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:79.16%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Incorporated
  under the Companies Act of the Northwest Territories as Gallery Holdings Ltd.</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.84%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">December&nbsp;15,
  1987</font></p>
  </td>
  <td width="79%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:79.16%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Continued
  under the Canada Business Corporations Act under the name 159569 Canada Ltd.</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.84%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">May&nbsp;5,
  1994</font></p>
  </td>
  <td width="79%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:79.16%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Articles
  of Amendment to (i)&nbsp;change the name to IPL Energy Inc. (French version &#150;
  IPL Energie Inc.); and (ii)&nbsp;change the registered office to Calgary,
  Alberta.</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.84%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">October&nbsp;7,
  1998</font></p>
  </td>
  <td width="79%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:79.16%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Articles
  of Amendment to change the name of the Company to Enbridge Inc.</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.84%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">April&nbsp;29,
  1999</font></p>
  </td>
  <td width="79%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:79.16%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Articles
  of Amendment to (i)&nbsp;divide each issued and outstanding common share on a
  two for one basis; and (ii)&nbsp;provide the Board of Directors with a
  process to add directors between meetings of the shareholders.</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.84%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">May&nbsp;5,
  2005</font></p>
  </td>
  <td width="79%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:79.16%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Articles
  of Amendment to divide each issued and outstanding common share on a two for
  one basis.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;">SUBSIDIARIES</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The
following organization chart presents the name and the jurisdiction of
incorporation of Enbridge&#146;s material subsidiaries as at December&nbsp;31, 2009.
The chart does not include all of the subsidiaries of Enbridge. The assets and
revenues of excluded subsidiaries in the aggregate did not exceed 20% of the
total consolidated assets or total consolidated revenues of Enbridge as at and
for the year ended December&nbsp;31, 2009.</font></p>

<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">5<a name="PB_5_004744_5335"></a></font></p>

<div style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;"><img width="609" height="311" src="g37151mu03i001.gif" alt="GRAPHIC"></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">1&#160;&#160;&#160;&#160;&#160; The
Company owns 41.9% of Enbridge Income Fund (EIF) and is the primary beneficiary
of EIF through a combination of voting interest and an investment in preferred
units of an EIF subsidiary and, as such, EIF is consolidated under Variable
Interest Entity accounting rules.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">2&#160;&#160;&#160;&#160;&#160; On
January&nbsp;1, 2010, Enbridge Gas Services Inc. was amalgamated with Tidal
Energy Marketing Inc. and Enbridge Gas Services (U.S.) Inc. was amalgamated
with Tidal Energy Marketing (U.S.) L.L.C. This change in corporate structure
did not change the Energy Services business model.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="4" face="Arial" style="font-size:13.0pt;text-transform:none;">DESCRIPTION OF THE BUSINESS</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge is a North American
leader in delivering energy. As a transporter of energy, Enbridge operates, in
Canada and the United States, the world&#146;s longest crude oil and liquids
transportation system. The Company also has a significant involvement in the
natural gas transmission and midstream businesses. As a distributor of energy,
Enbridge owns and operates Canada&#146;s largest natural gas distribution company
and provides distribution services in Ontario, Quebec, New Brunswick and New
York State. As a clean energy generator, Enbridge is expanding its interests in
renewable and green energy technologies, including wind and solar energy, and
hybrid fuel cells. Enbridge employs approximately 6,000 people, primarily in
Canada and the United States.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s activities are carried
out through four business segments, Liquids Pipelines, Natural Gas Delivery and
Services, Sponsored Investments and Corporate. Each business segment&#146;s
contribution to earnings and revenues is as follows:</font></p>

<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="19%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:19.34%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="top" style="border:none;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:13.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="top" style="border:none;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:13.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="top" style="border:none;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:19.34%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="27%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:27.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="26%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:26.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="25%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:25.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2007</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:19.34%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Revenue</font></b></p>
  </td>
  <td width="13%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0.375pt 0in;width:13.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Earnings</font></b></p>
  </td>
  <td width="13%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Revenue</font></b></p>
  </td>
  <td width="13%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Earnings</font></b></p>
  </td>
  <td width="13%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Revenue</font></b></p>
  </td>
  <td width="12%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Earnings</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:19.34%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Liquids Pipelines</font></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in .35in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">11%</font></b></p>
  </td>
  <td width="13%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.92%;">
  <p align="right" style="margin:0in .35in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">29%</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.76%;">
  <p align="right" style="margin:0in .35in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">7%</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in .3in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">25%&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in .35in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">9%</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.98%;">
  <p align="right" style="margin:0in .3in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">41%&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:19.34%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Natural Gas Delivery and
  Services</font></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in .35in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">86%</font></b></p>
  </td>
  <td width="13%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.92%;">
  <p align="right" style="margin:0in .35in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">41%</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.76%;">
  <p align="right" style="margin:0in .35in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">91%</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in .3in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">73%&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in .35in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">89%</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.98%;">
  <p align="right" style="margin:0in .3in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">49%&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:19.34%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Sponsored Investments</font></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in .35in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3%</font></b></p>
  </td>
  <td width="13%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.92%;">
  <p align="right" style="margin:0in .35in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">9%</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.76%;">
  <p align="right" style="margin:0in .35in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2%</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in .3in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">8%&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in .35in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2%</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.98%;">
  <p align="right" style="margin:0in .3in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">14%&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:19.34%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Corporate</font></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in .5in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="13%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.92%;">
  <p align="right" style="margin:0in .35in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">21%</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.76%;">
  <p align="right" style="margin:0in .4in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="13%" valign="bottom" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in .3in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(6%)</font></p>
  </td>
  <td width="13%" valign="bottom" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in .4in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.98%;">
  <p align="right" style="margin:0in 16.55pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(4%)</font></p>
  </td>
 </tr>
</table>

<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">6<a name="PB_6_005656_5796"></a></font></p>

<div style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The following map
depicts the Company&#146;s principal operations:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;"><img width="367" height="501" src="g37151mu03i002.gif" alt="GRAPHIC"></font></p>

<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">7<a name="PB_7_005703_2897"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='7',FILE='C:\JMS\jkarthi\10-3715-1\task3938896\3715-1-mu-03.htm',USER='105429',CD='Feb 19 17:34 2010' -->



<br clear="all" style="page-break-before:always;">
<div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-transform:uppercase;"><b><font size="4" face="Arial" style="font-size:13.0pt;text-transform:none;">GENERAL
DEVELOPMENT OF THE BUSINESS</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:13.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In
support of its long-term vision to be the leading energy delivery company in
North America, the Company employs several key strategies that guide decision
making across the enterprise. The Company&#146;s strategies focus on:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 38.25pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">leveraging the
strategic location of its existing asset base;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 38.25pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">developing new
platforms for growth and diversification;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 38.25pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">focusing on
execution and operating excellence;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 38.25pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">maintaining
financial strength and flexibility; and</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 38.25pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">development of
people, safety and environmental stewardship and corporate social
responsibility.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 38.25pt;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge
is in the midst of its largest capital program in the Company&#146;s 60-year
history. During 2007, 2008 and 2009, the Company has completed more than $4.8
billion of new growth projects and has $7 billion of additional commercially
secured projects scheduled to come into service in 2010 and 2011, with a
further $5 billion secured for post-2011 in service. In addition, the Company
has approximately $30 billion in further growth opportunities under
development, but not yet commercially secured, for the post-2011 period, of
which it expects to be successful on a significant portion.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table summarizes the commercially secured projects, within
each of the Company&#146;s business segments, which were completed in the last three
years, or are currently under active development or construction.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="22%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:22.16%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Project</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.42%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="38%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:38.78%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Description</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="16%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:16.56%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Actual / <br>
  Estimated<br>
  Capital Cost</font></b><b><font size="1" face="Times New Roman" style="font-size:6.0pt;font-weight:bold;position:relative;top:-3.0pt;">1</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="16%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:16.88%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Actual /<br>
  Expected</font></b><font size="1" face="Arial" style="font-size:9.0pt;">  <br>
  <b>In-Service Date</b></font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.1%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="98%" colspan="7" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:98.9%;">
  <p style="margin:0in 0in .0001pt 15.25pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  <p style="margin:0in 0in .0001pt 15.25pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">LIQUIDS PIPELINES</font></b></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:1.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:22.16%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Athabasca
  Pipeline Expansion Projects and Laterals including Surmont and Long Lake Oil
  Sands Projects</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.42%;">
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.78%;">
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">&#150;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">additional pumping
  stations at Elk Point and Cheecham as well as modifications to existing
  pumping stations </font></p>
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">&#150;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">new pipeline and
  tank facilities at the Cheecham terminal on the Athabasca Pipeline </font></p>
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">&#150;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">new pipeline
  laterals and tank facilities at the Cheecham terminal on the Athabasca
  Pipeline</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.56%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$0.2
  billion</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.88%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2007</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:1.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:22.16%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Southern
  Access Mainline Expansion - Canadian portion</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">2</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.42%;">
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.78%;">
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">&#150;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">mainline system
  expansion from Hardisty, Alberta to the Canada/United States border</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.56%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$0.2
  billion</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.88%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2008</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:1.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:22.16%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Waupisoo
  Pipeline</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.42%;">
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.78%;">
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">&#150;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">pipeline from
  Cheecham terminal to Edmonton, Alberta</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.56%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$0.6
  billion</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.88%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2008</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:1.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:22.16%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Spearhead
  Pipeline Expansion</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">2</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.42%;">
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.78%;">
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">&#150;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">additional pumping
  stations increasing system capacity from Flanagan, Illinois to Cushing,
  Oklahoma</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.56%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">US$0.1
  billion</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.88%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2009</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:1.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:22.16%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Line
  4 Extension</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">2</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.42%;">
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.78%;">
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">&#150;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">additional
  pipeline from Edmonton, Alberta to Hardisty, Alberta</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.56%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$0.3
  billion</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.88%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2009</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:1.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:22.16%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Hardisty
  Contract Terminal</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">2</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.42%;">
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.78%;">
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">&#150;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">new crude oil
  terminal at Hardisty, Alberta</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.56%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$0.6
  billion</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.88%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2009</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:1.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:22.16%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Alberta
  Clipper - Canadian portion</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">2,3</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.42%;">
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.78%;">
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">&#150;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">new pipeline from
  Hardisty, Alberta to the Canada/United States border</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.56%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$2.3
  billion</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.88%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2010</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:1.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:22.16%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Southern
  Lights Pipeline</font><font size="1" face="Arial" style="font-size:4.5pt;position:relative;top:-4.0pt;">2</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.42%;">
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.78%;">
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">&#150;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">new and reversed
  pipeline to transport diluent from Chicago, Illinois to Edmonton, Alberta</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.56%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$0.5
  billion + <br>
  US$1.7 billion</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.88%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Light
  Sour Line - 2009; Diluent Line - 2010</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:1.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:22.16%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Woodland
  Pipeline &#150; <br>
  Phase I</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">2</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.42%;">
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.78%;">
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">&#150;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">new pipeline from
  the Kearl oil sands mine to the Cheecham terminal</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.56%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$0.5
  billion</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.88%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2012</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:1.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:22.16%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Fort
  Hills Pipeline System</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">2</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.42%;">
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38%" valign="top" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:38.78%;">
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">&#150;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">new pipeline and
  terminaling services for the Fort Hills project</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:16.56%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">~$2.0
  billion</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:16.88%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">TBD
  (pending customer timing)</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:1.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">8<a name="PB_8_020021_7748"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="22%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:22.82%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Project</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="39%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:39.06%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Description</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:15.62%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Actual / <br>
  Estimated<br>
  Capital Cost</font></b><b><font size="1" face="Times New Roman" style="font-size:6.0pt;font-weight:bold;position:relative;top:-3.0pt;">1</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="16%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:16.9%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Actual /<br>
  Expected</font></b><font size="1" face="Arial" style="font-size:9.0pt;">  <br>
  <b>In-Service Date</b></font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="98%" colspan="7" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:98.94%;">
  <p style="margin:0in 0in .0001pt 15.25pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt 15.25pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">NATURAL GAS DELIVERY AND SERVICES</font></b></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:22.82%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Vector
  Pipeline Expansion</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.58%;">
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:39.06%;">
  <p style="margin:0in 0in .0001pt .25in;text-indent:-12.95pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&#150;&nbsp;&nbsp; two additional compressor stations which
  expand the pipeline&#146;s capacity to 1.2 bcf/d</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.62%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">US$0.1
  billion</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.9%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2007</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:22.82%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Neptune
  Pipelines Project</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.58%;">
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:39.06%;">
  <p style="margin:0in 0in .0001pt .25in;text-indent:-12.95pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&#150;&nbsp;&nbsp; natural gas and oil laterals to connect new
  Neptune fields to existing Enbridge infrastructure</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.62%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">US$0.1
  billion</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.9%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2007</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:22.82%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Shenzi
  Lateral</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">2</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.58%;">
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:39.06%;">
  <p style="margin:0in 0in .0001pt .25in;text-indent:-12.95pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&#150;&nbsp;&nbsp; natural gas lateral to connect the new
  deepwater Shenzi field to existing Enbridge infrastructure</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.62%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">US$0.1
  billion </font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.9%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2009</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:22.82%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Walker
  Ridge Gas Gathering System</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">2</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.58%;">
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:39.06%;">
  <p style="margin:0in 0in .0001pt .25in;text-indent:-12.95pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&#150;&nbsp;&nbsp; new pipeline to provide natural gas
  gathering services to the proposed Jack, St. Malo and Big Foot
  ultra-deepwater developments</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.62%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">US$0.5
  billion </font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.9%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2014&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:22.82%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Big
  Foot Oil Pipeline</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">2</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.58%;">
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:39.06%;">
  <p style="margin:0in 0in .0001pt .25in;text-indent:-12.95pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&#150;&nbsp;&nbsp; new crude oil pipeline from the proposed
  Big Foot ultra-deepwater development in the Gulf of Mexico</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.62%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">US$0.3
  billion </font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.9%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2014&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="98%" colspan="7" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:98.94%;">
  <p style="margin:0in 0in .0001pt 15.25pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  <p style="margin:0in 0in .0001pt 15.25pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">SPONSORED INVESTMENTS</font></b></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:22.82%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">EEP
  - Southern Access Mainline Expansion &#150; United States portion</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">2</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.58%;">
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:39.06%;">
  <p style="margin:0in 0in .0001pt .25in;text-indent:-12.95pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&#150;&nbsp;&nbsp; mainline system expansion from
  Canada/United States border to Flanagan, Illinois</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.62%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">US$2.1
  billion </font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.9%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2009</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:22.82%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">EEP
  - North Dakota System Expansion</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">2</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.58%;">
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:39.06%;">
  <p style="margin:0in 0in .0001pt .25in;text-indent:-12.95pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&#150;&nbsp;&nbsp; upgrades to existing pump stations,
  additional tankage as well as infrastructure to facilitate extensive use of
  drag reducing agents</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.62%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">US$0.2
  billion </font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.9%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2010</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:22.82%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">EEP/EELP
  - Alberta Clipper - United States portion</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">2,3</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.58%;">
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:39.06%;">
  <p style="margin:0in 0in .0001pt .25in;text-indent:-12.95pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&#150;&nbsp;&nbsp; new pipeline from the Canada/United States
  border to Superior, Wisconsin</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.62%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">US$1.3
  billion </font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.9%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2010</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:22.82%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">EIF
  - Saskatchewan System Capacity Expansion</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">2</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.58%;">
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:39.06%;">
  <p style="margin:0in 0in .0001pt .25in;text-indent:-12.95pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&#150;&nbsp;&nbsp; three separate projects to reduce capacity
  constraints at a variety of locations</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.62%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$0.1
  billion </font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.9%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2010</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:22.82%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  <p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">CORPORATE</font></b></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.58%;">
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:39.06%;">
  <p style="margin:0in 0in .0001pt .25in;text-indent:-12.95pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.62%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.9%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:22.82%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Ontario
  Wind Project</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">2</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.58%;">
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:39.06%;">
  <p style="margin:0in 0in .0001pt .25in;text-indent:-12.95pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&#150;&nbsp;&nbsp; 400 MW wind energy farm located in the
  Municipality of Kincardine, Ontario</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.62%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$0.5
  billion </font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.9%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2009</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:22.82%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Talbot
  Wind Energy Farm</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">2</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.58%;">
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:39.06%;">
  <p style="margin:0in 0in .0001pt .25in;text-indent:-12.95pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&#150;&nbsp;&nbsp; 99MW wind project to deliver energy to the
  Ontario Power Authority</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.62%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$0.3
  billion </font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.9%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2010</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:22.82%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Sarnia
  Solar Project</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">2</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.58%;">
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:39.06%;">
  <p style="margin:0in 0in .0001pt .25in;text-indent:-12.95pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&#150;&nbsp;&nbsp; photovoltaic, solar energy facility that
  will deliver 80 MW to the Ontario Power Authority</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:15.62%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$0.4
  billion </font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:16.9%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2010</font></p>
  </td>
  <td width="1%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">1&#160;&#160;&#160;&#160;&#160; These amounts are actual costs or current
estimates that are subject to upward or downward adjustment based on various
factors.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">2&#160;&#160;&#160;&#160;&#160; The Company&#146;s MD&amp;A for the year ended
2009 includes further details on each of these projects as well as other
projects Enbridge is currently undertaking.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">3&#160;&#160;&#160;&#160;&#160; For both the Canadian and United States
segments of the Alberta Clipper <font style="text-transform:uppercase;">p</font>roject,
tariffs will be filed with the appropriate regulators to be effective on April
1, 2010, the date the project is expected to be ready for service. The tariff
for the United States segment, and its effective date, will be filed on the
basis of the Alberta Clipper US Term Sheet, despite a petition filed in January
2010 by a shipper requesting the Federal Energy Regulatory Commission (FERC) to
delay the tariff. Following that petition filing, several shippers filed
interventions requesting to be part of the process. The Alberta Clipper US Term
Sheet was approved by the Canadian Association of Petroleum Producers (CAPP) on
June&nbsp;28, 2007 and by the FERC on August&nbsp;28, 2008. We have reviewed
and will respond to the shipper petition, which we believe to be without merit.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">In early
2010, Enbridge announced two major oil sands transportation services
agreements, building on the Company&#146;s success in the second quarter of 2009 in
securing the 200,000 barrels per day (bpd) Woodland pipeline and related
facilities for the Kearl oil sands project. Through an agreement with FCCL
Partnership announced in January&nbsp;2010, Enbridge will provide additional
pipeline and terminal facilities to support expansion of the Christina Lake
enhanced oil project, which is operated by Cenovus Energy. The </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">9<a name="PB_9_022027_141"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">estimated
cost of the additional facilities is approximately $250 million with a planned
in service date late in 2011. Also, in February&nbsp;2010, Enbridge announced
an agreement with Statoil Canada Ltd. for the addition of the Leismer oil sands
project as a shipper on Enbridge&#146;s regional oil sands system. This brings the
number of producing oil sands projects connecting to Enbridge&#146;s regional system
to six.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In 2009,
the Company sold its 24.7% interest in </font><font size="2" face="Arial" style="font-size:10.0pt;">Oleoducto Central S.A (OCENSA)</font><font size="2" face="Arial" style="font-size:10.0pt;">, a crude oil export pipeline in Colombia. In 2008, the
Company sold its 25% equity interest in </font><font size="2" face="Arial" style="font-size:10.0pt;">Compa&#241;&#237;a Log&#237;stica de Hidrocarburos
CLH, S.A. (</font><font size="2" face="Arial" style="font-size:10.0pt;">CLH), Spain&#146;s largest refined
products transportation and storage business. Both of these investments were
sold at very attractive prices and proceeds were utilized in the funding of the
North American expansion projects discussed earlier.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Given the
disposals of OCENSA and CLH, there are currently minimal operations in
International. However, Enbridge continues to actively monitor the
international business environment to identify potential new investment
opportunities.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="4" face="Arial" style="font-size:13.0pt;">LIQUIDS PIPELINES</font></b></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Liquids Pipelines includes
the operation and construction of the Enbridge crude oil mainline system and
feeder pipelines that transport crude oil and other liquid hydrocarbons</font><font face="Arial">. Liquids Pipelines consists of
crude oil, natural gas liquids (NGLs) and refined products pipelines and
terminals in Canada and the United States.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;">ENBRIDGE SYSTEM</font></i></b></h3>

<h6 align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;font-weight:normal;">The mainline system is comprised of Enbridge System
and Lakehead System (the portion of the mainline in the United States that is
operated by Enbridge and owned by Enbridge Energy Partners, L.P. (EEP)).
Enbridge has operated, and frequently expanded, the mainline system since 1949.
Through six adjacent pipelines with a combined capacity of approximately 2
million bpd, the system transports various grades of crude oil and diluted
bitumen from western Canada to the midwest region of the United States and
eastern Canada. Also included within the Enbridge System and located in eastern
Canada are two crude oil pipelines and one refined products pipeline with a
combined capacity of 0.4 million bpd. Average system utilization in 2009 was
80%; however, it is expected to decrease in 2010 due to a combination of additional
pipeline capacity being added to the system by the Company and a new pipeline
being brought into service by a competitor.</font></i></b></h6>

<h6 align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></i></b></h6>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table sets forth the information related
to deliveries and other distance-related operating data of the Enbridge and
Lakehead Systems for each of the years in the three-year period ended December&nbsp;31,
2009.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="55%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:55.5%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="17%" valign="bottom" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:17.0%;">
  <p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:14.5%;">
  <p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:55.5%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(thousands of barrels per day)</font></i></p>
  </td>
  <td width="17%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:14.5%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2007</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:55.5%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Prairie
  Provinces</font></b></p>
  </td>
  <td width="17%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.5%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:55.5%;">
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Light crude oil</font></p>
  </td>
  <td width="17%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">173</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.5%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">161</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">173</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:55.5%;">
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Medium and heavy crude oil</font></p>
  </td>
  <td width="17%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">165</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.5%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">142</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">142</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:55.5%;">
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Refined products</font></p>
  </td>
  <td width="17%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">71</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:14.5%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">69</font></p>
  </td>
  <td width="13%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">81</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:55.5%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">409</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:14.5%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">372</font></p>
  </td>
  <td width="13%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">396</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:55.5%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">United States</font></b></p>
  </td>
  <td width="17%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.5%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:55.5%;">
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Light crude oil</font></p>
  </td>
  <td width="17%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">397</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.5%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">316</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">282</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:55.5%;">
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Medium and heavy crude oil</font></p>
  </td>
  <td width="17%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">834</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.5%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">875</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">852</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:55.5%;">
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Refined products</font></p>
  </td>
  <td width="17%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:14.5%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3</font></p>
  </td>
  <td width="13%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:55.5%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,234</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:14.5%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,194</font></p>
  </td>
  <td width="13%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,138</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:55.5%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Ontario</font></b><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">1</font></p>
  </td>
  <td width="17%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.5%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:55.5%;">
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Light crude oil</font></p>
  </td>
  <td width="17%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">264</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.5%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">294</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">314</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:55.5%;">
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Medium and heavy crude oil</font></p>
  </td>
  <td width="17%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">140</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.5%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">81</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">62</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:55.5%;">
  <p style="margin:0in 0in .0001pt 23.05pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Refined products</font></p>
  </td>
  <td width="17%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">75</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:14.5%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">89</font></p>
  </td>
  <td width="13%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">95</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:55.5%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">479</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:14.5%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">464</font></p>
  </td>
  <td width="13%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">471</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:55.5%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Total Deliveries</font></p>
  </td>
  <td width="17%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,122</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:14.5%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,030</font></p>
  </td>
  <td width="13%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,005</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:55.5%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Barrel Miles</font></b><font size="2" face="Arial" style="font-size:10.0pt;">  </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(billions)</font></i></p>
  </td>
  <td width="17%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">400</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.5%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">397</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">391</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:55.5%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Average Haul</font></b><font size="2" face="Arial" style="font-size:10.0pt;">  </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(miles)</font></i></p>
  </td>
  <td width="17%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">517</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:14.5%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">534</font></p>
  </td>
  <td width="13%" valign="bottom" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">534</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">10<a name="PB_10_023001_7608"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">1&#160;&#160;&#160;&#160;&#160; Enbridge System average deliveries include
Line 9 volumes of 67,000 bpd (2008 - 111,000 bpd; 2007 - 130,000 bpd).</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<h6 align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;">Incentive Tolling</font></i></b></h6>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Tolls on Enbridge System are governed by various
agreements, which are subject to the approval of the National Energy Board
(NEB). The NEB&#146;s jurisdiction over the Enbridge System includes statutory
authority over matters such as construction, rates and ratemaking agreements
and other contractual arrangements with customers. Significant agreements
include the incentive tolling settlement (ITS) applicable to the Enbridge
mainline system (excluding Line 8 and Line 9), the Terrace agreement, the SEP
II Risk Sharing Agreement and the Southern Access Expansion Agreement which is
recovered via the Mainline Expansion Toll (MET). Tolls on the core mainline
system have been governed by ITS since 1995, with the most recent ITS term
effective through 2009. Discussions and negotiations are continuing for an
extension to the ITS which will support a competitive toll structure. The
Company anticipates that a settlement will be reached in early 2010. In the
event that a settlement cannot be reached, the Company could file a cost of
service application.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In 2009,
the ITS allowed the sharing of earnings in excess of a stipulated threshold and
provided a fixed annual mainline integrity allowance. In addition, performance
metrics bonuses and penalties aligned the Company&#146;s interests with its
shippers.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge achieved total performance metrics bonuses
of approximately $13 million for the year ended December&nbsp;31, 2009,
compared with approximately $15 million and $11 million for the years ended December&nbsp;31,
2008 and 2007, respectively.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">In conjunction with the Terrace agreement, the ITS
continues the throughput protection provisions included in earlier incentive
tolling arrangements, ensuring the Company is insulated from volume
fluctuations beyond its control. The agreements govern both current and future
shippers on the pipeline and establish tolls each year based on an agreed
capacity and an allowed revenue requirement. Where actual volumes on the
pipeline fall short of the agreed capacity and Enbridge is unable to fully
collect its annual revenue requirement, the deficiency is rolled into the
subsequent year&#146;s tolls for collection from shippers at that time and a
receivable, referred to as the Transportation Revenue Variance (TRV), is
recognized. This basis may affect the timing of recognition of revenues
compared with that otherwise expected under Canadian GAAP for companies that
are not rate-regulated. As at December&nbsp;31, 2009, $98 million (2008 - $114
million) was recorded as tolling deferrals.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge pays taxes each year only on the tolls
collected in cash; therefore the tax payable on the TRV lags behind the
recognition of the revenue. As the
Terrace capacity is increasingly utilized, there will be less TRV recorded and
more cash tolls collected. This will result in the Company paying taxes in
future years on both the prior year&#146;s TRV and the current year&#146;s cash tolls.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Terrace Agreement</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">As part of the
Terrace Agreement, Enbridge, EEP and the CAPP agreed to a fixed toll surcharge
of $0.05 per barrel for the movement of light crude from Edmonton to the
Chicago area. This toll surcharge commenced on April&nbsp;1, 1999, when Terrace
Phase I was completed. The incremental toll is allocated between Enbridge and
EEP. Revenue related to unused capacity in Canada under the Terrace Agreement
is incorporated in tolls in the following year.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">SEP II Risk Sharing Agreement</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge, EEP and
CAPP entered into a Risk Sharing Agreement, effective for 15 years, with
respect to SEP II, a 100,000 bpd expansion completed in 1998. The Risk Sharing
Agreement provides that the rate of return on the SEP II investment will be
based, in part, on the utilization level of the additional capacity
constructed. Higher utilization is expected to result in a greater return,
subject to a minimum and maximum rate of return of 7.5% and 15.0%,
respectively. During 2009, Enbridge and EEP earned a rate of return of 11.57%
(2008 - 11.71%; 2007 - 11.46%) on SEP II.</font></p>

<h3 align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><i><font size="2" face="Arial">&nbsp;</font></i></b></h3>

<h3 align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;font-weight:normal;">Southern
Access Expansion Agreement</font></i></b></h3>

<h3 align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;font-weight:normal;">In December&nbsp;2007,
Enbridge and CAPP entered into the Southern Access Expansion Agreement for a
term of 30 years for additional facilities which were added to the Mainline
system from 2006 to 2008. The costs of these facilities were recovered through
the MET.</font></i></b></h3>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">11<a name="PB_11_023213_7091"></a></font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">ENBRIDGE REGIONAL OIL SANDS SYSTEM</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge Regional Oil Sands System
includes two long haul pipelines, the Athabasca Pipeline and the Waupisoo
Pipeline, as well as a variety of other facilities including the MacKay River,
Christina Lake, Surmont and Long Lake facilities. It also includes the Company&#146;s
interest in the Hardisty Caverns Limited Partnership, which provides crude oil
tankage services and three large terminals: the Athabasca Terminal located
north of Fort McMurray, Alberta, the Cheecham Terminal, which is a new hub
located 95 kilometres south of Fort McMurray where the Waupisoo Pipeline
initiates, and the Hardisty Contract Terminal, one of the largest crude oil
terminals in North America.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Athabasca Pipeline is a
540-kilometre (335-mile) synthetic and heavy oil pipeline, built in 1999, that
links the Athabasca oil sands in the Fort McMurray, Alberta region to a
pipeline hub at Hardisty, Alberta. The Athabasca Pipeline has an ultimate
design capacity of approximately 570,000 bpd, dependent on viscosity of crude
being shipped. It is currently configured to transport approximately 345,000
bpd.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company has a long-term
(30-year) take-or-pay contract with the major shipper on the Athabasca Pipeline
which commenced in 1999. Revenue is recorded based on the contract terms
negotiated with the major shipper, rather than the cash tolls collected. The
contract provides for volumes and tolls designed to achieve an underpinning
return on equity based on an assumed debt/equity ratio and level of operating
costs. The committed volumes and the tolls specified in the contract do not
generate sufficient cash revenues in the early years to compensate Enbridge for
the debt and equity returns as well as the cost of providing service. As a
result, Enbridge is recording a receivable in these years, which will be
collected in tolls in future years. This treatment ensures that the revenue
recognized each period is in accordance with the contract.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Waupisoo Pipeline is a 380-kilometre
(236-mile) synthetic and heavy oil pipeline that entered into service on May&nbsp;31,
2008 and provides access to the Edmonton market for oil sands producers. The
Waupisoo Pipeline initiates at Enbridge&#146;s Cheecham Terminal and terminates at
its Edmonton Mainline Terminal. The pipeline currently has a design capacity,
dependent on crude slate, of up to 350,000 bpd, which can ultimately be
expanded to 600,000 bpd.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;font-weight:normal;">Enbridge has a long-term
(25-year) take-or-pay commitment with the four founding shippers on the
Waupisoo Pipeline who collectively have contracted for approximately one-third
of the initial capacity on the line. The associated revenues provide for a base
return on equity with significant upside potential as incremental founders and
third party volumes are added.</font></i></b></h3>

<h3 align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><i><font size="2" face="Arial">&nbsp;</font></i></b></h3>

<h3 align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;">OTHER LIQUIDS PIPELINES AND
SYSTEMS</font></i></b></h3>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Southern Lights Pipeline</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">This pipeline received regulatory
approval in Canada in the first quarter of 2008 and is currently under
construction in both the United States and Canada. Upon completion, the 180,000
bpd, 20-inch diameter Southern Lights Pipeline will transport diluent from
Chicago, Illinois to Edmonton, Alberta.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge will receive tariffs under long-term (15-year) contracts with
committed shippers. Tariffs provide for recovery of all operating and debt
financing costs, plus a return on equity at a pre-determined rate. Uncommitted
volumes, up to a specified amount, provide for tariff revenues that are fully
credited to all shippers. Enbridge retains 25% of uncommitted tariff revenues on
volumes above the specified amount, with the remainder being credited to
shippers.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Spearhead Pipeline</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Spearhead
Pipeline delivers crude oil from Chicago, Illinois to Cushing, Oklahoma. The
performance of this pipeline steadily increased and with further support of new
committed shippers, the Spearhead Pipeline Expansion was completed in May&nbsp;2009.
This expansion increased the capacity from 125,000 bpd to 193,300 bpd from the
new initiating point of Flanagan, Illinois to Cushing.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Initial
committed shippers and expansion shippers currently account for more than 70%
of the 193,300 bpd capacity on Spearhead. Both the initial committed shippers
and expansion shippers were required to enter into 10 year shipping commitments
at negotiated rates that were offered during the open season process. The
balance of the capacity is currently available to uncommitted shippers on a
spot basis at FERC approved rates.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">12<a name="PB_12_023315_455"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Olympic Pipeline</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge has a 65% interest in the Olympic Pipeline, the largest refined
products pipeline in the State of Washington, transporting approximately
290,000 bpd of gasoline, diesel and jet fuel. The pipeline system extends
approximately 480 kilometres (300 miles) from Blaine, Washington to Portland,
Oregon, connecting four Puget Sound refineries to terminals in Washington and
Portland. BP Pipelines (North Amercia) Inc. (BP) is the operator of the
pipeline.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Feeder Pipelines and Other</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Feeder Pipelines
and Other primarily includes the NW System, which transports crude oil from
Norman Wells in the Northwest Territories to Zama, Alberta; interests in a
number of liquids pipelines in the United States; contract tankage facilities;
and business development costs related to Liquids Pipelines activities.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<h6 align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;">COMPETITIVE CONDITIONS</font></i></b></h6>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Competition
among existing pipelines is based primarily on the cost of transportation,
access to supply, the quality and reliability of service, contract carrier
alternatives and proximity to markets. Other competing carriers are available
to ship western Canadian liquids hydrocarbons to markets in either Canada or
the United States. Competition also arises from new pipeline proposals that
provide access to market areas currently served by the Company&#146;s liquids
pipelines. One such competing project is expected to begin commercial
operations in early 2010 and will serve markets at Wood River, Illinois and
Cushing, Oklahoma. This pipeline has an initial capacity of 435,000 bpd and an
ultimate stated capacity of 591,000 bpd. Commercial support has also been
announced to construct additional ex-Alberta capacity of 500,000 bpd to
Nederland, Texas, for an in-service date during 2012. Competing alternatives
for delivering western Canadian liquid hydrocarbons into the United States or
other markets could erode shipper support for current or future expansion.
However, the Company believes that its liquids pipelines provide attractive
options to producers in the Western Canada Sedimentary Basin (WCSB) due to its
competitive tolls and multiple delivery and storage points. </font><font size="2" face="Arial" style="font-size:10.0pt;">Increased
competition could arise from new feeder systems servicing the same geographic
regions as the Company&#146;s feeder pipelines.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The
Company continues to adapt to the changes in its business environment. Enbridge
is committed to performance excellence and is focused on becoming more
efficient, more collaborative, more innovative, and more cost effective so that
the Company can pass those benefits on to its customers through service,
savings, reliability and responsiveness.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="4" face="Arial" style="font-size:13.0pt;">NATURAL GAS DELIVERY AND SERVICES</font></b></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="4" face="Arial" style="font-size:13.0pt;">&nbsp;</font></b></p>

<p align="left" style="border:none;letter-spacing:-.1pt;margin:0in 0in .0001pt;padding:0in;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:0pt;">Natural Gas Delivery and Services consists of natural gas
utility operations, investments in natural gas pipelines, the Company&#146;s
commodity marketing businesses and international activities.</font></p>

<p align="left" style="border:none;letter-spacing:-.1pt;margin:0in 0in .0001pt;padding:0in;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:0pt;">&nbsp;</font></p>

<p align="left" style="border:none;letter-spacing:-.1pt;margin:0in 0in .0001pt;padding:0in;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:0pt;">The core of the Company&#146;s natural gas utility operations is
Enbridge Gas Distribution (EGD) which serves residential, commercial,
industrial and transportation customers, primarily in central and eastern
Ontario as well as northern New York State. This business segment also includes
natural gas distribution activities in Quebec and New Brunswick.</font></p>

<p align="left" style="border:none;letter-spacing:-.1pt;margin:0in 0in .0001pt;padding:0in;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:0pt;">&nbsp;</font></p>

<p align="left" style="border:none;letter-spacing:-.1pt;margin:0in 0in .0001pt;padding:0in;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:0pt;">Investments in natural gas pipelines include the Company&#146;s
interests in the United States portion of Alliance Pipeline (Alliance Pipeline
US), Vector Pipeline and transmission and gathering pipelines in the Gulf of
Mexico.</font></p>

<p align="left" style="border:none;letter-spacing:-.1pt;margin:0in 0in .0001pt;padding:0in;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:0pt;">&nbsp;</font></p>

<p align="left" style="border:none;letter-spacing:-.1pt;margin:0in 0in .0001pt;padding:0in;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:0pt;">This segment also includes the Company&#146;s investment in Aux
Sable, a natural gas fractionation and extraction business. The commodity
marketing businesses manage the Company&#146;s volume commitments on Alliance and
Vector Pipelines as well as perform commodity storage, transport and supply
management services, as principal and agent.</font></p>

<h3 align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><i><font size="2" face="Arial">&nbsp;</font></i></b></h3>

<h3 align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;">ENBRIDGE GAS DISTRIBUTION</font></i></b></h3>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EGD is
Canada&#146;s largest natural gas distribution company and has been in operation for
more than 160 years. It serves approximately 1.9 million customers in central
and eastern Ontario and parts of northern New York State. EGD&#146;s utility
operations are regulated by the Ontario Energy Board (OEB) and by the New York
State Public Service Commission.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">13<a name="PB_13_023411_4141"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">EGD is subject to seasonal demand as a significant
portion of gas distribution customers use natural gas for space heating. As a
result volumes delivered and resultant revenues and earnings typically increase
during the winter months of the first and fourth quarters of any given year.
Revenues generated by EGD also vary from quarter-to-quarter with fluctuations
in the price of natural gas, although earnings remain neutral due to the pass
through nature of these costs. Further, as a result of continued changes in
customer billing to increase the fixed charge portion and decrease the per unit
volumetric charge, revenues and earnings will shift from the colder winter
quarters progressively to the warmer summer quarters, with no material impact
on full year revenue and earnings. This change will also impact the
comparability of a given quarter from year to year.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">There are four principal interrelated aspects of the
natural gas distribution business in which EGD is directly involved: Distribution
Service, Gas Supply, Transportation and Storage.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Distribution Service</font></b></p>

<p align="left" style="border:none;letter-spacing:-.1pt;margin:0in 0in .0001pt;padding:0in;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:0pt;">EGD&#146;s
principal source of revenue arises from distribution of natural gas to
customers. The services provided to residential, small commercial and
industrial heating customers are primarily on a general service basis (without
a specific fixed term or fixed price contract). The services provided to larger
commercial and industrial customers are usually on an annual contract basis
under firm or interruptible service contracts.</font></p>

<p align="left" style="border:none;letter-spacing:-.1pt;margin:0in 0in .0001pt;padding:0in;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Gas Supply</font></b></p>

<p align="left" style="border:none;letter-spacing:-.1pt;margin:0in 0in .0001pt;padding:0in;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:0pt;">To
acquire the necessary volume of gas to serve its customers, EGD maintains a
diversified gas supply portfolio. During the year ended December&nbsp;31, 2009,
EGD acquired approximately 194 bcf (2008 - 194 bcf; 2007 - 185 bcf) of natural
gas, of which 25% (2008 - 27%; 2007 - 22%) was acquired from Western Canadian
producers, 46% (2008 - 46%; 2007 &#150; 47%) was acquired from suppliers in Chicago
and 29% (2008 - 27%; 2007 - 31%) was acquired on a delivered basis in Ontario.</font></p>

<p align="left" style="border:none;letter-spacing:-.1pt;margin:0in 0in .0001pt;padding:0in;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Transportation</font></b></p>

<p align="left" style="border:none;letter-spacing:-.1pt;margin:0in 0in .0001pt;padding:0in;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:0pt;">TransCanada
Pipelines Ltd. (TransCanada) transports approximately 61% or 261 bcf of the
annual natural gas supply requirements of the Company&#146;s customers. EGD has
transportation service contracts with TransCanada for a portion of this
requirement.</font></p>

<p align="left" style="border:none;letter-spacing:-.1pt;margin:0in 0in .0001pt;padding:0in;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EGD relies on its long-term contracts with Union Gas
Limited (Union) for transportation of natural gas from Dawn to EGD&#146;s major
market in the Greater Toronto Area. The contracts effectively provide EGD with
access to United States sourced natural gas delivered to Dawn by the Vector Pipeline.
The contracts also provide transportation for natural gas stored at EGD&#146;s and
Union&#146;s storage pools in the Sarnia, Ontario area to the market area.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Storage</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The business of EGD is highly seasonal as daily market
demand for gas fluctuates with changes in weather, with peak consumption
occurring in the winter months. Utilization of storage facilities permits EGD
to take delivery of gas on favourable terms during off-peak summer periods for
subsequent use during the winter heating season. This practice permits EGD to
minimize the annual cost of </font><font size="2" face="Arial" style="font-size:10.0pt;">transportation</font><font size="2" face="Arial" style="font-size:10.0pt;"> of natural gas from its supply basins, assists in
reducing its overall cost of natural gas supply and adds a measure of security
in the event of any short-term interruption of transportation of natural gas to
EGD&#146;s franchise area.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="border:none;letter-spacing:-.1pt;margin:0in 0in .0001pt;padding:0in;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:0pt;">EGD&#146;s
principal storage facilities are located in southwestern Ontario, near Dawn,
and have a total working capacity of approximately 102 bcf.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">14<a name="PB_14_023456_8627"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">
<div style="font-family:Arial;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;">Historical Operating Statistics</font></i></b></h3>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The following tables present certain statistics
relating to the past three years of operations of EGD:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="64%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:64.0%;">
  <p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:64.0%;">
  <p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2007</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Gas supply and send out<b>  </b></font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(million cubic feet (mmcf))</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;Natural gas
  purchased</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt .65in;text-align:right;text-indent:-.65in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">195,268&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">193,315&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">184,850&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;Gas into
  storage</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt .65in;text-align:right;text-indent:-.65in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(75,001)</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(100,019)</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(102,327)</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;Gas out of
  storage</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt .65in;text-align:right;text-indent:-.65in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">79,536&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">97,719&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">104,955&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;Total gas
  sendout</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt .65in;text-align:right;text-indent:-.65in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">199,803&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">191,015&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">187,478&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;Transportation of gas</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt .65in;text-align:right;text-indent:-.65in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">223,503&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">246,170&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">255,635&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt .65in;text-align:right;text-indent:-.65in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">423,306&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">437,185&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">443,113&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Gas sales to customers </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(mmcf)</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt .65in;text-align:right;text-indent:-.65in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">194,679&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">188,780&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">179,899&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Transportation of gas</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt .65in;text-align:right;text-indent:-.65in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">213,117&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">243,878&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">259,830&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Total sales</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt .65in;text-align:right;text-indent:-.65in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">407,796&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">432,658&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">439,729&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;Used by EGD</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt .65in;text-align:right;text-indent:-.65in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">205&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">148&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">120&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;Other
  volumetric variations</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt .65in;text-align:right;text-indent:-.65in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">15,305&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4,379&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,264&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt .65in;text-align:right;text-indent:-.65in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">423,306&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">437,185&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">443,113&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Average daily sendout </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(mmcf)</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt .65in;text-align:right;text-indent:-.65in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,158&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,197&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,215&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Average use per residential customer </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(thousand cubic feet)</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt .65in;text-align:right;text-indent:-.65in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">96&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">97&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">99&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Degree day deficiency</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">1</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt .65in;text-align:right;text-indent:-.65in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;Actual</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt .65in;text-align:right;text-indent:-.65in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3,767&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,802&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,659&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;Forecast
  based on normal weather</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt .65in;text-align:right;text-indent:-.65in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3,514&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,543&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,617&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Number of active customers at year end</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">2</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt .65in;text-align:right;text-indent:-.65in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;Residential</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt .65in;text-align:right;text-indent:-.65in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,274,680&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,114,878&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,062,008&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;Commercial</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt .65in;text-align:right;text-indent:-.65in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">111,276&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">105,056&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">97,988&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;Industrial</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt .65in;text-align:right;text-indent:-.65in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4,067&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,912&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,732&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;Wholesale</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt .65in;text-align:right;text-indent:-.65in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;Transportation</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt .65in;text-align:right;text-indent:-.65in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">547,241&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">674,382&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">697,128&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt .65in;text-align:right;text-indent:-.65in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,937,265&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,898,229&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,860,857&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">New customer additions</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">3</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt .65in;text-align:right;text-indent:-.65in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">32,275&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 8.65pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">41,297&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">43,160&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt .25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Degree day deficiency is a measure of coldness which
is indicative of volumetric requirements of natural gas utilized for heating
purposes in EGD&#146;s franchise area. It is calculated by accumulating, for the
fiscal year, the total number of degrees each day by which the daily mean
temperature falls below 18 degrees Celsius. The figures given are those
accumulated in the Greater Toronto Area.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">2</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Active customers is the number of gas-consuming
customers at the end of the year and include gas sales and transportation
service customers. As the commodity cost of gas is flowed through to gas sales
customers with no mark up, the composition of customers between gas sales and
transportation service has no material impact on EGD&#146;s earnings.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">3</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">New customer additions is the number of&#160; new service lines installed during the
period.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Incentive Regulation</font></b></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">In 2008,
EGD moved to an Incentive Regulation (IR) methodology. The objectives of the IR
plan are as follows:</font></p>

<p align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt .75in;text-align:left;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:normal;">&#183;</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight:normal;">reduce regulatory costs;</font></p>

<p align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt .75in;text-align:left;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:normal;">&#183;</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight:normal;">provide incentives for
improved efficiency;</font></p>

<p align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt .75in;text-align:left;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:normal;">&#183;</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight:normal;">provide more flexibility
for utility management; and</font></p>

<p align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt .75in;text-align:left;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:normal;">&#183;</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight:normal;">provide more stable rates.</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt .75in;text-align:left;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">Under the IR framework, Enbridge is allowed to earn
100 basis points (bps) over the base regulated return. Through various
productivity enhancements, any return over this 100 bps must be shared with
customers on an equal basis. Enbridge estimates the customer portion of 2009
earnings over the allowed threshold at $19 million (2008 - $6 million).</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;font-weight:bold;">Rate Adjustment Applications</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">In September&nbsp;2009, EGD filed an application with the
OEB to adjust rates for 2010 pursuant to the approved IR formula, to increase
funding of its pension plans and to seek approval for specific changes to the
Rate Handbook. The OEB issued a first procedural order in October&nbsp;2009, in
which the OEB indicated that it would consider its jurisdiction with regard to
inclusion of green energy related projects within the regulated operations of
EGD. The OEB issued a decision in December&nbsp;2009 which effectively prevents
the inclusion of such activities in rate-making for the purposes of setting
2010 rates. As a result of this </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">15<a name="PB_15_032518_5335"></a></font></p>

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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">decision, in 2010, EGD will seek clarification of the OEB&#146;s
broader policies with respect to such investments and activities.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">In September&nbsp;2008, EGD filed an application with the
OEB to adjust rates for 2009 pursuant to the approved IR formula and to seek
approval for specific changes to the Rate Handbook. A settlement agreement
containing all applied for aspects of the formulaic component of the IR rate
setting process was approved by the OEB in December&nbsp;2008. EGD received a
fiscal 2009 final rate order from the OEB in February&nbsp;2009 approving the
implementation of a rate change effective April&nbsp;1, 2009, which enabled EGD
to recover the approved revenues as if rates were effective January&nbsp;1,
2009.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-style:italic;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;">NOVERCO</font></i></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge
owns an equity interest in Noverco through ownership of 32.1% of the common
shares and a cost investment in preferred shares. Noverco is a holding company
that owns approximately 71.0% of Gaz Metro Limited Partnership (Gaz Metro), a
publicly traded gas distribution company operating in the province of Quebec
and in the state of Vermont.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;">OTHER GAS DISTRIBUTION</font></i></b></h3>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Other Gas Distribution includes natural gas
distribution utility operations in Quebec, New Brunswick and northern New York
State. The largest utility included in this group of assets is Enbridge Gas New
Brunswick Inc. (EGNB) (70.9% owned and operated by the Company) which owns the
natural gas distribution franchise in the province of New Brunswick. EGNB is
constructing a new distribution system and has approximately 10,000 customers.
Approximately 725 kilometres (450 miles) of distribution main has been
installed with the capability of attaching approximately 30,000 customers.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">ENBRIDGE OFFSHORE PIPELINE</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">Offshore
is comprised of 13 natural gas gathering and FERC-regulated transmission
pipelines and one oil pipeline in five major corridors in the Gulf of Mexico,
extending to deepwater frontiers. These pipelines include almost 1,500 miles
(2,400 kilometres) of underwater pipe and onshore facilities and transported
approximately 2.3 bcf/d during 2009. Offshore currently moves approximately 50%
of offshore deepwater gas production through its systems in the Gulf of Mexico.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Transportation Contracts</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The primary shippers on the Offshore
systems are producers who execute life-of-lease commitments in connection with
transmission and gathering service contracts. In exchange, Offshore provides
firm capacity for the contract term at an agreed upon rate. The throughput
volume generally reflects the lease&#146;s maximum sustainable production. The
transportation contracts allow the shippers to define a maximum daily quantity
(MDQ), which corresponds with the expected production life. The contracts
typically have minimum throughput volumes which are subject to take-or-pay
criteria but also provide the shippers with flexibility, subject to advance
notice criteria, to modify the projected MDQ schedule to match current deliverability
expectations.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">Increasingly,
and reflecting recent setbacks from hurricanes and high construction costs,
transportation contracts are beginning to reflect hurricane allowances to cover
increased operating and repair costs and reduce exposure to capital project
overruns.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">The
long-term transport rates established in the gathering and transmission service
agreements are generally market-based but are established using a cost of
service methodology, which includes operating cost, projected revenue generation
directly tied to production deliverability and the appropriate cost of capital.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The business model
utilized on a go forward basis and included in the Walker Ridge Gas Gathering
System (WRGGS) and Big Foot commercially secured projects differs from the
historic model. These new projects have a base level return which is locked in
by take or pay commitments. If volumes reach producer anticipated levels the
return on these projects will increase. In addition, Enbridge has minimal
capital cost risk on these projects and still has the life-of-lease commitments
included in commercial agreements.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">16<a name="PB_16_032603_5796"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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<div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Competitive
Conditions</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">There is competition for new and existing business
in the Gulf of Mexico. Offshore has been able to capture key opportunities,
positioning it to more fully utilize existing capacity. Offshore serves a
majority of the strategically located deepwater host platforms and its
extensive presence in the deepwater Gulf of Mexico has Offshore well positioned
to generate incremental revenues, with modest capital investment, by
transporting production from sub-sea development of smaller fields tied back to
existing host platforms. Offshore is also able to construct pipelines to
transport crude oil, diversifying the risk of declining production, as
demonstrated with the newly constructed Neptune crude oil lateral and the
recently announced Big Foot Oil Pipeline. Given rates of decline, Offshore
pipelines typically have available capacity resulting in significant
competition for new developments in the Gulf of Mexico.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;">ALLIANCE PIPELINE US</font></i></b></h3>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">The Alliance System (Alliance),
which includes both the Canadian and United States portions of the pipeline
system, consists of an approximately 3,000-kilometre (1,875-mile) integrated,
high-pressure natural gas transmission pipeline system and an approximately
730-kilometre (455-mile) lateral pipeline system and related infrastructure.
Alliance transports liquids-rich natural gas from northeast British Columbia
and northwest Alberta to Channahon, Illinois. The pipeline has firm service
shipping contract capacity to deliver 1.325 bcf/d. Enbridge owns 50% of the
Alliance Pipeline US, while EIF, described under Sponsored Investments, owns
50% of the Canadian portion of the Alliance System (Alliance Pipeline Canada).</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">Alliance
connects with Aux Sable, of which Enbridge owns 42.7%, a natural gas liquids
extraction facility in Channahon, Illinois. The natural gas may then be
transported to two local natural gas distribution systems in the Chicago area
and five interstate natural gas pipelines, providing shippers with access to
natural gas markets in the midwestern and northeastern United States and
eastern Canada.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">In
2009, Pecan Pipeline, a gathering pipeline owned by a third party, was
connected to a new gas receipt point on the Alliance System near Towner, North
Dakota. This pipeline will bring associated rich gas from the Bakken formation
on to Alliance. The new receipt point went into service in January&nbsp;2010,
with an initial volume of 40 mmcf/d, which will increase to 80 mmcf/d one year
after the initial in-service date.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Transportation Contracts</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">Alliance has long-term, take-or-pay contracts through 2015
to transport 1.305 bcf/d of natural gas or 98.5% of the total contracted
capacity. Alliance has an additional 20 million cubic feet per day (mmcf/d) of
natural gas contracted through 2010 which is expected to be remarketed upon
expiry. These contracts permit Alliance to recover the cost of service, which
includes operating and maintenance costs, the cost of financing, an allowance
for income tax, an annual allowance for depreciation and an allowed return on
equity (ROE) of 11.5%. Each long-term contract may be renewed upon five years
notice for successive one-year terms beyond the original 15-year primary term.
Alliance Pipeline US operations are regulated by the FERC.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">Depreciation expense included in the cost of service is
based on negotiated depreciation rates contained in the transportation
contracts, while depreciation expense in the financial statements is recorded
on a straight-line basis at 4% per annum. Negotiated depreciation expense is
generally less than the financial statement amount at the beginning of the
contract and higher than straight-line depreciation in the later years of the
shipper transportation agreements. This difference results in recognition of a
long-term receivable, referred to as deferred transportation revenue, that is
expected to be recovered from shippers beginning in 2009 for Alliance Pipeline US
and 2011 for Alliance Pipeline Canada. As at December&nbsp;31, 2009, $151
million (US$144 million) (2008 - $182 million (US$149 million)) was recorded as
deferred transportation revenue.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Alliance Pipeline Recontracting Strategy</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Alliance System continues to be
fully contracted on a firm service basis and is expected to run at or near full
capacity until at least 2015 when existing long-term shipper contracts expire.
Alliance Pipeline is developing strategies to maximize its competitiveness,
post-2015, in light of falling export production from western Canada and the
potential for surplus export pipeline capacity. Alliance is well placed to
benefit from incremental unconventional volumes from shale plays in British
Columbia, and is currently evaluating opportunities to expand its service
offerings in this area.</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

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<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">17<a name="PB_17_032647_2897"></a></font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Competitive
Conditions</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">Alliance Pipeline US faces competition for pipeline
transportation services to the Chicago area from both existing and proposed
pipeline projects. Competing pipelines provide natural gas transportation
services from the WCSB to distribution systems in the Midwestern United States.
In addition, there are several proposals to upgrade existing pipelines serving
these markets. Any new or upgraded pipelines could either allow shippers
greater access to natural gas markets or offer natural gas transportation
services that are more desirable than those provided by the Alliance System.
Shippers on Alliance Pipeline US have access to additional high compression
delivery capacity at no additional cost, other than fuel requirements, serving
to enhance the competitive position of Alliance Pipeline US.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;">VECTOR PIPELINE</font></i></b></h3>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The
Company provides operating services to, and holds a 60% joint venture interest
in, Vector Pipeline, which transports natural gas from Chicago, Illinois to
Dawn, Ontario. Vector Pipeline has the capacity to deliver a nominal 1.3 bcf/d
and is operating at or near capacity.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-transform:uppercase;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:normal;text-transform:none;">Vector Pipeline&#146;s primary
sources of supply are through interconnections with the Alliance System and the
Northern Border Pipeline in Joliet, Illinois. Approximately 55% of the long
haul capacity of Vector Pipeline is committed through 15-year firm
transportation contracts at rates negotiated with the shippers and approved by
the FERC. The remaining capacity is sold at market rates and at various term
lengths. The total long haul capacity of Vector is approximately 90% committed
through 2015. Transportation service is provided through a number of different
forms of service agreements such as Firm Transportation Service and
Interruptible Transportation Service. </font></b><font size="2" style="font-size:10.0pt;font-weight:normal;text-transform:none;">Vector Pipeline is an interstate natural gas pipeline with
FERC and NEB approved tariffs establishing rates, terms and conditions
governing its service to customers. On the United States portion of Vector,
tariff rates are determined using a cost of service methodology and tariff
changes may only be implemented upon approval by the FERC. For 2009, the FERC
approved maximum tariff rates include a weighted average after-tax return on
equity component of 11.07% (2008 - 11.04%; 2007 - 10.75%). On the Canadian
portion, Vector Pipeline is required to file its negotiated tolls calculation
with the NEB on an annual basis. Tolls are calculated on a levelized basis that
include a rate of return incentive mechanism based on construction costs and
are subject to a rate cap. In 2009, maximum tariff tolls include a return on
equity component of 10.48% after-tax.</font></p>

<p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-transform:uppercase;"><b><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Competitive
Conditions</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Vector Pipeline faces competition for
pipeline transportation services to its delivery points from new supply sources
and traditional low cost pipelines, which could offer transportation that is
more desirable to shippers because of cost, supply location, facilities or
other factors. Vector Pipeline has mitigated this risk by entering into
long-term firm transportation contracts, which expire starting in November&nbsp;2015,
for approximately 87% of its capacity. The remaining contracts expire at
various times starting in April&nbsp;2012. Certain long-term firm contracts
(55% of capacity) provide for additional compensation to Vector Pipeline if
shippers do not extend their contracts beyond the initial term ending November&nbsp;2015.
The effectiveness of these mitigating factors is evidenced by the increased utilization
of the pipeline since its construction, despite the presence of transportation
alternatives.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">AUX SABLE</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge owns 42.7% of Aux Sable, a
NGLs extraction and fractionation business near Chicago, Illinois. Aux Sable
owns and operates a plant at the terminus of the Alliance System. The plant
extracts NGLs from the energy-rich natural gas transported on the Alliance
System, as necessary to meet the requirements of downstream distribution
companies, which require natural gas with less NGLs, or lower heat content; and
to take advantage of positive commodity price spreads.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:normal;">Aux Sable has an agreement with </font></b><font style="font-weight:normal;">BP to sell
its NGLs production to BP. In return, BP pays Aux Sable a fixed annual fee and
a share of any net margin generated from the business in excess of specified
natural gas processing margin thresholds (the upside sharing mechanism). In
addition, BP compensates Aux Sable for all operating, maintenance and capital
costs associated with the Aux Sable facilities subject to certain limits on
capital costs. BP supplies, at its cost, all make-up gas and fuel supply gas to
the Aux Sable facilities and is responsible for the capacity on the Alliance
Pipeline held by an Aux Sable affiliate, </font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>

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<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:normal;">at market rates. The agreement is for an initial
term of 20 years, expiring December&nbsp;21, 2025 and may be extended by mutual
agreement for 10-year terms.</font></b></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;">ENERGY SERVICES</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Energy Services includes Gas Services and Tidal
Energy, the Company&#146;s energy marketing businesses. Gas Services markets natural
gas to optimize Enbridge&#146;s commitments on the Alliance and Vector pipelines. It
also has a growing business of providing fee-for-service arrangements for third
parties, leveraging its marketing expertise and access to contracted
transportation capacity. Capacity commitments as of December&nbsp;31, 2009 were
33 mmcf/d on the Alliance System (3% of total capacity) and 104 mmcf/d on
Vector Pipeline (9% of total capacity). Capacity commitments as of December&nbsp;31,
2008 were 33 mmcf/d on the Alliance System (3% of total capacity) and 144
mmcf/d on Vector Pipeline (12% of total capacity).</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Earnings from Gas Services are dependent upon the
basis (location) differentials between Alberta and Chicago, for Alliance
System, and between Chicago and Dawn, for Vector Pipeline. To the extent the
cost of transportation on these two pipelines exceeds the gas commodity basis
differential, earnings will be negatively affected.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:normal;">Tidal Energy provides crude oil and NGLs marketing
services for the Company and its customers in</font></b><font style="font-weight:normal;"> a full range of condensate and crude oil types
including light sweet, light and medium sours and several heavy grades. Tidal
Energy transacts at many of the major North American market hubs and provides
its customers with a variety of programs including flexible pricing
arrangements, hedging programs, product exchanges, physical storage programs,
and total supply management. Tidal
Energy&#146;s business involves buying, selling, transporting and storing condensate
and crude oil. Tidal Energy is primarily a physical barrel marketing company
and in the course of its market activities can create modest commodity
exposures. Any residual open positions created from this physical business are
tightly monitored and must comply with the Company&#146;s formal risk management
policies.</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">INTERNATIONAL</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In 2009,
the Company sold its 24.7% interest in OCENSA, a crude oil export pipeline in
Colombia. In 2008, the Company sold its 25% equity interest in CLH, Spain&#146;s
largest refined products transportation and storage business. Both of these
investments were sold at very attractive prices and proceeds were utilized in
the funding of the North American expansion projects discussed earlier.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Given the
disposals of OCENSA and CLH, there are currently minimal operations in
International. However, Enbridge continues to actively monitor the
international business environment to identify potential new investment
opportunities.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="4" face="Arial" style="font-size:13.0pt;">SPONSORED INVESTMENTS</font></b></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="4" face="Arial" style="font-size:13.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Sponsored Investments includes the Company&#146;s 27.0% ownership
interest in EEP, Enbridge&#146;s funding of 66.7% of the United States segment of
the Alberta Clipper Project through EEP and Enbridge Energy, L.P. (EELP) and a
72% economic interest (41.9% voting interest) in Enbridge Income Fund (EIF).
Enbridge manages the day-to-day operations of, and develops and assesses
opportunities for each of these investments, including both organic growth and
acquisition opportunities.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">ENBRIDGE ENERGY PARTNERS</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EEP owns
and operates crude oil and liquid petroleum transportation and storage assets and
natural gas gathering, treating, processing, transportation and marketing
assets in the United States. Significant assets include the Lakehead System,
which is the extension of the Enbridge System in the United States; the
Mid-Continent crude oil system consisting of an interstate crude oil pipeline
and storage facilities; a crude oil gathering system and interstate pipeline
system in North Dakota; and natural gas assets located primarily in Texas.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In the
second quarter of 2007, EEP issued partnership units. Because Enbridge did not
fully participate in these offerings, dilution gains of $12 million resulted
and Enbridge&#146;s ownership interest in the Partnership decreased from 16.6% to
15.1%. Enbridge&#146;s average ownership interest in 2007 was 15.5%. In March&nbsp;2008,
Enbridge did not participate in EEP&#146;s issuance of Class&nbsp;A units, resulting
in a $5 million dilution </font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

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<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">19<a name="PB_19_032805_7748"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">gain and a decrease in ownership interest to 14.6%. In late
2008, Enbridge purchased 16.3 million Class&nbsp;A common units of EEP,
resulting in an ownership increase to 27.0%. The Company&#146;s average ownership
interest in EEP during 2008 was 15.7%. At December&nbsp;31, 2009, Enbridge&#146;s
ownership interest in EEP remained at 27.0%.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Competitive Conditions</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EEP&#146;s Lakehead System, the United
States portion of the Enbridge System, is a major crude oil export route from
the WCSB. Other existing competing carriers and pipeline proposals to ship
western Canadian liquids hydrocarbons to markets in the United States represent
competition for the Lakehead System. EEP&#146;s Mid-Continent system and North
Dakota system also face competition from existing competing pipelines, proposed
future pipelines, and alternative gathering facilities available to producers
or the ability of the producers to build such gathering facilities. Competition
for EEP&#146;s storage facilities include large integrated oil companies and other
midstream energy partnerships.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other interstate and intrastate
natural gas pipelines or their affiliates and other midstream businesses that
gather, treat, process and market natural gas or NGLs represent competition to
EEP&#146;s natural gas segment. The level of competition varies depending on the
location of the gathering, treating and processing facilities. However, most
natural gas producers and owners have alternate gathering, treating and
processing facilities available to them, including competitors that are
substantially larger than EEP.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">ENBRIDGE ENERGY, L.P. &#150; ALBERTA CLIPPER US</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In July&nbsp;2009, the Company
committed to fund 66.7% of the cost to construct the United States segment of
the Alberta Clipper Project. The Company will fund 66.7% of the project&#146;s
equity requirements through EELP, while 66.7% of the debt funding will be made
through EEP. EELP &#150; Alberta Clipper US earnings are the Company&#146;s earnings from
its investment in EELP which is undertaking the project and currently represent
allowance for equity funds used during construction (AEDC) recognized while the
project is under construction.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;">ENBRIDGE INCOME FUND</font></i></b></h3>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EIF is a
publically traded income fund whose primary assets include a 50% interest in
Alliance Pipeline Canada and the 100%-owned Enbridge Saskatchewan System, both
acquired from the Company in 2003. Alliance Pipeline Canada is the Canadian
portion of the Alliance System previously described in the Natural Gas Delivery
and Services segment. The Enbridge Saskatchewan System owns and operates crude
oil and liquids pipelines systems from producing fields in southern
Saskatchewan and southwestern Manitoba, connecting primarily with Enbridge&#146;s
mainline pipeline to the United States.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EIF also
owns interests in three wind power generation projects purchased from Enbridge
in October, 2006 and a business that develops and operates waste-heat power
generation projects at Alliance Pipeline Canada compressor stations.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="border:none;letter-spacing:-.1pt;margin:0in 0in .0001pt;padding:0in;text-align:left;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;letter-spacing:0pt;">CORPORATE</font></b></p>

<p align="left" style="border:none;letter-spacing:-.1pt;margin:0in 0in .0001pt;padding:0in;text-align:left;"><font size="4" face="Arial" style="font-size:13.0pt;letter-spacing:0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Corporate consists of new business
development activities and investing and financing activities, including
general corporate investments and financing costs not allocated to the business
segments. Corporate also includes the Company&#146;s investments in green energy
projects, including the Ontario Wind Project, the Talbot Wind Energy Project
and the Sarnia Solar Project, as described below.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">ONTARIO
WIND PROJECT</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">The 190-megawatt (MW) Ontario Wind Project, located in the
Municipality of Kincardine on the eastern shore of Lake Huron in Ontario, was
completed in the fourth quarter of 2008, and 65 of the 115 wind turbines were
operating and delivering power to the grid by the end of 2008. During the first
quarter of 2009, the remaining 50 turbines were phased into service and the
wind project attained full commercial operation. The project has demonstrated
near design level operational performance through its net capacity factor and
high availability of wind turbines.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">TALBOT
WIND ENERGY PROJECT</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In
November&nbsp;2009, Enbridge announced the development of the 99-MW Talbot Wind
Energy Project near Chatham, Ontario with Renewable Energy Systems Canada Inc.
(RES Canada). Enbridge will have a 90% interest in the project and an option to
acquire the remaining 10% interest. RES Canada will construct </font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">20<a name="PB_20_032850_141"></a></font></p>

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<div style="font-family:Arial;">

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">the
wind project under a fixed price, turnkey, engineering, procurement and
construction agreement. The project utilizes 43 Siemens 2.3-MW wind turbines
and, under a multi-year fixed price agreement, Siemens will provide operations
and maintenance services for the wind turbines. The Talbot Wind Energy project
will deliver energy to the Ontario Power Authority under a Renewable Energy
Supply (RES) III 20-year power purchase agreement and is expected to be
completed by December&nbsp;2010.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">SARNIA
SOLAR PROJECT</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In October&nbsp;2009, Enbridge
announced the development of the 20-MW Sarnia Solar Project with First Solar,&nbsp;Inc.
(First Solar). In December&nbsp;2009, the Company announced a 60-MW expansion
of the project. After the completion of the expansion, the project will be the
largest photovoltaic, solar energy facility in operation in North America.
First Solar, a global leader in solar energy, is constructing the project under
a fixed price engineering, procurement and construction contract, utilizing its
thin film photovoltaic technology. First Solar will also provide operations and
maintenance services under a long-term contract. Power output of the facility
will be sold to the Ontario Power Authority under a 20-year power purchase
agreement. The initial 20-MW facility attained commercial operation in December&nbsp;2009
and the 60-MW facility is expected to be in service by December&nbsp;2010.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-transform:uppercase;"><b><font size="4" face="Arial" style="font-size:13.0pt;text-transform:none;">GENERAL</font></b></p>

<p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-transform:uppercase;"><b><font size="4" face="Arial" style="font-size:13.0pt;">&nbsp;</font></b></p>

<p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-transform:uppercase;"><b><font size="2" face="Arial" style="font-size:10.0pt;text-transform:none;">EMPLOYEES</font></b></p>

<p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-transform:uppercase;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:normal;text-transform:none;">At December&nbsp;31, 2009,
Enbridge employed 6,065 employees as set forth in the following table.</font></b></p>

<p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-transform:uppercase;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:normal;text-transform:none;">&nbsp;</font></b></p>

<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="84%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.5pt;border-right:none;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Liquids Pipelines</font></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,769</font></p>
  </td>
  <td width="1%" valign="bottom" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="bottom" style="border:none;border-left:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Natural Gas Delivery and Services</font><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-3.0pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,204</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="bottom" style="border:none;border-left:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Sponsored Investments</font><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-3.0pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,858</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Corporate</font></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">234</font></p>
  </td>
  <td width="1%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="bottom" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6,065</font></p>
  </td>
  <td width="1%" valign="bottom" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt .25in;page-break-after:auto;text-align:left;text-indent:-.25in;text-transform:uppercase;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:normal;text-transform:none;">1</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;font-weight:normal;text-transform:none;">Approximately 11% of the Company&#146;s workforce is represented either by
the Communications, Energy and Paperworkers Union, Local 975 (CEPU) or the
International Brotherhood of Electrical Workers (IBEW), Local 97. A two-year
collective agreement for CEPU was signed in March&nbsp;2009 for the period January&nbsp;1,
2009 to December&nbsp;31, 2010. The current collective agreement for IBEW
expires February&nbsp;2011.</font></p>

<p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt .25in;page-break-after:auto;text-align:left;text-indent:-.25in;text-transform:uppercase;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:normal;text-transform:none;">2</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;font-weight:normal;text-transform:none;">Neither EEP nor EIF have employees. Both use the
services of the Company&#146;s wholly-owned subsidiaries for managing and operating
their businesses.</font></p>

<p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt .25in;page-break-after:auto;text-align:left;text-indent:-.25in;text-transform:uppercase;"><b><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">CORPORATE SOCIAL RESPONSIBILITY</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:13.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge
has strong corporate social responsibility practices. Enbridge defines
corporate social responsibility as conducting business in a socially
responsible way, protecting the environment and the health and safety of
people, supporting human rights and engaging, respecting and supporting the
communities and cultures with which the Company works. Enbridge&#146;s complete 2009
Corporate Social Responsibility Report can be found at <u><font color="blue" style="color:blue;">www.enbridge.com/csr2009</font></u><font color="blue" style="color:blue;">.</font> None of the information contained on, or
connected to, the Enbridge website is incorporated or otherwise part of this
AIF.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In
2009, the Company launched an enterprise-wide goal of achieving a neutral
environmental footprint by 2015. The goal consists of three key commitments:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">we will conserve an
acre of natural or wilderness land for every acre we permanently impact from
the construction of new facilities;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">we will plant a
tree for every tree we remove to build new facilities; and</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">we will generate a
kilowatt of renewable power, through our investments in renewable and
alternative energy, for each kilowatt of power consumed by our operations.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">To
achieve its neutral footprint goal, Enbridge will work with nature
conservancies in Canada and the United States to help purchase natural
wilderness lands throughout North America. The land that Enbridge conserves
will be similar to the areas that have been affected. The Company has also
begun to plant trees. To mark the Company&#146;s 60</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">th</font><font size="2" face="Arial" style="font-size:10.0pt;">&#160;anniversary, Enbridge planted more than 60,000
trees in 60 communities along its rights of way in Canada and the United
States.</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">21<a name="PB_21_033422_7608"></a></font></p>

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<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge&#146;s
community investments are also noteworthy. The Company launched three major
community investment initiatives in 2009. School Plus, in partnership with the Assembly of First Nations,
provides financial support to enrichment programming and extra-curricular
activities in First Nations schools near major Enbridge rights of way, the Safe Community program serves to
confirm the priority Enbridge places on health and safety in our right-of-way
communities, by directly and visibly supporting those right-of-way
organizations who would respond to an emergency on one or more of our lines or
at one of our facilities, and the Natural
Legacy program focuses on tree planting and specific environmental
initiatives in communities in proximity to our major rights of way.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">To
complement community investments in its Canadian and United States operating
areas, Enbridge will also exercise leadership in extending the benefits of
energy availability to underdeveloped countries. In 2009, Enbridge launched the
energy4everyone Foundation, which has applied to the Canada Revenue Agency for
charitable status, with a vision of empowering people and communities to
improve their own lives by providing energy to everyone. The Foundation aims to
leverage the expertise and resources of the Canadian energy industry to affect
significant enhancement in quality of life through the delivery and deployment
of affordable, reliable and sustainable energy services and technologies to
communities in need around the world.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">ENVIRONMENTAL MATTERS</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">CLIMATE CHANGE LEGISLATION</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Canadian Federal Government has
indicated that Canada will target a 17% reduction of greenhouse gas (GHG)
emissions by 2020, based on 2006 emission levels. It has also signaled that 90%
of Canada&#146;s electricity will be provided by non-emitting sources, such as
hydro, nuclear, clean-coal, solar and wind, by 2020. Details of Canada&#146;s GHG
management plan will not be released until there is clarity in the United
States about its intention to regulate GHG emissions. Canadian regulations will
likely be compatible with those of the United States in order for Canadian businesses
to remain competitive and avoid the potential for punitive trade sanctions. It
is uncertain how climate legislation could affect the industry. Enbridge
continues to monitor this activity.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">LOW CARBON FUEL STANDARDS</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">California and Oregon have adopted
Low Carbon Fuel Standards and other states (including the seven New England
states) are considering the same. If widely adopted, such standards could limit
United States refiners from importing oil sands products, as they are more
energy-intensive to process than conventional crude. Flow restrictions of oil
sands products to the United States would increase interest in exports to Asia,
and consequently increase interest in projects like Enbridge&#146;s Northern Gateway
Project.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">RENEWABLE ENERGY</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge has significant interest in
wind and solar power and is well positioned to expand this portfolio. Many
programs to encourage and advance renewable energy exist in Canada and the
United States as well as individual provinces and states. For example, the
Feed-in-Tariff program introduced by the Ontario Green Energy Act has created
significant opportunities for renewable energy growth in Ontario. The extension
of the Production Tax Credit, introduction of a federal cash grant and the
potential for a nationwide minimum Renewable Portfolio Standard have
accelerated renewable energy project across the United States. Enbridge
continues to assess and advance renewable energy opportunities and monitor
potential changes to government policies and incentives that may positively or
negatively impact renewable energy projects in a particular province, state or
federal jurisdiction.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-transform:uppercase;"><b><font size="4" face="Arial" style="font-size:13.0pt;text-transform:none;">RISK
FACTORS</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">A discussion of the
Company&#146;s risk factors can be found in the 2009 Year End MD&amp;A under the
subheading &#147;Business Risks&#148; for each of the operating segments as well as under
the heading &#147;Risk Management&#148;.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">22<a name="PB_22_033525_8146"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-transform:uppercase;"><font style="font-weight:bold;text-decoration:none;text-transform:uppercase;"><b><font size="4" face="Arial" style="font-size:13.0pt;text-transform:none;">DIVIDENDS</font></b></font></h1>

<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-transform:uppercase;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The declaration of
dividends is at the discretion of the Board of Directors and is approved
quarterly. The Company continues to target a pay out of approximately 60% to
70% of adjusted earnings as dividends. Dividends on the Preferred Shares, Series&nbsp;A,
are fixed and are paid quarterly.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">There are no
restrictions that currently prevent the Company from paying dividends. However,
in the event of liquidation, dissolution or winding-up of the Company, the
preferred shareholders have priority in the payment of dividends over the
common shareholders. As well, restrictions in credit or financing agreements
entered into by the Company or provisions of applicable law may preclude the
payment of dividends in certain circumstances.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:50.4%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="16%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:16.54%;">
  <p align="right" style="margin:0in 6.5pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="16%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:16.54%;">
  <p align="right" style="margin:0in 6.5pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="16%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:16.52%;">
  <p align="right" style="margin:0in 6.5pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:50.4%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Canadian dollars per share)</font></i></p>
  </td>
  <td width="16%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:16.54%;">
  <p align="right" style="margin:0in 6.5pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="16%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:16.54%;">
  <p align="right" style="margin:0in 6.5pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="16%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:16.52%;">
  <p align="right" style="margin:0in 6.5pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2007</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:50.4%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Common Shares</font></p>
  </td>
  <td width="16%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:16.54%;">
  <p align="right" style="margin:0in 6.5pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1.4800</font></p>
  </td>
  <td width="16%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:16.54%;">
  <p align="right" style="margin:0in 6.5pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1.3200</font></p>
  </td>
  <td width="16%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:16.52%;">
  <p align="right" style="margin:0in 6.5pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1.2300</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:50.4%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Preferred Shares, Series&nbsp;A</font></p>
  </td>
  <td width="16%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:16.54%;">
  <p align="right" style="margin:0in 6.5pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1.3750</font></p>
  </td>
  <td width="16%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:16.54%;">
  <p align="right" style="margin:0in 6.5pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1.3750</font></p>
  </td>
  <td width="16%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:16.52%;">
  <p align="right" style="margin:0in 6.5pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1.3750</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-transform:uppercase;"><b><font size="3" face="Arial" style="font-size:12.0pt;text-transform:none;">DESCRIPTION OF CAPITAL STRUCTURE</font></b></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></b></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;">SHARE CAPITAL</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge&#146;s
authorized share capital consists of an unlimited number of Common Shares with
no par value and an unlimited number of preferred shares. At Year End, there
were 378 million Common Shares and 5 million Series&nbsp;A Preferred Shares
issued and outstanding.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;">Common Shares</font></i></b></h3>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Holders of Common
Shares are entitled to receive dividends if, as and when declared by the Board
of Directors of the Company. Holders of Common Shares are entitled to receive
notice of and to attend all meetings of shareholders and are entitled to one
vote per Common Share held at all such meetings. In the event of liquidation,
dissolution or winding up of the Company or other distribution of assets of the
Company among its shareholders for the purpose of winding up its affairs,
holders of Common Shares will be entitled to participate ratably in any
distribution of assets of the Company.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company has a
Shareholder Rights Plan that is designed to encourage the fair treatment of
shareholders in connection with any takeover offer for the Company. Rights
issued under the plan become exercisable when a person, including any related
parties, acquires or announces the intention to acquire 20% or more of the
Company&#146;s outstanding common shares without complying with certain provisions
set out in the plan, or without approval of the Company&#146;s Board of Directors.
Should such an acquisition occur, each rights holder, other than the acquiring
person and its related parties, will have the right to purchase Common Shares of
the Company at a 50% discount to the market price at that time. The plan was
reconfirmed at the 2005 and 2008 annual meetings of shareholders and must be
reconfirmed at every third annual meeting thereafter. The renewal of this plan
will be proposed for approval at the 2011 shareholders&#146; meeting.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge&#146;s Dividend
Reinvestment and Share Purchase Plan enables registered shareholders of the
Company to purchase additional common shares by reinvesting all of the cash
dividends paid on the common shares and also by making optional cash payments
of up to $5,000 per quarter, in both cases without incurring brokerage or other
transaction expenses. Effective with dividends payable on March&nbsp;1, 2008,
participants in the Company&#146;s Dividend Reinvestment and Share Purchase Plan
receive a 2% discount on the purchase of Common Shares with reinvested
dividends.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge also has
stock-based compensation plans that allow employees to purchase Common Shares
of the Company. Option exercise prices are determined based on the weighted
average market prices of the Common Shares for the five days preceding the date
of issuance. Options granted under the plan are generally fully exercisable
after four years and expire ten years after the grant date.</font></p>

<h3 align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><i><font size="2" face="Arial">&nbsp;</font></i></b></h3>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">23<a name="PB_23_034051_7091"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='23',FILE='C:\JMS\jkarthi\10-3715-1\task3938606\3715-1-mu-07.htm',USER='105429',CD='Feb 19 15:21 2010' -->


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<div>

<h3 align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><i><font size="2" face="Arial">&nbsp;</font></i></b></h3>

<h3 align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;">Preferred Shares</font></i></b></h3>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The five million
5.5% Cumulative Redeemable Preferred Shares, Series&nbsp;A are entitled to
fixed, cumulative, quarterly preferential dividends of $1.375 per share per
year. The Company may, at its option, redeem all or a portion of the
outstanding preferred shares for $25 per share plus all accrued and unpaid
dividends.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Preferred Shares
may be issued in one or more series. The Board of Directors may determine the
designation, rights, privileges, restrictions and conditions attached to each
series of Preferred Shares before the issue of such series. Holders of the
Preferred Shares are not entitled to vote at any meeting of the shareholders of
the Company, except as required by law. Preferred Shares are entitled to priority
over the Common Shares of the Company with respect to the payment of dividends
and the distribution of assets of the Company in the event of any liquidation,
dissolution or winding up of the Company&#146;s affairs.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;">RATINGS</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table
sets forth the ratings assigned to the Company&#146;s Preferred Shares, Series&nbsp;A,
Medium-Term Notes (MTNs) and Unsecured Debt and Commercial Paper by DBRS
Limited (DBRS), Moody&#146;s Investor Services,&nbsp;Inc. (Moody&#146;s) and Standard&nbsp;&amp;
Poor&#146;s Ratings Services (S&amp;P).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="42%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:42.98%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="20%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:20.22%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="19%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:19.18%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:17.62%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="42%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:42.98%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.22%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">DBRS</font></b></p>
  </td>
  <td width="19%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:19.18%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Moody&#146;s</font></b></p>
  </td>
  <td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:17.62%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">S&amp;P</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="42%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:42.98%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Preferred Shares, Series&nbsp;A</font></p>
  </td>
  <td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.22%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Pfd-2
  (low)</font></p>
  </td>
  <td width="19%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:19.18%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Baa3</font></p>
  </td>
  <td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:17.62%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">BBB</font></p>
  </td>
 </tr>
 <tr>
  <td width="42%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:42.98%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">MTNs and Unsecured Debt</font></p>
  </td>
  <td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.22%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">A</font></p>
  </td>
  <td width="19%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:19.18%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Baa1</font></p>
  </td>
  <td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:17.62%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">A-</font></p>
  </td>
 </tr>
 <tr>
  <td width="42%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:42.98%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Commercial Paper</font></p>
  </td>
  <td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.22%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">R-1
  (low)</font></p>
  </td>
  <td width="19%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:19.18%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Not
  Rated</font></p>
  </td>
  <td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:17.62%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">A-1
  (low)</font></p>
  </td>
 </tr>
 <tr>
  <td width="42%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:42.98%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Rating Outlook</font></p>
  </td>
  <td width="20%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.22%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Stable</font></p>
  </td>
  <td width="19%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:19.18%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Stable</font></p>
  </td>
  <td width="17%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:17.62%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Stable</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The credit ratings
accorded by these rating agencies are not recommendations to purchase, hold or
sell the shares or securities and such ratings do not comment as to market
price or suitability for a particular investor. There is no assurance that any
rating will remain in effect for any given period of time or that any rating
will not be revised or withdrawn entirely by a rating agency in the future if,
in its judgment, circumstances so warrant. A description from the rating agency
for each credit rating listed in the table above is set out below.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">DBRS has different
rating scales for short and long-term debt and preferred shares. &#147;High&#148; or &#147;low&#148;
grades are used to indicate the relative standing within a rating category. The
absence of either a &#147;high&#148; or &#147;low&#148; designation indicates the rating is in the &#147;middle&#148;
of this category. The Pfd-2 (low) rating assigned to Enbridge&#146;s Preferred
Shares is the second highest of six rating categories for preferred shares.
Preferred shares rated Pfd-2 are of satisfactory credit quality. Protection of
dividends and principal is still substantial, but earnings, the balance sheet
and coverage ratios are not as strong as Pfd-1 rated companies. The A rating
assigned to Enbridge&#146;s MTNs and unsecured debentures is the third highest of
eight categories for long-term debt. Long-term debt rated A is of satisfactory
credit quality. Protection of interest and principal is still substantial, but
the degree of strength is less than that of AA rated entities.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">While A is a
respectable rating, entities in this category are considered to be more
susceptible to adverse economic conditions and have greater cyclical tendencies
than higher-rated securities. The R-1 (low) rating assigned to Enbridge&#146;s
commercial paper is the third highest of ten rating categories and indicates
satisfactory credit quality. The overall strength and outlook for key
liquidity, debt and profitability ratios is not normally as favorable as with
higher rating categories, but these considerations are still respectable. Any
qualifying negative factors that exist are considered manageable, and the entity
is normally of sufficient size to have some influence on its industry.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Moody&#146;s has differen</font><font size="2" face="Arial" style="font-size:10.0pt;">t rating scales for short and
long-term obligations. Numerical modifiers 1, 2 and 3 are applied to each
rating classification, with 1 being the highest and 3 being the lowest. The
Baa3 rating assigned to Enbridge&#146;s Preferred Shares and the Baa1 rating
assigned to Enbridge&#146;s MTNs and unsecured debentures is the fourth highest of
nine rating categories for long-term obligations. Obligations rated Baa are
subject to moderate credit risk. They are considered medium-grade and, as such,
may possess certain speculative characteristics.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">24<a name="PB_24_034241_455"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='24',FILE='C:\JMS\jkarthi\10-3715-1\task3938606\3715-1-mu-07.htm',USER='105429',CD='Feb 19 15:21 2010' -->



<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">S&amp;P has different rating scales for short and long-term
obligations. Ratings may be modified by the addition of a plus (+) or a minus
(-) sign to show the relative standing within a particular rating category. The
BBB rating assigned to Enbridge&#146;s preferred shares is the fourth highest of
eleven rating categories for long-term obligations. An obligor rated BBB has
adequate capacity to meet its financial commitments; however, adverse economic
conditions or changing circumstances are more likely to lead to a weakened
capacity of the obligor to meet its financial commitments. The A- rating
assigned to Enbridge&#146;s MTNs and unsecured debentures is the third highest of
eleven rating categories. An A rating indicates the obligor has strong capacity
to meet its financial commitments but is somewhat more susceptible to the
adverse effects of changes in circumstances and economic conditions than
obligors in higher-rated categories. The rating of A-1 (low) assigned to
Enbridge&#146;s commercial paper is the highest of nine rating categories for
short-term obligations. An obligor rated A-1 has strong capacity to meet its
financial commitments.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-transform:uppercase;"><b><font size="3" face="Arial" style="font-size:12.0pt;">MARKET
FOR SECURITIES</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-transform:uppercase;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Common Shares of the Company are traded on the Toronto
Stock Exchange (TSX) in Canada, the principal market for Enbridge&#146;s common
shares, and on the New York Stock Exchange (NYSE) in the United States under
the symbol ENB. The following table sets forth the monthly price range and
volume traded for Enbridge&#146;s Common Shares on the TSX and NYSE.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:16.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:42.0%;">
  <p align="center" style="margin:0in .1in .0001pt 0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="42%" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:42.0%;">
  <p align="center" style="margin:0in .1in .0001pt 0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" colspan="4" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:42.0%;">
  <p align="center" style="margin:0in .1in .0001pt 0in;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">TSX (ENB.TO)</font></b></p>
  </td>
  <td width="42%" colspan="4" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:42.0%;">
  <p align="center" style="margin:0in .1in .0001pt 0in;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">NYSE (ENB)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">High<br>
  ($)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Low<br>
  ($)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Close<br>
  ($)</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Volume<br>
  Traded</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">High<br>
  (US$)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Low<br>
  (US$)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Close<br>
  (US$)</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Volume<br>
  Traded</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">January
  2009</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">41.21</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">38.61</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">40.24</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">17,996,287</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">34.39</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">30.70</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">32.80</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6,687,790</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">February
  2009</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">42.97</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">37.50</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">38.10</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">21,460,475</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">35.26</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">29.61</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">29.79</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">8,325,354</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">March 2009</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">40.16</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">35.20</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">36.35</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">27,264,243</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">32.17</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">27.54</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">28.80</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">8,674,448</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">April 2009</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">37.38</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">35.68</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">36.85</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">17,052,732</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">31.39</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">28.35</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">30.85</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5,039,098</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">May 2009</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">38.81</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">36.50</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">38.70</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">19,648,968</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">35.56</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">30.81</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">35.51</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4,447,301</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">June 2009</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">40.85</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">37.84</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">40.36</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">21,665,857</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">36.35</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">32.84</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">34.73</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,667,996</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">July 2009</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">42.10</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">38.26</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">41.69</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">15,022,929</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">39.07</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">32.79</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">38.84</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,920,791</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">August
  2009</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">42.32</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">40.35</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">40.90</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">13,462,044</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">39.59</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">36.62</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">37.21</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,128,925</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">September
  2009</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">41.84</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">39.95</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">41.57</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">16,105,521</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">38.99</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">36.32</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">38.80</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,121,825</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">October
  2009</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">43.47</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">40.50</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">42.09</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">18,185,429</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">42.27</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">37.24</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">38.84</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,636,927</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">November
  2009</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">45.25</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">41.37</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">45.01</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">19,086,819</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">42.91</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">38.33</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">42.76</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,247,988</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="bottom" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">December
  2009</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">48.92</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">45.53</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">48.63</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">21,421,072</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">46.52</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">43.13</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">46.22</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,538,689</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, the Company&#146;s </font><font size="2" face="Arial" style="font-size:10.0pt;">Preferred
Shares, Series A are traded on the TSX under the symbol ENB-PA.TO. The
following table sets forth the monthly price range and volume traded for
Enbridge&#146;s Preferred Shares.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="0%" style="border:none;border-bottom:solid windowtext 1.5pt;font-size:12.0pt;padding:0in 0in 0in 0in;"><p style="margin:0in 0in .0001pt;">&nbsp;</p></td>
  <td width="99%" colspan="9" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:99.72%;">
  <p align="center" style="margin:0in .1in .0001pt 0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;font-size:12.0pt;"><p style="margin:0in 0in .0001pt;">&nbsp;</p></td>
 </tr>
 <tr>
  <td width="16%" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">High<br>
  ($)</font></b></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Low<br>
  ($)</font></b></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Close<br>
  ($)</font></b></p>
  </td>
  <td width="12%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Volume<br>
  Traded</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="16%" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="left" style="margin:0in 0in .0001pt 15.15pt;text-align:left;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">January 2009</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">24.48</font></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">23.50</font></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">24.10</font></p>
  </td>
  <td width="12%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">91,215</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="left" style="margin:0in 0in .0001pt 15.15pt;text-align:left;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">February 2009</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">24.50</font></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">23.00</font></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">23.98</font></p>
  </td>
  <td width="12%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">105,063</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="left" style="margin:0in 0in .0001pt 15.15pt;text-align:left;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">March 2009</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">24.18</font></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">22.42</font></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">23.75</font></p>
  </td>
  <td width="12%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">54,597</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="left" style="margin:0in 0in .0001pt 15.15pt;text-align:left;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">April 2009</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">24.89</font></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">23.75</font></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">24.85</font></p>
  </td>
  <td width="12%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">115,316</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="left" style="margin:0in 0in .0001pt 15.15pt;text-align:left;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">May 2009</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">24.96</font></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">24.18</font></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">24.62</font></p>
  </td>
  <td width="12%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">75,294</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="left" style="margin:0in 0in .0001pt 15.15pt;text-align:left;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">June 2009</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">25.23</font></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">23.91</font></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">24.90</font></p>
  </td>
  <td width="12%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">67,003</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="left" style="margin:0in 0in .0001pt 15.15pt;text-align:left;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">July 2009</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">25.95</font></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">24.40</font></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">25.10</font></p>
  </td>
  <td width="12%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">91,726</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="left" style="margin:0in 0in .0001pt 15.15pt;text-align:left;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">August 2009</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">25.50</font></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">24.92</font></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">25.45</font></p>
  </td>
  <td width="12%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">77,778</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="left" style="margin:0in 0in .0001pt 15.15pt;text-align:left;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">September 2009</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">26.05</font></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">24.78</font></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">25.30</font></p>
  </td>
  <td width="12%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">46,145</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="left" style="margin:0in 0in .0001pt 15.15pt;text-align:left;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">October 2009</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">25.51</font></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">24.53</font></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">25.51</font></p>
  </td>
  <td width="12%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">99,432</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="left" style="margin:0in 0in .0001pt 15.15pt;text-align:left;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">November 2009</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">25.91</font></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">24.85</font></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">25.14</font></p>
  </td>
  <td width="12%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">41,049</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="left" style="margin:0in 0in .0001pt 15.15pt;text-align:left;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">December 2009</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">25.89</font></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">25.05</font></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">25.82</font></p>
  </td>
  <td width="12%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">37,145</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="1" style="border:none;"></td>
  <td width="119" style="border:none;"></td>
  <td width="75" style="border:none;"></td>
  <td width="75" style="border:none;"></td>
  <td width="75" style="border:none;"></td>
  <td width="90" style="border:none;"></td>
  <td width="75" style="border:none;"></td>
  <td width="75" style="border:none;"></td>
  <td width="75" style="border:none;"></td>
  <td width="89" style="border:none;"></td>
  <td width="1" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">25<a name="PB_25_011104_7056"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='25',FILE='C:\JMS\105569\10-3715-1\task3940348\3715-1-mu-09.htm',USER='105569',CD='Feb 20 02:27 2010' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table outlines the securities issued by the
Company and its wholly-owned subsidiaries during 2009 that are not listed or
quoted on an exchange. These are in the form of unsecured medium-term notes.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;font-size:12.0pt;"><p style="margin:0in 0in .0001pt;">&nbsp;</p></td>
  <td width="99%" colspan="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:99.72%;">
  <p align="center" style="margin:0in .1in .0001pt 0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;font-size:12.0pt;"><p style="margin:0in 0in .0001pt;">&nbsp;</p></td>
 </tr>
 <tr>
  <td width="25%" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.68%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Issuer</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.32%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Principal<br>
  Amount<br>
  </font></b><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions)</font></i></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Coupon</font></b></p>
  </td>
  <td width="20%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Issue Date</font></b></p>
  </td>
  <td width="22%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:22.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Maturity Date</font></b></p>
  </td>
  <td width="11%" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Issue<br>
  Price</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="25%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.68%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge Inc.</font></p>
  </td>
  <td width="11%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.32%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">$400</font></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5.17%</font></p>
  </td>
  <td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">May 19, 2009</font></p>
  </td>
  <td width="22%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:22.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">May 19, 2016</font></p>
  </td>
  <td width="11%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">$99.942</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.68%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge Inc.</font></p>
  </td>
  <td width="11%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.32%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">$400</font></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4.77%</font></p>
  </td>
  <td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">September 2, 2009</font></p>
  </td>
  <td width="22%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:22.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">September 2, 2019</font></p>
  </td>
  <td width="11%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">$99.953</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.68%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge Inc.</font></p>
  </td>
  <td width="11%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.32%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">$200</font></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5.75%</font></p>
  </td>
  <td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">September 2, 2009</font></p>
  </td>
  <td width="22%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:22.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">September 2, 2039</font></p>
  </td>
  <td width="11%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">$99.901</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.68%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge Pipelines Inc.</font></p>
  </td>
  <td width="11%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.32%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">$200</font></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5.35%</font></p>
  </td>
  <td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">November 10, 2009</font></p>
  </td>
  <td width="22%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:22.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">November 10, 2039</font></p>
  </td>
  <td width="11%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">$99.911</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.68%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge Pipelines Inc.</font></p>
  </td>
  <td width="11%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.32%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">$300</font></p>
  </td>
  <td width="10%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4.49%</font></p>
  </td>
  <td width="20%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">November 10, 2009</font></p>
  </td>
  <td width="22%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:22.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">November 12, 2019</font></p>
  </td>
  <td width="11%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">$99.920</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="1" style="border:none;"></td>
  <td width="191" style="border:none;"></td>
  <td width="85" style="border:none;"></td>
  <td width="75" style="border:none;"></td>
  <td width="150" style="border:none;"></td>
  <td width="165" style="border:none;"></td>
  <td width="81" style="border:none;"></td>
  <td width="1" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">There are no provisions associated with this debt that
entitle debt holders to voting rights. From time to time, the Company also issues
commercial paper for various terms. Enbridge also has credit facilities that
bear interest at market rates.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="4" face="Arial" style="font-size:13.0pt;">CREDIT FACILITIES</font></b></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Credit facilities carry a weighted average standby fee of
0.39</font><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.1pt;">% </font><font size="2" face="Arial" style="font-size:10.0pt;">per annum on
the unused portion and draws bear interest at market rates. Certain credit
facilities serve as a backstop to the commercial paper programs and the Company
has the option to extend the facilities, which are currently set to mature from
2010 to 2014.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="46%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.5pt;border-right:none;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:46.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian
  dollars)</font></i></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 1.8pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:46.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">December 31, 2009</font></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Expiry Dates</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Total<br>
  Facilities</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Credit<br>
  Facility<br>
  Draws</font></b><b><font size="1" face="Times New Roman" style="font-size:4.5pt;font-weight:bold;position:relative;top:-4.0pt;">2</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 1.8pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Available</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="bottom" style="border:none;border-left:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:46.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Liquids
  Pipelines</font></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2011</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,300</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">876</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 1.8pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">424</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="bottom" style="border:none;border-left:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:46.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Natural
  Gas Delivery and Services</font></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2010
  - 2011</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">813</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">512</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 1.8pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">301</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:46.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Corporate</font></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2011
  - 2013</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,898</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,255</font></p>
  </td>
  <td width="13%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 1.8pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,643</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="bottom" style="border:none;border-left:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:46.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6,011</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,643</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 1.8pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,368</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:46.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Southern
  Lights project financing</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">1</font></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2014</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,796</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,531</font></p>
  </td>
  <td width="13%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 1.8pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">265</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="bottom" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:46.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Credit
  facilities</font></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">7,807</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5,174</font></p>
  </td>
  <td width="13%" valign="bottom" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 1.8pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,633</font></p>
  </td>
 </tr>
</table>

<p style="margin:4.0pt 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Total
facilities inclusive of $186 million which is available if certain conditions
related to the project are met.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">2</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Includes
facility draws and commercial paper issuances, net of discount, that are
back-stopped by the credit facility.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="4" face="Arial" style="font-size:13.0pt;">DIRECTORS AND OFFICERS</font></b></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">As at
December 31, 2009, the directors and all officers of Enbridge (including the
executive officers listed below) as a group beneficially owned, directly or
indirectly, 1,382,579 Common Shares of the Company, representing less than 1%
of the issued and outstanding Common Shares on that date. The information as to
shares beneficially owned or over which control or direction is exercised, not
being within the knowledge of the Company, has been furnished by the respective
directors and officers individually. The directors and officers do not
beneficially own, directly or indirectly, more than 1% of the voting securities
of any subsidiary of the Company.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;">DIRECTORS</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table sets forth the names of the Directors of
Enbridge Inc. on February 18, 2010, their municipalities of residence, their
respective principal occupations within the five preceding years and the year
from which they first became a Director of the Company (except where otherwise
noted). Each Director who is elected holds office until the next annual meeting
of shareholders or until a successor is duly elected or appointed.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">26<a name="PB_26_013501_5335"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;font-size:12.0pt;"><p style="margin:0in 0in .0001pt;">&nbsp;</p></td>
  <td width="99%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:99.72%;">
  <p align="center" style="margin:0in .1in .0001pt 0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;font-size:12.0pt;"><p style="margin:0in 0in .0001pt;">&nbsp;</p></td>
 </tr>
 <tr>
  <td width="28%" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:28.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Name
  and<br>
  Place of Residence</font></b></p>
  </td>
  <td width="60%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in .05in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Principal
  Occupation During the Five Preceding Years</font></b></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p style="margin:0in 0in .0001pt .05in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Director<br>
  Since</font></b><b><font size="1" face="Times New Roman" style="font-size:6.0pt;font-weight:bold;position:relative;top:-3.0pt;">1</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="28%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:28.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">David A.
  Arledge</font></p>
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Naples,
  Florida</font></p>
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">USA</font></p>
  </td>
  <td width="60%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in .05in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Corporate
  Director. Chair of the Board of Directors of Enbridge Inc. since 2005.</font></p>
  </td>
  <td width="12%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">2002</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:28.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">James J.
  Blanchard</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">2</font></p>
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Beverly
  Hills, Michigan</font></p>
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">USA</font></p>
  </td>
  <td width="60%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in .05in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Chairman,
  Government Affairs, DLA Piper U.S., LLP (law firm) since June, 2006. United
  States Ambassador to Canada from 1993 to 1996.</font></p>
  </td>
  <td width="12%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">1999</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:28.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">J. Lorne
  Braithwaite</font></p>
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Thornhill,
  Ontario</font></p>
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Canada</font></p>
  </td>
  <td width="60%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in .05in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Corporate
  Director. President and Chief Executive Officer of Build Toronto since April
  2009.</font></p>
  </td>
  <td width="12%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">1989</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:28.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Patrick
  D. Daniel</font></p>
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Calgary,
  Alberta</font></p>
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Canada</font></p>
  </td>
  <td width="60%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in .05in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">President
  and Chief Executive Officer of Enbridge since January 2001.</font></p>
  </td>
  <td width="12%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">2000</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:28.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">J. Herb England</font></p>
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Naples, Florida</font></p>
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">USA</font></p>
  </td>
  <td width="60%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in .05in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Chairman
  and Chief Executive Officer of Stahlman-England Irrigation Inc. (contracting
  company) since January 2000.</font></p>
  </td>
  <td width="12%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">2007</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:28.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Charles
  W. Fischer</font></p>
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Calgary,
  Alberta</font></p>
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Canada</font></p>
  </td>
  <td width="60%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in .05in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Corporate
  Director. President and Chief Executive Officer of Nexen Inc. from 2001 to
  2008.</font></p>
  </td>
  <td width="12%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">2009</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:28.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">David A.
  Leslie</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">3</font></p>
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Toronto,
  Ontario</font></p>
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Canada</font></p>
  </td>
  <td width="60%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in .05in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Corporate Director.</font></p>
  </td>
  <td width="12%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">2005</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:28.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">George
  K. Petty</font></p>
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">San Luis
  Obispo, California</font></p>
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">USA</font></p>
  </td>
  <td width="60%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in .05in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Corporate Director.</font></p>
  </td>
  <td width="12%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">2001</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:28.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Charles
  E. Shultz</font></p>
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Calgary,
  Alberta</font></p>
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Canada</font></p>
  </td>
  <td width="60%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in .05in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Chairman and Chief Executive
  Officer of Dauntless Energy Inc. (private oil and gas corporation) since
  1995.</font></p>
  </td>
  <td width="12%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">2004</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:28.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Dan C.
  Tutcher</font></p>
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Houston,
  Texas</font></p>
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">USA</font></p>
  </td>
  <td width="60%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in .05in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Corporate Director. Group Vice
  President, Transportation South of Enbridge Inc., President of Enbridge
  Energy Company, Inc. and Enbridge Energy Management L.L.C. from 2001 to 2006.</font></p>
  </td>
  <td width="12%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">2006</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:28.0%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Catherine
  L. Williams</font></p>
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Calgary,
  Alberta</font></p>
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Canada</font></p>
  </td>
  <td width="60%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in .05in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Corporate Director. Chief
  Financial Officer of Shell Canada Limited from 2003 to 2007.</font></p>
  </td>
  <td width="12%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">2007</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="1" style="border:none;"></td>
  <td width="208" style="border:none;"></td>
  <td width="449" style="border:none;"></td>
  <td width="89" style="border:none;"></td>
  <td width="1" style="border:none;"></td>
 </tr>
</table>

<p style="margin:4.0pt 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">&#147;Director Since&#148; refers to the year
the person named was elected or appointed as a Director of the Company or of
its predecessor parent, Interprovincial Pipe Line Inc.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">2</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">On April 10, 2006, the Ontario
Securities Commission (OSC) issued a temporary cease trade order against
Bennett Environmental Inc. (Bennett), and subsequently a cease trade order on
April 24, 2006, after Bennett failed to file its annual financial statements
and related management's discussion and analysis for the year ended December
31, 2005. Under such orders, certain directors, officers and insiders of
Bennett, including Governor Blanchard, were prohibited from trading Bennett
securities until the OSC was in receipt of the necessary filings. Bennett made
the requisite filings on or about May 30, 2006 and the cease trade order lapsed
on June 19, 2006. Governor Blanchard resigned from Bennett on August 7, 2006.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">3</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Mr. Leslie served as a member of the
Board of Directors of Canwest Global Communications Corp. from March 26, 2007
to January 14, 2009. On October 6, 2009, Canwest Global Communications Corp.
voluntarily entered into, and successfully obtained, an Order from the Ontario
Superior Court of Justice (Commercial Division) commencing proceedings under
the Companies&#146; Creditors Arrangement Act (&#147;CCAA&#148;).</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge has four committees of the Board of Directors: (1)
Audit, Finance &amp; Risk Committee (AFR Committee); (2) Governance Committee;
(3) Human Resources &amp; Compensation Committee (HRC Committee); and (4)
Corporate Social Responsibility Committee. The members of each of these
committees, as of Year End, are identified below:</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">27<a name="PB_27_014125_5796"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;font-size:12.0pt;"><p style="margin:0in 0in .0001pt;">&nbsp;</p></td>
  <td width="99%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:99.72%;">
  <p align="center" style="margin:0in .1in .0001pt 0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;font-size:12.0pt;"><p style="margin:0in 0in .0001pt;">&nbsp;</p></td>
 </tr>
 <tr>
  <td width="28%" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:28.24%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Director</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">AFR<br>
  Committee</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Governance<br>
  Committee</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">HRC<br>
  Committee</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">CSR<br>
  Committee</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="28%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:28.24%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">David A.
  Arledge</font></p>
  </td>
  <td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#252;</font></p>
  </td>
  <td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#252;</font></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:28.24%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">James J.
  Blanchard</font></p>
  </td>
  <td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#252;</font></p>
  </td>
  <td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Chair</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:28.24%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">J. Lorne
  Braithwaite</font></p>
  </td>
  <td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#252;</font></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#252;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:28.24%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Patrick
  D. Daniel</font></p>
  </td>
  <td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:28.24%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">J. Herb
  England</font></p>
  </td>
  <td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#252;</font></p>
  </td>
  <td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#252;</font></p>
  </td>
  <td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:28.24%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Charles
  W. Fischer</font></p>
  </td>
  <td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#252;</font></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#252;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:28.24%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">David A.
  Leslie</font></p>
  </td>
  <td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Chair</font></p>
  </td>
  <td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#252;</font></p>
  </td>
  <td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:28.24%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">George
  K. Petty</font></p>
  </td>
  <td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#252;</font></p>
  </td>
  <td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Chair</font></p>
  </td>
  <td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:28.24%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Charles
  E. Shultz</font></p>
  </td>
  <td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#252;</font></p>
  </td>
  <td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Chair</font></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:28.24%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Dan C.
  Tutcher</font></p>
  </td>
  <td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#252;</font></p>
  </td>
  <td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#252;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:28.24%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Catherine
  L. Williams</font></p>
  </td>
  <td width="17%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#252;</font></p>
  </td>
  <td width="17%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#252;</font></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="1" style="border:none;"></td>
  <td width="210" style="border:none;"></td>
  <td width="134" style="border:none;"></td>
  <td width="134" style="border:none;"></td>
  <td width="134" style="border:none;"></td>
  <td width="133" style="border:none;"></td>
  <td width="1" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>

<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-transform:uppercase;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">OFFICERS</font></b></h1>

<p align="left" style="border:none;letter-spacing:-.1pt;margin:0in 0in .0001pt;padding:0in;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table sets
forth the names of the executive officers, their current office with the
Company on February 18, 2010, their municipality of residence and their
principal occupations for the five preceding years.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;font-size:12.0pt;"><p style="margin:0in 0in .0001pt;">&nbsp;</p></td>
  <td width="99%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:99.72%;">
  <p align="center" style="margin:0in .1in .0001pt 0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;font-size:12.0pt;"><p style="margin:0in 0in .0001pt;">&nbsp;</p></td>
 </tr>
 <tr>
  <td width="27%" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:27.14%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Name
  and<br>
  Place of Residence</font></b></p>
  </td>
  <td width="29%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:29.34%;">
  <p style="margin:0in 5.75pt .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Present
  Position Held</font></b></p>
  </td>
  <td width="43%" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:43.52%;">
  <p style="margin:0in .1in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Principal
  Occupation During the Five<br>
  Preceding Years</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="27%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:27.14%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Patrick
  D. Daniel</font></p>
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Calgary,
  Alberta</font></p>
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Canada</font></p>
  </td>
  <td width="29%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:29.34%;">
  <p style="margin:0in .15in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">President
  &amp; Chief Executive Officer</font></p>
  </td>
  <td width="43%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:43.52%;">
  <p style="margin:0in .1in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">President &amp; Chief Executive Officer since January
  2001.</font></p>
  </td>
 </tr>
 <tr>
  <td width="27%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:27.14%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">J.
  Richard Bird</font></p>
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Calgary,
  Alberta</font></p>
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Canada</font></p>
  </td>
  <td width="29%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:29.34%;">
  <p style="margin:0in .15in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Executive
  Vice President, Chief Financial Officer &amp; Corporate Development</font></p>
  </td>
  <td width="43%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:43.52%;">
  <p style="margin:0in .1in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Executive
  Vice President, Chief Financial Officer &amp; Corporate Development since
  January 2008. Executive Vice President, Liquids Pipelines from May, 2006 to
  January 2008. Group Vice President, Liquids Pipelines from May 2005 to May
  2006. Group Vice President, Transportation North from May 2001 to May 2005.</font></p>
  </td>
 </tr>
 <tr>
  <td width="27%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:27.14%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Stephen
  J.J. Letwin</font></p>
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The
  Woodlands, Texas</font></p>
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">USA</font></p>
  </td>
  <td width="29%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:29.34%;">
  <p style="margin:0in .15in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Executive
  Vice President, Gas Transportation &amp; International</font></p>
  </td>
  <td width="43%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:43.52%;">
  <p style="margin:0in .1in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Executive
  Vice President, Gas Transportation &amp; International since May 2006. Group
  Vice President, Gas Strategy &amp; Corporate Development from April 2003 to
  May 2006.</font></p>
  </td>
 </tr>
 <tr>
  <td width="27%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:27.14%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Al
  Monaco</font></p>
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Calgary,
  Alberta</font></p>
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Canada</font></p>
  </td>
  <td width="29%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:29.34%;">
  <p style="margin:0in .15in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Executive
  Vice President, Major Projects</font></p>
  </td>
  <td width="43%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:43.52%;">
  <p style="margin:0in .1in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Executive
  Vice President, Major Projects since January 2008. President, Enbridge Gas
  Distribution Inc. from September 2006 to January 2008. Senior Vice President,
  Corporate Planning &amp; Development from June 2003 to September 2006.</font></p>
  </td>
 </tr>
 <tr>
  <td width="27%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:27.14%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">David T.
  Robottom, Q.C.</font></p>
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Calgary,
  Alberta</font></p>
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Canada</font></p>
  </td>
  <td width="29%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:29.34%;">
  <p style="margin:0in .15in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Executive
  Vice President, Law</font></p>
  </td>
  <td width="43%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:43.52%;">
  <p style="margin:0in .1in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Executive
  Vice President, Law. Group Vice President, Corporate Law from June 2006 to
  January 2010. Partner, Stikeman Elliott LLP (law firm) from February 2004 to
  June 2006.</font></p>
  </td>
 </tr>
 <tr>
  <td width="27%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:27.14%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Stephen
  J. Wuori</font></p>
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Calgary,
  Alberta</font></p>
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Canada</font></p>
  </td>
  <td width="29%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:29.34%;">
  <p style="margin:0in .15in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Executive
  Vice President, Liquids Pipelines</font></p>
  </td>
  <td width="43%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:43.52%;">
  <p style="margin:0in .1in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Executive
  Vice President, Liquids Pipelines since January 2008. Executive Vice
  President, Chief Financial Officer &amp; Corporate Development from May 2006
  to January 2008. Group Vice President &amp; Chief Financial Officer from
  April 2003 to May 2006.</font></p>
  </td>
 </tr>
 <tr>
  <td width="27%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:27.14%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Bonnie
  D. DuPont</font></p>
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Calgary,
  Alberta</font></p>
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Canada</font></p>
  </td>
  <td width="29%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:29.34%;">
  <p style="margin:0in .15in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Group
  Vice President, Corporate Resources</font></p>
  </td>
  <td width="43%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:43.52%;">
  <p style="margin:0in .1in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Group
  Vice President, Corporate Resources since September 2000. Ms. DuPont is
  retiring from Enbridge on March 1, 2010.</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="1" style="border:none;"></td>
  <td width="202" style="border:none;"></td>
  <td width="219" style="border:none;"></td>
  <td width="324" style="border:none;"></td>
  <td width="1" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">28<a name="PB_28_015434_7056"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;font-size:12.0pt;"><p style="margin:0in 0in .0001pt;">&nbsp;</p></td>
  <td width="99%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:99.72%;">
  <p align="center" style="margin:0in .1in .0001pt 0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;font-size:12.0pt;"><p style="margin:0in 0in .0001pt;">&nbsp;</p></td>
 </tr>
 <tr>
  <td width="27%" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:27.14%;">
  <p align="left" style="margin:0in 0in .0001pt 5.05pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Name and</font></b></p>
  <p align="left" style="margin:0in 0in .0001pt 5.05pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Place of Residence</font></b></p>
  </td>
  <td width="29%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:29.34%;">
  <p align="left" style="margin:0in 5.75pt .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Present Position Held</font></b></p>
  </td>
  <td width="43%" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:43.52%;">
  <p align="left" style="margin:0in .1in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Principal Occupation During the Five Preceding
  Years</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="27%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:27.14%;">
  <p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Leigh S. Cruess</font></p>
  <p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Calgary, Alberta</font></p>
  <p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Canada</font></p>
  </td>
  <td width="29%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:29.34%;">
  <p style="margin:0in .15in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Senior Vice President, Energy
  Marketing &amp; International</font></p>
  </td>
  <td width="43%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:43.52%;">
  <p align="left" style="margin:0in .1in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Senior Vice President, Energy Marketing &amp;
  International since October 2008. Senior Vice President, International &amp;
  Gas Services from January 2008 to October 2008. Senior Vice President,
  International from September 2006 to January 2008. Vice President, Financial
  Services from April 2003 to September 2006.</font></p>
  </td>
 </tr>
 <tr>
  <td width="27%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:27.14%;">
  <p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">James A. Schultz</font></p>
  <p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Millarville, Alberta</font></p>
  <p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Canada</font></p>
  </td>
  <td width="29%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:29.34%;">
  <p style="margin:0in .15in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Senior Vice President, </font></p>
  <p style="margin:0in .15in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">New Ventures</font></p>
  </td>
  <td width="43%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:43.52%;">
  <p align="left" style="margin:0in .1in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Senior Vice President, New Ventures since September 2006.
  Senior Vice President from April 2003 to September 2006. President of
  Enbridge Gas Distribution Inc. from June 2001 to September 2006.</font></p>
  </td>
 </tr>
 <tr>
  <td width="27%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:27.14%;">
  <p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">John K. Whelen</font></p>
  <p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Calgary, Alberta</font></p>
  <p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Canada</font></p>
  </td>
  <td width="29%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:29.34%;">
  <p style="margin:0in .15in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Senior Vice President, Corporate
  Development</font></p>
  </td>
  <td width="43%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:43.52%;">
  <p align="left" style="margin:0in .1in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Senior Vice President, Corporate Development since
  September 2006. Vice President &amp; Treasurer from February 2002 to August
  2006.</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="1" style="border:none;"></td>
  <td width="202" style="border:none;"></td>
  <td width="219" style="border:none;"></td>
  <td width="324" style="border:none;"></td>
  <td width="1" style="border:none;"></td>
 </tr>
</table>

<p align="left" style="border:none;letter-spacing:-.1pt;margin:0in 0in .0001pt;padding:0in;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">CONFLICTS OF INTEREST</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Directors and officers of Enbridge and its subsidiaries are required to
disclose the existence of potential conflicts in accordance with Enbridge
policies governing directors and officers and in accordance with the Canada
Business Corporations Act. Although some of the directors sit on boards or may
be otherwise associated with companies that ship crude oil and/or natural gas
on Enbridge&#146;s pipeline systems, Enbridge as a common carrier in Canada cannot,
under its tariff, deny transportation service to a credit-worthy shipper.
Further, due to the specialized nature of the industry, Enbridge believes it is
important for its Board to be composed of qualified and knowledgeable
directors, so some of them must come from oil and gas producers and shippers.
The Governance Committee closely monitors relationships among directors to
ensure that business associations do not affect the Board&#146;s performance. In a
circumstance where a director declares an interest in any material contract or
material transaction being considered at a meeting, the director generally
absents himself or herself from the meeting during the consideration of the
matter, and does not vote on the matter.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">AUDIT, FINANCE &amp; RISK COMMITTEE</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Audit, Finance &amp; Risk Committee's Terms of Reference
are attached to this AIF as Appendix A and can also be found on the Company's
website at <u><font color="blue" style="color:blue;">www.enbridge.com</font></u>.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;">RELEVANT
</font></b><font size="2" face="Arial" style="font-size:10.0pt;">EDUCATION</font><font size="2" face="Arial" style="font-size:10.0pt;">
AND EXPERIENCE OF MEMBERS</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The members of the AFR Committee at Year End were David A.
Leslie (Chair), J. Herb England, George K. Petty, Charles E. Shultz and
Catherine L. Williams. The Board believes the composition of the AFR Committee
reflects a high level of financial literacy and expertise. Each member of the
AFR Committee has been determined by the Board to be &#147;independent&#148; and
&#147;financially literate&#148; as those terms are defined under Canadian and United
States securities laws and NYSE requirements.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, the Board has determined that Messrs. England
and Leslie and Ms. Williams are each an &#147;Audit Committee Financial Expert&#148; as
that term is defined under United States securities laws. The Board has made
these determinations based on the education and breadth and depth of experience
of each <a name="mrll_PB30"></a>member of the AFR Committee. The following is a
description of the education and experience, apart </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">29<a name="PB_29_020312_5335"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Arial;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">from their respective roles as Directors of Enbridge, of
each member of the AFR Committee that is relevant to the performance of his or
her responsibilities as a member of the AFR Committee.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-style:italic;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;">David A.
Leslie, F.C.A.</font></i></b></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Mr. Leslie is a chartered accountant
and in his career of over 30 years, he was, among other things, personally
involved in and then an active supervisor of persons engaged in auditing,
analyzing and evaluating financial statements. He is the former Chairman and
Chief Executive Officer of Ernst &amp; Young LLP. He is also a director and
member of the audit committees of Enbridge Gas Distribution Inc. (a subsidiary
of Enbridge Inc.), Crombie REIT, Empire Company Limited, Sobeys Inc. (a
subsidiary of Empire Company Limited), and Imris Inc. The NYSE Corporate
Governance Standards requires that listed companies disclose if any member of
the audit committee serves on more than three public companies&#146; audit
committees. While Mr. Leslie does serve on more than three audit committees, he
is no longer employed on a full-time basis and the Board has determined that
his service on these audit committees enhances and does not impair his ability
to serve on the Enbridge audit committee.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-style:italic;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;">J. Herb England</font></i></b></p>

<p align="left" style="font-style:italic;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;font-weight:normal;">Mr. England acquired extensive
financial experience and exposure to accounting and financial issues during a
lengthy career with the John Labatt Limited group of companies, including as
Chief Financial Officer of John Labatt Limited. He is currently Chairman and
Chief Executive Officer of Stahlman-England Irrigation Inc., a contracting
company in Florida.</font></i></b></p>

<p align="left" style="font-style:italic;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;font-weight:normal;">&nbsp;</font></i></b></p>

<p align="left" style="font-style:italic;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;">George K.
Petty</font></i></b></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Mr. Petty acquired significant financial experience
and exposure to accounting and financial issues during his lengthy business
career, which included serving as President and Chief Executive Officer of
Telus Corporation from 1994 to 1999. He has acted as a member of other United
States and Canadian audit committees.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-style:italic;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;">Charles
E. Shultz</font></i></b></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Mr. Shultz acquired significant financial experience
as a business executive and board member of several large Canadian and </font><font size="2" style="font-size:10.0pt;letter-spacing:-.1pt;">U.S.</font><font size="2" style="font-size:10.0pt;"> public companies. He served as President and Chief Executive Officer
of Gulf Canada Resources Limited from 1990 to 1995 and has served as a director
of Canadian Oil Sands Limited since its inception and was Chairman until 2009.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Catherine L. Williams</font></b></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Ms. Williams held senior finance positions during a
30-year career in business which included international experience. She worked
for 20 years in the Shell group of companies, including as Chief Financial
Officer of Shell Canada Limited from 2003 to 2007 and as Controller of Shell
Europe Oil Productions from 2001 to 2003.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">PRE-APPROVAL POLICIES AND PROCEDURES</font></b></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">The AFR Committee has adopted a
policy that requires pre-approval by the Committee of any services to be
provided by the external auditors, PricewaterhouseCoopers LLP (PwC), whether
audit or non-audit services. The policy prohibits the Company from engaging the
auditors to provide the following non-audit services:</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">bookkeeping or other
services related to accounting records and financial statements;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">financial information
systems design and implementation;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">appraisal or valuation
services, fairness opinions or contribution-in-kind reports;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">actuarial services;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">internal audit outsourcing
services;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">management functions or
human resources;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">broker or dealer, investment
adviser or investment banking services;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">legal services; and</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">expert services unrelated to
the audit.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The AFR Committee believes that the
policy will protect the Company from the potential loss of independence of the
external auditors. </font><font face="Arial">The AFR Committee has also adopted a policy
which prohibits the Company from hiring former employees of the auditors who
provided more than 10 hours of audit, review</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">30<a name="PB_30_021813_5796"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Arial;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">or attest services for the Company
or its subsidiaries within the one year preceding the commencement of the audit
of the current year's financial statements.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">A copy of the policies and procedures applicable to
the pre-approval of non-audit services by the Company's external auditors may
be obtained from the Corporate Secretary of the Company by sending a written
request to 3000, 425 - 1</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">st</font><font size="2" style="font-size:10.0pt;">&#160;Street S.W., Calgary, Alberta, T2P 3L8, by
faxing a written request to (403) 231-5929, by calling (403) 231-3900 or by
sending an e-mail request to </font><font size="2" style="font-size:10.0pt;">corporatesecretary@enbridge.com</font><font size="2" style="font-size:10.0pt;">.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;">EXTERNAL AUDITOR SERVICES &#150; FEES</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table sets forth
all services rendered by the auditors, PwC, by category, together with the
corresponding fees billed by the auditors for each category of service for the
financial years ended December 31, 2009 and 2008.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr>
  <td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;font-size:12.0pt;"><p style="margin:0in 0in .0001pt;">&nbsp;</p></td>
  <td width="99%" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:99.72%;">
  <p align="center" style="margin:0in .1in .0001pt 0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;font-size:12.0pt;"><p style="margin:0in 0in .0001pt;">&nbsp;</p></td>
 </tr>
 <tr>
  <td width="21%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:21.08%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="12%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.5%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="12%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.5%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="53%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:53.92%;">
  <p style="margin:0in .1in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Description of Fee Category</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="21%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:21.08%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Audit Fees</font></p>
  </td>
  <td width="12%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.5%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">$4,085,718</font></p>
  </td>
  <td width="12%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.5%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">$3,855,563</font></p>
  </td>
  <td width="53%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:53.92%;">
  <p style="margin:0in .1in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Represents the aggregate fees for audit services.</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:21.08%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Audit-Related Fees</font></p>
  </td>
  <td width="12%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.5%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">822,734</font></p>
  </td>
  <td width="12%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.5%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">305,944</font></p>
  </td>
  <td width="53%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:53.92%;">
  <p style="margin:0in .1in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Represents the aggregate fees for assurance and related
  services by the Company&#146;s auditors that are reasonably related to the
  performance of the audit or review of the Company's financial statements and
  are not included under &#147;Audit Fees&#148;. During fiscal 2009 and 2008, the
  services provided in this category included due diligence related to
  prospectus offerings, technical guidance and other items. Services provided
  in fiscal 2009 also included work performed in relation to the new Customer
  Information System in EGD.</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:21.08%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Tax Fees</font></p>
  </td>
  <td width="12%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.5%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">388,091</font></p>
  </td>
  <td width="12%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.5%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">429,539</font></p>
  </td>
  <td width="53%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:53.92%;">
  <p style="margin:0in .1in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Represents the aggregate fees for professional services
  rendered by the Company's auditors for tax compliance, tax advice and tax
  planning.</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:21.08%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">All
  Other Fees</font></p>
  </td>
  <td width="12%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.5%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,004,061</font></p>
  </td>
  <td width="12%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.5%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">146,383</font></p>
  </td>
  <td width="53%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:53.92%;">
  <p style="margin:0in .1in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Represents
  the aggregate fees for products and services provided by the Company's auditors
  other than those services reported under &#147;Audit Fees&#148;, &#147;Audit -Related Fees&#148;
  and &quot;Tax Fees&quot;. These fees include those related to International
  Financial Reporting Standards (IFRS), Canadian Public Accountability Board
  fees, French translation work and process reviews.</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:21.08%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Total
  Fees</font></p>
  </td>
  <td width="12%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.5%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">$6,300,604</font></p>
  </td>
  <td width="12%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.5%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">$4,737,429</font></p>
  </td>
  <td width="53%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:53.92%;">
  <p style="margin:0in .1in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="1" style="border:none;"></td>
  <td width="157" style="border:none;"></td>
  <td width="94" style="border:none;"></td>
  <td width="94" style="border:none;"></td>
  <td width="402" style="border:none;"></td>
  <td width="1" style="border:none;"></td>
 </tr>
</table>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-transform:uppercase;"><b><font size="4" face="Arial" style="font-size:13.0pt;">Legal proceedings</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Information
related to Enbridge&#146;s legal proceedings can be found in Note 31, &#147;Commitments
and Contingencies&#148;, to the 2009 Audited Annual Consolidated Financial
Statements.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-transform:uppercase;"><b><font size="4" face="Arial" style="font-size:13.0pt;">Interest of management and
others in material transactions</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">No director, executive officer or
principal shareholder of Enbridge, or associate or affiliate of these persons,
has any material interest, direct or indirect, in any transaction within the
last three years that has materially affected or will materially affect
Enbridge.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-transform:uppercase;"><b><font size="4" face="Arial" style="font-size:13.0pt;">Registrar and Transfer
Agent</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The registrar and transfer agent for
the Company&#146;s Common Shares is CIBC Mellon Trust Company:</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">31<a name="PB_31_022516_2897"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt .15in;"><font size="2" face="Arial" style="font-size:10.0pt;">In Canada:</font></p>
  <p style="margin:0in 0in .0001pt .15in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">CIBC
  Mellon Trust Company</font></b></p>
  <p style="margin:0in 0in .0001pt .15in;"><font size="2" face="Arial" style="font-size:10.0pt;">P.O. Box
  7010, Adelaide Street Postal Station</font></p>
  <p style="margin:0in 0in .0001pt .15in;"><font size="2" face="Arial" style="font-size:10.0pt;">Toronto,
  Ontario M5C 2W9</font></p>
  <p style="margin:0in 0in .0001pt .15in;"><font size="2" face="Arial" style="font-size:10.0pt;">Telephone:
  1-800-387-0825 or</font></p>
  <p style="margin:0in 0in .0001pt .15in;"><font size="2" face="Arial" style="font-size:10.0pt;">416-643-5500
  outside of North America</font></p>
  <p style="margin:0in 0in .0001pt .15in;"><font size="2" face="Arial" style="font-size:10.0pt;">Website:
  <u><font color="blue" style="color:blue;">www.cibcmellon.com/investorinquiry</font></u></font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In the United States:</font></p>
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">BNY Mellon
  Shareowner Services</font></b></p>
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">480 Washington Blvd.</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Jersey City, New Jersey</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">United States of America 07310</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The registrar and transfer agent for
the Company&#146;s Preferred Shares, Series A is CIBC Mellon Trust Company:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .15in;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">In Canada:</font></p>

<p align="left" style="margin:0in 0in .0001pt .15in;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">CIBC Mellon Trust Company</font></b></p>

<p align="left" style="margin:0in 0in .0001pt .15in;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">P.O. Box 7010, Adelaide Street Postal Station</font></p>

<p align="left" style="margin:0in 0in .0001pt .15in;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Toronto, Ontario M5C 2W9</font></p>

<p align="left" style="margin:0in 0in .0001pt .15in;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Telephone: 1-800-387-0825 or</font></p>

<p align="left" style="margin:0in 0in .0001pt .15in;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">416-643-5500 outside of North America</font></p>

<p align="left" style="margin:0in 0in .0001pt .15in;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Website: <u><font color="blue" style="color:blue;">www.cibcmellon.com/investorinquiry</font></u></font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-transform:uppercase;"><b><font size="4" face="Arial" style="font-size:13.0pt;">material contracts</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-transform:uppercase;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge has not entered into any
material contracts outside the ordinary course of business.</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-transform:uppercase;"><b><font size="4" face="Arial" style="font-size:13.0pt;">interests of experts</font></b></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-transform:uppercase;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s auditors are
PricewaterhouseCoopers LLP, Chartered Accountants. PwC has issued an auditors&#146;
report in respect of Enbridge&#146;s consolidated financial statements, with
accompanying notes, as at December 31, 2009 and 2008 and for each of the years
in the three year period ended December 31, 2009. PwC has also provided an
opinion on the effectiveness of internal control over financial reporting as at
December 31, 2009. Both of these opinions are dated February 18, 2010.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">PwC has advised that it is
independent with respect to Enbridge within the meaning of the Rules of
Professional Conduct of the Institute of Chartered Accountants of Alberta and
the rules of the United States Securities and Exchange Commission.</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-transform:uppercase;"><b><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-transform:uppercase;"><b><font size="4" face="Arial" style="font-size:13.0pt;">ADDITIONAL INFORMATION</font></b></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-transform:uppercase;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Additional information about
Enbridge is available on our website at <u><font color="blue" style="color:blue;">www.enbridge.com</font></u> and on SEDAR (System for
Electronic Document Analysis and Retrieval) at <u><font color="blue" style="color:blue;">www.sedar.com</font></u> in Canada, and on the United
States Securities and Exchange Commission&#146;s website (EDGAR) at <u><font color="blue" style="color:blue;">www.sec.gov</font></u>. The
aforementioned information is made available in accordance with legal
requirements and is not incorporated by reference into this AIF.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Additional information, including
directors&#146; and officers&#146; remuneration and indebtedness, principal holders of
our securities and securities authorized for issuance under equity compensation
plans, where applicable, is contained in the Management Information Circular
for Enbridge&#146;s most recent annual meeting of shareholders at which directors
were elected.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Additional financial information is
provided in Enbridge&#146;s Consolidated Financial Statements and MD&amp;A for the
most recently completed financial year.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Enbridge Gas Distribution Inc.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Additional information about EGD can be found in its AIF,
Financial Statements and MD&amp;A which have been filed with Canadian
Securities Regulatory Authorities and are available at <u><font color="blue" style="color:blue;">www.sedar.com</font></u>. These documents are not
incorporated by reference into this AIF.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">32<a name="PB_32_031540_7748"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Enbridge Energy Partners, L.P. and Enbridge Energy
Management, L.L.C.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Additional information about EEP and EEM can be found in
their Annual Reports on Form 10-K that have been filed with the United States
Securities and Exchange Commission. These documents contain detailed disclosure
with respect to each entity and are publicly available at <u><font color="blue" style="color:blue;">www.sec.gov</font></u>. No part of the Form 10-K
filed by EEP or by EEM is incorporated by reference into this AIF.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Enbridge Income Fund</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Additional information about EIF can be found in its Annual
Report and AIF filed with Canadian Securities Administrators in Canada. The AIF
and the Annual Report, which includes Consolidated Financial Statements and
MD&amp;A, contain detailed disclosure with respect to the Enbridge Income Fund
and are publicly available at <u><font color="blue" style="color:blue;">www.sedar.com</font></u>.
EIF&#146;s Annual Report, Consolidated Financial Statements, MD&amp;A and AIF are
not incorporated by reference into this AIF.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Enbridge Pipelines Inc.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Additional information about EPI can be found in its AIF,
Financial Statements and MD&amp;A which have been filed with Canadian
Securities Regulatory Authorities and are available at <u><font color="blue" style="color:blue;">www.sedar.com</font></u>. These documents are not
incorporated by reference into this AIF.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">33<a name="PB_33_031621_141"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-transform:uppercase;"><b><font size="4" face="Arial" style="font-size:13.0pt;">APPENDIX A</font></b></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-transform:uppercase;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;">AUDIT,
FINANCE &amp; RISK COMMITTEE TERMS OF REFERENCE</font></b></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></b></p>

<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt .25in;page-break-after:avoid;text-align:left;text-indent:-.25in;text-transform:uppercase;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">I.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">CONSTITUTION</font></b></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">There shall be a committee, to be known as the Audit,
Finance &amp; Risk Committee (AFR Committee or the Committee), of the Board of
Directors of Enbridge Inc.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt .25in;page-break-after:avoid;text-align:left;text-indent:-.25in;text-transform:uppercase;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">II.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">MEMBERSHIP</font></b></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Following each annual meeting of shareholders of the
Corporation, the Board shall elect from its members, not less than three (3)
Directors to serve on the Committee (the Members). The Members and the Chair of
the Committee are elected by the Board following the nomination of Directors by
the Governance Committee. No Member of the Committee shall be an officer or
employee of the Corporation or any of the Corporation's affiliates. All members
of the Committee shall, in the judgment of the Board, be unrelated and
independent and shall satisfy applicable stock exchange and legal requirements.
Determinations on whether a Director meets the requirements for membership on
the Committee shall be made by the Board. At least one member of the Committee
shall be a &quot;financial expert&quot; as determined by the Board and as
defined by American legal or regulatory requirements. No Director may serve as
a member of the Committee if such Director also serves on the audit committees
of more than two other public entities unless the Board determines that such
simultaneous service would not impair the ability of such Director to
effectively serve on the Committee.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Any Member may be removed or replaced at any time by the
Board and shall cease to be a Member upon ceasing to be a Director of the
Corporation. Each Member shall hold office until the close of the next annual
meeting of Shareholders of the Corporation or until the Member ceases to be a
Director, resigns or is replaced, whichever first occurs. Vacancies may be
filled by the Board with nominees approved by the Governance Committee.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt .25in;page-break-after:avoid;text-align:left;text-indent:-.25in;text-transform:uppercase;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">III.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">MEETINGS</font></b></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Committee shall convene at such times and places
designated by its Chair or whenever a meeting is requested by a Member, the
Board, an officer, the internal auditor or the external auditors of the
Corporation. A minimum of twenty-four (24) hours notice of each meeting shall
be given to each Member and to the internal and external auditors.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">A majority of the committee shall be duly convened if all
Members are present, or at least a majority of the Members are present. A
quorum at a meeting shall consist of at least a majority of Members. Where the
Members consent, and proper notice has been given or waived, Members of the
Committee may participate in a meeting of the<font style="letter-spacing:-.15pt;">
Committee by means of such telephonic, electronic or other communication
facilities as permit all persons participating in the meeting to communicate
adequately with each </font>other, and a Member participating in such a meeting
by any such means is deemed to be present at that meeting.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In the absence of the Chair of the Committee, the Members
may choose one (1) of the Members to be the Chair of the meeting.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">At the invitation of a Member, other Board members, officers
or employees of the Corporation, the external auditors, external counsel and
other experts or consultants may attend any meeting of the Committee.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Members of the Committee may meet separately with any member
of management, the external auditors, the internal auditor, internal or
external counsel or any other expert or consultant.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Minutes shall be kept of all meetings of the Committee.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt .25in;page-break-after:avoid;text-align:left;text-indent:-.25in;text-transform:uppercase;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">IV.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">FUNDING</font></b></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Corporation shall provide appropriate funding, as
determined by the Committee, for the payment of compensation to the external
auditors and any independent counsel, experts or advisors employed by the
Committee and administrative expenses of the Committee.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">34<a name="PB_34_031819_7608"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt .25in;page-break-after:avoid;text-align:left;text-indent:-.25in;text-transform:uppercase;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">V.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">REVIEW
OF CHARTER</font></b></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Committee shall review and reassess the adequacy of its
Terms of Reference at least annually and propose recommended changes to the
Board.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt .25in;page-break-after:avoid;text-align:left;text-indent:-.25in;text-transform:uppercase;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">VI.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">DUTIES
AND RESPONSIBILITIES OF THE CHAIR</font></b></h1>

<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt .25in;page-break-after:avoid;text-align:left;text-indent:-.25in;text-transform:uppercase;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Chair is responsible for:</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">A.</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">convening
Committee meetings and designating the times and places of those meetings;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">B.</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">ensuring
Committee meetings are duly convened and that quorum is present when required;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">C.</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">working with
Management on the development of agendas and related materials for the
Committee meetings;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">D.</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">ensuring
Committee meetings are conducted in an efficient, effective and focused manner;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">E.</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">ensuring the
Committee has sufficient information to permit it to properly make decisions
when decisions are required;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">F.</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">advising the
Committee of any finance, accounting or misappropriation matters brought to the
Chair&#146;s attention through the Corporation&#146;s Ethics and Conduct hotline
procedures;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">G.</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">reviewing
the CEO&#146;s expense reports;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;page-break-after:avoid;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">H.</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">providing leadership to the
Committee and to assist the Committee in reviewing and monitoring its
responsibilities; and</font></p>

<p style="margin:0in 0in .0001pt .5in;page-break-after:avoid;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">I.</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">reporting to
the Board on the recommendations and decisions of the Committee.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt .25in;page-break-after:avoid;text-align:left;text-indent:-.25in;text-transform:uppercase;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">VII.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;"> </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">DUTIES
AND RESPONSIBILITIES</font></b></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Committee provides assistance to the Board in fulfilling
its oversight responsibility to the shareholders, the investment community and
others, relating to the integrity of the Corporation&#146;s financial statements and
the financial reporting process, the management information systems and
financial controls, the internal audit function, the external auditors&#146;
qualifications, independence, performance and reports, the Corporation&#146;s
compliance with legal and regulatory requirements and the risk identification,
assessment and management program. In so doing, it is the Committee&#146;s
responsibility to maintain an open avenue of communication between the
Committee, the external auditors, the internal auditors and management of the
Corporation.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Management is responsible for preparing the interim and
annual financial statements and financial disclosure of the Corporation and for
maintaining a system of internal controls to provide reasonable assurance that
assets are safeguarded and that transactions are authorized, executed, recorded
and reported properly. The Committee&#146;s role is to provide meaningful and
effective oversight and counsel to management without assuming responsibility
for management&#146;s day-to-day duties.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In performance of its duties and responsibilities, the
Committee shall have the right as it determines necessary to carry out its
duties to engage independent counsel, experts and other advisors, to inspect
any and all of the books and records of the Corporation, its subsidiaries and
affiliates, and to discuss with the officers of the Corporation, its
subsidiaries and affiliates, the internal auditor and the external auditors,
such accounts, records and other matters as any Member considers appropriate.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Committee shall have the following specific duties and
responsibilities:</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">35<a name="PB_35_032005_8146"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">A.</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">DUTIES AND
RESPONSIBILITIES RELATED TO THE EXTERNAL AUDITORS.</font></p>

<p style="margin:0in 0in .0001pt .25in;page-break-after:avoid;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;page-break-after:avoid;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.15pt;">The Committee
shall:</font></p>

<p style="margin:0in 0in .0001pt .25in;page-break-after:avoid;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.25in;text-indent:-1.0in;"><font size="2" face="Arial" style="font-size:10.0pt;">(i)</font><font size="1" face="Arial" style="font-size:7.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">(a)</font><font size="1" face="Arial" style="font-size:7.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">be responsible for
the appointment, compensation, oversight, retention and termination of the
external auditors who shall report directly to the Committee, provided that the
appointment of the auditor shall be subject to shareholder approval; and</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.25in;text-align:left;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.25in;text-align:left;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.15pt;">(b)</font><font size="1" style="font-size:8.5pt;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;letter-spacing:-.15pt;">be responsible for the
appointment, compensation, oversight, retention and termination of any other
registered public accounting firm for audit, review or attestation services;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.25in;text-align:left;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(ii)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">review and
approve the terms of the external auditors&#146; annual engagement letter, including
the proposed audit fees;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(iii)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">review and approve all engagements
for audit services and non-audit services to be provided by the external
auditors and, as necessary, consider the potential impact of such services on
the independence of the external auditors;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(iv)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">review and
discuss with the external auditors all relationships that the external auditors
and their affiliates have with the Corporation and its affiliates in order to
determine the external auditors&#146; independence;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(v)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">at least annually,
obtain and review a report by the external auditors describing the firm&#146;s
internal quality-control procedures, any material issues raised by the most
recent internal quality-control review or peer review of the firm or by any
inquiry or investigation by governmental or professional authorities within the
preceding five years respecting one or more independent audits carried out by
the external auditors and any steps taken to deal with any such issues and all
relationships between the external auditors and the Corporation;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(vi)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">resolve
disagreements, if any, between management and the external auditors regarding
financial reporting;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(vii)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">inform the
external auditors and management that the external auditors shall have access
directly to the Committee at all times, as well as the Committee to the
external auditors and that the external auditors are ultimately accountable to
the Committee as representatives of the shareholders of the Corporation;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(viii)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">discuss with
management and the external auditors any correspondence from or with regulators
or governmental agencies, any employee complaints or any published reports that
raise material issues regarding the Corporation&#146;s financial statements or
accounting policies; and</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(ix)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">establish
hiring policies for employees or former employees of the external auditors.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">B.</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">DUTIES AND
RESPONSIBILITIES RELATED TO AUDITS AND FINANCIAL REPORTING.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;page-break-after:avoid;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.15pt;">The Committee
shall:</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(i)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">review the
engagement terms and the audit plan with the external auditors and with the
Corporation&#146;s management;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(ii)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">review with
management and the Corporation&#146;s external auditors the Corporation&#146;s financial
reporting in connection with the annual audit and the preparation of the
financial statements, including, without limitation, the judgment of the
external auditors as to the quality, not just the acceptability of, and the
appropriateness of the Corporation&#146;s <a name="mrll_PB37"></a>accounting
principles as applied in its financial reporting and the degree of </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">36<a name="PB_36_032048_7091"></a></font></p>

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</div>
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<div style="font-family:Arial;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Arial" style="font-size:10.0pt;">aggressiveness
or conservatism of the Corporation&#146;s accounting principles and underlying
estimates;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(iii)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">review with management any
anticipated changes in reporting standards, the preparedness of management and
potential outcomes and impacts;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(iv)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">review with
management and the external auditors and make recommendations to the Board on
all financial statements and financial disclosure which require approval by the
Board including:</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.15pt;">(a)</font><font size="1" style="font-size:8.5pt;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;letter-spacing:-.15pt;">the Corporation&#146;s annual
financial statements including the notes thereto and &#147;Management&#146;s Discussion
and Analysis&#148;;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.15pt;">(b)</font><font size="1" face="Arial" style="font-size:8.5pt;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.15pt;">any report or opinion to be rendered in connection therewith;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.15pt;">(c)</font><font size="1" face="Arial" style="font-size:8.5pt;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.15pt;">any change or initial adoption in accounting policies and their
applicability to the business;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.15pt;">(d)</font><font size="1" face="Arial" style="font-size:8.5pt;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.15pt;">any audit problems or difficulties and management&#146;s response;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.15pt;">(e)</font><font size="1" face="Arial" style="font-size:8.5pt;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.15pt;">all significant adjustments proposed by the external auditors; and</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.15pt;">(f)</font><font size="1" face="Arial" style="font-size:8.5pt;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.15pt;">satisfying itself that there are no unresolved issues between
management and the external auditors that could reasonably be expected to
materially affect the financial statements.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(v)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">review the
Corporation&#146;s interim financial results, including the notes thereto and
&#147;Management&#146;s Discussion and Analysis&#148; with management and the external
auditors and approve the release thereof by management or recommend approval
thereof to the Board for release by the Board;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(vi)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">review
annually the approach taken by management in the preparation of earnings press
releases, as well as financial information and earnings guidance provided to
analysts and rating agencies;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(vii)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">discuss with
the external auditors their perception of the Corporation&#146;s internal audit and
accounting personnel, and any recommendations which the external auditors may
have;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(viii)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">review with
management, the external auditors and, as necessary, internal and external
legal counsel, any litigation, claim or contingency, including tax assessments,
that could have a material effect upon the financial position of the
Corporation, and the manner in which these matters may be, or have been,
disclosed in the financial statements;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(ix)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">review with management and monitor
the funding exposure of the Corporation under the Corporation&#146;s pension plans,
annually review the Annual Pension Report and review and approve the financial
statements applicable to each of the pension plans;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(x)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">annually or more frequently as
deemed necessary, meet separately with management and the external auditors,
and at least annually with the internal auditors, to review issues and matters
of concern respecting audits and financial reporting processes;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(xi)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">review with
the Corporation&#146;s management and, as deemed necessary, review with the external
auditors, any proposed changes in or initial adoption of accounting policies,
the presentation and impact of significant risks and uncertainties, and key
estimates and judgments of the Corporation&#146;s management that may be material to
financial reporting;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(xii)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">review with the
Corporation&#146;s management and, as deemed necessary, with the external <a name="mrll_PB38"></a>auditors, significant financial reporting issues arising
during the fiscal period, including the</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">37<a name="PB_37_032139_455"></a></font></p>

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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Arial" style="font-size:10.0pt;">methods of resolution;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(xiii)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">review any problems
experienced by the external auditors in performing an audit, including any
restrictions imposed by the Corporation&#146;s management or significant accounting
issues on which there was a disagreement with the Corporation&#146;s management;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(xiv)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">review the
post-audit or management letter containing the recommendations of the external
auditors and the response of the Corporation&#146;s management, if any, including an
evaluation of the adequacy and effectiveness of the internal financial controls
of the Corporation (in respect of the scope of review of internal controls by
the external auditors, the review is carried out to enable the external
auditors to express an opinion on the Corporation's financial statements);</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(xv)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">review
before release relevant public disclosure documents containing audited or
unaudited financial information, including annual and interim earnings press
releases, prospectuses, the Annual Information Form, and the Management's
Discussion and Analysis disclosure;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(xvi)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">review, in
conjunction with the Human Resources &amp; Compensation Committee, the
appointment of the chief financial officer;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(xvii)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">inquire into and
determine the appropriate resolution of conflicts of interest in respect of
audit, finance or risk matters between or among an officer, Director,
shareholder, the internal auditors, or the external auditors, which are
properly directed to the Committee by the Chair of the Board, the Board, a
shareholder, the internal auditors, the external auditors, or the Corporation&#146;s
management; and</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(xviii)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">as deemed necessary
by the Committee, inquire into and examine matters relating to the financial
affairs of the Corporation, its subsidiaries or affiliates, or any of them,
including the review of subsidiary or affiliate Audit Committee reports.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">C.</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">DUTIES AND
RESPONSIBILITIES RELATED TO FINANCIAL REPORTING PROCESSES AND INTERNAL CONTROLS</font></p>

<p style="margin:0in 0in .0001pt .25in;page-break-after:avoid;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;page-break-after:avoid;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.15pt;">The Committee
shall:</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(i)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">review the
adequacy and effectiveness of the accounting and internal control policies of
the Corporation and procedures through inquiry and discussions with the
external auditors, management, and the internal auditor;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(ii)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">review with
management the Corporation&#146;s administrative, operational and accounting
internal controls, including controls and security of the computerized
information systems, and evaluate whether the Corporation is operating in
accordance with prescribed policies, procedures and the Statement on Business
Conduct;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(iii)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">annually or
more frequently if deemed necessary, meet separately with the external auditor,
the head of the internal audit group and management, to review issues and
matters of concern respecting financial reporting processes and internal
controls;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(iv)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">review with
management and the external auditors any reportable conditions, material
weaknesses and significant deficiencies affecting internal control;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(v)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">establish
and maintain free and open means of communication between and among the
Committee, the external auditors, the internal auditor and management;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(vi)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">review at
least annually with the internal auditor the Corporation&#146;s internal control <a name="mrll_PB39"></a>procedures, and the scope and plans for the work of the
internal audit group; and</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">38<a name="PB_38_032222_4141"></a></font></p>

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</div>
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<div style="font-family:Arial;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(vii)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">review the
adequacy of resources of the internal auditor and ensure that the internal
auditor has unrestricted access to all functions, records, property and
personnel of the Corporation and inform the internal auditors and management
that the internal auditors shall have unfettered access directly to the
Committee at all times, as well as the Committee to the internal auditors.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">D.</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">DUTIES AND
RESPONSIBILITIES RELATED TO FINANCE.</font></p>

<p style="margin:0in 0in .0001pt .25in;page-break-after:avoid;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;page-break-after:avoid;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.15pt;">The Committee
shall:</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(i)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">review and
as required, approve or recommend for approval to the Board, prospectuses and
documents, where practicable, which may be incorporated by reference into a
prospectus;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(ii)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">review the issuance
of equity or debt securities by the Corporation, and if deemed appropriate,
authorize the filing with securities regulatory authorities of any prospectus,
prospectus supplement or other documentation relating thereto; and</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(iii)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">review and
recommend for approval to the Board the annual management information circular
with respect to matters related to the auditor, affecting the capital of the
Corporation or principal risks to be managed by the Corporation.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">E.</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">DUTIES AND
RESPONSIBILITIES RELATED TO RISK MANAGEMENT</font></p>

<p style="margin:0in 0in .0001pt .25in;page-break-after:avoid;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;page-break-after:avoid;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.15pt;">The Committee
shall:</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(i)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">review at
least annually with senior management, internal counsel and, as necessary,
external counsel and the Corporation&#146;s internal and external auditors:</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.15pt;">(a)</font><font size="1" style="font-size:8.5pt;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;letter-spacing:-.15pt;">the Corporation's method of
reviewing major risks inherent in the Corporation&#146;s businesses, facilities, and
strategic directions, including the Corporation's risk management and
evaluation process (in respect of risk management evaluations and guidelines
relating to environment, health and safety matters, the Committee shall consult
with and, as deemed necessary, review the recommendations of the Environment,
Health &amp; Safety Committee);</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.15pt;">(b)</font><font size="1" style="font-size:8.5pt;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;letter-spacing:-.15pt;">the strategies and practices
applicable to the Corporation's assessment, management, prevention and
mitigation of risks (including the foreign currency and interest rate risk
strategies, counterparty credit exposure, the use of derivative instruments,
insurance and adequacy of tax provisions);</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.15pt;">(c)</font><font size="1" style="font-size:8.5pt;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;letter-spacing:-.15pt;">the Corporation&#146;s annual
insurance report including the risk retention philosophy and resulting
uninsured exposure, if any; and</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.15pt;">(d)</font><font size="1" style="font-size:8.5pt;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;letter-spacing:-.15pt;">the loss prevention policies,
risk management programs, disaster response and recovery programs, corporate
liability protection programs for Directors and officers, and standards and
accountabilities of the Corporation in the context of competitive and
operational considerations.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">F.</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">OTHER DUTIES
OF AUDIT, FINANCE &amp; RISK COMMITTEE</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:-.15pt;">The Committee
shall, as required, or as deemed necessary by the Committee:</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(i)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">meet
separately with senior management, the internal auditors, the external auditors
and, as is appropriate, internal and external legal counsel and independent
advisors in respect of issues not elsewhere listed concerning any other audit,
finance and risk matters;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">39<a name="PB_39_032308_8627"></a></font></p>

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<div style="font-family:Arial;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(ii)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">review
incidents or alleged incidents as reported by senior management, audit
services, the external auditor, the Corporate Secretary, the law department, or
otherwise of fraud, illegal acts and conflicts of interest;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(iii)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">establish
procedures for the receipt, retention and treatment of complaints received by
the Corporation regarding accounting, internal accounting controls or auditing
matters and the confidential, anonymous submission by employees of concerns
regarding questionable accounting or auditing matters;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(iv)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">report to
the Board after each Committee meeting, as required during the year, with
respect to the Committee&#146;s activities and recommendations;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(v)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">address any
other matter properly referred to the Committee by the Chair of the Board, the
Board, a Director, the internal auditors, the external auditors, the CEO, or
the management of the Corporation or any other matter as may be required under
stock exchange rules or by law;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(vi)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">in
conjunction with the Governance Committee, conduct an annual performance
evaluation of the Committee; and</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(vii)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">the
Committee shall, in conjunction with Management, coordinate the performance of
its duties concerning:</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(a)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">the external
auditor;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(b)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">audits and
financial reporting;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(c)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">financial reporting
processes and internal controls;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(d)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">finance;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(e)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">risk management;
and</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(f)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">with any audit
committee of a subsidiary corporation, respecting the independence of such
subsidiary directors and managing to ensure efficiency, effectiveness and
consistency of approach with such subsidiary.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt .25in;page-break-after:avoid;text-align:left;text-indent:-.25in;text-transform:uppercase;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">VIII.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;   </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">COMMITTEE
TIMETABLE</font></b></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The major annual activities of the Committee shall be
outlined in an annual schedule.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt .25in;page-break-after:avoid;text-align:left;text-indent:-.25in;text-transform:uppercase;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">IX.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">DELEGATION
TO SUBCOMMITTEE</font></b></h1>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Arial" style="font-size:10.0pt;">The Committee may, in its discretion, delegate all or a
portion of its duties and responsibilities to a subcommittee of the Committee.
The Committee may, in its discretion, delegate to one or more of its members
the authority to pre-approve any audit or non-audit services to be performed by
the external auditors, provided that any such approvals are presented to the
Committee at its next scheduled meeting.</font></p>

<p align="center" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">40<a name="PB_40_032336_7906"></a></font></p>

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<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>7
<FILENAME>a10-3715_1ex99d6.htm
<DESCRIPTION>EX-99.6 AUDITED FINANCIAL STATEMENTS OF THE REGISTRANT AND NOTES THERETO FOR THE FYE DEC 31, 08 & 09
<TEXT>

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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">Exhibit 99.6</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman"><img width="217" height="66" src="g37151mw01i001.jpg"></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Arial" style="font-size:14.0pt;font-weight:bold;">ENBRIDGE
INC.</font></b></p>

<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font face="Arial">&nbsp;</font></p>

<h5 style="font-style:italic;font-weight:bold;letter-spacing:-.1pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><i><font size="4" face="Arial" style="font-size:14.0pt;font-style:normal;letter-spacing:0pt;">CONSOLIDATED FINANCIAL STATEMENTS</font></i></b></h5>

<h5 style="font-style:italic;font-weight:bold;letter-spacing:-.1pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;letter-spacing:0pt;">&nbsp;</font></i></b></h5>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Arial" style="font-size:14.0pt;font-weight:bold;">December&nbsp;31,
2009</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">1<a name="PB_1_155110_2897"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">MANAGEMENT'S
REPORT</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">TO THE SHAREHOLDERS OF ENBRIDGE INC.</font></b></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Financial Reporting</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Management
is responsible for the accompanying consolidated financial statements and all
other information in this Annual Report. The consolidated financial statements
have been prepared in accordance with Canadian generally accepted accounting
principles and necessarily include amounts that reflect management's judgment
and best estimates. Financial information contained elsewhere in this Annual
Report is consistent with the consolidated financial statements.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The
Board of Directors and its committees are responsible for all aspects related
to governance of the Company. The Audit, Finance &amp; Risk Committee of the
Board, composed of directors who are unrelated and independent, has a specific
responsibility to oversee management&#146;s efforts to fulfil its responsibilities
for financial reporting and internal controls related thereto. The Committee
meets with management, internal auditors and independent auditors to review the
consolidated financial statements and the internal controls as they relate to
financial reporting. The Audit, Finance &amp; Risk Committee reports its
findings to the Board for its consideration in approving the consolidated
financial statements for issuance to the shareholders.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Internal Control over Financial Reporting</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Management
is also responsible for establishing and maintaining adequate internal control
over financial reporting. The Company&#146;s internal control over financial
reporting includes policies and procedures to facilitate the preparation of
relevant, reliable and timely information, to prepare consolidated financial
statements for external reporting purposes in accordance with generally
accepted accounting principles and provide reasonable assurance that assets are
safeguarded.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Management
assessed the effectiveness of the Company&#146;s internal control over financial
reporting as of December 31, 2009, based on the framework established in
Internal Control &#150; Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO).&#160; Based on this assessment, management
concluded that the Company maintained effective internal control over financial
reporting as of December 31, 2009.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">PricewaterhouseCoopers
LLP, independent auditors appointed by the shareholders of the Company,
conducts an examination of the consolidated financial statements in accordance
with Canadian generally accepted auditing standards.&#160; </font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&#147;signed&#148;</font></p>
  </td>
  <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:44.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&#147;signed&#148;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:55.56%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Patrick D. Daniel</font></b></p>
  </td>
  <td width="44%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:44.44%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">J. Richard Bird</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:55.56%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">President &amp;
  Chief Executive Officer</font></p>
  </td>
  <td width="44%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:44.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Executive
  Vice President &amp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:55.56%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:44.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Chief
  Financial Officer</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">February
18, 2010</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">2<a name="PB_2_155110_3020"></a></font></p>

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<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
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  <td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial"><img width="341" height="40" src="g37151mw01i002.gif" alt="GRAPHIC"></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:71.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
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  <td width="71%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:71.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:25.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:71.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Independent Auditors&#146; Report</font></b></p>
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.84%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">PricewaterhouseCoopers LLP</font></b></p>
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Chartered Accountants</font></b></p>
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">111 5 Avenue SW, Suite 3100</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Calgary, Alberta</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Canada T2P 5L3</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Telephone +1 (403) 509 7500</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Facsimile +1 (403) 781 1825</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">To the
Shareholders of</font></b></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Enbridge Inc.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">We
have completed integrated audits of Enbridge Inc.&#146;s 2009, 2008 and 2007
consolidated financial statements and of its internal control over financial
reporting as at December 31, 2009.&#160; Our
opinions, based on our audits, are presented below. </font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Consolidated financial statements </font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">We
have audited the accompanying consolidated statements of financial position of
Enbridge Inc. as at December 31, 2009 and December 31, 2008, and the related
consolidated statements of earnings, comprehensive income, shareholders&#146; equity
and cash flows for each of the years in the three year period ended December
31, 2009.&#160; These financial statements are
the responsibility of the Company&#146;s management. Our responsibility is to
express an opinion on these financial statements based on our audits.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">We
conducted our audits of the Company&#146;s financial statements as at December 31,
2009 and December 31, 2008, and for each of the years in the three year period
ended December 31, 2009 in accordance with Canadian generally accepted auditing
standards and the standards of the Public Company Accounting Oversight Board
(United States).&#160; Those standards require
that we plan and perform an audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement.&#160; An audit of financial statements includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements.&#160; A financial
statement audit also includes assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In
our opinion, the consolidated financial statements referred to above present
fairly, in all material respects, the financial position of the Company as at
December 31, 2009 and December 31, 2008, and the results of its operations and
its cash flows for each of the years in the three year period ended December 31,
2009 in accordance with Canadian generally accepted accounting principles.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Internal control over financial reporting </font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">We
have also audited Enbridge Inc.&#146;s internal control over financial reporting as
at December 31, 2009, based on criteria established in Internal Control -
Integrated Framework issued by the Committee of Sponsoring Organizations of the
Treadway Commission (COSO).&#160; The
Company&#146;s management is responsible for maintaining effective internal control
over financial reporting and for its assessment of the effectiveness of
internal control over financial reporting, included in the accompanying
Management&#146;s Report on Internal Control Over Financial Reporting.&#160; Our responsibility is to express an opinion
on the effectiveness of the Company&#146;s internal control over financial reporting
based on our audit. </font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">We
conducted our audit of internal control over financial reporting in accordance
with the standards of the Public Company Accounting Oversight Board (United
States).&#160; Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether
effective internal control over financial reporting was maintained in all
material respects.&#160; An audit of internal
control over financial reporting includes obtaining an understanding of
internal control over financial reporting, assessing the risk that a material
weakness exits, testing and evaluating the design and operating effectiveness
of internal control based on the assessed risk, and performing such other
procedures as we consider necessary in the circumstances.&#160; We believe that our audit provides a
reasonable basis for our opinion.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">3<a name="PB_3_155110_7748"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial"><img width="341" height="40" src="g37151mw01i002.gif" alt="GRAPHIC"></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&#147;PricewaterhouseCoopers&#148;
refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership,
or, as the context requires, the PricewaterhouseCoopers global network or other
member firms of the network, each of which is a separate legal entity.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">A
company&#146;s internal control over financial reporting is a process designed to
provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance
with generally</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&#160;accepted accounting principles.&#160; A company&#146;s internal control over financial
reporting includes those policies and procedures</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">that
(i) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets
of the company; (ii) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with
authorizations of management and directors of the company; and (iii) provide
reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the company&#146;s assets that could have a
material effect on the financial statements. </font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Because
of its inherent limitations, internal control over financial reporting may not
prevent or detect misstatements.&#160; Also,
projections of any evaluation of effectiveness to future periods are subject to
the risk that controls may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may
deteriorate.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In
our opinion, the Company maintained, in all material respects, effective
internal control over financial reporting as at December 31, 2009 based on
criteria established in Internal Control &#151; Integrated Framework issued by the
COSO.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman"><img width="264" height="31" src="g37151mw01i003.gif" alt="GRAPHIC"></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Chartered
Accountants</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Calgary,
Alberta, Canada</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">February
18, 2010 </font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Comments by Auditors for U.S. Readers on Canada &#150; U.S. Reporting
Differences</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In
the United States, reporting standards for auditors require the addition of an
explanatory paragraph (following the opinion paragraph) when there is a change
in accounting principles that has a material effect on the comparability of the
Company&#146;s financial statements, such as the changes described in notes 3 to the
consolidated financial statements. Our report to the shareholders dated
February 18, 2010 is expressed in accordance with Canadian reporting standards,
which do not require a reference to such a change in accounting principles in
the Independent Auditors&#146; Report when the change is properly accounted for and
adequately disclosed in the financial statements.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman"><img width="264" height="31" src="g37151mw01i003.gif" alt="GRAPHIC"></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Chartered
Accountants</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Calgary,
Alberta, Canada</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">February
18, 2010</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">4<a name="PB_4_155110_141"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">CONSOLIDATED STATEMENTS OF EARNINGS</font></b></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars,
except per share amounts)</font></i></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="67%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Year ended December&nbsp;31,</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2007</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Revenues</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.26%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.26%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Commodity
  sales</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">9,720</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">13,432</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">9,536</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Transportation
  and other services</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,746</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,699</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,383</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">12,466</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">16,131</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">11,919</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Expenses</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Commodity
  costs</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">9,011</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">12,792</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">9,009</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Operating
  and administrative</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,430</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,312</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,164</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Depreciation
  and amortization</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">764</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">658</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">597</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">11,205</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">14,762</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">10,770</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,261</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,369</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,149</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Income from Equity Investments</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">198</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">177</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">168</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other Investment Income </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 28)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">678</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">198</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">195</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Interest Expense </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 16)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(597)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(551</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(550)</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Gain on Sale of Investments </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 6)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">365</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">700</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,905</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,893</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">962</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Non-Controlling Interests</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(37)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(56</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(46)</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,868</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,837</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">916</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Income Taxes </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 26)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(306)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(509</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(209)</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Earnings</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,562</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,328</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">707</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Preferred Share Dividends</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(7)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(7</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(7)</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Earnings Applicable to Common
  Shareholders</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,555</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,321</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">700</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Earnings per Common Share </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 20)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4.27</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3.67</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1.97</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Diluted Earnings per Common Share </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 20)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4.25</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3.64</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1.95</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">The accompanying notes are an integral part of these consolidated
financial statements.</font></i></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">5<a name="PB_5_155110_7608"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .1in;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .1in;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="66%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.94%;">
  <p style="margin:0in 0in .0001pt .1in;"><font size="2" face="Arial" style="font-size:10.0pt;">Year ended
  December&nbsp;31,</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.28%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2007</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:66.94%;">
  <p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Earnings</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,562</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,328</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.28%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">707</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.94%;">
  <p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other
  Comprehensive Income/(Loss)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.28%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.94%;">
  <p style="margin:0in 0in .0001pt 30.25pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Change in
  unrealized gain/(loss) on cash flow hedges, net of tax</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(54)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(127</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.28%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">97</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.94%;">
  <p style="margin:0in 0in .0001pt 30.25pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Change in
  unrealized gain/(loss) on net investment hedges,net of tax</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">151</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(160</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.28%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">175</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.94%;">
  <p style="margin:0in 0in .0001pt 30.25pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Reclassification
  to earnings of realized gain/(loss) on cash flow hedges, net of tax </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">114</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.28%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(7)</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.94%;">
  <p style="margin:0in 0in .0001pt 30.25pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Reclassification
  to earnings of unrealized cash flow hedges, net of tax </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 6)</font></i><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">  </font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(20)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.28%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.94%;">
  <p style="margin:0in 0in .0001pt 30.25pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other
  comprehensive income/(loss) from equity investees,net of tax</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(24)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">49</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.28%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(20)</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.94%;">
  <p style="margin:0in 0in .0001pt 30.25pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Non-controlling
  interests in other comprehensive income</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">72</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(101</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.28%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">92</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.94%;">
  <p style="margin:0in 0in .0001pt 30.25pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Change in
  foreign currency translation adjustment</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(815)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">658</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.28%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(534)</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.94%;">
  <p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other
  Comprehensive Income/(Loss)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(576)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">318</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.28%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(197)</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.94%;">
  <p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Comprehensive
  Income</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">986</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,646</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.28%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">510</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .1in;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">The accompanying notes are an
integral part of these consolidated financial statements.</font></i></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">6<a name="PB_6_155110_8146"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">CONSOLIDATED STATEMENTS OF SHAREHOLDERS&#146; EQUITY</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars,
except per share amounts)</font></i></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="65%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Year ended December&nbsp;31,</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.9%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.26%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2007</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Preferred Shares </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 20)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.9%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">125</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">125</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.26%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">125</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:65.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Common Shares </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 20)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.9%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.26%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.7%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Balance at
  beginning of year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.9%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3,194</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,027</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.26%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,416</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.7%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Common
  shares issued</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.9%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.26%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">567</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.7%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Dividend
  reinvestment and share purchase plan</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.9%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">143</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">131</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.26%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">18</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.7%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Shares
  issued on exercise of stock options</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.9%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">38</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">36</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.26%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">26</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Balance at End of Year</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.9%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3,379</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,194</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.26%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,027</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:65.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Contributed Surplus</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.9%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.26%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.7%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Balance at
  beginning of year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.9%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">38</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">26</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.26%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">18</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.7%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Stock-based
  compensation</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.9%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">19</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">14</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.26%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">9</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.7%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Options
  exercised</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.9%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(3)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(2</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.26%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(1)</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Balance at End of Year</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.9%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">54</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">38</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.26%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">26</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:65.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Retained Earnings</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.9%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.26%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.7%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Balance at
  beginning of year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.9%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3,383</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,537</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.26%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,323</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.7%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Earnings
  applicable to common shareholders</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.9%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,555</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,321</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.26%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">700</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.7%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Common share
  dividends declared</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.9%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(555)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(489</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.26%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(453)</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.7%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Dividends
  paid to reciprocal shareholder</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.9%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">17</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">14</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.26%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">14</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.7%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Cumulative
  impact of change in accounting policy </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 3)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.9%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.26%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(47)</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Balance at End of Year</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.9%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4,400</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,383</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.26%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,537</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:65.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Accumulated Other Comprehensive Income/(Loss)
  </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 22)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.9%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.26%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.7%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Balance at
  beginning of year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.9%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">33</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(285</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.26%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(136)</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.7%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other
  comprehensive income/(loss)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.9%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(576)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">318</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.26%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(197)</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.7%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Cumulative
  impact of change in accounting policy </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 3)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.9%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.26%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">48</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Balance at End of Year</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.9%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(543)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">33</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.26%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(285)</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:65.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Reciprocal Shareholding </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 11)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.9%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.26%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.7%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Balance at
  beginning of year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.9%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(154)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(154</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.26%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(136)</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.7%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Participation
  in common shares issued</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.9%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.26%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(18)</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Balance at End of Year</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.9%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(154)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(154</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.26%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(154)</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Total Shareholders&#146; Equity</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.9%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">7,261</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6,619</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.26%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5,276</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Dividends Paid per Common Share</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.9%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1.48</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1.32</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.26%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1.23</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">The accompanying notes are an integral part of these consolidated
financial statements.</font></i></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">7<a name="PB_7_155111_7091"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

</div>
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<br clear="all" style="page-break-before:always;">
<div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">CONSOLIDATED STATEMENTS OF CASH FLOWS</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="67%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Year ended December&nbsp;31, </font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2007</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Operating Activities </font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Earnings </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,562</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,328</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">707</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Depreciation
  and amortization </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">764</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">658</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">597</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Unrealized
  (gain)/loss on derivative instruments </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(204)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(120)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">32</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Allowance
  for equity funds used during construction </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(135)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(59)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(15)</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Equity
  earnings in excess of cash distributions </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(9)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(82)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(35)</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Gain on
  reduction of ownership interest </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(12)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(34)</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Gain on sale
  of investments </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 6)</font></i><font size="2" face="Arial" style="font-size:10.0pt;">  </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(365)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(700)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Future
  income taxes </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">218</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">258</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">41</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Goodwill and
  asset impairment losses </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">11</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">23</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Non-controlling
  interests </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">37</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">56</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">46</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(105)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">48</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">19</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Changes in
  operating assets and liabilities </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 29)</font></i><font size="2" face="Arial" style="font-size:10.0pt;">  </font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">243</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(26)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,017</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,372</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,362</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Investing Activities </font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Long-term
  investments </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(359)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(659)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(20)</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Affiliate
  loans, net </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(145)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">15</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Proceeds on
  sale of investments </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 6)</font></i><font size="2" face="Arial" style="font-size:10.0pt;">  </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">535</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,383</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Sale of
  property, plant and equipment </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">87</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Settlement
  of hedges </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">6</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(47)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Additions to
  property, plant and equipment </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 4)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(3,225)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(3,545)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(2,231)</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Additions to
  intangible assets </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(95)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(91)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(68)</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Change in
  construction payable&nbsp; </font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(110)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">106</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">75</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(3,306)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(2,853)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(2,229)</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Financing Activities </font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Net change
  in short-term borrowings </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(366)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">329</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(262)</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Net change
  in commercial paper and credit facility draws </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">632</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">751</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">337</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Debenture
  and term note issues </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,500</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">498</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,342</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Debenture
  and term note repayments </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(516)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(602)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(635)</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Net change
  in Southern Lights project financing </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">343</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,238</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Non-recourse
  debt issues </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">106</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">38</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">57</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Non-recourse
  debt repayments </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(172)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(65)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(59)</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Distributions
  to non-controlling interests </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(33)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(10)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(18)</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Common
  shares issued </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">36</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">29</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">584</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Preferred
  share dividends </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(7)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(7)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(7)</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Common share
  dividends </font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(414)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(359)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(435)</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,109</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,840</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">904</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Effect of translation of foreign
  denominated cash and cash equivalents</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(35)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">16</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(10)</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Increase/(Decrease) in Cash and Cash
  Equivalents </font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(215)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">375</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">27</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Cash and Cash Equivalents at Beginning of
  Year </font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">542</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">167</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">140</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Cash and Cash Equivalents at End of Year</font></b><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;position:relative;top:-3.0pt;">1</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">327</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">542</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">167</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Supplementary Cash Flow Information </font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Income taxes
  paid </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 26)</font></i><font size="2" face="Arial" style="font-size:10.0pt;">  </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">205</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">161</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">226</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:67.1%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Interest
  paid </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 16)</font></i><font size="2" face="Arial" style="font-size:10.0pt;">  </font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">656</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">607</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">607</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">The accompanying notes are an integral part of these consolidated
financial statements.</font></i></p>

<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:4.0pt;font-style:italic;">&nbsp;</font></i></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font></p>
  </td>
  <td width="97%" valign="bottom" style="padding:0in 0in 0in 0in;width:97.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash
  and cash equivalents consists of $184 million (2008 - $68 million; 2007 - $79
  million) of cash and $143 million (2008 - $474 million; 2007 - $88 million)
  of short-term investments and includes restricted cash of $59 million (2008 -
  $81 million; 2007 - $64 million).</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">8<a name="PB_8_155511_4141"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">CONSOLIDATED STATEMENTS OF FINANCIAL POSITION</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="77%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:77.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">December&nbsp;31,</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:77.8%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Assets</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Current Assets</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.8%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Cash and
  cash equivalents</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">327</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">542</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.8%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Accounts
  receivable and other </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 7)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,484</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,322</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:77.8%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Inventory </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 8</font></i><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">784</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">845</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:77.8%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3,595</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,709</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Property, Plant and Equipment, net </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 9</font></i><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">18,850</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">16,157</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Long-Term Investments </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 11</font></i><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,312</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,492</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Deferred Amounts and Other Assets </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 12)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,425</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,318</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Intangible Assets </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 13)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">488</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">458</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Goodwill </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 14)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">372</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">389</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:77.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Future Income Taxes </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 26)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">127</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">178</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:77.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">28,169</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">24,701</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:77.8%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Liabilities and Shareholders&#146; Equity</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Current Liabilities</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.8%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Short-term
  borrowings </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 16)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">508</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">874</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.8%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Accounts
  payable and other </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 15)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,463</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,411</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.8%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Interest
  payable</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">104</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">102</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.8%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Current
  maturities of long-term debt </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 16)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">601</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">534</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:77.8%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Current
  maturities of non-recourse long-term debt </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 17)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">113</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">185</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:77.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3,789</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4,106</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Long-Term Debt </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 16)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">11,581</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">10,155</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Non-Recourse Long-Term Debt </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 17)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,393</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,474</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other Long-Term Liabilities </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 18)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,207</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">259</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:77.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Future Income Taxes </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 26)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,211</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,291</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:77.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">20,181</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">17,285</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:77.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Non-Controlling Interests </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 19)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">727</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">797</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Shareholders&#146; Equity</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.8%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Share
  capital</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.8%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Preferred
  shares </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 20)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">125</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">125</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.8%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Common
  shares </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 20)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3,379</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,194</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.8%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Contributed
  surplus</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">54</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">38</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.8%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Retained
  earnings</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4,400</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,383</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.8%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Accumulated
  other comprehensive income/(loss) </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 22)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(543)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">33</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:77.8%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Reciprocal
  shareholding </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 11</font></i><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(154)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(154)</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:77.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">7,261</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6,619</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:77.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Commitments and Contingencies </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 31)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:77.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">28,169</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">24,701</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">The accompanying notes are an integral part of these consolidated
financial statements.</font></i></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Approved by
  the Board of Directors:</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&#147;signed&quot;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&#147;signed&quot;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">David A. Arledge</font></b></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">David A. Leslie</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Chair</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Director</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">9<a name="PB_9_155511_8627"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">
<div style="font-family:Arial;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:15.0pt;">NOTES TO THE
CONSOLIDATED FINANCIAL STATEMENTS</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-size:13.0pt;font-weight:bold;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="4" face="Arial" style="font-size:13.0pt;">1.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>GENERAL BUSINESS DESCRIPTION</p>

<p style="font-weight:bold;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge Inc.
(Enbridge or the Company) is a publicly traded energy transportation and
distribution company. Enbridge conducts its business through four operating
segments identified based on products and services offered: Liquids Pipelines,
Natural Gas Delivery and Services, Sponsored Investments, and Corporate. </font><font size="2" style="font-size:10.0pt;">These operating segments are strategic business units
established by senior management to facilitate the achievement of the Company&#146;s
long-term objectives, to aid in resource allocation decisions and to assess
operational performance.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">LIQUIDS PIPELINES</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Liquids
Pipelines includes the operation and construction of the Enbridge crude oil
mainline system and feeder pipelines that transport crude oil and other liquid
hydrocarbons</font><font size="2" style="font-size:10.0pt;">. Liquids
Pipelines consists of crude oil, natural gas liquids (NGLs) and refined
products pipelines and terminals in Canada and the United States.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">NATURAL GAS
DELIVERY AND SERVICES</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Natural Gas Delivery and Services consists of natural
gas utility operations, investments in natural gas pipelines, the Company&#146;s
commodity marketing businesses and international activities.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">The core of the Company&#146;s natural gas utility
operations is Enbridge Gas Distribution Inc. (EGD) which serves residential,
commercial, industrial and transportation customers, primarily in central and
eastern Ontario as well as northern New York State. This business segment also
includes natural gas distribution activities in Quebec and New Brunswick.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Investments in natural gas pipelines include the
Company&#146;s interests in the United States portion of Alliance Pipeline (Alliance
Pipeline US), Vector Pipeline and transmission and gathering pipelines in the
Gulf of Mexico.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">This segment also includes the Company&#146;s investment in
Aux Sable, a natural gas fractionation and extraction business.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">The commodity marketing businesses manage the Company&#146;s
volume commitments on Alliance and Vector Pipelines as well as perform
commodity storage, transport and supply management services, as principal and
agent.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">SPONSORED
INVESTMENTS</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Sponsored Investments includes the Company&#146;s 27.0% ownership
interest in Enbridge Energy Partners, L.P. (EEP), Enbridge&#146;s funding of 66.7%
of the United States segment of the Alberta Clipper Project through EEP and
Enbridge Energy, L.P. (EELP) and a 72% economic interest (41.9% voting
interest) in Enbridge Income Fund (EIF). Enbridge manages the day-to-day
operations of, and develops and assesses opportunities for each of these
investments, including both organic growth and acquisition opportunities.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EEP transports crude oil and other liquid hydrocarbons
through common carrier and feeder pipelines and transports, gathers, processes
and markets natural gas and </font><font size="2" style="font-size:10.0pt;">NGLs</font><font size="2" style="font-size:10.0pt;">. EIF is a publicly traded income fund whose primary
operations include a crude oil and liquids pipeline and gathering system, a 50%
interest in the Canadian portion of Alliance Pipeline and partial interests in
several green energy investments.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">CORPORATE</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Corporate
consists of new business development activities and investing and financing
activities, including general corporate investments and financing costs not
allocated to the business segments. Corporate also includes the Company&#146;s
investments in green energy projects.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">10<a name="PB_10_160047_3736"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:13.0pt;font-weight:bold;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="4" face="Arial" style="font-size:13.0pt;">2.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES</p>

<p style="font-weight:bold;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The
consolidated financial statements of the Company are prepared in accordance
with Canadian generally accepted accounting principles (Canadian GAAP). These
accounting principles are different in some respects from United States
generally accepted accounting principles (U.S. GAAP) and the significant
differences that impact the Company&#146;s consolidated financial statements are
described in Note 33. Amounts are stated in Canadian dollars unless otherwise
noted.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The preparation
of financial statements in conformity with Canadian GAAP requires management to
make estimates and assumptions that affect the reported amounts of assets,
liabilities, revenues and expenses as well as the disclosure of contingent
assets and liabilities in the consolidated financial statements. Significant
estimates and assumptions used in preparation of the consolidated financial
statements include, but are not limited to: carrying value of regulatory assets
and liabilities (Note 5); depreciation rates and carrying value of property,
plant and equipment (Note 9); amortization rates of intangible assets (Note
13); measurement of goodwill (Note 14); valuation of share based compensation
(Note 21); fair values of financial instruments (Notes 23 and 24); income taxes
(Note 26); post employment benefits (Note 27); and commitments and
contingencies (Note 31). Actual results could differ from these estimates.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Subsequent
events have been evaluated through to February 18, 2010, the date on which the consolidated
financial statements were approved by the Board of Directors and were available
to be issued.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;">BASIS OF PRESENTATION</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The
consolidated financial statements include the accounts of Enbridge Inc., its
subsidiaries and its proportionate share of the accounts of joint ventures. </font><font size="2" style="font-size:10.0pt;">EIF is consolidated in the accounts of the Company
because </font><font size="2" style="font-size:10.0pt;">it is a variable interest entity. The Company is the primary
beneficiary of EIF through a combination of a 41.9% equity interest and a
preferred unit investment. Investments in entities which are not subsidiaries
or joint ventures, but over</font><font size="2" style="font-size:10.0pt;"> which
the Company exercises significant influence, are accounted for using the equity
method. Other investments are accounted for according to their classification
as held to maturity, loans and receivables or available for sale (see Financial
Instruments).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;">REGULATION</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Certain of the Company&#146;s Liquids Pipelines and Natural Gas </font><font size="2" style="font-size:10.0pt;">Delivery
and Services</font><font size="2" style="font-size:10.0pt;"> businesses
are subject to regulation by various authorities including, but not limited to,
the National Energy Board (NEB), the Federal Energy Regulatory Commission
(FERC), the Energy Resources Conservation Board in Alberta (ERCB), the New
Brunswick Energy and Utilities Board (EUB) and the Ontario Energy Board (OEB).
Regulatory bodies exercise statutory authority over matters such as
construction, rates and ratemaking and agreements with customers. To recognize
the economic effects of the actions of the regulator, the timing of recognition
of certain revenues and expenses in these operations may differ from that
otherwise expected under GAAP for non rate-regulated entities.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Regulatory assets represent amounts that are expected to be
recovered from customers in future periods through rates. Regulatory
liabilities represent amounts that are expected to be refunded to customers in
future periods through rates. In the absence of rate regulation, the Company
would generally not recognize regulatory assets or liabilities and the earnings
impact would be recorded in the period the expenses are incurred or revenues
are earned. Long-term regulatory assets are recorded in Deferred Amounts and
Other Assets and current regulatory assets are recorded in Accounts Receivable
and Other. Long-term regulatory liabilities are included in Other Long-Term
Liabilities and current regulatory liabilities are recorded in Accounts Payable
and Other. Regulatory assets are assessed for impairment if the Company
identifies an event indicative of possible impairment.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Allowance for funds used during construction (</font><font size="2" style="font-size:10.0pt;">AFUDC) is included in the cost of property, plant and
equipment and is depreciated over future periods as part of the total cost of
the related asset. AFUDC includes both an interest component and, if approved
by the regulator, a cost of equity component. In the absence of rate
regulation, the Company would capitalize only the interest component;
therefore, the capitalized equity component, the corresponding earnings during
the construction phase and the subsequent depreciation would not be recognized.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">11<a name="PB_11_160047_9621"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Certain regulators prescribe the pool method of accounting
for property, plant and equipment where similar assets with comparable useful
lives are grouped and depreciated as a pool. When those assets are retired or
otherwise disposed of, gains and losses are not reflected in earnings but are
booked as an adjustment to accumulated depreciation. Entities not subject to
rate regulation write off the net book value of the retired asset and include
any resulting gain or loss in earnings.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">With
the approval of the regulator, EGD capitalizes
a percentage of certain operating costs. EGD is authorized to charge
depreciation and earn a return on the net book value of such capitalized costs
in future years. In the absence of rate regulation, a portion of such costs may be charged to
current earnings.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Prior to January&nbsp;1, 2009, contributions made to the
defined benefit pension plan and the </font><font size="2" style="font-size:10.0pt;">cost of
providing post-employment benefits other than pensions (OPEB) for the regulated operations of EGD were expensed
as paid, consistent with the recovery of such costs in rates. Canadian GAAP
requires costs and obligations for defined benefit pension plans and OPEB to be
determined using the projected benefit method and charged to earnings as
services are rendered. Effective January&nbsp;1, 2009, the Company began
recording a net pension asset and a net OPEB liability with an offsetting
regulatory liability and asset related to the contributions to the defined
benefit plan and the cost of OPEB for the regulated operations in Natural Gas
Delivery and Services (Note 3). There was no impact to earnings or cash flows
as a result of this change.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;">REVENUE RECOGNITION</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">For businesses which are not rate-regulated, revenues are
recorded when products have been delivered or services have been performed and
the amount of revenue can be reliably measured. Customer credit worthiness is
assessed prior to agreement signing as well as throughout the contract
duration.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">For
the rate-regulated portion of the Company&#146;s main Canadian crude oil pipeline
system, revenue is recognized in a manner that is consistent with the
underlying agreements as approved by the regulator. Certain Liquids Pipelines
revenues are recognized under the terms of a committed 30-year delivery
contract rather than the cash tolls received.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">For
rate-regulated operations in Sponsored Investments and in natural gas pipelines
included in Natural Gas Delivery and Services, transportation revenues include
amounts related to expenses recognized that are expected to be recovered from
shippers in future tolls. Revenue is recognized in a given period for tolls
received to the extent that expenses are incurred. Differences between the
recorded transportation revenue and actual toll receipts give rise to a
regulatory asset or liability.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">For natural gas utility rate-regulated operations in Natural
Gas Delivery and Services, revenue is recognized in a manner consistent with
the underlying rate-setting mechanism as mandated by the regulator. Natural gas
utilities revenues are recorded on the basis of regular meter readings and
estimates of customer usage from the last meter reading to the end of the
reporting period.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;">FINANCIAL INSTRUMENTS</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">The
Company classifies financial assets and financial liabilities as held for
trading, available for sale, loans and receivables, held to maturity, other
financial liabilities or derivatives in qualifying hedging relationships. All
financial instruments are initially recorded at fair value on the consolidated
statement of financial position. Subsequent measurement of the financial
instrument is based on its classification.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Held for
Trading</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">Financial
assets and liabilities that are classified as held for trading are measured at
fair value with changes in fair value recognized in earnings in Commodity
Costs, Other Investment Income and Interest Expense. The Company has classified
Cash and Cash Equivalents and its non-qualifying derivative instruments as held
for trading.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">12<a name="PB_12_160047_8715"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Available for
Sale</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">Financial
assets that are available for sale are measured at fair value, with changes in
those fair values recorded in Other Comprehensive Income (OCI) unless actively
quoted prices are not available for fair value measurement, in which case
available for sale assets are measured at cost. Generally, the Company
classifies equity investments in other entities that do not trade on an
actively quoted market as available for sale. Dividends received from available
for sale financial assets are recognized in earnings when the right to receive
payment is established.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Loans and
Receivables</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">Loans
and receivables, which include Accounts Receivable and Other and long-term
notes receivable, are measured at amortized cost using the effective interest
rate method, net of any impairment losses recognized.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Held to
Maturity</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">The
Company has classified certain investments which are non-derivative financial
assets as held to maturity. Held to maturity investments are measured at
amortized cost using the effective interest rate method.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Other Financial
Liabilities</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">Other
financial liabilities are recorded at amortized cost using the effective
interest rate method and include Short-term Borrowings, Accounts Payable and
Other, Interest Payable, Long-term Debt and Non-recourse Long-term Debt.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Derivatives in
Qualifying Hedging Relationships</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">The
Company uses derivative financial instruments to manage changes in commodity
prices, foreign exchange rates, interest rates and certain compensation tied to
its share price. Hedge accounting is optional and requires the Company to
document the hedging relationship and test the hedging item&#146;s effectiveness in
offsetting changes in fair values or cash flows of the underlying hedged item
on an ongoing basis. The Company presents the earnings and cash flow effects of
hedging items with the hedged transaction. Derivatives in qualifying hedging
relationships are categorized as cash flow hedges, fair value hedges and net
investment hedges.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Cash Flow
Hedges</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">The
Company uses cash flow hedges to manage changes in commodity prices, foreign
exchange rates, interest rates and certain compensation tied to its share
price. The effective portion of the change in the fair value of a cash flow
hedging instrument is recorded in OCI and is reclassified to earnings when the
hedged item impacts earnings or to the carrying value of the related
non-financial asset. Any hedge ineffectiveness is recorded in current period
earnings.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">If
a derivative instrument designated as a cash flow hedge ceases to be effective
or is terminated, hedge accounting is discontinued and the gain or loss at that
date is deferred in OCI and recognized concurrently with the related
transaction. If a hedged anticipated transaction is no longer probable, the
gain or loss is recognized immediately in earnings. Subsequent gains and losses
from ineffective derivative instruments are recognized in earnings in the
period in which they occur.</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Fair Value
Hedges</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">The
Company may use fair value hedges to hedge the fair value of debt instruments
or commodity positions. The change in the fair value of the hedging instrument is
recorded in earnings with changes in the fair value of the hedged asset or
liability that is designated as part of the hedging relationship. If a fair
value hedge is discontinued or ceases to be effective, the hedged asset or
liability, otherwise required to be carried at cost or amortized cost, ceases
to be remeasured at fair value and the cumulative fair value adjustment to the
carrying value of the hedged item is recognized in earnings over the remaining
life of the hedged item.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Net Investment
Hedges</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">The
Company uses net investment hedges to manage the carrying values of United
States dollar denominated foreign operations. The effective portion of the
change in the fair value of the hedging</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">13<a name="PB_13_160047_563"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">instrument
is recorded in OCI. Any ineffectiveness is recorded in current period earnings.
Amounts recorded in Accumulated Other Comprehensive Income/Loss (AOCI) are
recognized in earnings when there is a reduction of the hedged net investment
resulting from a disposal of the foreign operation.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Impairment</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">With
respect to available for sale instruments, the Company assesses at each balance
sheet date whether there is objective evidence that a financial asset is
impaired. If there is determined to be objective evidence of impairment, the
Company internally values the expected discounted cash flows using observable
market inputs and determines whether the decline below carrying value is other
than temporary. If the decline is determined to be other than temporary, an
impairment charge is recorded in earnings with an offsetting reduction to the
carrying value of the asset.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">With respect to loans and receivables, the Company
assesses the assets for impairment when it no longer has a reasonable assurance
of timely collection. If evidence of impairment is noted, the Company reduces
the value of the loan or receivable to its estimated realizable amount,
determined using discounted expected future cash flows.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Transaction
Costs</font></b></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">Transaction costs are incremental costs directly
related to the acquisition of a financial asset or the issuance of a financial
liability. </font>The Company incurs transaction costs primarily
through the issuance of debt and classifies these costs with the related debt.
These costs are amortized using the effective interest rate method over
the life of the related debt instrument.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;">INCOME TAXES</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The
liability method of accounting for income taxes is followed. Future income tax
assets and liabilities are recorded based on temporary differences between the
tax bases of assets and liabilities and their carrying values for accounting
purposes. Future income tax assets and liabilities are measured using the tax
rate that is expected to apply when the temporary differences reverse (Note 3).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;">FOREIGN CURRENCY TRANSLATION</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">The
Company&#146;s foreign operations are primarily self-sustaining. The financial
statements of self-sustaining foreign operations are translated into Canadian
dollars using the current rate method. Under this method, assets and
liabilities are translated using period-end exchange rates and revenues and
expenses are translated using monthly average rates. Gains and losses arising
on translation of these operations are included in the cumulative translation
adjustment component of AOCI.</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Transactions
denominated in foreign currencies are translated into Canadian dollars using
the exchange rate prevailing at the date of transaction. Monetary assets and
liabilities denominated in foreign currencies are translated to Canadian
dollars using the rate of exchange in effect at the balance sheet date whereas
non-monetary assets and liabilities are translated at the rate of exchange in
effect on the date of the transaction. Exchange gains and losses resulting from
translation are included in the Statement of Earnings in the period that they
arise.</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>

<h2 align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;">CASH AND CASH EQUIVALENTS</font></i></b></h2>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Cash and cash equivalents include short-term investments with
a term to maturity of three months or less when purchased.</font><font size="2" style="font-size:10.0pt;">  </font><font size="2" style="font-size:10.0pt;">Cash and cash equivalents include
amounts in trust and proportionately consolidated cash from joint ventures.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;">INVENTORY</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Inventory
is primarily comprised of natural gas in storage held in EGD. Natural gas in
storage is recorded at the quarterly prices approved by the OEB in the
determination of distribution rates. The actual price of gas purchased may
differ from the OEB approved price. The difference between the approved price
and the actual cost of the gas purchased is deferred for future refund or
collection as approved by the OEB. Other inventory, consisting primarily of
commodities held in storage, is recorded at fair value as measured at the spot
price less costs to sell (Note 3).</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">14<a name="PB_14_160048_9497"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;">PROPERTY, PLANT AND EQUIPMENT</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Expenditures for construction, expansion,
major renewals and betterments are capitalized. Maintenance and repair costs
are expensed as incurred. Expenditures for project development are capitalized
if they are expected to have a future benefit. The Company capitalizes interest
incurred during construction. For rate-regulated assets, if approved, an
allowance for equity funds used during construction (AEDC) is capitalized at
rates authorized by the regulatory authorities. Depreciation of property, plant
and equipment is provided on a straight-line basis over the estimated service
lives of the assets commencing when the asset is placed in service.</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">IMPAIRMENT OF LONG-LIVED ASSETS</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The
Company reviews the carrying values of its long-lived assets as events or
changes in circumstances warrant. If it is determined that the carrying value
of an asset exceeds the undiscounted cash flows expected from the asset, the
asset is written down to fair value.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;">DEFERRED AMOUNTS AND OTHER ASSETS</font></i></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Deferred amounts and other assets include costs which
regulatory authorities have permitted, or are expected to permit, to be
recovered through future rates, contractual receivables under the terms of
long-term delivery contracts, derivative financial instruments as well as
pension assets. Certain deferred amounts are amortized on a straight-line basis
over various periods depending on the nature of the charges.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<h4 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;">INTANGIBLE ASSETS</font></b></h4>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Intangible
assets consist primarily of acquired long-term transportation contracts and
software costs, which are amortized on a straight-line basis over their
expected lives (Note 3).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;">GOODWILL</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Goodwill represents the excess of the purchase price over
the fair value of net identifiable assets on acquisition of a business.
Goodwill is not subject to amortization but is tested for impairment at least
annually. For the purposes of impairment testing, reporting units are
identified as business operations within an operating segment. Potential impairment
is identified when the carrying value of a reporting unit, including allocated
goodwill, exceeds its fair value. Goodwill impairment is measured as the excess
of the carrying amount of the reporting unit&#146;s allocated goodwill over the
implied fair value of the goodwill based on the fair value of the assets and
liabilities of the reporting unit.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;">ASSET RETIREMENT
OBLIGATIONS</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Asset retirement obligations
(AROs) associated with the retirement of long-lived assets are measured at fair
value and recognized as Other Long-term Liabilities in the period when they can
be reasonably determined. The fair value approximates the cost a third party
would charge to perform the tasks necessary to retire such assets and is
recognized at the present value of expected future cash flows. AROs are added
to the carrying value of the associated asset and depreciated over the asset&#146;s
useful life. The corresponding liability is accreted over time through charges
to earnings and is reduced by actual costs of decommissioning and reclamation.
The Company&#146;s estimates of retirement costs could change as a result of changes
in cost estimates and regulatory requirements.</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">For certain of the Company&#146;s assets it is not possible to
make a reasonable estimate of AROs due to the indeterminate timing and scope of
the asset retirements.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;">POST-EMPLOYMENT BENEFITS</font></i></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company maintains pension plans which
provide defined benefit and defined contribution pension benefits.</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Defined benefit pension plan costs are
determined using actuarial methods and are funded through contributions
determined using the projected benefit method, which incorporates management&#146;s
best estimate of future salary levels, other cost escalations, retirement ages
of employees and other actuarial factors. Pension cost is charged to earnings
as services are rendered and includes:</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">15<a name="PB_15_160048_3641"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Cost of pension plan benefits
provided in exchange for employee services rendered during the year;</p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Amortization of the initial net
transitional asset, prior service costs and amendments on a straight-line basis
over the expected average remaining service period of the active employee group
covered by the plans;</p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Interest cost of pension plan
obligations;</p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Expected return on pension fund
assets; and</p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Amortization of cumulative
unrecognized net actuarial gains and losses, in excess of 10% of the greater of
the accrued benefit obligation or the fair value of plan assets, over the
expected average remaining service life of the active employee group covered by
the plans.</p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Actuarial gains and losses arise from the
difference between the actual and expected rate of return on plan assets for
that period or from changes in actuarial assumptions used to determine the
accrued benefit obligation, including discount rate or salary inflation
experience.</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Pension plan assets are measured at fair
value. The expected return on pension plan assets is determined using market
related values and assumptions on the specific asset mix within the pension
plan. The market related values reflect estimated return on investments
consistent with long-term historical averages for similar assets.</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">For defined contribution plans, contributions
made by the Company are expensed in the period in which the contribution
occurs.</font></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;">&nbsp;</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company also provides
post-employment benefits other than pensions, including group health care and
life insurance benefits for eligible retirees, their spouses and qualified
dependants. The cost of such benefits is accrued during the years in which employees
render service.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;">STOCK BASED COMPENSATION</font></i></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Stock options
granted are recorded using the fair value method. Under this method,
compensation expense is measured at fair value at the grant date and is
recognized on a straight-line basis over the shorter of the vesting period or
the period to early retirement eligibility, with a corresponding credit to
contributed surplus. Balances in contributed surplus are transferred to share
capital when the options are exercised.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Performance Stock Units (PSUs) vest at the completion of a
three-year term and Restricted Stock Units (RSUs) vest at the completion of a
35-month term. Both PSUs and RSUs are settled in cash. During the vesting term,
an expense is recorded based on the number of units outstanding and the current
market price of the Company&#146;s shares with an offset to Other Long-Term
Liabilities. The value of the PSUs is also dependent on the Company&#146;s
performance relative to performance targets set out under the plan.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;">COMPARATIVE AMOUNTS</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Certain comparative amounts have been reclassified to
conform with the current year&#146;s financial statement presentation.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">3.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="4" style="font-size:13.0pt;font-weight:bold;">CHANGES IN ACCOUNTING POLICIES</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-transform:uppercase;"><b><font size="2" face="Arial" style="font-size:10.0pt;text-transform:none;">ACCOUNTING FOR THE EFFECTS OF RATE REGULATION</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Effective
January&nbsp;1, 2009, the Company adopted revisions to the Canadian Institute
of Chartered Accountants (CICA) Handbook Section&nbsp;1100, <i>Generally Accepted Accounting Principles</i> and Section&nbsp;3465,
<i>Income Taxes</i>. In accordance with the
transitional provisions in these revised standards, the revisions to Section&nbsp;1100
were adopted prospectively and accordingly, prior periods were not restated,
while the revisions to Section&nbsp;3465 were applied retrospectively without
restatement of prior periods. The adoption of the revised standards did not
impact the Company&#146;s earnings or cash flows.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">16<a name="PB_16_160048_5250"></a></font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;">Generally
Accepted Accounting Principles</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">The
revised standard no longer provides an exemption for rate-regulated entities to
measure assets and liabilities on a basis other than in accordance with primary
sources of Canadian GAAP. As a result, for the pension plans and OPEB included
in EGD, the Company recognized post-employment benefit assets and liabilities
for the amount of benefits expected to be included in future rates and
recovered from, or paid to, customers. In addition, the Company reclassified
certain EGD reserves for future removal and site restoration.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Pension Plans and OPEB</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">On
adoption of the revised standard at January&nbsp;1, 2009, the Company
recognized a net pension asset of $157 million and a net OPEB liability of $75
million, with an offsetting long-term net pension regulatory liability and
long-term net OPEB regulatory asset, respectively. At December&nbsp;31, 2009,
the Company had a net pension asset of $140 million and a net OPEB liability of
$80 million, with an offsetting long-term net pension regulatory liability and
a long-term net OPEB regulatory asset, respectively.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Future Removal and Site Restoration Reserves</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">At
January&nbsp;1, 2009, on adoption of the revised standard, the Company
reclassified amounts collected for future removal and site restoration of $657
million, which were previously netted against Property, Plant and Equipment, to
a long-term regulatory liability. At December&nbsp;31, 2009, this long-term
regulatory liability was $710 million.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;">Income Taxes</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">The
revised standard removes the exemption for rate-regulated entities to recognize
future income taxes to the extent they were expected to be included in
regulator-approved future rates and recovered from or refunded to future
customers. As a result, on January&nbsp;1, 2009, the Company recognized a
future income tax liability of $816 million on regulatory assets, primarily
property, plant and equipment, with an offsetting long-term regulatory asset. A
regulatory asset has been recognized as the associated future income tax
liability is expected to be recoverable in future rates. At December&nbsp;31,
2009, the Company had a future income tax liability of $829 million related to
regulatory assets with an offsetting long-term regulatory asset.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-transform:uppercase;"><b><font size="2" face="Arial" style="font-size:10.0pt;text-transform:none;">INTANGIBLE ASSETS</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Effective
January&nbsp;1, 2009, the Company adopted CICA Handbook Section&nbsp;3064, <i>Goodwill and Intangible Assets</i>, which establishes standards
for the recognition, measurement, presentation and disclosure of goodwill and
intangible assets. As a result of adopting this standard, the Company
reclassified certain software costs from Property, Plant and Equipment to
Intangible Assets. This standard has been applied retrospectively and affects
presentation only.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">As
a result of adopting this standard, on January&nbsp;1, 2009, the Company
reclassified $233 million of net software costs from Property, Plant and
Equipment to Intangible Assets. At December&nbsp;31, 2009, the Company had $289
million of net software costs recorded in Intangible Assets.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-transform:uppercase;"><b><font size="2" face="Arial" style="font-size:10.0pt;text-transform:none;">COMMODITY INVENTORY</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Effective January&nbsp;1, 2009, the Company changed its
accounting policy for inventory held by its energy marketing businesses and
began measuring commodity inventory at fair value, as measured at the spot
price less costs to sell, rather than lower of cost or net realizable value.
This measurement basis is a more relevant measurement for commodity inventory
used for marketing purposes and better matches the commodity inventory with the
derivatives used to &#147;lock in&#148; the margin. This change in accounting policy has
been accounted for retrospectively and did not result in restatements of the
comparative Consolidated Statements of Earnings, Comprehensive Income,
Shareholders&#146; Equity or Cash Flows for the years ended December&nbsp;31, 2008
and 2007 and the comparative Consolidated Statement of Financial Position as at
December&nbsp;31, 2008 as the amounts were considered immaterial.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-transform:uppercase;"><b><font size="2" face="Arial" style="font-size:10.0pt;text-transform:none;">INVENTORIES</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The CICA issued Handbook Section&nbsp;3031, <i>Inventories,</i>
effective January&nbsp;1, 2008 which aligns accounting for inventories under
Canadian GAAP with International Financial Reporting Standards (IFRS) and </font><font size="2" style="font-size:10.0pt;">replaces
Section&nbsp;3030. The adoption of the revised standard did not have a
significant effect on the</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">17<a name="PB_17_160048_7672"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Arial;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Company.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-transform:uppercase;"><b><font size="2" face="Arial" style="font-size:10.0pt;text-transform:none;">CAPITAL DISCLOSURES AND FINANCIAL INSTRUMENTS &#151; DISCLOSURES AND
PRESENTATION</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Effective January&nbsp;1, 2008, the Company adopted new
standards for <i>Capital Disclosures</i> (CICA
Handbook Section&nbsp;1535) and <i>Financial Instruments &#151;
Disclosures and Presentation</i> (CICA Handbook Sections 3862 and 3863).
While the new standards did not change the Company&#146;s accounting policies, they
resulted in additional disclosures.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-transform:uppercase;"><b><font size="2" face="Arial" style="font-size:10.0pt;text-transform:none;">FINANCIAL INSTRUMENTS, COMPREHENSIVE INCOME AND HEDGING RELATIONSHIPS</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Effective January&nbsp;1, 2007, the Company adopted CICA
Handbook Section&nbsp;1530, <i>Comprehensive Income</i>,
Section&nbsp;3251, <i>Equity</i>, Section&nbsp;3855,
<i>Financial Instruments &#151; Recognition and Measurement</i>,
Section&nbsp;3861, <i>Financial Instruments &#151;
Disclosure and Presentation (</i>subsequently replaced by Sections 3862
and 3863<i>  </i>adopted by the Company on January&nbsp;1,
2008) and Section&nbsp;3865, <i>Hedges</i>. In
accordance with the transitional provisions in these new standards, these
policies were adopted retrospectively without restatement. Prior period
unrealized gains and losses related to the Company&#146;s foreign currency
translation adjustments and net investment hedges are now included in AOCI. The
cumulative impact of adopting these changes in 2007 was an increase to AOCI of
$48 million.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">FUTURE
ACCOUNTING POLICY CHANGES</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Business Combinations</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The CICA issued Handbook Section&nbsp;1582,
<i>Business Combinations</i>, which
replaces Section&nbsp;1581. This new standard aligns accounting for business
combinations under Canadian GAAP with IFRS. The standard requires assets and
liabilities acquired in a business combination to be measured at fair value at
the acquisition date. The standard also requires acquisition-related costs,
such as advisory or legal fees, incurred to effect a business combination to be
expensed in the period in which they are incurred. The adoption of this standard
will impact the accounting treatment of future business combinations. The
revised standard is effective for business combinations occurring on or after January&nbsp;1,
2011; however, earlier application is permitted.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Consolidated Financial Statements
and Non-Controlling Interests</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The CICA issued Handbook Sections 1601,
<i>Consolidated Financial Statements </i>and
1602,<i> Non-controlling Interests, </i>which
together replace the former consolidated financial statements standard. Under
the revised standards, non-controlling interests will be classified as a
component of equity, and earnings and comprehensive income will be attributed
to both the parent and non-controlling interest. The adoption of these
standards is not expected to have a material impact to the Company&#146;s consolidated
financial statements. The revised standards are effective January&nbsp;1, 2011.
Should the Company early adopt Section&nbsp;1582, it would also be required to
adopt Sections 1601 and 1602 at the same time.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">4.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="4" style="font-size:13.0pt;font-weight:bold;">SEGMENTED
INFORMATION</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="99%" style="border-collapse:collapse;width:99.98%;">
 <tr>
  <td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.18%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Natural Gas</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.52%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="38%" valign="bottom" style="padding:0in 0in 0in 0in;width:38.18%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Liquids</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Delivery and</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Sponsored</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.52%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="38%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.18%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Year ended December&nbsp;31,
  2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Pipelines</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Services</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Investments</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.52%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Corporate</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.72%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Consolidated</font></p>
  </td>
 </tr>
 <tr>
  <td width="38%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:38.18%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Revenues</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.88%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.94%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1,333</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.22%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">10,776</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.02%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">313</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.52%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">44</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.72%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">12,466</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.18%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Commodity
  costs</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.94%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(9,011)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.02%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.52%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.72%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(9,011)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.18%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Operating and
  administrative</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(565)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(709)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(113)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.52%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(43)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.72%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(1,430)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="38%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.18%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Depreciation
  and amortization</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(230)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(419)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(88)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.52%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(27)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.72%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(764)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="38%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:38.18%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.88%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.94%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">538</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.22%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">637</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.02%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">112</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.52%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(26)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.72%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1,261</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.18%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Income from
  equity investments</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.94%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.22%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">10</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.02%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">188</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.52%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.72%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">198</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.18%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Other
  investment income and gain on sale of<b>  </b>investments</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.94%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">161</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.22%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">370</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.02%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">13</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.52%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">499</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.72%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1,043</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.18%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Interest and
  preferred share dividends</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(144)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(257)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(56)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.52%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(147)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.72%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(604)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.18%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Non-controlling
  interests</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(2)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(7)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(28)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.52%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.72%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(37)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="38%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.18%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Income taxes</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(108)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(118)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(88)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.52%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">8</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.72%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(306)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="38%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.18%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Earnings
  applicable to common shareholders</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.94%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">445</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.22%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">635</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.02%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">141</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.52%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">334</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.72%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1,555</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">18<a name="PB_18_160048_536"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">
<div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.0%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.7%;">
  <p align="center" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.7%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Natural Gas</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.7%;">
  <p align="center" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.7%;">
  <p align="center" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.7%;">
  <p align="center" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.0%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions
  of Canadian dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.7%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Liquids</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.7%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Delivery and</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.7%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Sponsored</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.7%;">
  <p align="center" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.7%;">
  <p align="center" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.0%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Year ended December&nbsp;31, 2008</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.7%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Pipelines</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.7%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Services</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.7%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Investments</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.7%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Corporate</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.7%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Consolidated</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:44.0%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Revenues</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,170</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">14,650</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">298</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">13</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">16,131</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.0%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Commodity costs</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(12,792</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(12,792</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.0%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Operating and administrative</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(492</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(685</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(102</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(33</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,312</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.0%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Depreciation and amortization</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(181</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(392</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(78</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(7</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(658</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:44.0%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">497</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">781</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">118</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(27</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,369</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.0%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Income from equity investments</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">30</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">148</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">177</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.0%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Other investment income and gain on sale of investments</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">61</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">759</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">25</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">53</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">898</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.0%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Interest and preferred share dividends</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(111</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(270</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(60</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(117</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(558</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.0%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Non-controlling interests</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(7</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(47</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(56</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.0%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Income taxes</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(118</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(335</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(73</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">17</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(509</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.0%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Earnings applicable to common shareholders</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">328</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">958</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">111</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(76</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,321</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.0%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.7%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.7%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Natural Gas</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.7%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.7%;">
  <p align="center" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.7%;">
  <p align="center" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.0%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions
  of Canadian dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.7%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Liquids</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.7%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Delivery and</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.7%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Sponsored</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.7%;">
  <p align="center" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.7%;">
  <p align="center" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.0%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Year ended December&nbsp;31, 2007</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.7%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Pipelines</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.7%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Services</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.7%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Investments</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.7%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Corporate</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.7%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Consolidated</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:44.0%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Revenues</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,091</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">10,549</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">270</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">9</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">11,919</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.0%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Commodity costs</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(9,009</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(9,009</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.0%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Operating and administrative</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(427</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(632</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(79</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(26</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,164</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.0%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Depreciation and amortization</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(156</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(360</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(75</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(6</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(597</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:44.0%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">508</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">548</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">116</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(23</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,149</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.0%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Income from equity investments</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">73</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">97</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">168</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.0%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Other investment income and gain on sale of investments</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">16</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">88</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">38</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">53</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">195</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.0%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Interest and preferred share dividends</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(101</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(271</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(62</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(123</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(557</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.0%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Non-controlling interests</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(6</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(38</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(46</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.0%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Income taxes</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(134</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(88</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(54</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">67</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(209</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.0%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Earnings applicable to common shareholders</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">287</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">344</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">97</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(28</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">700</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.7%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The measurement basis for preparation of segmented
information is consistent with the significant accounting policies described in
Note 2.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">TOTAL ASSETS</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="73%" valign="bottom" style="padding:0in 0in 0in 0in;width:73.78%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions
  of Canadian dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:73.78%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">December&nbsp;31,</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.2%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:73.78%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Liquids Pipelines</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="background:#E5E5E5;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">10,763</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="background:#E5E5E5;border:none;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">7,467</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign="bottom" style="padding:0in 0in 0in 0in;width:73.78%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Natural Gas Delivery and Services</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="background:#E5E5E5;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">11,207</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="background:#E5E5E5;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">10,724</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign="bottom" style="padding:0in 0in 0in 0in;width:73.78%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Sponsored Investments</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="background:#E5E5E5;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3,860</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="background:#E5E5E5;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,766</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:73.78%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Corporate</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="background:#E5E5E5;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,339</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="background:#E5E5E5;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,744</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:73.78%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="background:#E5E5E5;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">28,169</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="background:#E5E5E5;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">24,701</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">ADDITIONS TO PROPERTY, PLANT AND EQUIPMENT</font></b><b><font size="1" face="Times New Roman" style="font-size:5.0pt;font-weight:bold;position:relative;top:-4.0pt;">1</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="73%" valign="bottom" style="padding:0in 0in 0in 0in;width:73.78%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions
  of Canadian dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:73.78%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">December&nbsp;31,</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.2%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:73.78%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Liquids Pipelines</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,662</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,898</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign="bottom" style="padding:0in 0in 0in 0in;width:73.78%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Natural Gas Delivery and Services</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">440</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">544</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign="bottom" style="padding:0in 0in 0in 0in;width:73.78%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Sponsored Investments</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">41</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">53</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:73.78%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Corporate</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">217</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">109</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:73.78%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3,360</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,604</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">1&#160; Includes
AEDC</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">19<a name="PB_19_160407_4688"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">GEOGRAPHIC INFORMATION</font></b></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Revenues</font></b><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;position:relative;top:-4.0pt;">1</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.76%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions
  of Canadian dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:62.76%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Year ended December&nbsp;31,</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2007</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:62.76%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Canada</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">9,503</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">12,459</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">8,346</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:62.76%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">United States</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,963</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,672</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,573</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:62.76%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">12,466</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">16,131</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">11,919</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">2</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Revenues are based on the country of origin of the product or services
sold.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Property, Plant and Equipment</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="74%" valign="bottom" style="padding:0in 0in 0in 0in;width:74.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions
  of Canadian dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:74.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">December&nbsp;31,</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:74.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Canada</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">15,101</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">12,107</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:74.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">United States</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3,749</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4,050</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:74.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">18,850</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">16,157</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">5.</font></b><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="4" style="font-size:13.0pt;font-weight:bold;">FINANCIAL STATEMENT EFFECTS OF RATE REGULATION</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="4" face="Arial" style="font-size:13.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;">GENERAL INFORMATION ON RATE REGULATION AND ITS
ECONOMIC EFFECTS</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">A number of businesses within
the Company are subject to regulation where the rates approved by the regulator
are designed to recover the costs of providing products and services to
customers, referred to as the cost of service toll methodology. The Company&#146;s
significant regulated businesses and related accounting impacts are described
below.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Enbridge
System</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The primary business activities
of the Enbridge System are subject to regulation by the NEB. Tolls are based on
a cost of service methodology and are based on agreements with customers which
are filed with the NEB for approval.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The incentive tolling settlement
(ITS) was effective from January&nbsp;1, 2005 to December&nbsp;31, 2009 and
defines the methodology for calculation of tolls and the revenue requirement on
the core component of the Enbridge System in Canada. Toll adjustments, for
variances from requirements defined in the ITS, are filed annually with the
regulator for approval. Surcharges are also determined for a number of system
expansion components and are added to the base toll determined for the core
system. Discussions and negotiations continue with the Canadian Association of
Petroleum Producers (CAPP) and a representative shipper group for an extension
to the 2005 ITS which will support a competitive toll structure. The Company
anticipates it will reach a settlement by the end of the first quarter of 2010.
In the event that a settlement cannot be reached, the Company could file a cost
of service application.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Athabasca
Pipeline</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Athabasca Pipeline is regulated
by the ERCB. Tolls are established based on long-term transportation agreements
with individual shippers.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 align="left" style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;font-weight:bold;">Vector
Pipeline</font></i></b></h3>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Vector Pipeline is an interstate natural gas pipeline in the
United States with a FERC approved tariff that establishes rates, terms and
conditions governing its service to customers. Rates are determined using a
cost of service methodology. Tariff changes may only be implemented upon
approval by the FERC. Tolls for the year ended December&nbsp;31, 2009 include
an after-tax return on equity (ROE) component of 11.07% (2008 - 11.04%; 2007 -
10.75%).</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 align="left" style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;font-weight:bold;">Alliance
Pipeline</font></i></b></h3>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The United States portion of the
Alliance Pipeline is regulated by the FERC and the Canadian portion of the
pipeline is regulated by the NEB. Shippers on the Alliance Pipeline are subject
to 15-year transportation contracts that expire in December&nbsp;2015, with a
cost of service toll methodology. Toll adjustments are filed </font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">20<a name="PB_20_160407_2983"></a></font></p>

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<div style="font-family:Arial;">

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">annually with the regulator. The
tolls for the year ended December&nbsp;31, 2009 include an after-tax ROE
component of 10.88% (2008 - 10.88%; 2007 - 10.88%) for the United States
portion and 11.26% (2008 - 11.26%; 2007 - 11.26%) for the Canadian portion.
Alliance Pipeline tolls are based on a deemed 70% debt and 30% equity
structure.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Enbridge
Gas Distribution</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">EGD&#146;s
gas distribution operations are regulated by the OEB. EGD&#146;s rates are based on
a revenue per customer cap incentive regulation (IR) methodology, expiring in December&nbsp;2012,
which adjusts revenues, and consequently rates, annually and relies on an
annual process to forecast volume and customer additions.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">EGD&#146;s
after-tax rate of return on common equity embedded in rates was 8.39% for the
year ended December&nbsp;31, 2009 (2008 - 8.39%; 2007 - 8.39%) based on a 36%
(2008 - 36%; 2007 - 36%) deemed common equity component of capital for
regulatory purposes.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Enbridge
Gas New Brunswick</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge Gas New Brunswick
(EGNB) is regulated by the EUB and follows a cost of service tolling
methodology. An application for rate adjustments is filed annually for EUB
approval. EGNB&#146;s after-tax ROE</font><font size="2" style="font-size:10.0pt;"> was 13.00%
(2008 - 13.00%; 2007 - 13.00%) based on equity which is capped at 50%.</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">21<a name="PB_21_160407_6228"></a></font></p>

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<div style="font-family:Arial;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">FINANCIAL STATEMENT EFFECTS</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Accounting for rate-regulated
entities has resulted in the recognition of the following regulatory assets and
liabilities:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Estimated</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Settlement</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Period</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" colspan="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.0%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Earnings Impact</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-4.0pt;">1</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:34.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">December&nbsp;31,</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(years)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2007</font></p>
  </td>
  <td width="1%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:34.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">Regulatory Assets/(Liabilities)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Liquids Pipelines</font><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;position:relative;top:-4.0pt;">  </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Future
  income taxes</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-4.0pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">504</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">49</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge
  System tolling deferrals</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-4.0pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">98</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">114</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(16</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(30</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(23</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:34.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Power
  purchase arrangements</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-4.0pt;">4</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(2</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(21</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1-3</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(19</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(24</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:34.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">600</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">93</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">14</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(27</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(47</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:34.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Natural
  Gas Delivery and Services</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Future
  income taxes</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-4.0pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">227</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(11</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Deferred
  transportation revenue</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-4.0pt;">5</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">185</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">267</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">14-16</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(6</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EGNB
  regulatory deferral</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-4.0pt;">6</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">155</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">133</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">31</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">15</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">10</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">10</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Class&nbsp;action
  lawsuit settlement</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-4.0pt;">7</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">20</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">20</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Shared
  savings mechanism</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-4.0pt;">8</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">14</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">8</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Ontario
  hearing costs</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-4.0pt;">9</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">6</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(1</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Transportation
  revenue adjustment</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-4.0pt;">10</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">7</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(2</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(3</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Unaccounted
  for gas variance</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-4.0pt;">11</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">10</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">6</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">11</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Future
  removal and site restoration</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">reserves</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-4.0pt;">12</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(710</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">6</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Purchased
  gas variance</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-4.0pt;">13</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(227</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(75</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Pension
  plans and OPEB, net</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-4.0pt;">14</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(60</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(2</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Earnings
  sharing deferral</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-4.0pt;">15</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(25</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(6</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:34.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Transactional
  services deferral</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-4.0pt;">16</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(14</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(7</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:34.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(416</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">353</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">6</font></b><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">23</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:34.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Sponsored
  Investments</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Future
  income taxes</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-4.0pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">98</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(11</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:34.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Deferred
  transportation revenue</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-4.0pt;">5</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">91</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">80</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">16</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">5</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">8</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:34.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">189</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">80</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(6</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">8</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:34.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">373</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">526</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">14</font></b><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(16</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(16</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">The
effect of a number of the Company&#146;s businesses being subject to rate regulation
increased/(decreased) after-tax reported earnings by the identified amounts.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">2</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">This
regulatory asset is an offsetting balance to a future income tax liability
recognized on adoption of a revised accounting standard (Note 3). The future
income tax liability primarily relates to future income taxes associated with
property, plant and equipment. The balance has been recognized as a regulatory
asset since the flow-through treatment of taxes for rate-setting purposes would
ensure eventual recovery of these balances as the temporary differences
reverse. The recovery period will depend on the period in which the future
income tax amounts reverse. In the absence of rate regulation, the liability
method of accounting for income taxes would be utilized and future income tax
expense would be recorded.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">3</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Tolls
on the Enbridge System are calculated in accordance with the ITS, System
Expansion Program (SEP), Terrace, Southern Access, Line 4 and the Alberta
Clipper agreements and are established each year based on capacity and the
allowed revenue requirement. Where actual volumes shipped on the pipeline do
not result in collection of the annual revenue requirement, a regulatory asset
is recognized and incorporated into tolls in the subsequent year. Recovery in
the subsequent year, in whole or in part, is dependent upon realizing shipping
volumes consistent with tolling model forecasts. Under or over collections are
rolled into subsequent years. In addition, other tolling deferrals are recorded
in accordance with the various agreements.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">4</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">The
power purchase arrangements liability represents the fair value of fixed price
contracts and related financial instruments used to manage the mix of fixed and
floating power costs (Note 23). Under rate regulation any fair value changes
are passed to shippers through tolls. In the absence of rate regulation, these
changes would impact earnings in the year incurred.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22<a name="PB_22_161713_5335"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Arial;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">5</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Deferred
transportation revenue is related to the cumulative difference between Canadian
GAAP depreciation expense for Alliance and Vector Pipelines and depreciation expense
included in the regulated transportation rates. The Company expects to recover
this difference over a number of years when depreciation rates in the
transportation agreements are expected to exceed Canadian GAAP depreciation
rates: for Alliance Pipeline US beginning in 2009, for Alliance Pipeline Canada
beginning in 2011 and ending in 2025 and for Vector Pipeline beginning in 2008
and ending in 2023. This regulatory asset is not included in the rate base.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">6</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">A
regulatory deferral account captures the cumulative difference between EGNB&#146;s
distribution revenues and its cost of service revenue requirement during the
development period. The regulatory deferral account balance is expected to be
amortized over a recovery period approved by the EUB expected to commence at
the end of the development period in 2010 and expected to end in 2040.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">7</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Class&nbsp;action
lawsuit settlement deferral represents amounts paid towards the settlement of a
class action lawsuit related to late payment penalties. Pursuant to an OEB decision
in February&nbsp;2008, these amounts will be recovered from customers over a
five-year period commencing in 2008. In the absence of rate regulation these
costs would be expensed as incurred.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">8</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Shared
savings mechanism (SSM) deferral represents the benefit derived by EGD as a
result of its energy efficiency programs. EGD has historically been granted OEB
approval to recover the SSM amount through rates after a detailed review by the
OEB. The process of review and subsequent recovery may extend over a few years.
In the absence of rate regulation, the amount would be included in earnings in
the year of approval.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">9</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Ontario
hearing costs are incurred by EGD for the rate hearing process. EGD has
historically been granted OEB approval for recovery of such hearing costs,
generally within two years. In the absence of rate regulation these costs would
be expensed as incurred.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">10</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">The
deferred transportation revenue adjustment is the cumulative difference between
actual expenses of Alliance Pipeline US and estimated expenses included in
transportation rates. The deferred transportation revenue adjustment is
recoverable, typically in the following year, under the long-term
transportation agreements and is not included in the rate base.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">11</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Unaccounted
for gas variance represents the difference between the total gas distributed by
EGD and the amount of gas billed or billable to ratepayers, to the extent it is
different from the approved gas variance. EGD has deferred unaccounted for gas
variance and has historically been granted approval for recovery or required
refund of this amount in the subsequent year. In the absence of rate regulation
this variance would be included in Commodity Costs.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">12</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Future
removal and site restoration reserves results from the adoption of a revised
accounting standard in 2009 (Note 3). With the approval of the regulators,
certain of the Company&#146;s businesses collect amounts from customers to fund
future costs for removal and site restoration relating to property, plant and
equipment and are collected as part of depreciation charged on property, plant
and equipment. The balance represents the net amount that EGD has collected
from customers, net of actual costs expended on removal and site restoration as
at December&nbsp;31, 2009. In the absence of rate regulation, this balance
would not be recorded as amounts would not have been collected from customers.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">13</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Purchased
gas variance is the difference between the actual cost and the approved cost of
gas reflected in rates. EGD has been granted approval to refund this balance to
customers in the following year. In the absence of rate regulation the actual
cost of gas would be included in commodity costs and commodity sales would be
adjusted by the purchased gas variance.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">14</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">This
pension plan and OPEB account results from the adoption of a revised accounting
standard in 2009 (Note 3). EGD continues to record and recover pension plan
contributions and OPEB expenditures through rates on a cash basis. However, as
a result of the revised accounting standard, a net asset was recorded
representing the amount of pension and OPEB benefits calculated on an accrual
basis, with an offsetting net regulatory liability. The settlement period is
not determinable. In the absence of rate regulation, there would be no regulatory
offset to the net asset.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">15</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Earnings
sharing deferral represents amounts relating to the earnings sharing mechanism,
which forms part of the IR Settlement. The earnings sharing is payable to
ratepayers and represents 50% of earnings excluding the effects of weather,
represented by the ROE in excess of 100 basis points above the notional allowed
utility ROE. The December&nbsp;31, 2009 balance relates to the years ended December&nbsp;31,
2009 and 2008. There would be no change in the treatment of this item in the
absence of rate regulation.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">16</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Transactional
services deferral represents the ratepayer portion of excess earnings generated
from optimization of storage and pipeline capacity. EGD has historically been
required to refund the amount to ratepayers in the following year. There would
be no change in the treatment of this item in the absence of rate regulation.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">23<a name="PB_23_161713_5796"></a></font></p>

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<div style="font-family:Arial;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Arial" style="font-size:10.0pt;">OTHER ITEMS
AFFECTED BY RATE REGULATION</font></b></h1>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Future Income Taxes</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On January&nbsp;1, 2009, the Company adopted a change in
accounting standard that impacted the recognition of future income taxes as it
relates to rate regulated activities. Effective January&nbsp;1, 2009, future
income tax balances arising primarily from property, plant and equipment are
recognized, along with offsetting regulatory assets or liabilities to the
extent such balances are expected to be included in future rates. Previously,
neither the future income tax balance nor the associated regulatory asset or
liability would have been recognized.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">At December&nbsp;31, 2008, in the absence of rate
regulation, a future income tax liability of $533 million associated primarily
with property, plant and equipment would have been recognized.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">At December&nbsp;31, 2008 the Company had recorded net
future income tax liabilities of $68 million related to certain regulatory
asset and liability deferral accounts identified above. Accumulated future
income tax liabilities of $55 million related to the remaining regulatory
deferral accounts have not been recognized at December&nbsp;31, 2008. In the
absence of rate regulation, regulatory deferrals would not be recorded nor
would the associated future income tax liabilities. As a result of these tax
impacts, earnings for the year ended December&nbsp;31, 2008 would have
decreased by $15 million (2007 - increased by $62 million).</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Allowance for Funds Used During
Construction and Other Capitalized Costs</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Under the pool method prescribed by certain regulators, it
is not possible to identify the carrying value of the equity component of AFUDC
or its effect on depreciation. Similarly, gains or losses on the retirement of
certain specific fixed assets in any given year cannot be identified or
quantified.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Operating Cost
Capitalization</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EGD entered into a consulting contract relating to asset
management initiatives. The majority of the costs are being capitalized to gas
mains in accordance with regulatory approval. At December&nbsp;31, 2009, costs
relating to this consulting contract of $112 million (2008 - $94 million) were
included in property, plant and equipment, and are being depreciated over the
average service life of 25 years. In the absence of </font><font size="2" style="font-size:10.0pt;">rate regulation, these costs would be charged to current
earnings.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-style:italic;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;">Pension Plans</font></i></b></p>

<p style="font-style:italic;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;font-weight:normal;">Prior to January&nbsp;1, 2009 had pension costs and obligations been
recognized at EGD, the net pension asset would have increased by $157 million</font></i></b><font size="2" style="font-size:10.0pt;font-style:normal;font-weight:normal;"> at December&nbsp;31, 2008 </font><font size="2" style="font-size:10.0pt;font-style:normal;font-weight:normal;">and earnings would have increased by $3</font><font size="2" style="font-size:10.0pt;">  </font><font size="2" style="font-size:10.0pt;font-style:normal;font-weight:normal;">million for the year ended December&nbsp;31, 2008 (2007 - decreased by
$1 million) (Note 3).</font></p>

<p style="font-style:italic;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></i></b></p>

<p style="font-style:italic;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;"><b><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:normal;">Post-Employment Benefits Other than Pensions</font></i></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Prior to January&nbsp;1, 2009 had the
cost of OPEB been accrued at EGD, the net OPEB liability would have increased
by $75 million as at December&nbsp;31, 2008 and earnings would have decreased
by $6 million for the year ended </font><font size="2" style="font-size:10.0pt;">December&nbsp;31, 2008</font><font size="2" style="font-size:10.0pt;"> (2007 - $6 million) (Note 3).</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">6.</font></b><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="4" style="font-size:13.0pt;font-weight:bold;">GAIN ON
SALE OF INVESTMENTS</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:13.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.3%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions
  of Canadian dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:61.3%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">December&nbsp;31,</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2007</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.2%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:61.3%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">NetThruPut (NTP)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">29</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.3%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Oleoducto Central S.A. (OCENSA)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">336</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.3%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Compa&#241;&#237;a Log&#237;stica de Hidrocarburos CLH, S.A. (CLH)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">695</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:61.3%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:61.3%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">365</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">700</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">NTP</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On
May&nbsp;1, 2009, the Company sold its investment in NTP, an internet-based
exchange facility for physical crude oil products, for proceeds of $32 million.
Earnings generated by the NTP investment for the year ended December&nbsp;31,
2009 were $1 million (2008 - $1 million) and are included in the Corporate
operating </font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">24<a name="PB_24_161713_2897"></a></font></p>

<div style="line-height:normal;margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">segment.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">OCENSA</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On
March&nbsp;17, 2009, the Company sold its investment in OCENSA, a crude oil pipeline
in Colombia, for proceeds of $512 million (US$402 million). Earnings and cash
flows from operating activities generated by this investment for the year ended
December&nbsp;31, 2009 were $7 million (2008 - $33 million). Earnings from the
OCENSA investment are included in the Natural Gas Delivery and Services
operating segment. As a result of the sale of OCENSA, the Company reclassified
$20 million of after-tax gains on unrealized cash flow hedges from OCI to
earnings in the year ended December&nbsp;31, 2009.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">CLH</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On June&nbsp;17, 2008, the Company
sold its 25% investment in CLH for total proceeds of $1,380 million (&#128;876
million), net of transaction costs. The sale of CLH resulted in a gain of $695
million. Earnings generated by the CLH investment for the year ended December&nbsp;31,
2008 were $25 million (2007 - $66 million), and are included in the Natural Gas
Delivery and Services operating segment. Operating cash flows generated by the
CLH investment for the year ended December&nbsp;31, 2008 were $12 million (2007
- - $58 million).</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">7.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">ACCOUNTS RECEIVABLE AND OTHER</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="4" face="Arial" style="font-size:13.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="73%" valign="bottom" style="padding:0in 0in 0in 0in;width:73.8%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions
  of Canadian dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:73.8%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">December&nbsp;31,</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.2%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:73.8%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Unbilled revenues</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,018</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">751</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign="bottom" style="padding:0in 0in 0in 0in;width:73.8%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Trade receivables</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">607</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">907</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign="bottom" style="padding:0in 0in 0in 0in;width:73.8%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Regulatory assets</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">181</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">138</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign="bottom" style="padding:0in 0in 0in 0in;width:73.8%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Taxes receivable</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">94</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">133</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign="bottom" style="padding:0in 0in 0in 0in;width:73.8%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Short-term portion of derivative assets </font><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">(Note 23)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">128</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">72</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign="bottom" style="padding:0in 0in 0in 0in;width:73.8%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Due from affiliates </font><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">(Note 30)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">336</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">19</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign="bottom" style="padding:0in 0in 0in 0in;width:73.8%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Prepaid expenses and deposits</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">27</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">28</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign="bottom" style="padding:0in 0in 0in 0in;width:73.8%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Dividends receivable</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">14</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">13</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign="bottom" style="padding:0in 0in 0in 0in;width:73.8%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">GST receivable</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">75</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:73.8%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">79</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">186</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:73.8%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,484</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,322</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">8.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">INVENTORY</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">&nbsp;</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="73%" valign="bottom" style="padding:0in 0in 0in 0in;width:73.8%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions
  of Canadian dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:73.8%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">December&nbsp;31,</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.2%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:73.8%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Natural gas</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">492</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">674</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:73.8%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other commodities</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">292</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">171</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:73.8%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">784</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">845</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">25<a name="PB_25_161713_3020"></a></font></p>

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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">9.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">PROPERTY, PLANT AND EQUIPMENT</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="4" face="Arial" style="font-size:13.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.58%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Weighted</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Average</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Accumulated</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">December&nbsp;31, 2009</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Depreciation Rate</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Cost</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Depreciation</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Net</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:44.58%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Liquids Pipelines</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:14.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.58%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Pipeline</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2.4%</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4,053</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,481</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,572</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.58%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Pumping equipment, buildings, tanks and other</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3.5%</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4,029</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,065</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,964</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.58%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Land and right-of-way</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2.0%</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">118</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">23</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">95</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.58%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Under construction</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4,129</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4,129</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.58%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">12,329</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,569</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">9,760</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:44.58%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Natural Gas Delivery and Services</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:14.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.58%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Pipeline</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3.5%</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,971</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">570</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,401</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.58%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Regulating, metering and other equipment</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4.0%</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,204</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">280</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">924</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.58%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Gas mains and services</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3.4%</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">5,133</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">854</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4,279</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.58%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Storage</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2.8%</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">241</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">43</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">198</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.58%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Computer technology</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">20.6%</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">20</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">17</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.58%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Land and right-of-way</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4.1%</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">103</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">27</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">76</font></b></p>
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 </tr>
 <tr>
  <td width="44%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.58%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Under construction</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">341</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">341</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.58%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">9,013</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,777</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">7,236</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:44.58%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Sponsored Investments</font></p>
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  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:14.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.58%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Pipeline</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4.6%</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,406</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">368</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,038</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.58%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">6.9%</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">139</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">18</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">121</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.58%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,545</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">386</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,159</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:44.58%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Corporate</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:14.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.58%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Wind turbines and other</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4.5%</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">631</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">35</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">596</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.58%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Land and right-of-way</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4.0%</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2</font></b></p>
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 </tr>
 <tr>
  <td width="44%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.58%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Under construction</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">97</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">97</font></b></p>
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 </tr>
 <tr>
  <td width="44%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.58%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">730</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">35</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">695</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.58%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">23,617</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4,767</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">18,850</font></b></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">26<a name="PB_26_162056_5335"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.56%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions
  of Canadian dollars)</font></i></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Weighted Average</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.48%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Accumulated</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.56%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">December&nbsp;31, 2008</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Depreciation Rate</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.48%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Cost</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Depreciation</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Net</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:44.56%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Liquids Pipelines</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.56%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Pipeline</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2.4%</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,162</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,360</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,802</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.56%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Pumping equipment, buildings, tanks and other</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3.7%</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,958</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">986</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,972</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.56%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Land and right-of-way</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2.5%</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">70</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">20</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">50</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.56%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Under construction</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,857</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,857</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.56%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">10,047</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,366</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">7,681</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:44.56%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Natural Gas Delivery and Services</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.56%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Pipeline</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3.6%</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,169</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">589</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,580</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.56%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Regulating, metering and other equipment</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4.4%</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,226</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">307</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">919</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.56%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Gas mains and services</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3.7%</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5,074</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,401</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,673</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.56%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Storage</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2.7%</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">239</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">61</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">178</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.56%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Computer technology</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">19.0%</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">22</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">19</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.56%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Land and right-of-way</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2.8%</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">49</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">11</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">38</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.56%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Under construction</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">360</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">360</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.56%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">9,139</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,372</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6,767</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:44.56%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Sponsored Investments</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.56%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Pipeline</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4.4%</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,363</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">277</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,086</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.56%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">8.1%</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">112</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">108</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.56%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,475</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">281</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,194</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:44.56%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Corporate</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.56%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Wind turbines and other</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4.9%</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">508</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">17</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">491</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.56%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Land and right-of-way</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4.0%</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.56%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Under construction</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">22</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">22</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.56%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">532</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">17</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">515</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.56%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.48%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.98%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">21,193</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5,036</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">16,157</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">10.&nbsp;&nbsp;JOINT VENTURES</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="4" face="Arial" style="font-size:13.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The impact of the Company&#146;s joint venture interests on
net assets, earnings, cash flows and financial position is summarized below.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.22%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions
  of Canadian dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.84%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Ownership</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:21.46%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Net Assets</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:61.22%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">December&nbsp;31,</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.84%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Interest</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:61.22%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Liquids Pipelines</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.84%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.22%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Olympic Pipelines</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.84%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">65%</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">111</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">125</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.22%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Chicap Pipeline</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.84%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">43.8%</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">9</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">9</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.22%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.84%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">30%-50%</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">55</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">59</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.22%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Natural Gas Delivery and Services</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.84%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.22%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Alliance Pipeline US</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.84%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">50%</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">383</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">453</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.22%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Vector Pipeline</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.84%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">60%</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">420</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">486</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.22%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge Offshore Pipelines - various joint ventures</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.84%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">22%-75%</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">385</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">521</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.22%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Aux Sable</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.84%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">42.7%</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">153</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">174</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.22%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.84%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">42.7%-70%</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">32</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">45</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.22%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Sponsored Investments</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.84%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.22%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Alliance Pipeline Canada</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.84%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">50%</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">676</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">688</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:61.22%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.84%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">33%-50%</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">46</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">48</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:61.22%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.84%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,270</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,608</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">27<a name="PB_27_162056_5796"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table summarizes the impact of
proportionately consolidating the joint ventures to the consolidated financial
statements of the Company.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="64%" valign="bottom" style="padding:0in 0in 0in 0in;width:64.72%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.78%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:64.72%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Year ended December&nbsp;31,</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2007</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.78%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:64.72%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Earnings</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.78%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="padding:0in 0in 0in 0in;width:64.72%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Revenues</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">781</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">891</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">844</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.78%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="padding:0in 0in 0in 0in;width:64.72%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Commodity costs</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(74</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(174</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(133</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.78%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="padding:0in 0in 0in 0in;width:64.72%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Operating and administrative</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(226</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(235</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(208</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.78%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="padding:0in 0in 0in 0in;width:64.72%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Depreciation and amortization</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(171</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(173</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(153</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.78%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="padding:0in 0in 0in 0in;width:64.72%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Interest expense</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(99</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(97</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(106</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.78%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:64.72%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other investment income</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">10</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">13</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">7</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.78%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:64.72%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Proportionate share of earnings</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">221</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">225</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">251</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.78%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:64.72%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Cash Flows</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.78%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="padding:0in 0in 0in 0in;width:64.72%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Cash provided by operating activities</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">342</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">408</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">312</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.78%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="padding:0in 0in 0in 0in;width:64.72%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Cash used in investing activities</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(49</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(61</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(132</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.78%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:64.72%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Cash used in financing activities</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(296</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(351</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(184</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.78%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:64.72%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Proportionate share of decrease in cash and cash equivalents</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(3</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(4</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(4</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.78%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="77%" valign="bottom" style="padding:0in 0in 0in 0in;width:77.32%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:77.32%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">December&nbsp;31,</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.68%;">
  <p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:77.32%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Financial Position</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.68%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="bottom" style="padding:0in 0in 0in 0in;width:77.32%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Current assets</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">173</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">179</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.68%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="bottom" style="padding:0in 0in 0in 0in;width:77.32%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Property, plant and equipment, net</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,769</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,221</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.68%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="bottom" style="padding:0in 0in 0in 0in;width:77.32%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Deferred amounts and other assets</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">696</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">735</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.68%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="bottom" style="padding:0in 0in 0in 0in;width:77.32%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Current liabilities</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(212</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(177</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.68%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="bottom" style="padding:0in 0in 0in 0in;width:77.32%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Non-recourse long-term debt</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(1,109</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(1,309</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.68%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:77.32%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other long-term liabilities</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(47</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(41</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.68%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:77.32%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Proportionate share of net assets</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,270</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,608</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.68%;">
  <p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">During the year ended December&nbsp;31, 2009, the
Company purchased the additional 50% interest in Starfish Pipeline Company,
LLC, increasing its ownership percentage to 100.0%. As the Company established
control over the entity effective December&nbsp;31, 2009, it has consolidated
its interest in Starfish Pipeline Company, LLC from that date forward. Prior to
December&nbsp;31, 2009, the entity was classified as a joint venture.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">During the year ended December&nbsp;31, 2008, the
Company purchased an additional equity interest in Chicap Pipeline, increasing
its ownership percentage to 43.8%. As the Company established joint control
over the entity effective October&nbsp;31, 2008, it has proportionally
consolidated its interest in Chicap Pipeline from that date forward. Prior to October&nbsp;31,
2008, the entity was classified as a long-term investment.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">28<a name="PB_28_162056_2897"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">11.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">LONG-TERM INVESTMENTS</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.8%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions
  of Canadian dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Ownership</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:67.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">December&nbsp;31,</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Interest</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:67.8%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Equity
  Investments</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.8%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Sponsored Investments</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.8%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Partnership</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">27.0%</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,697</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,014</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.8%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge Energy, L.P. - Series&nbsp;AC</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">66.7%</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">357</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.8%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Natural Gas Delivery and Services</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.8%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Noverco Inc. Common Shares</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">32.1%</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">14</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">11</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.8%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Corporate</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.8%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">10%-33%</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">9</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">9</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.8%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Other
  Investments</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.8%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Natural Gas Delivery and Services</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.8%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Noverco Inc. Preferred Shares</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">181</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">181</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.8%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Fuel Cell Energy Ltd.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">25</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">25</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.8%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">OCENSA</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">223</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.8%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Corporate</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:67.8%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Value Creation Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">29</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">29</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:67.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,312</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,492</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Equity investments
include the unamortized excess of the purchase price over the underlying net
book value of the investee&#146;s assets at the purchase date of $126 million at December&nbsp;31,
2009 (2008 - $130 million). The excess is attributable to the value of
property, plant and equipment within the investees based on estimated fair
values at the purchase date and is amortized over the economic life of the
assets. During 2009 dividends from equity investments exceeded equity
investment earnings by $75 million; whereas during 2008, equity investment
earnings exceeded dividends in the year by $10 million.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Arial" style="font-size:10.0pt;">THE
PARTNERSHIP</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">The
Partnership includes the Company&#146;s investments in EEP and Enbridge Energy
Management, L.L.C. (EEM). The Company has a combined 27.0% ownership in EEP,
through a 2.0% general partner interest, a 19.4% interest in Class&nbsp;A
units, a 3.3% interest in Class&nbsp;B units and a 2.3% interest in EEP as a
result of a 17.2% investment in EEM, which owns 12.6% of EEP through its 100%
interest in EEP&#146;s i-units. The Company recorded investment income from EEP of
$175 million for the year ended December&nbsp;31, 2009 (2008 - $162 million
including dilution gains; 2007 - $130 million including dilution gains).</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Although
82.8% of EEM is widely held, the Company has voting control and therefore
consolidates its investment in EEM, including its investment in EEP of $615
million (2008 - $691 million). Net of non-controlling interests in EEM, the
book value of the Company&#146;s investment in EEP is $1,544 million (2008 - $1,441
million.)</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In October&nbsp;2009,
the Company converted its investment in EEP Class&nbsp;C units into Class&nbsp;A
common units. The Class&nbsp;C units converted on a one-for-one basis, resulting
in the issuance and receipt of 21,333,273 Class&nbsp;A common units. Prior to
the unit conversion, distributions were paid in additional Class&nbsp;C units
where Class&nbsp;C units were valued at the market value of Class&nbsp;A units.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In March&nbsp;2008,
EEP issued Class&nbsp;A units and, because Enbridge did not fully participate
in this issuance, a dilution gain of $5 million was recognized and Enbridge&#146;s
ownership interest in EEP decreased from 15.1% to 14.6%. In November&nbsp;2008,
the Company subscribed for 16.3 million Class&nbsp;A common units of EEP for
US$510 million increasing its ownership interest from 14.6% to 27.0%.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">29<a name="PB_29_163024_5335"></a></font></p>

<div style="line-height:normal;margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In the second
quarter of 2007, EEP issued Class&nbsp;A and Class&nbsp;C partnership units. As
Enbridge did not fully participate in these offerings, dilution gains net of
tax and non-controlling interests of $12 million were recognized and Enbridge&#146;s
ownership interest in the Partnership decreased from 16.6% to 15.1%.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Arial" style="font-size:10.0pt;">ENBRIDGE
ENERGY, L.P.</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">The
Company has a 66.7% interest in the series AC units of EELP, which is
constructing the United States segment of the Alberta Clipper project <i>(Note 30)</i>.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Arial" style="font-size:10.0pt;">NOVERCO</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">The
Company owns a preferred share investment in Noverco Inc. (Noverco) of $181
million at December&nbsp;31, 2009 (2008 - $181 million), which is entitled to a
cumulative preferred dividend based on the average yield of Government of
Canada bonds maturing in greater than 10 years plus 4.34%.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">The
Company also owns an equity investment in the common shares of Noverco of $14 million
at December&nbsp;31, 2009 (2008 - $11 million). Noverco owns an approximate
9.2% (2008 - 9.3%) reciprocal shareholding in the shares of the Company. As a
result, the Company has an indirect pro-rata interest of 2.9% (2008 - 3.0%) in
its own shares. Both the equity investment in Noverco and shareholders&#146; equity
have been reduced by the reciprocal shareholding of $154 million at December&nbsp;31,
2009 (2008 - $154 million). Noverco records dividends paid by the Company as
dividend income and the Company eliminates these dividends from the earnings of
Noverco. The Company records its pro-rata share of dividends paid by the
Company to Noverco as a reduction of dividends paid and an increase in the
Company&#146;s investment in Noverco. In 2009, the Company recorded equity
investment earnings of $10 million (2008 - $4 million; 2007 - $9 million)
related to its interest in Noverco.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Arial" style="font-size:10.0pt;">OCENSA</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On March&nbsp;17, 2009 the Company
sold its investment in OCENSA (Note 6).</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Arial" style="font-size:10.0pt;">CORPORATE</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company
reviews the carrying value of its long-term investments on a regular basis as
events or changes in circumstances warrant. During 2008, one of the Company&#146;s
equity investments, N-Solv, a developer of in-situ oil sands extraction
technology, failed a key milestone when its planned demonstration pilot plant
was terminated. A writedown of $7 million was recognized in the year ended December&nbsp;31,
2008 to adjust the carrying value of this investment to its fair value of $7
million.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">12.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">DEFERRED AMOUNTS AND OTHER ASSETS</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="78%" valign="bottom" style="padding:0in 0in 0in 0in;width:78.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:78.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">December&nbsp;31,</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:78.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Regulatory
  assets</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,419</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">510</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="padding:0in 0in 0in 0in;width:78.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Long-term
  portion of derivative assets </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 23)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">485</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">317</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="padding:0in 0in 0in 0in;width:78.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Pension
  asset </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 27)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">216</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">70</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="padding:0in 0in 0in 0in;width:78.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Affiliate
  long-term note receivable </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 30)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">159</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="padding:0in 0in 0in 0in;width:78.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Contractual
  receivables</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">171</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">159</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:78.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">134</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">103</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:78.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,425</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,318</font></p>
  </td>
 </tr>
</table>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">At December&nbsp;31,
2009, deferred amounts of $71</font><font size="2" face="Arial" style="font-size:10.0pt;">  </font><font size="2" face="Arial" style="font-size:10.0pt;">million (2008 - $</font><font size="2" face="Arial" style="font-size:10.0pt;">48 </font><font size="2" face="Arial" style="font-size:10.0pt;">million) were subject to amortization and are presented net
of accumulated amortization of $34</font><font size="2" face="Arial" style="font-size:10.0pt;">  </font><font size="2" face="Arial" style="font-size:10.0pt;">million (2008 - $</font><font size="2" face="Arial" style="font-size:10.0pt;">26 </font><font size="2" face="Arial" style="font-size:10.0pt;">million). Amortization expense in 2009 was $7</font><font size="2" face="Arial" style="font-size:10.0pt;">  </font><font size="2" face="Arial" style="font-size:10.0pt;">million (2008 - $</font><font size="2" face="Arial" style="font-size:10.0pt;">5 </font><font size="2" face="Arial" style="font-size:10.0pt;">million; 2007 - $</font><font size="2" face="Arial" style="font-size:10.0pt;">4 </font><font size="2" face="Arial" style="font-size:10.0pt;">million).</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">30<a name="PB_30_163024_5796"></a></font></p>

<div style="line-height:normal;margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">13.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">INTANGIBLE ASSETS</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian
  dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Weighted Average</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Accumulated</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">December&nbsp;31,
  2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Amortization Rate</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Cost</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Amortization</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Net</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:43.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Software</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">17.1%</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">448</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:11.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">159</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">289</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Transportation
  agreements</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4.2%</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">232</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">56</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">176</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Power
  Purchase Agreements</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4.0%</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">18</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">17</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Customer
  lists</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">7.1%</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">9</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">6</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">707</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">219</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">488</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian
  dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Weighted Average</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Accumulated</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">December&nbsp;31,
  2008</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Amortization Rate</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Cost</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Amortization</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Net</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:43.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Software</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">17.6%</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">536</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">303</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">233</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Transportation
  agreements</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4.2%</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">252</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">50</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">202</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Power
  Purchase Agreements</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4.0%</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">16</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">16</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Customer
  lists</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">7.1%</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">10</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">7</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">814</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">356</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">458</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Total
amortization expense for intangible assets was $44 million for the year ended December&nbsp;31,
2009 (2008 - $58 million; 2007 - $43 million). The Company expects aggregate
amortization expense for the years ending December&nbsp;31, 2010 through 2014
of $58 million, $49 million, $42 million, $36 million and $30 million,
respectively.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">14.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">GOODWILL</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="40%" valign="bottom" style="padding:0in 0in 0in 0in;width:40.88%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian
  dollars)</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Liquids <br>
  Pipelines</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Natural Gas <br>
  Delivery and <br>
  Services</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Sponsored <br>
  Investments</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Corporate</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Consolidated</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Balance
  at December&nbsp;31, 2007</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.78%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">18</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">49</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">308</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.12%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">13</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">388</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Goodwill
  impairment</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(13)</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(13)</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Foreign
  exchange and other</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">10</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.12%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">14</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:40.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Balance
  at December&nbsp;31, 2008</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">22</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">59</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">308</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.12%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">389</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Goodwill
  impairment</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.78%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(7)</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.12%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="0%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.8%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(7)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Foreign
  exchange and other</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.78%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(3)</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(7)</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.12%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="0%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.8%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(10)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Balance
  at December&nbsp;31, 2009</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.78%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">19</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">45</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">308</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.78%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.12%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="0%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.8%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">372</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In the
fourth quarter of 2009, the Company recognized an impairment of $7 million on
goodwill related to Enbridge Electric Connections Inc. within the Natural Gas
Delivery and Services segment.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In the
fourth quarter of 2008, the Company concluded the goodwill related to Ontario
Wind Power, within the Corporate operating segment, was impaired. Accordingly
an impairment loss of $13 million was recorded.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">31<a name="PB_31_163024_2897"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Arial;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:Times New Roman;line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">15.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">ACCOUNTS PAYABLE AND OTHER</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="77%" valign="bottom" style="padding:0in 0in 0in 0in;width:77.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:77.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">December&nbsp;31,</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:77.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Operating accrued liabilities</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,313</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">963</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="bottom" style="padding:0in 0in 0in 0in;width:77.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Trade payables</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">415</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">548</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="bottom" style="padding:0in 0in 0in 0in;width:77.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Construction payables</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">163</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">273</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="bottom" style="padding:0in 0in 0in 0in;width:77.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Current derivative liabilities (Note 23)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">123</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">50</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="bottom" style="padding:0in 0in 0in 0in;width:77.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Contractor holdbacks</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">108</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">68</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="bottom" style="padding:0in 0in 0in 0in;width:77.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Taxes payable</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">103</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">273</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="bottom" style="padding:0in 0in 0in 0in;width:77.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Security deposits</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">60</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">123</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:77.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">178</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">113</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:77.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,463</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,411</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:Times New Roman;line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">16.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">DEBT</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="96%" style="border-collapse:collapse;width:96.66%;">
 <tr>
  <td width="46%" valign="bottom" style="padding:0in 0in 0in 0in;width:46.48%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian
  dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.58%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Weighted <br>
  Average</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.8%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">December&nbsp;31,</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.58%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Interest Rate</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.8%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Maturity</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.82%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.82%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:46.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Liquids
  Pipelines</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:17.58%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.8%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.82%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.82%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.48%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Debentures</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.58%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">8.20%</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.8%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2024</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.82%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">200</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.82%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">200</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.48%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Medium-term notes</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.58%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5.48%</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.8%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2012-2039</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.82%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,525</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.82%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,125</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.48%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Southern Lights project financing</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.58%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2.05%</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.8%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2014</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.82%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,531</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.82%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,359</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.48%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Commercial paper and credit facility draws, net</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.34%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.58%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.8%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.82%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">874</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.82%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">525</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.48%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.34%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.58%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.8%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.82%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">15</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.82%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">15</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Natural
  Gas Delivery and Services</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.58%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.8%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.82%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.82%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.48%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Debentures</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.58%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">11.04%</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.8%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2010-2024</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.82%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">385</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.82%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">485</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.48%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Medium-term notes</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.58%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5.77%</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.8%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2014-2036</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.82%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,795</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.82%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,795</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.48%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Commercial paper and credit facility draws, net</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.34%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.58%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.8%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.82%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">512</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.82%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">883</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Corporate</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.58%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.8%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.82%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.82%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.48%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">U.S. dollar term notes</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.58%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5.48%</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.8%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2014-2017</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.82%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,151</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.82%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,680</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.48%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Medium-term notes</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.58%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5.47%</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.8%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2010-2039</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.82%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,568</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.82%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,568</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.48%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Commercial paper and credit facility draws, net</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.34%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.58%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.8%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.82%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,235</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.82%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,034</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Deferred
  debt issue costs and other</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.34%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.58%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.8%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(101)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(106)</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:46.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Total
  Debt</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.34%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:17.58%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.8%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.82%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">12,690</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.82%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">11,563</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Current
  Maturities</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.34%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.58%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.8%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(601)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(534)</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Short-Term
  Borrowings</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.58%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">0.26%</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.04%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.8%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(508)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(874)</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Long-Term
  Debt</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.34%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.58%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.8%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.82%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">11,581</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.82%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">10,155</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">2009 - $385 million and US$1,095 million (2008 - $318
million and US$850 million).</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">2</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Primarily capital lease obligations.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">3</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">2009 - US$1,100 million (2008 - US$1,372 million).</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">4</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">2009 - $1,973 million and US$250 million (2008 - $1,189
million and US$690 million).</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Debenture
and term note maturities for the years ending December&nbsp;31, 2010 through
2014 are $600 million, $150 million, $250 million, $200 million and $819
million, respectively. The Company&#146;s debentures and term notes bear interest at
fixed rates and the interest obligations for the years ending December&nbsp;31,
2010 through 2014 are $445 million, $407 million, $399 million, $383 million
and $360 million, respectively.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">32<a name="PB_32_163024_3020"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">
<div style="font-family:Arial;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">INTEREST
EXPENSE</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>

<table border="0" cellspacing="0" cellpadding="0" width="97%" style="border-collapse:collapse;width:97.0%;">
 <tr>
  <td width="66%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.64%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Year
  ended December&nbsp;31,</font></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.36%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2007</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:66.64%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Debentures
  and term notes</font></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:3.36%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">484</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">404</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">418</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.64%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Non-recourse
  long-term debt</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.36%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">93</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">102</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.64%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Commercial
  paper and credit facility draws</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.36%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">71</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">91</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.64%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Southern
  Lights project financing</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.36%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">45</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">28</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.64%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Capitalized</font></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.36%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(96)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(81)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(61)</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.64%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">597</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">551</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">550</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">CREDIT
FACILITIES</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="51%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:51.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian
  dollars) </font></i><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;"><br>
  December&nbsp;31, 2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Expiry Dates</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Total <br>
  Facilities</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Credit <br>
  Facility <br>
  Draws</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Available</font></p>
  </td>
 </tr>
 <tr>
  <td width="51%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:51.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Liquids Pipelines</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2011</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,300</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">876</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">424</font></p>
  </td>
 </tr>
 <tr>
  <td width="51%" valign="bottom" style="padding:0in 0in 0in 0in;width:51.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Natural Gas Delivery and Services</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2010-2011</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">813</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">512</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">301</font></p>
  </td>
 </tr>
 <tr>
  <td width="51%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:51.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Corporate</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2011-2013</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,898</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,255</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,643</font></p>
  </td>
 </tr>
 <tr>
  <td width="51%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:51.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6,011</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,643</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,368</font></p>
  </td>
 </tr>
 <tr>
  <td width="51%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:51.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Southern Lights project financing</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2014</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,796</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,531</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">265</font></p>
  </td>
 </tr>
 <tr>
  <td width="51%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:51.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Total Credit Facilities</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">7,807</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5,174</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,633</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Total facilities inclusive of $186 million
which is available if certain conditions related to the project are met.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Includes facility draws and commercial
paper issuances, net of discount, that are back-stopped by the credit facility.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Credit facilities carry a weighted
average standby fee of 0.39</font><font size="2" face="Arial" style="font-size:10.0pt;">%
</font><font size="2" face="Arial" style="font-size:10.0pt;">per annum on the unused portion and draws bear interest at market rates.
Certain credit facilities serve as a backstop to the commercial paper programs
and the Company has the option to extend the facilities, which are currently
set to mature from 2010 to 2014.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Commercial paper and credit facility
draws, net of short-term borrowings, of $3,113</font><font face="Arial">  </font><font face="Arial">million (2008 - $2,567 million) are
supported by the availability of long-term committed credit facilities and
therefore have been classified as long-term debt.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">17.</font></b><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">NON-RECOURSE DEBT</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="98%" style="border-collapse:collapse;width:98.0%;">
 <tr>
  <td width="46%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.08%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian
  dollars)</font></i><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;"><br>
  </font></i><font size="2" face="Arial" style="font-size:10.0pt;">December&nbsp;31,</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Weighted Average <br>
  Interest Rate</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Maturity</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.98%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Natural
  Gas Delivery and Services</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.98%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.08%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Long-term credit facilities</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">1</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2012</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.98%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.08%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Senior notes</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">2</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6.77%</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2015-2025</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">400</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.98%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">507</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.08%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Term debt</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">3</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3.09%</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2010-2019</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">24</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.98%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">27</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.08%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Capital lease obligations</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">10.45%</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2020</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">37</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.98%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">53</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Sponsored
  Investments</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.98%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.08%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Credit facilities</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2011-2012</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">222</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.98%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">174</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.08%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Medium-term notes</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5.25%</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2014</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">90</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.98%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">190</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.08%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Senior notes</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6.63%</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2015-2025</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">708</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.98%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">679</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.08%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Fair value increment on senior notes acquired</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.96%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">33</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.98%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">38</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Deferred
  debt issue costs and other</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.96%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="18%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(9)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(10)</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:46.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Total
  Non-Recourse Debt</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.96%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="18%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:18.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,506</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:7.98%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,659</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Current
  Maturities</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.96%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="18%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(113)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(185)</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Non-Recourse
  Long-Term Debt</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.96%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="18%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,393</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.98%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,474</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">2009 - US$1 million (2008 - US$1 million).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">33<a name="PB_33_163323_5335"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Arial;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">2009 - US$382 million (2008 - US$414
million).</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">3</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">2009 - US$23 million (2008 - US$22
million).</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Maturities on
non-recourse borrowings for the years ending December&nbsp;31, 2010 through
2014 are $113</font> million,
$71 million, $77 million, $81 million and $81 million,
respectively. The medium-term notes and senior notes bear interest at fixed
rates. Interest obligations on non-recourse borrowings for the years ending December&nbsp;31,
2010 through 2014 are $82 million, $78 million, $72 million, $67 million and
$61 million, respectively.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Certain assets of Alliance
Pipeline Canada, with a carrying value of $</font><font size="2" style="font-size:10.0pt;">1,055
million, are pledged as collateral
to Alliance Pipeline Canada&#146;s lenders and to the lenders to Alliance Pipeline
US. As well, certain assets of Alliance Pipeline US, with a carrying value of
$806 million, are pledged as collateral to Alliance Pipeline
US&#146;s lenders and to the lenders to Alliance Pipeline Canada.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">18.</font></b><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">OTHER LONG-TERM LIABILITIES</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="77%" valign="bottom" style="padding:0in 0in 0in 0in;width:77.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="bottom" style="padding:0in 0in 0in 0in;width:77.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><i><font size="1" face="Arial" style="font-size:3.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:77.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">December&nbsp;31,</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:77.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Future removal and site
  restoration reserves (Note 5)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">710</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="bottom" style="padding:0in 0in 0in 0in;width:77.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Regulatory liabilities</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">138</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="bottom" style="padding:0in 0in 0in 0in;width:77.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other post-employment benefit
  liabilities (Note 27)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">110</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">22</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="bottom" style="padding:0in 0in 0in 0in;width:77.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Derivative liabilities (Note
  23)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">42</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">47</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:77.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">207</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">190</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:77.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,207</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">259</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">19.</font></b><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">NON-CONTROLLING INTERESTS</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="78%" valign="bottom" style="padding:0in 0in 0in 0in;width:78.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="padding:0in 0in 0in 0in;width:78.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><i><font size="1" face="Arial" style="font-size:3.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:78.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">December&nbsp;31,</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:78.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EEM</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">424</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">481</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="padding:0in 0in 0in 0in;width:78.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EIF</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">134</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">147</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="padding:0in 0in 0in 0in;width:78.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EGD Preferred Shares</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">100</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">100</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="padding:0in 0in 0in 0in;width:78.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EGNB</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">54</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">57</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:78.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">15</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">12</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:78.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">727</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">797</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Non-controlling
interests in EEM represents the 82.8% of the listed shares of EEM not held by
the Company.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company owns 100% of the outstanding common shares
of EGD; however, the four million Cumulative Redeemable EGD Preferred Shares
held by third parties are entitled to a claim on the assets of EGD prior to the
common shareholder. The fixed yield rate on these preferred shares was 4.93%
per annum until July&nbsp;1, 2009, after which floating adjustable cumulative
cash dividends are payable at 80% of the prime rate. The preferred shares have
no fixed maturity date.<b>  </b>EGD may, at its option, redeem all or a
portion of the outstanding shares for $25 per share plus all accrued and unpaid
dividends to the redemption date. As at December&nbsp;31, 2009, no preferred
shares have been redeemed.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Non-controlling
interests in EIF represents 58.1% of voting units that are held by public
unitholders. Non-controlling interests in EGNB represents 27.5% of the limited
partnership units held by third parties.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">34<a name="PB_34_163323_5796"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Arial;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">20.&#160; SHARE CAPITAL</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The authorized share capital of the Company
consists of an unlimited number of common shares with no par value and an
unlimited number of preferred shares.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">COMMON SHARES</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars, number of common shares in millions)</font></i></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="43%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">December&nbsp;31,</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">2007</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.5%;">
  <p style="margin:3.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.8%;">
  <p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Number <br>
  of Shares</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Amount</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.8%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.8%;">
  <p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Number <br>
  of Shares</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Amount</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.8%;">
  <p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.8%;">
  <p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Number <br>
  of Shares</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Amount</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:43.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Balance
  at beginning of year</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.8%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">373</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3,194</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.8%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.8%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">369</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,027</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.8%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.8%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">352</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,416</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="bottom" style="padding:0in 0in 0in 0in;width:43.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Common
  shares issued</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.8%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.8%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.8%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.8%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.8%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">15</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">567</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="bottom" style="padding:0in 0in 0in 0in;width:43.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Shares
  issued on exercise of stock options</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.8%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">38</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.8%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.8%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">36</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.8%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.8%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">26</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Dividend
  Reinvestment and Share Purchase Plan</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.8%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">143</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.8%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.8%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">131</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.8%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.8%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">18</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.5%;">
  <p style="margin:3.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Balance
  at end of year</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:3.0pt 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.8%;">
  <p align="right" style="margin:3.0pt 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">378</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:3.0pt 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3,379</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.8%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.8%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">373</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,194</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.8%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.8%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">369</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,027</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;">PREFERRED SHARES</font></i></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">The five million 5.5% Cumulative Redeemable Preferred
Shares, Series&nbsp;A are entitled to fixed, cumulative, quarterly preferential
dividends of $1.375 per share per year. The Company may, at its option, redeem
all or a portion of the outstanding preferred shares for $25 per share plus all
accrued and unpaid dividends.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">EARNINGS PER COMMON
SHARE</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial"><font style="font-size:10.0pt;">Earnings
per common share is calculated by dividing earnings applicable to common
shareholders by the weighted average number of common shares outstanding. The
weighted average number of shares outstanding has been reduced by the Company&#146;s
pro-rata weighted average interest in its own common shares of 11 </font>million
(2008 - 11 million), resulting from the Company&#146;s reciprocal investment in
Noverco.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The
treasury stock method is used to determine the dilutive impact of stock
options. This method assumes any proceeds from the exercise of stock options
would be used to purchase common shares at the average market price during the
period.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in 0in;width:68.2%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(number of common shares in millions)</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.8%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:68.2%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">December&nbsp;31,</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.8%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2007</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:68.2%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Weighted average shares outstanding</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">364</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">360</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.8%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">355</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:68.2%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Effect of dilutive options</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.8%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:68.2%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Diluted weighted average shares outstanding</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">366</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">363</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.8%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">358</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">For the year ended December&nbsp;31, 2009, 556,500 anti-dilutive stock
options (2008 - 2,879,800; 2007 - 1,158,200) with a weighted average exercise
price of $40.98 (2008 - $40.53; 2007 - $38.26) were excluded from the diluted
earnings per share calculation.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">DIVIDEND
REINVESTMENT AND SHARE PURCHASE PLAN</font></b></p>

<p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial"><font style="font-size:10.0pt;">Under the Dividend Reinvestment
and Share Purchase Plan, r</font>egistered shareholders may reinvest
dividends in common shares of the Company and make additional optional cash
payments to purchase common shares, free of brokerage or other charges. P</font>articipants in the Company&#146;s Dividend
Reinvestment and Share Purchase Plan receive a 2% discount on the
purchase of common shares with reinvested dividends.</p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial">&nbsp;</font></p>

<p align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;">SHAREHOLDER
RIGHTS PLAN</font></i></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">The Shareholder Rights Plan is designed to encourage
the fair treatment of shareholders in connection with any takeover offer for the
Company. Rights issued under the plan become exercisable when a </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">35<a name="PB_35_163323_2897"></a></font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">person and any related parties, acquires or announces
its intention to acquire 20% or more of the Company&#146;s outstanding common shares
without complying with certain provisions set out in the plan or without
approval of the Company&#146;s Board of Directors. Should such an acquisition occur
each rights holder, other than the acquiring person and related parties, will
have the right to purchase common shares of the Company at a 50% discount to
the market price at that time.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">21.</font></b><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">STOCK OPTION AND STOCK UNIT
PLANS</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company maintains
four long term incentive compensation plans: the Incentive Stock Option (ISO)
Plan, the Performance Based Stock Option (PBSO) Plan, the Performance Stock
Unit (PSU) Plan and the Restricted Stock Unit (RSU) Plan. A maximum of 30
million common shares were reserved for issuance under the 2002 ISO plan, of
which 17.5 million have been issued to date. In 2007, a new reserve of 16.5
million shares was approved and established for the 2007 ISO and PBSO plans, of
which none have been issued to date. The PSU and RSU plans grant notional units
as if a unit was one Enbridge common share and are payable in cash.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">INCENTIVE STOCK OPTIONS</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Key employees are granted ISOs
to purchase common shares at the market price on the grant date. ISOs vest in
equal annual installments over a four-year period and expire 10 years after the
issue date. Compensation
expense recorded for the year ended December&nbsp;31, 2009 for ISOs is $17
million (2008 - $13 million; 2007 - $9 million).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Outstanding Incentive Stock Options</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(options in thousands; exercise price in Canadian dollars)</font></i></p>

<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="41%" valign="bottom" style="padding:0in 0in 0in 0in;width:41.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">December&nbsp;31,</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.2%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.2%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">2007</font></p>
  </td>
 </tr>
 <tr>
  <td width="41%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:41.6%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Number</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Weighted</font><font size="2" face="Arial" style="font-size:10.0pt;"><br> Average<br> Exercise<br> Price</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.2%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Number</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Weighted</font><font size="2" face="Arial" style="font-size:10.0pt;"><br> Average<br> Exercise<br> Price</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.2%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Number</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Weighted</font><font size="2" face="Arial" style="font-size:10.0pt;"><br> Average<br> Exercise<br> Price</font></p>
  </td>
 </tr>
 <tr>
  <td width="41%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:41.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Options at beginning of
  year</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">10,650</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">31.05</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:7.2%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">9,237</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">27.24</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:7.2%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">9,186</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">24.97</font></p>
  </td>
 </tr>
 <tr>
  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Options granted</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,028</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">39.62</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.2%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,642</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">40.54</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.2%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,158</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">38.26</font></p>
  </td>
 </tr>
 <tr>
  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Options exercised</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(1,187)</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">22.01</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.2%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(1,178)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">21.85</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.2%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(1,046)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">19.21</font></p>
  </td>
 </tr>
 <tr>
  <td width="41%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:41.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Options cancelled or
  expired</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(25)</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">40.65</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.2%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(51)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">36.83</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.2%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(61)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">32.97</font></p>
  </td>
 </tr>
 <tr>
  <td width="41%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:41.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Options at end of year</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">12,466</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">34.01</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.2%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">10,650</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">31.05</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.2%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">9,237</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">27.24</font></p>
  </td>
 </tr>
 <tr>
  <td width="41%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:41.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Options vested</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6,550</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">28.96</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.2%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6,087</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">25.32</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.2%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5,865</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">22.87</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The total intrinsic value of ISOs exercised
during the year ended December&nbsp;31, 2009 was $22 million (2008 - $23
million; 2007 - $19 million) and cash received on exercise was $26 million
(2008 - $26 million; 2007 - $20 million). Intrinsic value represents the
difference between the Company&#146;s share price and the exercise price, multiplied
by the number of options. The total intrinsic value of ISOs outstanding and
vested at December&nbsp;31, 2009 was $81 million (2008 - $109 million) and $76
million (2008 - $97 million), respectively.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">36<a name="PB_36_163323_3020"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">
<div style="font-family:Arial;">

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">&nbsp;</font></p>

<p style="margin:0in 0in 3.0pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Incentive
Stock Option Characteristics</font></b></p>

<p style="margin:0in 0in 3.0pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(options in thousands; exercise price in Canadian
dollars)</font></i></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="31%" valign="bottom" style="padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">December&nbsp;31, 2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:33.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Options
  Outstanding</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:33.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Options
  Vested</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Exercise Price Range</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Number</font></p>
  </td>
  <td width="1%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Weighted</font><font face="Arial"><br> Average<br> Remaining<br> Life
  (years)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Weighted</font><font face="Arial"><br> Average<br> Exercise<br>
  Price</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Number</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Weighted</font><font face="Arial"><br> Average<br> Remaining<br> Life
  (years)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Weighted</font><font face="Arial"><br> Average<br> Exercise<br>
  Price</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">10.00-14.99</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">111&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">0.3&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">13.09&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">111&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">0.3&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">13.09&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">15.00-19.99</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">486&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1.2&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">19.06&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">486&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1.2&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">19.06&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">20.00-24.99</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,682&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2.6&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">21.29&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,682&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2.6&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">21.29&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">25.00-29.99</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,025&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4.0&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">25.72&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,025&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4.0&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">25.72&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">30.00-34.99</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,727&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">6.6&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">32.33&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,089&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">5.1&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">31.77&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">35.00-39.99</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4,836&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">7.8&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">38.43&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,523&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">6.4&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">37.10&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">40.00-44.99</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,599&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">8.1&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">40.86&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">634&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">8.1&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">40.87&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">12,466&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">6.4&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">34.01&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">6,550&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4.5&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">28.96&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The total fair value of options
vested under the ISO Plan during the year ended December&nbsp;31, 2009 was $13
million (2008 - $9 million).</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Weighted average assumptions
used to determine the fair value of the ISOs using the Black-Scholes option
pricing model are as follows:</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Year ended December&nbsp;31,</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2007&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Fair value per option </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Canadian dollars)</font></i><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-4.0pt;">1</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">7.12&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6.14&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6.16&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Valuation assumptions</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Expected option term </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(years)</font></i><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-4.0pt;">2</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">6&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Expected volatility</font><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-4.0pt;">3</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">28.08%</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">18.48%</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">18.10%</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Expected dividend yield</font><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-4.0pt;">4</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3.87%</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3.34%</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3.22%</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Risk-free interest rate</font><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-4.0pt;">5</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2.24%</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3.50%</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4.11%</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Beginning in 2008, options granted to United States employees are based
on New York Stock Exchange (NYSE) prices. The option value and assumptions
shown for 2009 are based on a weighted average of the United States options and
the Canadian options. The fair values per option were $6.73 for Canadian
employees and US$6.86 for United States employees.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">2</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">The expected option term is based on historical exercise practice.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">3</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Expected volatility is determined with reference to historic daily
share price volatility.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">4</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">The expected dividend yield is the current annual dividend at the grant
date divided by the current stock price.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">5</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">The risk-free interest rate is based on the Government of Canada&#146;s
Canadian Bond Yields and the U.S. Treasury Bond Yields.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:normal;">As of December&nbsp;31, 2009, unrecognized
compensation cost related to non-vested share-based compensation arrangements
granted under the ISO plan was $14 million. The cost is expected to be fully
recognized by December&nbsp;31, 2012.</font></b></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;">PERFORMANCE
BASED STOCK OPTIONS</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">PBSOs are granted to executive officers and become
exercisable when both performance targets and time vesting requirements have
been met. PBSOs were granted on September&nbsp;16, 2002, August&nbsp;15, 2007
and February&nbsp;19, 2008. The 2008 PBSO grant is included in the 2007 PBSO
plan. All performance targets and time vesting requirements for the 2002 PBSO
grant have been met. The 2002 PBSO grant will expire on September&nbsp;16,
2010. The 2007 and 2008 PBSO grants&#146; performance targets are based on the
Company&#146;s share price. Time vesting requirements for the 2007 PBSO grant are
fulfilled evenly over a five-year term, ending August&nbsp;15, 2012. Under the
2007 PBSO plan, performance targets must be met by February&nbsp;15, 2014
otherwise the options expire. If targets are met by February&nbsp;15, 2014, the
options are exercisable until August&nbsp;15, 2015. Compensation expense recorded for the year
ended December&nbsp;31, 2009 for PBSOs was $2 million (2008 - $2 million; 2007
- - $1 million).</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">37</font><a name="PB_37_163402_141"></a></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Arial;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in 3.0pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Outstanding
Performance Based Stock Options</font></b></p>

<p style="margin:0in 0in 3.0pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(options in thousands; exercise price in Canadian
dollars)</font></i></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="31%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">December&nbsp;31,</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">2007</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Number</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Weighted</font><font face="Arial">  <br> Average
  <br> Exercise
  <br> Price</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Number</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Weighted</font><font face="Arial">  <br> Average
  <br> Exercise
  <br> Price</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Number</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Weighted</font><font face="Arial">  <br> Average
  <br> Exercise
  <br> Price</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Options at beginning of year</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3,738&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">32.72&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,588&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">31.92&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,379&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">23.15&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Options granted</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">250&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">40.42&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,345&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">36.57&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Options exercised</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(343)</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">23.15&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(100)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">23.15&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(136)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">23.15&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Options at end of year</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3,395&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">33.69&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,738&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">32.72&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,588&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">31.92&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Options vested</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">800&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">23.15&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,143&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">23.15&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,243&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">23.15&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The total intrinsic value of
PBSOs exercised during the year ended December&nbsp;31, 2009 was $6 million
(2008 - $2 million; 2007 - $2 million) and cash received on exercise was $8
million (2008 - $2 million; 2007 - $3 million). The total intrinsic value of
PBSOs outstanding and vested at December&nbsp;31, 2009 is $23 million (2008 -
$32 million) and $14 million (2008 - $21 million), respectively.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 3.0pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Performance
Based Stock Option Characteristics</font></b></p>

<p style="margin:0in 0in 3.0pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(options in thousands; exercise price in Canadian
dollars)</font></i></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="31%" valign="bottom" style="padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">December&nbsp;31, 2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:33.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Options
  Outstanding</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:33.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Options
  Vested</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" colspan="5" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:33.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" colspan="5" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:33.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Exercise Price</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Number</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Weighted</font><font face="Arial">  <br> Average
  <br> Remaining
  <br> Life
  (years)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Weighted</font><font face="Arial">  <br> Average
  <br> Exercise <br>
  Price</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Number</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Weighted</font><font face="Arial">  <br> Average
  <br> Remaining
  <br> Life
  (years)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Weighted</font><font face="Arial">  <br> Average
  <br> Exercise <br>
  Price</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">23.15</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">800&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">0.7&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">23.15&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">800&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">0.7&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">23.15&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">36.57</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,345&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5.6&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">36.57&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">40.42</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">250&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5.6&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">40.42&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,395&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4.5&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">33.69&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">800&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">0.7&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">23.15&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The total fair value of options
vested under the PBSO Plan during the year ended December&nbsp;31, 2009 was $2
million (2008 - $2 million; 2007 - $2 million).</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Assumptions used to determine the
fair value of the PBSOs at the date of grant using the Bloomberg barrier option
valuation model are as follows:</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="77%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:77.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Year ended December&nbsp;31,</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2007&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:77.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Fair value per option (Canadian dollars)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4.82&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3.40&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="bottom" style="padding:0in 0in 0in 0in;width:77.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Valuation assumptions</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="bottom" style="padding:0in 0in 0in 0in;width:77.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Expected option term (years)</font><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-4.0pt;">1</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">8&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">8&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="bottom" style="padding:0in 0in 0in 0in;width:77.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Expected volatility</font><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-4.0pt;">2</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">13.60%</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">13.60%</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="bottom" style="padding:0in 0in 0in 0in;width:77.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Expected dividend yield</font><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-4.0pt;">3</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3.32%</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3.57%</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:77.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Risk-free interest rate</font><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-4.0pt;">4</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3.75%</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4.38%</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Expected option term is based on historical information.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">2</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Expected volatility is determined with reference to 20-day rolling
period historic share price information</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">3</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">The expected dividend yield is the current annual dividend divided by
the current stock price.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">4</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">The risk-free interest rate is based on the Government of Canada&#146;s
Canadian Bond Yields and the United States Treasury Bond Yields.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">As of December&nbsp;31, 2009,
unrecognized compensation cost related to non-vested share-based compensation
arrangements granted under the PBSO plan was $5 million. The cost is expected
to be fully recognized by December&nbsp;31, 2012.</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font face="Arial">&nbsp;</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font face="Arial">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">38</font><a name="PB_38_163402_7608"></a></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Arial;">

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">PERFORMANCE
STOCK UNITS</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company has a PSU Plan for
senior officers where cash awards are paid following a three-year performance
cycle. Awards are calculated by multiplying the number of units outstanding at
the end of the performance period by the Company&#146;s weighted average share price
and by a performance multiplier. The performance multiplier ranges from zero,
if the Company&#146;s performance fails to meet threshold performance levels, to a
maximum of two, if the Company performs within the highest range of its
performance targets. The 2007, 2008 and 2009 grants derive the performance
multiplier through a calculation of the Company&#146;s price/earnings ratio relative
to a specified peer group of companies and the Company&#146;s growth in earnings per
share, adjusted for non-operating or non-recurring items, relative to targets
established at the time of grant.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial"><font style="font-size:10.0pt;">Compensation expense recorded for the year ended December&nbsp;31,
2009 for PSUs was $20 million (2008 - $13 million; 2007 - $3 million). To
calculate the 2009 expense, multipliers of two, based upon multiplier estimates
at December&nbsp;31, 2009, were used for each of the 2007, 2008 and 2009 PSU
grants</font>.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Outstanding Performance Stock
Units</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">December&nbsp;31,</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2007&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Units at beginning of year</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">295,428&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">267,616&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">328,716&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Units granted</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">169,600&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">144,300&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">137,200&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Units cancelled</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(2,384)</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Units matured</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(151,882)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(129,852)</font><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font><font face="Arial">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(209,827)</font><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font><font face="Arial">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Dividend reinvestment</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">17,270&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">13,364&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">13,911&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Units at end of year</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">330,416&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">295,428&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">267,616&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Of the PSUs outstanding at December&nbsp;31,
2009, 154,518 units have a performance period ending December&nbsp;31, 2010 and
175,898 have a performance period ending December&nbsp;31, 2011. The total
intrinsic value of PSUs outstanding at December&nbsp;31, 2009 is $47 million
(2008 - $21 million; 2007 - $11 million).</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">RESTRICTED STOCK UNITS</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge has a RSU plan where
cash awards are paid to certain non-executive employees of the Company
following a 35 month maturity period. RSU holders receive cash equal to the
Company&#146;s weighted average share price multiplied by the units outstanding on
the maturity date. Compensation expense recorded for the year ended December&nbsp;31, 2009
for RSUs was $23 million (2008 - $15 million; 2007 - $</font>7 million).</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Outstanding Restricted Stock
Units</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">December&nbsp;31,</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2007&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Units at beginning of year</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">700,034&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">456,621&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">183,253&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Units granted</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">543,500&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">418,700&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">276,875&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Units cancelled</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(18,429)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(23,352)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(18,627)</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Units matured</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(282,656)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(179,940)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Dividend reinvestment</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">45,428&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">28,005&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">15,120&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Units at end of year</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">987,877&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">700,034&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">456,621&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The total intrinsic value of
RSUs outstanding at December&nbsp;31, 2009 is $50 million (2008 - $29 million;
2007 - $18 million).</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">As of December&nbsp;31, 2009,
unrecognized compensation expense related to non-vested units granted under the
PSU and RSU plans was $44 million and is expected to be fully recognized by December&nbsp;31,
2011.</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font face="Arial">&nbsp;</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font face="Arial">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">39</font><a name="PB_39_163402_8146"></a></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .35in;text-indent:-.35in;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">22.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE
INCOME/(LOSS)</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="31%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian
  dollars)</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Net
  Investment Hedges</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Cumulative</font><font face="Arial"> Translation Adjustment</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Equity
  Investees</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Non-Controlling
  Interests</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Cash
  Flow Hedges</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Total</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Balance at January&nbsp;1, 2007</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">263&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(399)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(136)</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Adjustment on adoption</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(57)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">26&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">79&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">48&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Tax impact of adjustment on adoption</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">20&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(20)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(37)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">26&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">59</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">48&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Changes during the year</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">194&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(534)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(29)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">92&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">95&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(182)</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Tax impact</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(19)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">9&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(5)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(15)</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">175</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(534)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(20)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">92&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">90</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(197)</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Balance at December&nbsp;31, 2007</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">438&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(933)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(57)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">118&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">149&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(285)</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Changes during the year</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(180)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">658</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">78&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(101)&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(175)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">280&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Tax impact</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">20&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(29)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">47&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">38&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(160)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">658&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">49</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(101)&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(128)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">318&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Balance at December&nbsp;31, 2008</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">278&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(275)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(8)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">17&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">21&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">33&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Changes during the year</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">181&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(815)</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(38)</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">72&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">71&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(529)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Tax impact</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(30)</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">14&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(31)</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(47)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">151&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(815)</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(24)</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">72&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">40</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(576)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Balance at December&nbsp;31, 2009</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">429&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(1,090)</font></b></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(32)</font></b></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">89&nbsp;</font></b></p>
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  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">61&nbsp;</font></b></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(543)</font></b></p>
  </td>
 </tr>
</table>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">23.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">RISK MANAGEMENT</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">MARKET PRICE RISK</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s
earnings, cash flows and OCI are subject to movements in foreign exchange
rates, interest rates and commodity prices (collectively, market price risk).
Formal risk management policies, processes and systems have been designed to
mitigate these risks.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Earnings at
Risk (EaR), a variant of Value at Risk, is the principal risk management metric
used to quantify market price risk at Enbridge. EaR is an objective,
statistically derived risk metric that measures the maximum adverse change in
projected 12-month earnings that could result from market price risk over a
one-month period within a 97.5% confidence interval. The Company&#146;s policy is to
target a maximum EaR of 5% of earnings. Earnings exposure from market price
risk is managed within the overall consolidated EaR limits of the Company.
Further, commodity price risk is managed within business unit EaR sub-limits.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company
calculates EaR using Monte Carlo simulation to produce projections of earnings
using a randomly generated series of forecasted market prices and Enbridge&#146;s
current market exposures. Historical statistical distributions of market prices
and the correlation among those market prices are used to generate an entire
probability distribution of possible deviations from forecast earnings.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">There is
currently no uniform industry methodology for estimating EaR. The use of this
metric has limitations because it is based on historical correlations and
volatilities in commodity prices and assumes future price movements will follow
a statistical distribution. Although losses are not expected to exceed the
statistically estimated EaR on 97.5% of occasions, losses on the other 2.5% of
occasions could be substantially greater than the estimated EaR.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The
following summarizes the types of market price risks to which the Company is
exposed and the risk management instruments used to mitigate them.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">40<a name="PB_40_163845_5335"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Foreign Exchange Risk</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The
Company&#146;s earnings, cash flows, and OCI are subject to foreign exchange rate
variability, primarily arising from its United States dollar denominated
subsidiaries. The Company has implemented a policy where it must hedge a
minimum level of foreign currency denominated earnings exposures identified
over the next five year period. The Company may also hedge anticipated foreign
currency denominated purchases or sales, foreign currency denominated debt, as
well as certain equity investment balances and net investments in foreign
denominated subsidiaries.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The
impact of a $0.05 strengthening of the Canadian dollar across the forward curve
relative to the United States dollar at December&nbsp;31, 2009, would have
resulted in a $92 million increase (2008 - $58 million) to earnings and a $27
million (2008 - $19 million) increase to OCI. The foreign exchange sensitivity
analysis is limited to changes in the fair value of financial instruments,
external debt and loans to foreign operations within the Company that are not
denominated in the Company&#146;s functional currency and are not considered a net
investment. Further, the sensitivity analysis excludes financial instruments
that are not monetary items and the impact of the Company&#146;s United States
dollar denominated self-sustaining subsidiaries on OCI.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Interest Rate Risk</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The
Company&#146;s earnings and cash flows are exposed to short term interest rate
variability due to the regular repricing of its variable rate debt. Floating to
fixed interest rate swaps and options are used to hedge against the effect of
future interest rate movements. The Company has implemented a program to
significantly mitigate the volatility of short-term interest rates on interest
expense through 2013 at an average rate of 2.2%.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The
Company&#146;s earnings and cash flows are also exposed to variability in longer
term interest rates ahead of anticipated fixed rate debt issuances. Forward
starting interest rate swaps are used to hedge against the effect of future
interest rate movements. The Company has implemented a hedging program to
significantly mitigate its exposure to long term interest rate variability on
select forecast term debt issuances through 2013. A total of $2,500 million of
future fixed rate term debt issuances have been hedged at an average government
bond rate of 4.0%. Further, many of the Company&#146;s existing commercial
arrangements and certain construction projects provide for the full recovery of
financing costs through tolls.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The
Company also monitors its debt portfolio mix of fixed and variable rate debt
instruments to ensure that the consolidated portfolio of debt stays within its
Board of Directors approved policy limit band of a maximum of 25% floating rate
debt as a percentage of total debt outstanding.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">A 1%
increase across the interest rate yield curve would have caused a $2 million
increase (2008 - nil) in earnings and a $197 million increase (2008 - $14
million) in OCI at December&nbsp;31, 2009 due to the revaluation of interest
rate derivatives. If interest rates had been 1% higher during the 12 months
ended December&nbsp;31, 2009, there would have been a $26 million decrease
(2008 - $24 million) in earnings due to increased interest expense related to
the Company&#146;s floating rate debt assuming that the variable rate debt
outstanding at December&nbsp;31, 2009 had been outstanding for the entire year,
partially offset by an increase in earnings due to increased realized fair
value gains on settled interest rate hedges of $15 million (2008 - $4 million).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Commodity Price Risk</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The
Company&#146;s earnings and cash flows are exposed to changes in commodity prices as
a result of ownership interest in certain assets, as well as through the
activities of its energy services subsidiaries. The Company uses natural gas,
power, crude oil and NGL derivative instruments to fix a portion of the
variable price exposures that may arise from commodity usage, storage,
transportation and supply agreements.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The
Company has implemented a hedging program to significantly mitigate the
volatility from fractionation spreads (natural gas / NGLs) that impact earnings
from its ownership in the Aux Sable natural gas processing plant through 2011.</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">41<a name="PB_41_163845_5796"></a></font></p>

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<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company
has defined EaR limits for different components of businesses exposed to commodity
price risk. The calculation of these limits include physical and financial
derivatives as well as physical transportation and storage capacity contracts
accounted for as executory contracts in the consolidated financial statements.
Positions giving rise to commodity price exposure are monitored against these
EaR limits daily. For the year ended December&nbsp;31, 2009, the average EaR
was $29 million (2008 - $24 million) and as at December&nbsp;31, 2009 the
Company&#146;s EaR was $22 million (2008 - $16 million).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">TOTAL DERIVATIVE INSTRUMENTS</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The following tables summarize the balance sheet location and fair
value of the Company&#146;s derivative instruments. The Company did not have any
outstanding fair value hedges as at December&nbsp;31, 2009 or December&nbsp;31,
2008.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">December&nbsp;31, 2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Derivative<br>
  Instruments<br>
  used as<br>
  Cash Flow<br>
  Hedges</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Derivative<br>
  Instruments<br>
  used as Net<br>
  Investment<br>
  Hedges</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Non-<br>
  Qualifying<br>
  Derivative<br>
  Instruments</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Total<br>
  Derivative<br>
  Instruments</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Accounts receivable and other</font><i><font face="Arial" style="font-style:italic;">  </font></i><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 7)</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">U.S. dollar forwards</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">14&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">52&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">70&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Interest rate contracts</font></p>
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  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">34&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">36&nbsp;</font></p>
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  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Energy commodity</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">19&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">19&nbsp;</font></p>
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  <td width="54%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Power commodity</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3&nbsp;</font></p>
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  <td width="54%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">38&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">14&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">76&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">128&nbsp;</font></p>
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  <td width="54%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Deferred amounts and other</font><i><font face="Arial" style="font-style:italic;">  </font></i><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 12)</font></i></p>
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  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">U.S. dollar forwards</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">25&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">80&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">285&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">390&nbsp;</font></p>
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  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Interest rate contracts</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">90&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">90&nbsp;</font></p>
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  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Energy commodity</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Power commodity</font></p>
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  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other</font></p>
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  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2&nbsp;</font></p>
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  <td width="54%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">117&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">80&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">288&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">485&nbsp;</font></p>
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  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Accounts payable and other</font><i><font face="Arial" style="font-style:italic;">  </font></i><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 15)</font></i></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">U.S. dollar forwards</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(2)</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(3)</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(5)</font></p>
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  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Interest rate contracts</font></p>
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  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(68)</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(68)</font></p>
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  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Energy commodity</font></p>
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  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(17)</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(32)</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(49)</font></p>
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  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Power commodity</font></p>
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  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(1)</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(1)</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(87)</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(36)</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(123)</font></p>
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  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other long-term liabilities</font><i><font face="Arial" style="font-style:italic;">  </font></i><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 18)</font></i></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">U.S. dollar forwards</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(21)</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(21)</font></p>
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  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Interest rate contracts</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(15)</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(15)</font></p>
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  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Energy commodity</font></p>
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  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(4)</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(4)</font></p>
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  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Power commodity</font></p>
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  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(2)</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(2)</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(40)</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(2)</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(42)</font></p>
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  <td width="54%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Total net derivative asset/(liability)</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">U.S. dollar forwards</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">94&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">334&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">434</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Interest rate contracts</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">41</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">43</font></p>
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 </tr>
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  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Energy commodity</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(21)</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(12)</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(33)</font></p>
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 </tr>
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  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Power commodity</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2</font></p>
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 </tr>
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  <td width="54%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2&nbsp;</font></p>
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 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">28&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">94&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">326&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">448&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">42</font><a name="PB_42_163845_2897"></a></p>

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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
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  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">December&nbsp;31, 2008</font></p>
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  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Derivative<br>
  Instruments<br>
  used as<br>
  Cash Flow<br>
  Hedges</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Derivative<br>
  Instruments<br>
  used as Net<br>
  Investment<br>
  Hedges</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Non-<br>
  Qualifying<br>
  Derivative<br>
  Instruments</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Total<br>
  Derivative<br>
  Instruments</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Accounts receivable and other</font><i><font face="Arial" style="font-style:italic;">  </font></i><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 7)</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">U.S. dollar forwards</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">12&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">8&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">20&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Interest rate contracts</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Energy commodity</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">9&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">32&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">41&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Power commodity</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">9&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">10&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">23&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">8&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">41&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">72&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Deferred amounts and other</font><i><font face="Arial" style="font-style:italic;">  </font></i><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 12)</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">U.S. dollar cross currency swaps</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">26&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">26&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">U.S. dollar forwards</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">153&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">63&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">56&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">272&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Power commodity</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">7&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">12&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">19&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">186&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">63&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">68&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">317&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Accounts payable and other</font><i><font face="Arial" style="font-style:italic;">  </font></i><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 15)</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">U.S. dollar forwards</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(14)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(14)</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Interest rate contracts</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(9)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(9)</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Energy commodity</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(22)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(26)</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Power commodity</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(1)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(1)</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(32)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(18)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(50)</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other long-term liabilities</font><i><font face="Arial" style="font-style:italic;">  </font></i><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 18)</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">U.S. dollar forwards</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(8)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(8)</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Interest rate contracts</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(22)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(22)</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Power commodity</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(11)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(1)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(12)</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(3)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(5)</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(36)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(11)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(47)</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Total net derivative asset/(liability)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">U.S. dollar cross currency swaps</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">26</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">26</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">U.S. dollar forwards</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">165</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">71&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">34</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">270</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Interest rate contracts</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(30)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(30)</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Energy commodity</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(13)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">28</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">15</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Power commodity</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">20</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">16</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(3)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(5)</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">141</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">71&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">80</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">292</font></p>
  </td>
 </tr>
</table>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font face="Arial">&nbsp;</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font face="Arial">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">43</font><a name="PB_43_163845_3020"></a></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Arial;">

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table summarizes the maturity and total notional
principal or quantity outstanding related to the Company&#146;s derivative
instruments.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="21%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">December&nbsp;31, 2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">December&nbsp;31, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Maturity</font></p>
  </td>
  <td width="1%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Notional<br>
  Principal or<br>
  Quantity<br>
  Outstanding</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Maturity</font></p>
  </td>
  <td width="1%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Notional<br>
  Principal or<br>
  Quantity<br>
  Outstanding</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">U.S. dollar cross currency swaps</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2013-2022</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">138&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">U.S. dollar forwards - purchase</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2010-2019</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,078</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2009-2017</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,118</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of United States dollars)</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">U.S. dollar forwards - sell</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2010-2020</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3,102</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2009-2021</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,548</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of United States dollars)</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Interest rate contracts</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2010-2029</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">6,022</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2009-2029</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,164&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Energy commodity </font><i><font face="Arial" style="font-style:italic;">(bcf)</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2010-2011</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">464</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2009-2010</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">530&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Power commodity </font><i><font face="Arial" style="font-style:italic;">(MW/H)</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2010-2024</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">38&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2009-2024</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">57&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company does not have any credit-risk related contingent features
associated with its derivative instruments.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">The Effect of Derivative Instruments on the Statements of Earnings and
Comprehensive Income</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table presents the effect of cash flow hedges and net
investment hedges on the Company&#146;s consolidated earnings and consolidated
comprehensive income.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="88%" valign="bottom" style="padding:0in 0in 0in 0in;width:88.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:88.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Year ended December&nbsp;31,</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:88.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Amount of Unrealized Gain/(Loss) Recognized
  in OCI</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="bottom" style="padding:0in 0in 0in 0in;width:88.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Cash Flow Hedges</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="bottom" style="padding:0in 0in 0in 0in;width:88.5%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">U.S. dollar cross currency swaps</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(13)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="bottom" style="padding:0in 0in 0in 0in;width:88.5%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">U.S. dollar forwards</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(103)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="bottom" style="padding:0in 0in 0in 0in;width:88.5%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Interest rate contracts</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">73&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="bottom" style="padding:0in 0in 0in 0in;width:88.5%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Energy commodity</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(41)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="bottom" style="padding:0in 0in 0in 0in;width:88.5%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Power commodity</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="bottom" style="padding:0in 0in 0in 0in;width:88.5%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="bottom" style="padding:0in 0in 0in 0in;width:88.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Net Investment Hedges</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:88.5%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">U.S. dollar forwards</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">24&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:88.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Total unrealized loss recognized in OCI</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(53)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:88.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Amount of Gain/(Loss) Reclassified from
  AOCI to Earnings</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="bottom" style="padding:0in 0in 0in 0in;width:88.5%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">U.S. dollar cross currency swaps</font><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-4.0pt;">1</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">19&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="bottom" style="padding:0in 0in 0in 0in;width:88.5%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">U.S. dollar forwards</font><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-4.0pt;">1</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(23)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="bottom" style="padding:0in 0in 0in 0in;width:88.5%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Interest rate contracts</font><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-4.0pt;">2</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(31)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="bottom" style="padding:0in 0in 0in 0in;width:88.5%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Energy commodity</font><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-4.0pt;">3</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(78)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="bottom" style="padding:0in 0in 0in 0in;width:88.5%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Power commodity</font><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-4.0pt;">3</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(1)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:88.5%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:88.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Total loss reclassified from AOCI to
  earnings</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(111)</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Gain/(loss)
reported within Other Investment Income in the Consolidated Statement of
Earnings.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">2</font><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Loss
reported within Interest Expense in the Consolidated Statement of Earnings.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">3</font><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Loss
reported within Commodity costs in the Consolidated Statement of Earnings.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">44<a name="PB_44_163845_7748"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='44',FILE='C:\JMS\jkarthi\10-3715-1\task3938688\3715-1-mw-19.htm',USER='105429',CD='Feb 19 16:39 2010' -->



<br clear="all" style="page-break-before:always;">
<div style="font-family:Arial;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company estimates that $89 million of accumulated other
comprehensive loss related to cash flow hedges will be reclassified to earnings
in the next 12 months. Actual amounts reclassified to earnings depend on the
foreign exchange rates, interest rates and commodity prices when derivative
contracts that are currently outstanding mature. For all forecasted
transactions, the maximum term over which the Company is hedging exposures to
the variability of cash flows is 54 months at December&nbsp;31, 2009.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">During 2008, the Company terminated certain par forward
currency exchange instruments for proceeds of $48 million. These instruments
hedged US$162 million of the Company&#146;s United States dollar self-sustaining
operations and were accounted for as net investment hedges with the fair value
recorded as long-term assets on the Statement of Financial Position with an
equal and offsetting amount recorded in AOCI. No gain or loss related to the
terminations will be recorded in the Company&#146;s earnings until there is a disposal
of or a return of capital on a related investment.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Non-Qualifying Derivatives</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table presents the unrealized gains and losses
associated with changes in the fair value of the Company&#146;s non-qualifying
derivatives.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.98%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Year ended December&nbsp;31,</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2007</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:66.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">U.S. dollar forwards</font><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-3.0pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">232</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">35</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Interest rate contracts</font><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-3.0pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Energy commodity</font><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-3.0pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(89)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">122</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(49)</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Power commodity</font><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-3.0pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Total unrealized derivative fair
  value gain</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">146</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">157</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(49)</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.5pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Gain
reported within Other Investment Income in the Consolidated Statement of
Earnings.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">2</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Gain
reported within Interest Expense in the Consolidated Statement of Earnings.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">3</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Gain/(loss)
reported within Commodity costs in the Consolidated Statement of Earnings.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Additional information regarding the Company&#146;s derivative
instruments is included in Note 24, Fair Value of Financial Instruments.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">LIQUIDITY RISK</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Liquidity risk is the risk that the Company will not be able
to meet its financial obligations, including commitments and guarantees (Notes
31 and 32), as they become due. In order to manage this risk, the Company
forecasts cash requirements over the near and long term to determine whether
sufficient funds will be available. The Company&#146;s primary sources of liquidity
and capital resources are funds generated from operations, the issuance of
commercial paper and draws under committed credit facilities and longer term
debt which includes debentures and medium-term notes. The Company maintains
current shelf prospectuses with the securities regulators, which enables,
subject to market conditions, ready access to either the Canadian or United
States public capital markets. In addition, the Company maintains sufficient
liquidity through committed credit facilities (Note 16) with a diversified
group of banks and institutions which, if necessary, enables the Company to
fund all anticipated requirements for one year without accessing the capital
markets. The Company is in compliance with all the terms and conditions of its
committed credit facilities and expects to be in compliance throughout 2010. As
a result, all credit facilities are available to the Company and the banks are
obligated to fund and have been funding the Company under the terms of the
facilities. The Company expects to generate sufficient cash from operations and
commercial paper issuances and draws under its committed credit facilities to
fund liabilities as they become due, finance planned investing activities and
pay common share dividends throughout the year. Additional liquidity, if
necessary, is expected to be available through access to the capital markets.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Maturities of Financial
Instruments</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company generally has no financial instruments, other
than derivative instruments, maturing beyond one year with the exception of its
long-term debt (Notes 16 and 17).</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">45<a name="PB_45_164013_7608"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='45',FILE='C:\JMS\jkarthi\10-3715-1\task3938688\3715-1-mw-21.htm',USER='105429',CD='Feb 19 16:43 2010' -->


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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">For the years ending December&nbsp;31, 2010 through 2014,
and thereafter, the Company has estimated the following undiscounted cash flows
will arise from its derivative instruments based on valuation at the balance
sheet date.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="30%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.66%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.38%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2010</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.16%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2011</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.16%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2012</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.16%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2013</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.16%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2014</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Thereafter</font></p>
  </td>
 </tr>
 <tr>
  <td width="30%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:30.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Cash inflows</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.38%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">182</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">106</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">136</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">155</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">86</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.18%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">51</font></p>
  </td>
 </tr>
 <tr>
  <td width="30%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Cash outflows</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.38%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(167)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(29)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(5)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(7)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(3)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.18%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(25)</font></p>
  </td>
 </tr>
 <tr>
  <td width="30%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Net cash flows</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.38%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">15</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">77</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">131</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">148</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">83</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.18%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">26</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">CREDIT RISK</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Entering into derivative financial instruments can result in
exposure to credit risk. Credit risk arises from the possibility that a
counterparty will default on its contractual obligations and is limited to
those contracts where the Company would incur a loss in replacing the
instrument. The Company enters into risk management transactions only with
institutions that possess investment grade credit ratings. Credit risk relating
to derivative counterparties is mitigated by credit exposure limits and
contractual requirements, frequent assessment of counterparty credit ratings
and netting arrangements. At December&nbsp;31, 2009, the Company has a maximum
exposure to credit risk of $517 million related to its derivative
counterparties.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Credit risk also arises from trade and other long-term
receivables, and is mitigated through credit exposure limits and contractual
requirements, assessment of credit ratings and netting arrangements. Credit
risk in the Natural Gas Delivery and Services segment is mitigated by the large
and diversified customer base and the ability to recover an estimate for
doubtful accounts through the ratemaking process. The Company actively monitors
the financial strength of large industrial customers and, in select cases, has
obtained additional security to minimize the risk of default on receivables.
Generally, the Company classifies and provides for receivables older than 30
days as past due. The maximum exposure to credit risk related to non-derivative
financial assets is their carrying value, as disclosed in Note 24, Fair Value
of Financial Instruments.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The change in allowance for doubtful accounts in respect of
accounts receivable is detailed below.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="76%" valign="bottom" style="padding:0in 0in 0in 0in;width:76.46%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="76%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:76.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Year ended December&nbsp;31,</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="76%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:76.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Balance at beginning of year</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(69)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(55)</font></p>
  </td>
 </tr>
 <tr>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Additional allowance</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(29)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(37)</font></p>
  </td>
 </tr>
 <tr>
  <td width="76%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:76.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Amounts used</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">24</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">23</font></p>
  </td>
 </tr>
 <tr>
  <td width="76%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:76.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Balance at end of year</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(74)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(69)</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The allowance for doubtful accounts is determined based on
collection history. When the Company has determined that further collection
efforts are unlikely to be successful, amounts charged to the allowance for
doubtful accounts are applied against the impaired accounts receivable.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">46<a name="PB_46_164013_8146"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='46',FILE='C:\JMS\jkarthi\10-3715-1\task3938688\3715-1-mw-21.htm',USER='105429',CD='Feb 19 16:43 2010' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Arial;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:Times New Roman;line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">24.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">FAIR VALUE OF FINANCIAL INSTRUMENTS</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table summarizes the Company&#146;s financial
instrument carrying and fair values and provides a reconciliation to the
Consolidated Statements of Financial Position.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="23%" valign="bottom" style="padding:0in 0in 0in 0in;width:23.42%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" colspan="17" valign="bottom" style="padding:0in 0in 0in 0in;width:74.16%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">December&nbsp;31, 2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="padding:0in 0in 0in 0in;width:23.42%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:5.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.42%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:7.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Held for<br>
  Trading</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Available<br>
  for Sale</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Loans and<br>
  Receivables</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Held to<br>
  Maturity</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Other<br>
  Financial</font></p>
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Liabilities</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Qualifying<br>
  Derivatives</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Non-<br>
  Financial<br>
  Instruments</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Total</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Fair<br>
  Value</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-2.0pt;">1&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:23.42%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Assets</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.42%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:6.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:6.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:7.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:5.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash
  and cash equivalents</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:6.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">327</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:6.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:7.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:5.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">327</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">327</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Accounts
  receivable and other</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:6.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">76</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2,054</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:6.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:7.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">52</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">302</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:5.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2,484</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2,182</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Long-term
  investments</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:6.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">54</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">6</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:6.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">181</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:7.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2,071</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:5.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2,312</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">187</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Deferred
  amounts and other assets</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:6.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">288</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:6.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:7.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">197</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">1,940</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:5.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2,425</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">485</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="padding:0in 0in 0in 0in;width:23.42%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Liabilities</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:6.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:6.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:7.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:5.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Short-term
  borrowings</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:6.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:6.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">508</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:7.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:5.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">508</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">508</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Accounts
  payable and other</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:6.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">36</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:6.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2,177</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:7.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">87</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">163</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:5.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2,463</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2,300</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Interest
  payable</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:6.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:6.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">104</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:7.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:5.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">104</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">104</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Long-term
  debt</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:6.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:6.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">12,283</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:7.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(101)</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:5.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">12,182</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">13,450</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Non-recourse
  long-term debt</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:6.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:6.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">1,515</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:7.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(9)</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:5.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">1,506</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">1,573</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Other
  long-term liabilities</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.42%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">40</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">1,165</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">1,207</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">42</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="23%" valign="bottom" style="padding:0in 0in 0in 0in;width:23.42%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" colspan="17" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:74.16%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">December&nbsp;31, 2008</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="padding:0in 0in 0in 0in;width:23.42%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:4.5pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.5pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:4.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:4.5pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:4.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:4.5pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:4.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:4.5pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:4.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:4.5pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:4.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:4.5pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:4.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:4.5pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:4.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:4.5pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:4.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:4.5pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:4.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:4.5pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.42%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:7.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Held for<br>
  Trading</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Available<br>
  for Sale</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Loans and<br>
  Receivables</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Held to<br>
  Maturity</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Other<br>
  Financial<br>
  Liabilities</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Qualifying<br>
  Derivatives</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Non-<br>
  Financial<br>
  Instruments</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Total</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt 1.45pt;text-align:right;text-indent:-1.45pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Fair<br>
  Value</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">1&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:23.42%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Assets</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash
  and cash equivalents</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">542</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">542</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">542</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Accounts
  receivable and other</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">41</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">1,869</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">31</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">381</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">2,322</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">1,948</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Long-term
  investments</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">54</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">167</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">405</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">1,866</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">2,492</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">492</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Deferred
  amounts and other assets</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">68</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">249</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">1,001</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">1,318</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">317</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="padding:0in 0in 0in 0in;width:23.42%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Liabilities</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Short-term
  borrowings</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">874</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">874</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">874</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Accounts
  payable and other</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">18</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">1,965</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">32</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">396</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">2,411</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">2,015</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Interest
  payable</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">102</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">102</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">102</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Long-term
  debt</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">10,795</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(106)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">10,689</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">11,173</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Non-recourse
  long-term debt</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">1,669</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(10)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">1,659</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">1,672</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Other
  long-term liabilities</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">11</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">36</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">212</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">259</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">47</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Fair
value does not include non-financial instruments, which includes investments
accounted for under the equity method, and available for sale equity
instruments held at cost that do not trade on an actively quoted market.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The
fair value of financial instruments reflects the Company&#146;s best estimates of
market value based on generally accepted valuation techniques or models and
supported by observable market prices and rates. When such values are not
available, the Company uses discounted cash flow analysis from applicable yield
curves based on observable market inputs to estimate fair value. The fair value
of financial instruments other than derivatives represents the amounts that
would have been received from or paid to counterparties to settle these
instruments at the reporting date.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The
fair value of cash and cash equivalents and short-term borrowings approximates
their carrying value due to their short-term maturities. The fair value of the
Company&#146;s long-term investments, other than those classified as available for
sale, approximates their carrying value due to interest terms which approximate
floating market rates. The fair value of the Company&#146;s long-term debt and
non-recourse long-term debt is based on quoted market prices for instruments of
similar yield, credit risk and tenure. The fair value of other financial assets
and liabilities other than derivative instruments approximate their cost due to
the short period to maturity. Changes in the fair value of financial
liabilities other than derivative instruments are due primarily to fluctuations
in interest rates and time value.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">47<a name="PB_47_164013_7091"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='47',FILE='C:\JMS\jkarthi\10-3715-1\task3938688\3715-1-mw-21.htm',USER='105429',CD='Feb 19 16:43 2010' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">FAIR VALUE OF DERIVATIVES</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The
Company categorizes its derivative assets and liabilities measured at fair
value into one of three different levels depending on the observability of the
inputs employed in the measurement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Level 1</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Level
1 includes assets and liabilities measured at fair value based on unadjusted
quoted prices for identical assets and liabilities in active markets that are
accessible at the measurement date. An active market for an asset or liability
is considered to be a market where transactions occur with sufficient frequency
and volume to provide pricing information on an ongoing basis. The Company&#146;s
Level 1 instruments consist primarily of exchange-traded derivative instruments
used to mitigate the risk of crude oil price fluctuations in its Liquids
Pipelines segment and commodity marketing businesses.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Level 2</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Level
2 includes valuations determined using directly or indirectly observable inputs
other than quoted prices included within Level 1. Derivative instruments in
this category are valued using models or other industry standard valuation
techniques derived from observable market data. Such valuation techniques
include inputs such as quoted forward prices, time value, volatility factors
and broker quotes that can be observed or corroborated in the market for the
entire duration of the derivative instrument. Instruments valued using Level 2
inputs include non-exchange traded derivatives such as over the counter foreign
exchange forward and cross currency swap contracts, interest rate swaps, physical
forward commodity contracts as well as commodity swaps and options for which
observable inputs can be obtained. These instruments are used primarily in the
Company&#146;s commodity marketing businesses and the Corporate segment.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Level 3</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Level
3 includes valuations based on inputs which are less observable, unavailable or
where the observable data does not support a significant portion of the
instruments&#146; fair value. Generally, Level 3 valuations are longer dated
transactions, occur in less active markets, occur at locations where pricing
information is not available or have no binding broker quote to support Level 2
classification. The Company has developed methodologies, benchmarked against
industry standards, to determine fair value for these contracts based on
extrapolation of observable future prices and rates. Instruments valued using
Level 3 inputs include long dated derivative power, NGL and natural gas
contracts in its Liquids Pipelines segment and commodity marketing businesses.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">When
possible the estimated fair value is based on quoted market prices and, if not
available, estimates from third party brokers. For non-exchange traded
derivatives classified in Levels 2 and 3, the Company uses standard valuation
techniques to calculate fair value. These methods include discounted cash flows
for forwards and swaps and Black-Scholes pricing models for options. Depending
on the type of derivative and nature of the underlying risk, primary inputs to
these techniques include observable market prices (interest, foreign exchange
and commodity) and volatility. The Company uses inputs and data used by willing
market participants when valuing derivatives and considers its own credit
default swap spread as well as those of its counterparties in its determination
of fair value. Where possible the Company uses observable inputs.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">48<a name="PB_48_164013_455"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

</div>
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<br clear="all" style="page-break-before:always;">
<div style="font-family:Arial;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The
Company has categorized its derivative assets and liabilities measured at fair
value as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" colspan="7" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:39.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">December&nbsp;31, 2009</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian
  dollars)</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Level 1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Level 2</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Level 3</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Total</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Financial
  assets:</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Current derivative assets</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">84</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">42</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">128</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Long-term derivative assets</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">481</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">485</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Financial
  liabilities:</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Current derivative liabilities</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(2)</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(68)</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(53)</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(123)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Long-term derivative liabilities</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(39)</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(3)</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(42)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Total
  net derivative asset/(liability)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">458</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(10)</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">448</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Excludes cash and cash equivalents.</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" colspan="7" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:39.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">December&nbsp;31, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian
  dollars)</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Level 1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Level 2</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Level 3</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Total</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Financial
  assets:</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Current derivative assets</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">10</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">9</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">53</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">72</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Long-term derivative assets</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">301</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">16</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">317</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Financial
  liabilities:</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Current derivative liabilities</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(44)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(6)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(50)</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Long-term derivative liabilities</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(37)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(10)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(47)</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Total
  net derivative asset</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">10</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">229</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">53</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">292</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt .25in;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Excludes
cash and cash equivalents.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Changes in
net fair value of derivative assets and liabilities classified as Level 3 in
the fair value hierarchy were as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian
  dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
 </tr>
 <tr>
  <td width="79%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:79.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Year
  ended December&nbsp;31,</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="79%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:79.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Level 3
  net derivative asset at beginning of year</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">53</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(37)</font></p>
  </td>
 </tr>
 <tr>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Total
  gains/(losses), realized and unrealized</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Included in earnings</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(9)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">34</font></p>
  </td>
 </tr>
 <tr>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Included in OCI</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">7</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2</font></p>
  </td>
 </tr>
 <tr>
  <td width="79%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:79.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Purchases,
  issuances and settlements</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(61)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">54</font></p>
  </td>
 </tr>
 <tr>
  <td width="79%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:79.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Level 3
  net derivative asset/(liability) at end of year</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(10)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">53</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:Times New Roman;line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">25.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">CAPITAL DISCLOSURES</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company defines capital
as shareholders&#146; equity (excluding AOCI and reciprocal shareholdings),
long-term debt (excluding non-recourse debt and transaction costs), short-term
borrowings and non-controlling interests less cash and cash equivalents
(excluding cash and cash equivalents from joint ventures and other interests
not exclusively controlled by the Company). Non-recourse debt, including debt
consolidated proportionately from joint venture interests, is excluded from the
Company&#146;s definition of capital as it is not controlled or managed exclusively by
the Company.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">49<a name="PB_49_164359_5335"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='49',FILE='C:\JMS\jkarthi\10-3715-1\task3938688\3715-1-mw-23.htm',USER='105429',CD='Feb 19 16:50 2010' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Arial;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s capital is calculated
as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="79%" valign="bottom" style="padding:0in 0in 0in 0in;width:79.0%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions
  of Canadian dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="79%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:79.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">December&nbsp;31,</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="79%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:79.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Short-term borrowings</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">508</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">874</font></p>
  </td>
 </tr>
 <tr>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Long-term debt (includes current
  portion)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">12,283</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">10,795</font></p>
  </td>
 </tr>
 <tr>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Non-controlling interests</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">727</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">797</font></p>
  </td>
 </tr>
 <tr>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Shareholders&#146; equity</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">7,958</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6,740</font></p>
  </td>
 </tr>
 <tr>
  <td width="79%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:79.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Cash and cash equivalents</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(258)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(469)</font></p>
  </td>
 </tr>
 <tr>
  <td width="79%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:79.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">21,218</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">18,737</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Excludes AOCI and reciprocal shareholdings.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s objectives
when managing capital are to maintain flexibility among: enabling its
businesses to operate at the highest efficiency; providing liquidity for growth
opportunities; and providing acceptable returns to shareholders. These
objectives are primarily met through maintenance of an investment grade credit
rating, which provides access to lower cost capital. Capital is available
generally through the issuance of both short and long-term debt and equity.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company manages its
capital by monitoring its debt to debt plus equity ratio (excluding
non-recourse debt), with a target range of 60% to 70%, to meet its capital
management objectives. The debt to capitalization ratio at December&nbsp;31,
2009, including short-term borrowings but excluding non-recourse short and
long-term debt, was 63.6% compared with 63.6% at the end of 2008.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company must adhere to
covenants in its credit facilities that are used to backstop its commercial
paper program. These covenants include maintaining a minimum Consolidated
Shareholders&#146; Equity balance of $1,000 million or greater and an unconsolidated
debt to unconsolidated shareholders&#146; equity ratio of less than 1.5. As at December&nbsp;31,
2009, the Company was in compliance with these covenants.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Under terms of the Company&#146;s
Trust Indenture, in order to continue to issue long-term debt, the Company must
maintain a ratio of consolidated funded obligations (essentially all debt
except non-recourse debt) to total consolidated capitalization of less than
75%. Total consolidated capitalization consists of shareholders&#146; equity,
long-term debt, non-controlling interests and future income tax. As at December&nbsp;31,
2009, the Company was in compliance with this covenant.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial">&nbsp;</font></p>

<p style="font-family:Times New Roman;line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">26.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">INCOME TAXES</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">INCOME TAX RATE RECONCILIATION</font></b></p>

<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:4.0pt;font-style:italic;">&nbsp;</font></i></p>

<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars, except per share amounts)</font></i></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="69%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Year ended December&nbsp;31,</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2007</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Earnings before income taxes</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,868</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,837</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">916</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Combined statutory income tax rate</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">30.5%</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">31.3%</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">33.9%</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Income taxes at statutory rate</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">570</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">575</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">311</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Increase/(decrease) resulting
  from:</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Tax
  rates and legislated tax changes</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(58)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(11)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(63)</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Future
  income taxes related to regulated operations</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(68)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(15)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(6)</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Non-taxable
  items, net</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">11</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(19)</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Higher/(lower)
  foreign tax rates</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(61)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(6)</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Sale
  of investments</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(99)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(82)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">11</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">37</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(8)</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Income Taxes</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">306</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">509</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">209</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Effective income tax rate</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">16.4%</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">27.7%</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">22.8%</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">50<a name="PB_50_164359_5796"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">COMPONENTS OF FUTURE INCOME TAXES</font></b></p>

<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:4.0pt;font-style:italic;">&nbsp;</font></i></p>

<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="79%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:79.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">December&nbsp;31,</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="79%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:79.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Net Future Income Tax
  Liabilities/(Assets)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Differences
  in accounting and tax bases of property, plant and equipment</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,346</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">790</font></p>
  </td>
 </tr>
 <tr>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Differences
  in accounting and tax bases of investments</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">407</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">452</font></p>
  </td>
 </tr>
 <tr>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Regulatory
  assets</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">319</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Financial
  instruments</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">121</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(1)</font></p>
  </td>
 </tr>
 <tr>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Loss
  carryforwards</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(138)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(150)</font></p>
  </td>
 </tr>
 <tr>
  <td width="79%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:79.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">29</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">22</font></p>
  </td>
 </tr>
 <tr>
  <td width="79%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:79.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Net Future Income Tax Liability</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,084</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,113</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Net future income tax liability of
$2,084 million (2008 - $1,113 million) includes future income tax liabilities
of $2,211 million (2008 - $1,291 million) net of future income tax assets of
$127 million (2008 - $178 million).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">At December&nbsp;31, 2009, the
Company has recognized the benefit of unused tax loss carryforwards of $425
million (2008 - $452 million) of which $421 start to expire in 2019 and beyond.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">GEOGRAPHICAL COMPONENTS OF PRETAX
EARNINGS AND INCOME TAXES</font></b></p>

<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:4.0pt;font-style:italic;">&nbsp;</font></i></p>

<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="69%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Year ended December&nbsp;31,</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2007</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Earnings before income taxes</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Canada</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">954</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">624</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">511</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">United
  States</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">334</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">419</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">210</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">580</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">794</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">195</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,868</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,837</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">916</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Current income taxes</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Canada</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">49</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">141</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">152</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">United
  States</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">35</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">43</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">12</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">67</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">88</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">251</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">168</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Future income taxes</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Canada</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">117</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">92</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(36)</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">United
  States</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">101</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">166</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">77</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">218</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">258</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">41</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Current and future income taxes</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">306</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">509</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">209</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">27.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">POST EMPLOYMENT BENEFITS</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;">PENSION PLANS</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company has three basic pension plans which
provide either defined benefit or defined contribution pension benefits, or
both, to employees of the Company. The Liquids Pipelines and Natural Gas
Delivery and Services pension plans (collectively, the Canadian Plans) provide
Company funded defined benefit pension and/or defined contribution benefits to
Canadian employees of Enbridge. The Enbridge United States pension plan (the
United States Plan) provides Company funded defined benefit pension benefits
for United States based employees. The Company has four supplemental pension
plans which provide pension benefits in excess of the basic plans for certain
employees.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">51<a name="PB_51_164359_2897"></a></font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Arial;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">The measurement date used to determine the plan assets
and the accrued benefit obligation was September&nbsp;30, 2009 for the Canadian
Plans and December&nbsp;31, 2009 for the United States Plan.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-style:italic;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;font-weight:bold;">Defined Benefit Plans</font></i></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Benefits payable from the
defined benefit plans are based on members&#146; years of service and final average
remuneration. These benefits are partially inflation indexed after a member&#146;s
retirement. Contributions by the Company are made in accordance with
independent actuarial valuations and are invested primarily in publicly-traded
equity and fixed income securities. The effective dates of the most recent
actuarial valuations and the next required actuarial valuations for the basic
plans are as follows:</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="40%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Effective Date of Most Recently <br>
  Filed Actuarial Valuation</font></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="27%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Effective Date of Next Required <br>
  Actuarial Valuation</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:40.5%;">
  <p style="margin:0in 0in .0001pt 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Canadian
  Plans</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:28.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">December&nbsp;31, 2006</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="27%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:27.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">December&nbsp;31, 2009</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">1</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.5%;">
  <p style="margin:0in 0in .0001pt 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">United
  States Plan</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">December&nbsp;31, 2008</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="27%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">December&nbsp;31, 2009</font></p>
  </td>
 </tr>
</table>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">The December&nbsp;31, 2009 valuation will be filed in
mid-2010.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The defined
benefit pension plan costs have been determined based on management&#146;s best
estimates and assumptions of the rate of return on pension plan assets, rate of
salary increases and various other factors including mortality rates,
terminations and retirement ages.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-style:italic;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;font-weight:bold;">Defined Contribution Plans</font></i></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Contributions
are generally based on the employee&#146;s age, years of service and remuneration.
For defined contribution plans, benefit costs equal amounts required to be
contributed by the Company.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-style:italic;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;font-weight:bold;">Post-employment Benefits Other
than Pensions</font></i></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">OPEB
primarily include supplemental health, dental, health spending account and life
insurance coverage for qualifying retired employees.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">DEFINED
BENEFIT PLANS</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The
following tables detail the changes in the benefit obligation, the fair value
of plan assets and the recorded asset or liability for the Company&#146;s defined
benefit pension plans and OPEB plans using the accrual method.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">52<a name="PB_52_164359_3020"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

</div>
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<div style="font-family:Arial;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="20%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.5%;">
  <p style="margin:0in .05in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Pension Benefits</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="20%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.5%;">
  <p align="center" style="margin:0in .05in .0001pt 0in;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">OPEB</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Change in Accrued Benefit
  Obligation</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Benefit obligation at beginning of year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,075</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,100</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">179</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">183</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Service cost</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">53</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">53</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">5</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Interest cost</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">71</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">65</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">11</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">11</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Amendments</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(4)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Employees&#146; contributions</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Actuarial gain</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(13)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(125)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(1)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(27)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Benefits paid</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(51)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(46)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(8)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(7)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Effect of foreign exchange rate changes</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(16)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">32</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(16)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">13</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Benefit obligation at end of year</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,119</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,075</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">170</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">179</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Change in Plan Assets</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Fair value of plan assets at beginning of year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,141</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,310</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">46</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">48</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Actual return on plan assets</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">51</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(180)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">6</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(12)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Employer&#146;s contributions</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">44</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">33</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">9</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">8</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Employees&#146; contributions</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Benefits paid</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(51)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(46)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(8)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(7)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(1)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(1)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(8)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Effect of foreign exchange rate changes</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(17)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">25</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(8)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">8</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Fair value of plan assets at end of year</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,167</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,141</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">38</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">46</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Funded Status</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Benefit obligation</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(1,119)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(1,075)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(170)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(179)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Fair value of plan assets</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,167</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,141</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">38&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">46</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Overfunded/(Underfunded) status at end of year</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">48</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">66</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(132)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(133)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Contribution after measurement date</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">14</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Unamortized prior service cost</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">6</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">7</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Unamortized transitional obligation/(asset)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(13)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(15)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">9</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">11</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Unamortized net loss</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">161</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">167</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">12</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">24</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Net amount recognized on an accrual basis at end of
  year </font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">216</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">227</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(110)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(97)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Adjustment to cash basis for amounts in EGD</font><font size="1" face="Arial" style="font-size:8.0pt;position:relative;top:-4.0pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(157)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">75</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Net amount recognized in the Consolidated Statement<br>
  of Financial Position at end of year</font><font size="1" face="Arial" style="font-size:8.0pt;position:relative;top:-4.0pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">216</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">70</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(110)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(22)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Presented as follows:</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Deferred Amounts and Other </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 12)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">216</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">70</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other Long-Term Liabilities </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(Note 18)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(110)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(22)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Prior to January&nbsp;1, 2009, the Company recognized
pension benefit costs related to its regulated EGD pension plan on the cash
basis. As a result, this amount was not recognized in the Consolidated
Statements of Financial Position (Note 3).</font></p>

<p align="center" style="margin:0in 0in .0001pt .25in;text-align:center;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">53<a name="PB_53_165208_5335"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The
weighted average assumptions made in the measurement of the projected benefit
obligations of the pension plans and OPEB are as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Pension Benefits</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">OPEB</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:34.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Year ended December&nbsp;31,</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2007&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2007&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:34.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Discount rate</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">6.46%</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6.59<b>%</b></font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5.65<b>%</b></font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">6.28%</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6.42<b>%</b></font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5.71<b>%</b></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:34.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Average rate of salary increases</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3.73%</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5.00<b>%</b></font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5.00<b>%</b></font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Net Benefit Costs Recognized</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Pension Benefits</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">OPEB</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:34.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Year ended December&nbsp;31,</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2007&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2007&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:34.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Benefits earned during the year</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">53&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">53&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">47&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Interest cost on projected benefit</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">obligations</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">71&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">65&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">58&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">11&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">11&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">10&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Actual return on plan assets</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(51)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">180&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(105)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(6)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">12&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Difference between actual and</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">expected return on plan assets</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(27)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(273)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">20&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(15)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Amortization of prior service costs</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Amortization of transitional obligation</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(2)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Amortization of actuarial loss</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">21&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">12&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:34.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Amount charged to EEP</font><font size="1" face="Arial" style="font-size:8.0pt;position:relative;top:-4.0pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(20)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(8)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(7)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(5)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(3)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:34.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Net defined benefit costs on an accrual</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:34.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">basis</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">47&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">21&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">25&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">9&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">12&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">12&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:34.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Adjustment to cash basis for amounts</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">in EGD</font><font size="1" face="Arial" style="font-size:8.0pt;position:relative;top:-4.0pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(3)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(1)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:34.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Defined contribution benefit costs</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:34.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Net benefit cost recognized in the</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:34.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Consolidated Statements of Earnings</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">51&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">22&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">28&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">9&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">18&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">18&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">1&#160;&#160;&#160;&#160;&#160; EEP does
not have employees and uses the services of the Company for managing and
operating its businesses. EEP is charged an amount, measured at cost, for
pension benefits and OPEB.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">2&#160;&#160;&#160;&#160;&#160; Prior to January&nbsp;1,
2009, the Company recognized pension benefit costs related to its regulated EGD
pension plan on the cash basis (Note 3).</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The
weighted average assumptions made in the measurement of the cost of the pension
plans and OPEB are as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Pension Benefits</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">OPEB</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:34.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Year ended December&nbsp;31,</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2007&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2007&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:34.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Discount rate</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">6.59%</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5.65%</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5.27%</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">6.42%</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5.71%</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5.37%</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Average rate of return on pension plan</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">assets</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">7.30%</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">7.30%</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">7.31%</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">6.09%</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6.00%</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4.50%</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:34.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Average rate of salary increases</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">5.00%</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5.00%</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5.00%</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">MEDICAL
COST TRENDS</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The
assumed rates for the next year used to measure the expected cost of benefits
are as follows:</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">54<a name="PB_54_165208_5796"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='54',FILE='C:\JMS\jkarthi\10-3715-1\task3938688\3715-1-mw-25.htm',USER='105429',CD='Feb 19 16:55 2010' -->


<br clear="all" style="page-break-before:always;">


<div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="29%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:29.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Medical Cost Trend Rate<br>
  Assumption for Next<br>
  Fiscal Year</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Ultimate Medical Cost<br>
  Trend Rate Assumption</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Year in which Ultimate<br>
  Medical Cost Trend Rate<br>
  Assumption is Achieved</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="29%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:29.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Canadian Plans</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:21.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:20.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:21.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="29%" valign="bottom" style="padding:0in 0in 0in 0in;width:29.5%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Drugs</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">9.4%</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4.5%</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2029</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="29%" valign="bottom" style="padding:0in 0in 0in 0in;width:29.5%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other Medical and Dental</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4.5%</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4.5%</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2009</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="29%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:29.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">United States Plan</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">8.0%</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4.5%</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2029</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">A 1%
increase in the assumed medical and dental care trend rate would result in an
increase of $23 million in the accumulated post-employment benefit obligations
and an increase of $2 million in benefit and interest costs. A 1% decrease in the assumed medical and
dental care trend rate would result in a decrease of $19 million in the accumulated post-employment
benefit obligations and a decrease of $2 million in benefit and interest costs.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">PLAN ASSETS</font></b></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Major Categories of Plan Assets</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Plan assets are invested in a diversified manner, primarily in readily
marketable investments including equity and fixed income securities.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">As at December&nbsp;31, 2009, the pension benefits assets were invested
54.7% (2008 - 57.3%) in equity securities, 34.0% (2008 - 35.1%) in fixed income
securities and 11.3% (2008 - 7.6%) in other. The OPEB assets were invested
60.5% (2008 - 58.0%) in equity securities and 39.5% (2008 - 42.0%) in fixed
income securities.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="58%" valign="bottom" style="padding:0in 0in 0in 0in;width:58.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="39%" colspan="7" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:39.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">December&nbsp;31, 2009</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="58%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:58.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Level 1</font><font size="1" face="Arial" style="font-size:8.0pt;position:relative;top:-4.0pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Level 2</font><font size="1" face="Arial" style="font-size:8.0pt;position:relative;top:-4.0pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Level 3</font><font size="1" face="Arial" style="font-size:8.0pt;position:relative;top:-4.0pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Total</font></p>
  </td>
 </tr>
 <tr>
  <td width="58%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:58.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Pension Benefits:</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <td width="58%" valign="bottom" style="padding:0in 0in 0in 0in;width:58.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Cash and cash equivalents</font></p>
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  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">65</font></b></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">65</font></b></p>
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  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Fixed income securities:</font></p>
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  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <td width="58%" valign="bottom" style="padding:0in 0in 0in 0in;width:58.0%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Canadian government bonds</font></p>
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  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">82</font></b></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">82</font></b></p>
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  <td width="58%" valign="bottom" style="padding:0in 0in 0in 0in;width:58.0%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Corporate bonds and debentures</font></p>
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  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4</font></b></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4</font></b></p>
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  <td width="58%" valign="bottom" style="padding:0in 0in 0in 0in;width:58.0%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Canadian corporate bond index fund</font></p>
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  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">131</font></b></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">131</font></b></p>
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  <td width="58%" valign="bottom" style="padding:0in 0in 0in 0in;width:58.0%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Canadian government bond index fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">137</font></b></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">137</font></b></p>
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  <td width="58%" valign="bottom" style="padding:0in 0in 0in 0in;width:58.0%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">United States debt index fund</font></p>
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  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">43</font></b></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">43</font></b></p>
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  <td width="58%" valign="bottom" style="padding:0in 0in 0in 0in;width:58.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Equity:</font></p>
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  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <td width="58%" valign="bottom" style="padding:0in 0in 0in 0in;width:58.0%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Canadian equity securities</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">150</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">150</font></b></p>
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 </tr>
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  <td width="58%" valign="bottom" style="padding:0in 0in 0in 0in;width:58.0%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Canadian equity funds</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">89</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">89</font></b></p>
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  <td width="58%" valign="bottom" style="padding:0in 0in 0in 0in;width:58.0%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">United States equity funds</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">117</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">117</font></b></p>
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  <td width="58%" valign="bottom" style="padding:0in 0in 0in 0in;width:58.0%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Global equity funds</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">127</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">117</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">244</font></b></p>
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  <td width="58%" valign="bottom" style="padding:0in 0in 0in 0in;width:58.0%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Private equity investment</font><font size="1" face="Arial" style="font-size:8.0pt;position:relative;top:-4.0pt;">4</font></p>
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  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">37</font></b></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">37</font></b></p>
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  <td width="58%" valign="bottom" style="padding:0in 0in 0in 0in;width:58.0%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Exchange-traded foreign currency derivatives</font></p>
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  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1</font></b></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1</font></b></p>
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  <td width="58%" valign="bottom" style="padding:0in 0in 0in 0in;width:58.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other:</font></p>
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  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="58%" valign="bottom" style="padding:0in 0in 0in 0in;width:58.0%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Refundable taxes receivable</font><font size="1" face="Arial" style="font-size:8.0pt;position:relative;top:-4.0pt;">5</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">62</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">62</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="58%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:58.0%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other net receivables/(payables)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">5</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="58%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:58.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">864</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">199</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">99</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,167</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="58%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:58.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">OPEB:</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="58%" valign="bottom" style="padding:0in 0in 0in 0in;width:58.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Fixed income securities:</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="58%" valign="bottom" style="padding:0in 0in 0in 0in;width:58.0%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">United States government and government agency
  bonds</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">15</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">15</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="58%" valign="bottom" style="padding:0in 0in 0in 0in;width:58.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Equity:</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="58%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:58.0%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Global equity funds</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">23</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">23</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="58%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:58.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">23</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">15</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">38</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">1&#160;&#160;&#160;&#160;&#160; Level 1
assets include assets with quoted prices in active markets for identical
assets.</font></p>

<p align="center" style="margin:0in 0in .0001pt .25in;text-align:center;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt .25in;text-align:center;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">55<a name="PB_55_165208_2897"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">2&#160;&#160;&#160;&#160;&#160; Level 2
assets include assets with significant observable inputs.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">3&#160;&#160;&#160;&#160;&#160; Level 3
assets include assets with significant unobservable inputs.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">4&#160;&#160;&#160;&#160;&#160; The fair
value of the investment in United States Limited Partnership &#150; Global
Infrastructure Fund is established through the use of valuation models.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">5&#160;&#160;&#160;&#160;&#160; The fair
value of refundable taxes receivable approximates carrying value due to the
nature of the receivable and the short period to maturity.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Changes in
the net fair value of plan assets classified as Level 3 in the fair value
hierarchy were as follows.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="67%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:67.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Private Equity<br>
  Investment</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Refundable Taxes<br>
  Receivable</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:67.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Balance at beginning of year</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">19</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">55</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="bottom" style="padding:0in 0in 0in 0in;width:67.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Total gains/(losses), unrealized</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(2)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:67.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Purchases, issuances, settlements</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">20</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">7</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:67.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Balance at end of year</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">37</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">62</font></b></p>
  </td>
 </tr>
</table>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company manages the investment
risk of its pension funds by setting a long-term asset mix policy for each plan
after consideration of: (i)&nbsp;the nature of pension plan liabilities; (ii)&nbsp;the
investment horizon of the plan; (iii)&nbsp;the going concern and solvency
funded status and cash flow requirements of the plan; (iv)&nbsp;the operating
environment and financial situation of the Company and its ability to withstand
fluctuations in pension contributions; and (v)&nbsp;the future economic and
capital markets outlook with respect to investment returns, volatility of
returns and correlation between assets. The overall expected rate of return is
based on the asset allocation targets with estimates for returns on equity and
debt securities based on long-term expectations.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Target
Mix for Plan Assets</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="41%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:41.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Liquids Pipelines<br>
  Pension Plan</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Natural Gas Delivery<br>
  and Services<br>
  Pension Plan</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge United<br>
  States Pension Plan</font></p>
  </td>
 </tr>
 <tr>
  <td width="41%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:41.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Equity securities</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">62.5%</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:18.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">52.5%</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:18.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">57.5%</font></p>
  </td>
 </tr>
 <tr>
  <td width="41%" valign="bottom" style="padding:0in 0in 0in 0in;width:41.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Fixed income securities</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">32.5%</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">42.5%</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">37.5%</font></p>
  </td>
 </tr>
 <tr>
  <td width="41%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:41.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5.0%</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5.0%</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5.0%</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Expected
Rate of Return on Plan Assets</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="59%" valign="bottom" style="padding:0in 0in 0in 0in;width:59.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Pension Benefits</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">OPEB</font></p>
  </td>
 </tr>
 <tr>
  <td width="59%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:59.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Year ended December&nbsp;31,</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="59%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:59.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Canadian Plans</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">7.25%</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">7.25%</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">6.00%</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6.00%</font></p>
  </td>
 </tr>
 <tr>
  <td width="59%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:59.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">United States Plan</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">7.75%</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">7.75%</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">6.00%</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6.00%</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">PLAN
CONTRIBUTIONS BY THE COMPANY</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="59%" valign="bottom" style="padding:0in 0in 0in 0in;width:59.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Pension Benefits</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">OPEB</font></p>
  </td>
 </tr>
 <tr>
  <td width="59%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:59.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Year ended December&nbsp;31,</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="59%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:59.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Total contributions</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">44</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">33</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">9</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">8&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="59%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:59.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Contributions expected to be paid in 2010</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">66</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">8</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">BENEFITS
EXPECTED TO BE PAID BY THE COMPANY</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="38%" valign="bottom" style="padding:0in 0in 0in 0in;width:38.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="38%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Year ended December&nbsp;31,</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2010</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2011</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2012</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2013</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2014</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2015-2019</font></p>
  </td>
 </tr>
 <tr>
  <td width="38%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Expected future benefit payments</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">61</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">63</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">66</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">70</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">73</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">428&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">56<a name="PB_56_165208_3020"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">28.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">OTHER INVESTMENT INCOME</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Year ended December&nbsp;31,</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008<b>&nbsp;</b></font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2007<b>&nbsp;</b></font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Net foreign currency gains</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">444&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">43<b>&nbsp;</b></font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">26<b>&nbsp;</b></font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Allowance for equity funds used during
  construction (AEDC)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">135&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">59<b>&nbsp;</b></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">15<b>&nbsp;</b></font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Interest income on affiliate loans</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">38&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">34<b>&nbsp;</b></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">33<b>&nbsp;</b></font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Noverco preferred dividends income</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">15&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">16<b>&nbsp;</b></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">16<b>&nbsp;</b></font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Hurricane insurance recoveries</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">13&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-<b>&nbsp;</b></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">14<b>&nbsp;</b></font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">OCENSA investment income</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">6&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">23<b>&nbsp;</b></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">25<b>&nbsp;</b></font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Gain on reduction of EEP ownership interest</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">13<b>&nbsp;</b></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">34<b>&nbsp;</b></font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">27&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">10<b>&nbsp;</b></font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">32<b>&nbsp;</b></font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">678&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">198<b>&nbsp;</b></font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">195<b>&nbsp;</b></font></p>
  </td>
 </tr>
</table>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">29.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">CHANGES IN OPERATING ASSETS AND LIABILITIES</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
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  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
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  <td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Year ended December&nbsp;31,</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2007</font></p>
  </td>
 </tr>
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  <td width="65%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Accounts receivable and other</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">76&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">186<b>&nbsp;</b></font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(492)</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Inventory</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">99&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(135)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">160<b>&nbsp;</b></font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Deferred amounts and other assets</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(349)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">95<b>&nbsp;</b></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(135)</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Accounts payable and other</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">134&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(115)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">415</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Interest payable</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">9<b>&nbsp;</b></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(6)</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other long-term liabilities</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">281&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(66)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">62</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">243&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(26)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4<b>&nbsp;</b></font></p>
  </td>
 </tr>
</table>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">30.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">RELATED PARTY TRANSACTIONS</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">All related party transactions are provided in the normal course of
business and, unless otherwise noted, measured at the exchange amount, which is
the amount of consideration established and agreed to by the related parties.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EEP, an equity investee, does not have employees and uses the services
of the Company for managing and operating its businesses. Vector Pipeline, a
joint venture, contracts the services of Enbridge to operate the pipeline.
Amounts for these services, which are charged at cost in accordance with
service agreements, are as follows.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Year ended December&nbsp;31,</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008<b>&nbsp;</b></font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2007<b>&nbsp;</b></font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EEP</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">342&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">302<b>&nbsp;</b></font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">267<b>&nbsp;</b></font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Vector Pipeline</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">6&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6<b>&nbsp;</b></font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5<b>&nbsp;</b></font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">348&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">308<b>&nbsp;</b></font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">272<b>&nbsp;</b></font></p>
  </td>
 </tr>
</table>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">At December&nbsp;31, 2009, the Company has accounts receivable of $38
million (2008 - $41 million) from EEP and $1 million (2008 - $1 million) from
Vector Pipeline.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company has provided EEP with an unsecured revolving credit
agreement for general liquidity support. The credit facility provides for a
maximum principle amount of US$500 million for a three-year term maturing in December&nbsp;2010.
At December&nbsp;31, 2009 and 2008, there were no amounts outstanding on this
facility.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EGD, a subsidiary of the Company, has contracts for gas transportation
services from Alliance Pipeline Canada and US and Vector Pipeline. EGD is charged
market prices for these services as follows.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">57<a name="PB_57_165635_141"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in 3.0pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Year ended December&nbsp;31,</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008<b>&nbsp;</b></font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2007<b>&nbsp;</b></font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Alliance Pipeline Canada</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">24&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">24<b>&nbsp;</b></font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">21&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Alliance Pipeline US</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">18&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">17<b>&nbsp;</b></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">15&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Vector Pipeline</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">29&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">27<b>&nbsp;</b></font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">25&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">71&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">68<b>&nbsp;</b></font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">61&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge Gas Services (US) Inc., a subsidiary of the Company, purchases
and sells gas at prevailing market prices with Enbridge Marketing (US) Inc., a
subsidiary of EEP. Amounts charged/(recovered) are as follows.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Year ended December&nbsp;31,</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008<b>&nbsp;</b></font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2007<b>&nbsp;</b></font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Purchases</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">16&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">52<b>&nbsp;</b></font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">43<b>&nbsp;</b></font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Sales</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(6)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(7)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(4)</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">10&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">45<b>&nbsp;</b></font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">39<b>&nbsp;</b></font></p>
  </td>
 </tr>
</table>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge Gas Services Inc. and Enbridge Gas Services (US) Inc.,
subsidiaries of the Company, have transportation commitments, measured at
market value, through 2015 on Alliance Pipeline Canada and Vector Pipeline.
Amounts charged are as follows.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Year ended December&nbsp;31,</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008<b>&nbsp;</b></font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2007<b>&nbsp;</b></font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Alliance Pipeline Canada</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">9&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">9<b>&nbsp;</b></font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">8<b>&nbsp;</b></font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Alliance Pipeline US</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">7&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">7<b>&nbsp;</b></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">7&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Vector Pipeline</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">16&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">16<b>&nbsp;</b></font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">16&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">32&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">32<b>&nbsp;</b></font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">31&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Tidal Energy Marketing Inc., a subsidiary of the Company, purchases and
sells commodities at prevailing market prices with EEP and a subsidiary of EEP
as follows.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Year ended December&nbsp;31,</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008<b>&nbsp;</b></font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2007<b>&nbsp;</b></font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Purchases</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">80&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">24<b>&nbsp;</b></font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5<b>&nbsp;</b></font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Sales</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(7)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(9)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(6)</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">73&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">15<b>&nbsp;</b></font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(1)</font></p>
  </td>
 </tr>
</table>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">CustomerWorks Limited Partnership (CustomerWorks), a joint venture,
provided customer care services to EGD under an agreement having a five-year
term which expired in 2007 and was not renewed. EGD was charged market prices
for these services. CustomerWorks also rented an automated billing system from
Enbridge Commercial Services Inc. (ECS), a subsidiary of the Company. Amounts
charged by/(to) CustomerWorks are as follows.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Year ended December&nbsp;31,</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008<b>&nbsp;</b></font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2007<b>&nbsp;</b></font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EGD</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-<b>&nbsp;</b></font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">26<b>&nbsp;</b></font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">ECS</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(2)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(2)</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(2)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">24<b>&nbsp;</b></font></p>
  </td>
 </tr>
</table>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">&nbsp;</font></p>

<p align="left" style="font-style:italic;margin:0in 0in .0001pt;text-align:left;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;font-weight:bold;">ALBERTA CLIPPER
PROJECT</font></i></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">In
July&nbsp;2009, the Company committed to fund 66.7% of the cost to construct
the United States segment of the Alberta Clipper Project. The total cost of the
United States segment, which is expected to be ready for</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">58<a name="PB_58_165635_7608"></a></font></p>

<div style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Arial;">

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">service
on April&nbsp;1, 2010, is estimated at US$1,300 million, with total
expenditures to date of US$900 million.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">The
Company is funding 66.7% of the project&#146;s equity requirements through EELP, an
equity investee. The Company has
provided a $282 million (US$270 million) loan to EEP for debt financing related
to the construction. At December&nbsp;31, 2009, this amount is included in Accounts Receivable and Other. The
loan, denominated in United States dollars, bears interest based on variable
short-term rates.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">In August&nbsp;2008, the Company transferred $23
million, measured at market value, of 36 inch diameter line pipe to EEP for use
in constructing the United States segment of the Alberta Clipper Project.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">SPEARHEAD NORTH PIPELINE</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">In
May&nbsp;2009, the Company sold a section of the Spearhead Pipeline to its
affiliate EEP for proceeds of US$75 million. This related party transaction has
been recorded at the exchange amount which was equal to the carrying amount.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">SOUTHERN LIGHTS PROJECT</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">In
February&nbsp;2009, as part of its Southern Lights Pipeline Project, the
Company transferred the United States section of a newly constructed light sour
pipeline to EEP in exchange for a pipeline referred to as Line 13. This
non-monetary transaction has been recorded at the carrying amount.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">In connection with the exchange discussed above, EEP
entered into an arrangement to lease Line 13 from the Company for monthly
payments of US$2 million to ensure adequate southbound pipeline capacity prior
to the completion of the Alberta Clipper Project. The lease arrangement was
effective in February 2009 and can be terminated at any time with written
notice.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-style:italic;margin:0in 0in .0001pt;text-align:left;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;font-weight:bold;">LONG-TERM RECEIVABLE FROM AFFILIATE</font></i></b></p>

<p align="left" style="font-size:10.0pt;font-style:italic;margin:0in 0in .0001pt;text-align:left;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;">The affiliate long-term note receivable of $</font></i><font style="font-style:normal;">159</font><font style="font-style:normal;">
million (US$130 million) as at December&nbsp;31, 2008, included in Deferred
Amounts and Other Assets, was repaid by EEP in November&nbsp;2009. Interes</font><font style="font-style:normal;">t income for the year ended
December&nbsp;31, 2009 related to the note receivable was $</font><font style="font-style:normal;">11</font><font style="font-style:normal;"> million (2008 - </font><font style="font-style:normal;">$12 million; 2007 - $10
million).</font></p>

<p align="left" style="font-style:italic;margin:0in 0in .0001pt;text-align:left;"><i><font size="2" face="Arial">&nbsp;</font></i></p>

<p style="font-family:Times New Roman;line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">31.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">COMMITMENTS AND CONTINGENCIES</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">COMMITMENTS</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company has signed
contracts for the purchase of services, pipe and other materials totaling $697
million which are expected to be paid within the next 5 years.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">ENBRIDGE GAS DISTRIBUTION INC.</font></b></p>

<p align="left" style="font-style:italic;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;font-weight:bold;">Bloor Street Incident</font></i></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EGD was charged under both
the Ontario Technical Standards and Safety Act (TSSA) and the Ontario
Occupational Health and Safety Act (OHSA) in connection with an explosion that
occurred on Bloor Street West in Toronto in April&nbsp;2003. In October&nbsp;2007,
all of the TSSA and OHSA charges laid against EGD were dismissed by the Ontario
Court of Justice. The decision has been appealed by the Crown to the Ontario
Superior Court of Justice and the appeal was heard by the Court during November&nbsp;and
December&nbsp;2009. The Court&#146;s decision has been reserved and EGD expects it
to be released in early 2010. EGD does not believe any fines that may be levied
would have a material financial impact on EGD.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EGD has also been
named as a defendant in a number of civil actions related to the explosion. All
significant civil actions have been settled without any material financial
impact on EGD. A Coroner&#146;s Inquest in connection with the explosion is also
possible.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">OTHER TAX MATTERS</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge
and its subsidiaries maintain tax liabilities related to uncertain tax positions.
While fully supportable in the Company&#146;s view, these tax positions, if
challenged by tax authorities, may not be fully sustained on review.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">OTHER LITIGATION</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company and its
subsidiaries are subject to various other legal and regulatory actions and
proceedings which arise in the normal course of business, including
interventions in regulatory proceedings and challenges to regulatory approvals
and permits by special interest groups. While the</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">59<a name="PB_59_165635_8146"></a></font></p>

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<div style="font-family:Arial;">

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">final outcome of such actions
and proceedings cannot be predicted with certainty, Management believes that
the resolution of such actions and proceedings will not have a material impact
on the Company&#146;s consolidated financial position or results of operations.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:Times New Roman;line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">32.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">GUARANTEES</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge
Energy Company,&nbsp;Inc. (EEC), a subsidiary of the Company and the general partner
of EEP,</font><font size="2" style="font-size:10.0pt;"> has agreed to
indemnify EEP from and against substantially all liabilities,</font><font size="2" style="font-size:10.0pt;">  </font><font size="2" style="font-size:10.0pt;">including liabilities relating to environmental
matters, arising from operations prior to the transfer of its pipeline
operations to EEP in 1991. This indemnification does not apply to amounts that
EEP would be able to recover in its tariff rates if not recovered through
insurance or to any liabilities relating to a change in laws after December&nbsp;27,
1991.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, in the event of default, EEC is
subject to recourse with respect to US$62 million of EEP&#146;s long-term debt at December&nbsp;31,
2009 (2008 - US$</font><font size="2" style="font-size:10.0pt;">93 </font><font size="2" style="font-size:10.0pt;">million).</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The
Company has also agreed to indemnify EEM for any tax liability related to EEM&#146;s
formation, management of EEP and ownership of i-units of EEP. The Company has
not made any significant payment under these tax indemnifications. The Company
does not believe there is a material exposure at this time.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">In
the normal course of conducting business, the Company enters into agreements
which indemnify third parties. The Company cannot reasonably estimate the
maximum potential amounts that could become payable to third parties under
these agreements; however, historically, the Company has not made any
significant payments under these indemnification provisions. While many of
these agreements may specify a maximum potential exposure, or a specified
duration to the indemnification obligation, there are circumstances where the
amount and duration are unlimited. Examples of such indemnification obligations
include the following.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">Sale
Agreements for Assets or Businesses:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">breaches of representations, warranties or covenants;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">loss or damages to property;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">environmental liabilities;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">changes in laws;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">valuation differences;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">litigation; and</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">contingent liabilities.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">Provision
of Services and Other Agreements:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">breaches of representations, warranties
or covenants;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">changes in laws;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">intellectual property rights infringement;
and</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">litigation.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">When disposing of assets or
businesses, the Company may indemnify the purchaser for certain tax liabilities
incurred while the Company owned the assets or for a misrepresentation related
to taxes that result in a loss to the purchaser. Similarly, the Company may
indemnify the purchaser of assets for certain tax liabilities related to those
assets.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">60<a name="PB_60_165635_7091"></a></font></p>

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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">33.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">UNITED STATES ACCOUNTING PRINCIPLES</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">These
consolidated financial statements have been prepared in accordance with
Canadian GAAP. The effects of significant differences between Canadian GAAP and
U.S. GAAP for the Company are described below.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">EARNINGS</font></b></p>

<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:4.0pt;font-style:italic;">&nbsp;</font></i></p>

<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars, except per share amounts)</font></i></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="69%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Year
  ended December&nbsp;31,</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2007</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Earnings
  under Canadian GAAP Applicable to Common Shareholders</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,555</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,321</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">700</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Earnings
  under Canadian GAAP</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,562</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,328</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">707</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Inventory valuation adjustment, net of tax</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(24)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Earnings attributable to non-controlling interests
  under Canadian GAAP</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">37</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">56</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">46</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Earnings as a result of consolidating EEP under U.S.
  GAAP</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">6</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">177</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">278</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">168</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Earnings
  under U.S. GAAP</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,752</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,662</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">921</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Attributable
  to</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge Inc.</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,538</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,328</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">707</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Non-controlling interests</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">214</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">334</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">214</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Earnings
  under U.S. GAAP</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,752</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,662</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">921</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Earnings
  per Common Share attributable to Enbridge Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4.71</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3.67</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1.97</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Diluted
  Earnings per Common Share attributable to Enbridge Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4.68</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3.64</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1.95</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">COMPREHENSIVE
  INCOME</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian
  dollars, except per share amounts)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Year
  ended December&nbsp;31,</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2007</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Earnings
  under U.S. GAAP</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,752</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,662</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">921</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other
  comprehensive income/(loss) under Canadian GAAP</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(576)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">318</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(197)</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Underfunded pension adjustment, net of tax</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">5</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(57)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">23</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other comprehensive income attributable to
  non-controlling interests under Canadian GAAP</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(72)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">101</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(92)</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other comprehensive income as a result of consolidating
  EEP under U.S. GAAP</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">6</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(62)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">241</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(81)</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Comprehensive
  income under U.S. GAAP</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,045</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,265</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">574</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Attributable
  to</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge Inc.</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">965</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,589</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">533</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Non-controlling interests</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">80</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">676</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">41</font></p>
  </td>
 </tr>
 <tr>
  <td width="69%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:69.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Comprehensive
  income under U.S. GAAP</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,045</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,265</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">574</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">61<a name="PB_61_170034_4141"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">FINANCIAL
POSITION</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="18%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:18.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian
  dollars)</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">United</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">United</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">December&nbsp;31,</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Canada</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">States</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Canada</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">States</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Assets</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Current
  Assets</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Cash and cash equivalents</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">2,6</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">327</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">478</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">542</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">961</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Accounts receivable and other</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">2,6</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,484</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,848</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,322</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,175</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Inventory</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">2,3,6</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">784</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">824</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">845</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">911</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3,595</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4,150</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,709</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5,047</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Property,
  Plant and Equipment, net</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">2,6</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">18,850</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">26,837</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">16,157</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">24,738</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Long-Term
  Investments</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">2,6</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,312</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">228</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,492</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">412</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Deferred
  Amounts and Other Assets</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">2,4,5,6</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,425</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,478</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,318</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,080</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Intangible
  Assets</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">6</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">488</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">575</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">458</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">334</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Goodwill</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">6</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">372</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">719</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">389</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">808</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Future
  Income Taxes</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">8</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">127</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">148</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">178</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">178</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">28,169</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">35,135</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">24,701</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">33,597</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Liabilities
  and Shareholders&#146; Equity</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Current
  Liabilities</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Short-term borrowings</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">508</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">508</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">874</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">874</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Accounts payable and other</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">2,6</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,463</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3,178</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,411</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,203</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Interest payable</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">6</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">104</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">151</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">102</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">143</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Current maturities of long-term debt</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">601</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">633</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">534</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">534</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Current maturities of non-recourse long-term debt</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">2,6</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">113</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">131</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">185</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">706</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3,789</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4,601</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4,106</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5,460</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Long-Term
  Debt</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">4,6</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">11,581</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">15,647</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">10,155</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">10,257</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Non-Recourse
  Long-Term Debt</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">2,6</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,393</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,399</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,474</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5,448</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other
  Long-Term Liabilities</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">2,5,6,9</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,207</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,311</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">259</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">398</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Future
  Income Taxes</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">2,4,5,6,8</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,211</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,147</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,291</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,014</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">20,181</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">25,105</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">17,285</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">23,577</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Non-Controlling
  Interests</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">1,6</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">727</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">797</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Shareholders&#146;
  Equity</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Share capital</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Preferred shares</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">125</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">125</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">125</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">125</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Common shares</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3,379</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3,379</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,194</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,194</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Contributed surplus</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">54</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">38</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Retained earnings</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">3</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4,400</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4,343</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,383</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,351</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Additional paid in capital</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">98</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">82</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Accumulated other comprehensive income/(loss)</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">4</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(543)</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(646)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">33</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(72)</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Reciprocal shareholding</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(154)</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(154)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(154)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(154)</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">7,261</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">7,145</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6,619</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6,526</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Total
  Enbridge Inc. Liabilities and Shareholders&#146; Equity</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">28,169</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">32,250</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">24,701</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">30,103</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Non-Controlling
  Interests</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">1,6</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,885</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,494</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">28,169</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">35,135</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">24,701</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 2.9pt .0001pt 0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">33,597</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">62<a name="PB_62_170034_8627"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 27.0pt;text-indent:-22.5pt;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Presentation of Non-Controlling Interests</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;"><font size="1" face="Arial" style="font-size:8.0pt;">Under
Canadian GAAP earnings attributable to non-controlling interests are presented
as part of earnings on the income statement and the non-controlling interest
balance is presented as a liability on the balance sheet. Under U.S. GAAP, the
earnings and retained earnings attributable to non-controlling interests are
presented as a separate component of equity.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;"><font size="1" face="Arial" style="font-size:8.0pt;">For the year
ended December&nbsp;31, 2009, $214 million (2008 - $334 million; 2007 - $214
million) of earnings are attributable to non-controlling interests.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;"><font size="1" face="Arial" style="font-size:8.0pt;">Included in
OCI for the year ended December&nbsp;31, 2009 is an unrealized loss on cash
flow hedges of $62 million (2008 - $241 million unrealized gain; 2007 - $81
million unrealized loss), a decrease in currency translation adjustment of $71
million (2008 - $81 million increase; 2007 - $61 million decrease) and an
after-tax change in OCI of $1 million (2008 - $20 million; 2007 - $31 million)
attributable to non-controlling interests.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 27.0pt;text-indent:-22.5pt;"><font size="1" face="Arial" style="font-size:8.0pt;">2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Accounting for Joint Ventures</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;"><font size="1" face="Arial" style="font-size:8.0pt;">Canadian GAAP
requires that investments in joint ventures are proportionately consolidated.
U.S. GAAP requires the Company&#146;s investments in joint ventures to be accounted
for using the equity method. However, under an accommodation of the United
States Securities and Exchange Commission, accounting for jointly controlled
investments need not be reconciled from Canadian to U.S. GAAP if the joint
venture is jointly controlled by all parties having an equity interest in the
entity. Joint ventures in which all owners do not share joint control are
reconciled to U.S. GAAP. The different accounting treatment affects only
presentation and classification and not earnings or shareholders&#146; equity.
Additional information related to the Company&#146;s investments in joint ventures
is included in Note 10, Joint Ventures.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 27.0pt;text-indent:-22.5pt;"><font size="1" face="Arial" style="font-size:8.0pt;">3</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Commodity Inventories Valuation</font></p>

<p style="font-family:Arial;margin:0in 0in .0001pt .25in;"><font size="1" face="Arial" style="font-size:8.0pt;">Under
Canadian GAAP commodity inventories are recorded at fair value. U.S. GAAP
requires that commodity inventories be recorded at the lower of cost or market.
For the year ended December&nbsp;31, 2009, lower of cost or market adjustments
resulted in a </font><font size="1" style="font-size:8.0pt;">$36
million decrease to inventory, a $12 million decrease to the future income tax
liability and a $24 million decrease to earnings. There were no lower of cost
or market adjustments related to commodity inventory valuation for the years
ended December&nbsp;31, 2008 and 2007.</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 27.0pt;text-indent:-22.5pt;"><font size="1" face="Arial" style="font-size:8.0pt;">4</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Transaction Costs</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="1" face="Arial" style="font-size:8.0pt;">Under Canadian GAAP transaction
costs arising from the issuance of debt are recorded in Long-Term Debt. For
U.S. GAAP, these costs are reclassified to Deferred Amounts and Other Assets.
As at December&nbsp;31, 2009, $98 million (2008 - $102 million) of transaction
costs were reclassified.</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 27.0pt;text-indent:-22.5pt;"><font size="1" face="Arial" style="font-size:8.0pt;">5</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Pension Funding Status</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;"><font size="1" face="Arial" style="font-size:8.0pt;">U.S. GAAP requires an employer to recognize the overfunded
or underfunded status of a defined benefit post retirement plan or OPEB plan as
an asset or liability and to recognize changes in the funded status in the
period in which they occur through comprehensive income while Canadian GAAP
does not require the recognition of the defined benefit post retirement plan or
OPEB plan funding status.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;"><font size="1" face="Arial" style="font-size:8.0pt;">Pension funding status adjustments resulted in an increase
in the net liability of $155 million (2008 - $159 million) for the underfunded
status of the plans, a decrease in future tax liability of $52 million (2008 -
$54 million) and an increase in accumulated other comprehensive loss of $103
million (2008 - $105 million) at December&nbsp;31, 2009.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .25in;text-align:left;text-indent:0in;"><font size="1" face="Arial" style="font-size:8.0pt;">Amounts
removed from OCI and recognized as components of the net pension and OPEB costs
in the year are as follows:</font></p>

<p align="left" style="margin:0in 0in .0001pt .25in;text-align:left;text-indent:0in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="96%" style="border-collapse:collapse;margin-left:.25in;width:96.66%;">
 <tr>
  <td width="63%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:63.76%;">
  <p style="margin:0in 0in .0001pt .1in;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2008</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2007</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:63.76%;">
  <p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:8.0pt;">Prior
  service cost</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.76%;">
  <p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:8.0pt;">Net
  transitional obligation</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(1)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1)</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:63.76%;">
  <p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:8.0pt;">Net
  loss</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">22</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:63.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">23</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .25in;text-align:left;text-indent:0in;"><font size="1" face="Arial" style="font-size:8.0pt;">Amounts
included in AOCI that have not yet been recognized as a component of net
periodic benefit cost are as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="96%" style="border-collapse:collapse;margin-left:.25in;width:96.66%;">
 <tr>
  <td width="63%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:63.76%;">
  <p style="margin:0in 0in .0001pt .1in;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2008</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2007</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:63.76%;">
  <p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:8.0pt;">Prior
  service cost</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">4</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">4</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.76%;">
  <p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:8.0pt;">Net
  transitional obligation</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(3)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(6)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(7)</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:63.76%;">
  <p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:8.0pt;">Accumulated
  net loss</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">107</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">110</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">52</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:63.76%;">
  <p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">108</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">105</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">49</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .25in;text-align:left;text-indent:0in;"><font size="1" face="Arial" style="font-size:8.0pt;">Net
amounts reflected in OCI for the year are as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="96%" style="border-collapse:collapse;margin-left:.25in;width:96.66%;">
 <tr>
  <td width="63%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:63.76%;">
  <p style="margin:0in 0in .0001pt .1in;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2008</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2007</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:63.76%;">
  <p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:8.0pt;">Unamortized
  prior service cost</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">3</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(3)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1)</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.76%;">
  <p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:8.0pt;">Unamortized
  transitional obligation</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">3</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:63.76%;">
  <p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:8.0pt;">Net
  loss/(gain)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(3)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">58</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(23)</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:63.76%;">
  <p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">3</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">56</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(23)</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">63<a name="PB_63_170034_7906"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='63',FILE='C:\JMS\jkarthi\10-3715-1\task3938688\3715-1-mw-29.htm',USER='105429',CD='Feb 19 17:02 2010' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .25in;text-align:left;text-indent:0in;"><font size="1" face="Arial" style="font-size:8.0pt;">The
Company estimates that approximately $15 million related to pension and OPEB
plans at December&nbsp;31, 2009 will be reclassified into earnings in the next
twelve months, as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="96%" style="border-collapse:collapse;margin-left:.25in;width:96.66%;">
 <tr>
  <td width="63%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:63.76%;">
  <p style="margin:0in 0in .0001pt .1in;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Pension <br>
  Benefits</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">OPEB</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:63.76%;">
  <p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:8.0pt;">Net
  transitional obligation</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(2)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(1)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.76%;">
  <p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:8.0pt;">Prior
  service costs</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:63.76%;">
  <p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:8.0pt;">Loss</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">14</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">15</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:63.76%;">
  <p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">13</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">15</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 27.0pt;text-indent:-22.5pt;"><font size="1" face="Arial" style="font-size:8.0pt;">6</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Consolidation of a Limited Partnership</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="1" face="Arial" style="font-size:8.0pt;">Under U.S. GAAP the Company is deemed
to have control of EEP and therefore consolidates its 27% interest in the
partnership, resulting in an increase to both assets and liabilities of $6,974
million at December&nbsp;31, 2009 (2008 - $8,248 million) and no recognition or
measurement changes to equity or earnings as at and for the year ended December&nbsp;31,
2009.</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 26.6pt;text-indent:-22.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">7</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Unrecognized Tax Benefits</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="96%" style="border-collapse:collapse;margin-left:.25in;width:96.66%;">
 <tr>
  <td width="74%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:74.84%;">
  <p style="margin:0in 0in .0001pt .1in;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:74.84%;">
  <p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:8.0pt;">Unrecognized
  Tax Benefits at beginning of year</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">13</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">61</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.84%;">
  <p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:8.0pt;">Gross
  increases for tax positions of current year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">5</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">33</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.84%;">
  <p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:8.0pt;">Gross
  increases for tax positions of prior years</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">6</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.84%;">
  <p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:8.0pt;">Gross
  decreases for tax positions of prior years</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(1)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(82)</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:74.84%;">
  <p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:8.0pt;">Changes
  in translation of foreign currency</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(1)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:74.84%;">
  <p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:8.0pt;">Unrecognized
  Tax Benefits at end of year</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">22</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">13</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt .25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;"><font size="1" face="Arial" style="font-size:8.0pt;">The unrecognized tax benefits at December&nbsp;31, 2009, if recognized,
would affect the Company&#146;s effective income tax rate. Gross increases in 2008
include a $32 million charge for the United States tax litigated matter, to
unrecognize all of the tax benefits. As an unfavourable court decision was
rendered in 2008, the full tax benefit balance of $65 was reversed and the
unrecognized benefits removed as reflected in 2008 gross decreases. The Company
does not anticipate further adjustments to the unrecognized tax benefits during
the next twelve months that would have a material impact on its consolidated
financial statements.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;"><font size="1" face="Arial" style="font-size:8.0pt;">The Company recognizes accrued interest and penalties related to
unrecognized tax benefits as a component of income tax expense. Income tax
expense for the year ended December&nbsp;31, 2009 includes $1 million (2008 -
$2 million) of interest. As at December&nbsp;31, 2009, interest and penalties
of $10 million (2008 - $9 million) have been accrued.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;"><font size="1" face="Arial" style="font-size:8.0pt;">The Company and its subsidiaries are subject to either Canadian federal
and provincial income tax, United States federal, state and local income tax,
or the relevant income tax in other international jurisdictions. The Company
has substantially concluded all Canadian federal and provincial income tax
matters for the years through 2002 and all returns are generally closed through
2004. Generally, all United States federal income tax returns and state and
local income tax returns are closed through 2005 for all tax matters with the
exception of the previously litigated matter. Various Canadian federal and
provincial income tax returns for 2006 and 2007 are currently under examination
by the Canada Revenue Agency.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 27.0pt;text-indent:-22.5pt;"><font size="1" face="Arial" style="font-size:8.0pt;">8</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Future Income Taxes</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;"><font size="1" face="Arial" style="font-size:8.0pt;">Under U.S.
GAAP, deferred income tax liabilities are recorded for rate-regulated
operations, which follow the taxes payable method for ratemaking purposes. As
these deferred income taxes are expected to be recoverable in future revenues,
a corresponding regulatory asset is also recorded. These assets and liabilities
are adjusted to reflect changes in enacted income tax rates. At December&nbsp;31,
2008, a deferred tax liability of $803 million was recorded for U.S. GAAP
purposes and reflects the difference between the carrying value and the tax
basis of property, plant and equipment. Effective January&nbsp;1, 2009, the
Canadian GAAP exemption which precluded rate regulated entities from
recognizing future income taxes was removed.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">9</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Indefinite Reversal
Rule</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;"><font size="1" face="Arial" style="font-size:8.0pt;">The Company
has not provided future taxes on the unremitted earnings of foreign investments
that the Company does not intend to repatriate in the foreseeable future. These
earnings relate to ongoing operations and as at December 31, 2009 were
approximately $460 million (2008 - $428 million).</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">NEW ACCOUNTING STANDARDS UNDER U.S. GAAP</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Fair Value Measurements</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In
September&nbsp;2006, the Financial Accounting Standards Board (FASB) issued a
statement that defines fair value, establishes a framework for measuring fair
value in the context of GAAP and expands the disclosure requirements
surrounding fair value measurement. In January&nbsp;2008, the FASB deferred the
implementation of this standard for all non-financial assets and non-financial
liabilities, except those that are recognized or disclosed at fair value in the
financial statements on a recurring basis, until January&nbsp;1, 2009. The
Company adopted this standard for those assets and liabilities recognized or
disclosed at fair value in the financial statements on a recurring basis as of January&nbsp;1,
2008 and the aspects of the standard for non-financial assets and liabilities
as of January&nbsp;1, 2009.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">64<a name="PB_64_170034_3736"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Business Combinations</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In
December&nbsp;2007, the FASB issued a revised statement related to business
combinations. This statement retains the fundamental requirements in the
original statement, requiring that the acquisition method of accounting be used
for all business combinations and for an acquirer to be identified for each
business combination. The statement revises how the acquisition method is
applied when measuring and recognizing certain items acquired. The Company
adopted this standard on January&nbsp;1, 2009.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Accounting for Non-Controlling Interests</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In
December&nbsp;2007, the FASB issued a statement related to the classification
of non-controlling interests in consolidated financial statements. The
statement requires non-controlling interests in subsidiaries to be reported as
equity on the Statement of Financial Position and requires comprehensive income
attributable to non-controlling interests to be disclosed. The standard only
impacts presentation and does not impact the recognition or measurement of amounts
related to non-controlling interests. The Company adopted this standard on January&nbsp;1,
2009.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Derivative Instrument and Hedging Activities Disclosures</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In
March&nbsp;2008, the FASB issued a statement revising disclosure requirements
for derivative instruments and hedging activities. The standard impacts
presentation only and does not impact the recognition or measurement of amounts
related to derivative instruments and hedging activities. The Company adopted
this standard on January&nbsp;1, 2009.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">FUTURE ACCOUNTING STANDARDS UNDER U.S. GAAP</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The
following standards will be effective for the Company beginning on January&nbsp;1,
2010. Management does not expect the adoption of any of these standards to
significantly impact the consolidated financial statements.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Consolidation of Variable Interest Entities</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In
June&nbsp;2009, the FASB issued a statement revising the existing statement on <i>Consolidation of Variable Interest Entities</i>. The revised
Statement focuses on a qualitative approach and requires the re-assessment of
existing arrangements on an on-going basis.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Accounting for Transfers of Financial Assets</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In
June&nbsp;2009, the FASB issued a statement amending the existing statement on <i>Transfers of Financial Assets and Extinguishments of Liabilities</i>.
The amended standard eliminates the qualifying special purpose entity concept,
imposes stricter sale criteria, revises the de-recognition criteria and
provides guidance on determining gains or losses when a transfer qualifies as a
sale.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">65<a name="PB_65_170034_9621"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

</div>
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<DOCUMENT>
<TYPE>EX-99.7
<SEQUENCE>8
<FILENAME>a10-3715_1ex99d7.htm
<DESCRIPTION>EX-99.7 MD&A OF THE REGISTRANT FOR THE YEAR ENDED DECEMBER 31, 2009 DATED FEBRUARY 18, 2010.
<TEXT>

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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">Exhibit 99.7</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-weight:bold;"><img width="218" height="62" src="g37151my01i001.jpg"></font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Arial" style="font-size:14.0pt;font-weight:bold;">ENBRIDGE INC.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="4" face="Arial" style="font-size:14.0pt;">&nbsp;</font></p>

<h1 align="center" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="4" face="Arial" style="font-size:14.0pt;font-weight:bold;">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></h1>

<h1 align="center" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><font size="4" face="Arial" style="font-size:14.0pt;">&nbsp;</font></h1>

<h1 align="center" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="4" face="Arial" style="font-size:14.0pt;font-weight:bold;">December&nbsp;31, 2009</font></b></h1>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">MANAGEMENT&#146;S
DISCUSSION AND ANALYSIS</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">This
Management&#146;s Discussion and Analysis (MD&amp;A) dated February&nbsp;18, 2010
should be read in conjunction with the audited consolidated financial
statements and notes thereto of Enbridge Inc. (Enbridge or the Company) for the
year ended December&nbsp;31, 2009, which are prepared in accordance with
Canadian generally accepted accounting principles (GAAP). All financial measures
presented in this MD&amp;A are expressed in Canadian dollars, unless otherwise
indicated. Additional information related to the Company, including its Annual
Information Form, is available on SEDAR at www.sedar.com.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="4" face="Arial" style="font-size:13.0pt;">OVERVIEW</font></b></h2>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge is a North
American leader in delivering energy. As a transporter of energy, Enbridge
operates, in Canada and the United States, the world&#146;s longest crude oil and
liquids transportation system. The Company also has a significant involvement
in the natural gas transmission and midstream businesses. As a distributor of
energy, Enbridge owns and operates Canada&#146;s largest natural gas distribution
company and provides distribution services in Ontario, Quebec, New Brunswick
and New York State. As a clean energy generator, Enbridge is expanding its
interests in renewable and green energy technologies, including wind and solar
energy, and hybrid fuel cells. Enbridge employs approximately 6,000 people,
primarily in Canada and the United States.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s activities are carried
out through four business segments, Liquids Pipelines, Natural Gas Delivery and
Services, Sponsored Investments and Corporate, as discussed below.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">LIQUIDS
PIPELINES</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Liquids Pipelines
includes the operation and construction of the Enbridge crude oil mainline system
and feeder pipelines that transport crude oil and other liquid hydrocarbons</font><font size="2" style="font-size:10.0pt;">. Liquids
Pipelines consists of crude oil, natural gas liquids (NGLs) and refined
products pipelines and terminals in Canada and the United States.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">NATURAL GAS DELIVERY AND SERVICES</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Natural Gas Delivery and Services consists of natural
gas utility operations, investments in natural gas pipelines, the Company&#146;s
commodity marketing businesses and international activities.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The core of the Company&#146;s natural gas utility
operations is Enbridge Gas Distribution Inc. (EGD) which serves residential,
commercial, industrial and transportation customers, primarily in central and
eastern Ontario as well as northern New York State. This business segment also
includes natural gas distribution activities in Quebec and New Brunswick.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Investments in natural gas pipelines include the
Company&#146;s interests in the United States portion of Alliance Pipeline (Alliance
Pipeline US), Vector Pipeline and transmission and gathering pipelines in the
Gulf of Mexico.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">This segment also includes the Company&#146;s investment in
Aux Sable, a natural gas fractionation and extraction business.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The commodity marketing businesses manage the
Company&#146;s volume commitments on Alliance and Vector Pipelines, as well as perform
commodity storage, transport and supply management services, as principal and
agent.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">SPONSORED INVESTMENTS</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Sponsored Investments includes the Company&#146;s 27%
ownership interest in Enbridge Energy Partners, L.P. (EEP), Enbridge&#146;s funding
of 66.7% of the United States segment of the Alberta Clipper Project through
EEP and Enbridge Energy, L.P. (EELP) and a 72% economic interest (41.9% voting
interest) in Enbridge Income Fund (EIF). Enbridge manages the day-to-day
operations and develops and assesses opportunities for each of these
investments, including both organic growth and acquisition opportunities.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">2<a name="PB_2_225335_7056"></a></font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EEP transports
crude oil and other liquid hydrocarbons through common carrier and feeder
pipelines and transports, gathers, processes and markets natural gas and NGLs.
EIF is a publicly traded income fund whose primary operations include a crude
oil and liquids pipeline and gathering system, a 50% interest in the Canadian
portion of Alliance Pipeline (Alliance Pipeline Canada) and partial interests
in several green energy investments.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">CORPORATE</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Corporate consists of new business
development activities as well as investing and financing activities, including
general corporate investments and financing costs not allocated to the business
segments. Corporate also includes the Company&#146;s investments in green energy
projects.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">PERFORMANCE
OVERVIEW</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="47%" valign="bottom" style="padding:0in 0in 0in 0in;width:47.0%;">
  <p style="margin:2.0pt 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="18%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
  <p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Three Months Ended<br>
  December&nbsp;31,</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.0%;">
  <p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="30%" colspan="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.0%;">
  <p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Year Ended<br>
  December&nbsp;31,</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.0%;">
  <p style="margin:2.0pt 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars,
  except per share amounts)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.0%;">
  <p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2007</font></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:47.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Earnings Applicable to Common Shareholders</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:3.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="bottom" style="padding:0in 0in 0in 0in;width:47.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Liquids
  Pipelines</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">141</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">102</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">445</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">328</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">287</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="bottom" style="padding:0in 0in 0in 0in;width:47.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Natural
  Gas Delivery and Services</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">96</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">143</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">635</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">958</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">344</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="bottom" style="padding:0in 0in 0in 0in;width:47.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Sponsored
  Investments</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">38</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">32</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">141</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">111</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">97</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Corporate</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">25</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(13</font></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">334</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(76</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(28</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:47.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">300</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">264</font></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:3.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,555</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,321</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">700</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="bottom" style="padding:0in 0in 0in 0in;width:47.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Earnings
  per Common Share</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">0.81</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">0.72</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4.27</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3.67</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1.97</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Diluted
  Earnings per Common Share</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">0.80</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">0.71</font></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4.25</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3.64</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1.95</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:47.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Adjusted Earnings</font></b><b><font size="1" face="Times New Roman" style="font-size:6.5pt;font-weight:bold;position:relative;top:-3.0pt;">1</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:3.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="bottom" style="padding:0in 0in 0in 0in;width:47.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Liquids
  Pipelines</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">141</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">106</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">454</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">332</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">286</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="bottom" style="padding:0in 0in 0in 0in;width:47.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Natural
  Gas Delivery and Services</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">84</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">90</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">289</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">302</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">324</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="bottom" style="padding:0in 0in 0in 0in;width:47.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Sponsored
  Investments</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">39</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">27</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">151</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">101</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">86</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Corporate</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(25</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(21</font></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(39</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(58</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(59</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:47.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">239</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">202</font></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:3.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">855</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">677</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">637</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Adjusted
  Earnings per Common Share</font><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-3.0pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">0.64</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">0.55</font></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2.35</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1.88</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1.79</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:47.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Cash Flow Data</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:3.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="bottom" style="padding:0in 0in 0in 0in;width:47.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Cash
  provided by operating activities</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">182</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">431</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,017</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,372</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,362</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="bottom" style="padding:0in 0in 0in 0in;width:47.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Cash
  used in investing activities</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(1,162</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(2,091</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(3,306</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(2,853</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(2,229</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Cash
  provided by financing activities</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">912</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,930</font></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,109</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,840</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">904</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:47.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Dividends</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:3.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="bottom" style="padding:0in 0in 0in 0in;width:47.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Common
  Share Dividends Declared</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">139</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">123</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">555</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">489</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">453</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Dividends
  Per Common Share</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">0.37</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">0.33</font></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1.48</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1.32</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1.23</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:47.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Revenues</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:3.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="bottom" style="padding:0in 0in 0in 0in;width:47.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Commodity
  Sales</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,491</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,116</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">9,720</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">13,432</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">9,536</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Transportation
  and other services</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">696</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">808</font></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,746</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,699</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,383</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3,187</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,924</font></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">12,466</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">16,131</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">11,919</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:47.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Total Assets</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">28,169</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">24,701</font></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:3.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">28,169</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">24,701</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">19,907</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Total Long-Term Liabilities</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">16,392</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">13,179</font></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">16,392</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">13,179</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">10,467</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Adjusted
earnings and adjusted earnings per common share are non-GAAP measures that do
not have any standardized meaning prescribed by GAAP. For more information on
non-GAAP measures see pages&nbsp;7 and 66.</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">3<a name="PB_3_225554_5335"></a></font></p>

<div style="line-height:normal;margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">EARNINGS APPLICABLE TO COMMON
SHAREHOLDERS</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Earnings applicable to common
shareholders for the three months ended December&nbsp;31, 2009 were $300
million, or $0.81 per common share, an increase of $36 million compared with
$264 million, or $0.72 per common share, for the three months ended
December&nbsp;31, 2008. The increase primarily resulted from allowance for
equity funds used during construction (AEDC) in Liquids Pipelines and EELP,
within Sponsored Investments, as well as a higher contribution from EEP, also
within Sponsored Investments. Other factors contributing to the increase
include favourable tax rate changes and net unrealized fair value gains on
derivative financial instruments used to risk manage foreign exchange
variability. These earnings increases were partially offset by decreased
earnings from Aux Sable due to unrealized derivative fair value losses of $25
million recognized in the fourth quarter of 2009 compared with similar gains of
$35 million recognized in the fourth quarter 2008.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Earnings applicable to common
shareholders were $1,555 million for the year ended December&nbsp;31, 2009, or
$4.27 per common share, compared with $1,321 million, or $3.67 per common
share, for the year ended December&nbsp;31, 2008. Included in earnings for the
year ended December&nbsp;31, 2009 was a $329 million gain related to the sale
of the Company&#146;s investment in Oleoducto
Central S.A (OCENSA) and a $25 million
gain related to the sale of NetThruPut (NTP). Earnings for the year ended
December&nbsp;31, 2008 included a gain of $556 million related to the sale of
the Company&#146;s investment in Compa&#241;&#237;a Log&#237;stica de Hidrocarburos CLH,
S.A. (CLH). Excluding the impact of these dispositions, earnings for the year
ended December&nbsp;31, 2009 were $436 million higher than for the year ended
December&nbsp;31, 2008. The increase in earnings resulted from similar factors
as for the three months results as well as unrealized foreign exchange gains on
the translation of foreign-denominated intercompany loans.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Earnings applicable to common
shareholders were $1,321 million for the year ended December&nbsp;31, 2008,
compared with $700 million for the year ended December&nbsp;31, 2007. The
increase in earnings resulted from AEDC in Liquids Pipelines, a higher
contribution from EGD and unrealized fair value gains on derivative financial
instruments in Aux Sable, Energy Services and Corporate, partially offset by
decreased earnings from International as the Company sold its interest in CLH
in the second quarter of 2008. Earnings for the year ended December&nbsp;31,
2008 also reflected a $556 million gain on the sale of CLH, partially offset by
the recognition of a $32 million income tax charge as a result of an
unfavourable court decision related to previously owned United States pipeline
assets.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">ADJUSTED EARNINGS</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Adjusted earnings were $239 million,
or $0.64 per common share, for the three months ended December&nbsp;31, 2009,
compared with $202 million, or $0.55 per common share, for the months ended
December&nbsp;31, 2008. Adjusted earnings were $855 million, or $2.35 per
common share, for the year ended December&nbsp;31, 2009, compared with $677
million, or $1.88 per common share, for the year ended December&nbsp;31, 2008.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The increase in adjusted earnings
for both the fourth quarter and full year primarily resulted from increased
contributions from a number of the Company&#146;s assets as follows:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">AEDC on both
Alberta Clipper (within Enbridge System and EELP) and Southern Lights Pipeline.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">An increased
contribution from EEP resulting from additional assets placed in service and
related tariff surcharges for recent expansions, the Company&#146;s increased
ownership interest and a more favourable exchange rate.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Increased
adjusted earnings from Enbridge Offshore Pipelines (Offshore) due to higher
volumes and a more favourable exchange rate.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Increased
adjusted earnings from Energy Services due to higher volumes and the impact of
realizing favourable storage and transportation margins.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 2.0in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">These increases were partially
offset by decreased earnings from International as a result of the sale of
OCENSA in the first quarter of 2009 and CLH in the second quarter of 2008.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Adjusted earnings for the year ended
December&nbsp;31, 2008 were $677 million, or $1.88 per common share, compared
with $637 million, or $1.79 per common share, for the year ended
December&nbsp;31, 2007. The $40 million, or $0.09 per common share, increase
was primarily a result of:</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">4<a name="PB_4_225939_2897"></a></font></p>

<div style="line-height:normal;margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">New
facilities within Liquids Pipelines as well as AEDC on Southern Lights Pipeline
and, within Enbridge System, on both Southern Access Mainline Expansion and
Alberta Clipper Project.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Increased
Aux Sable adjusted earnings due to strong fractionation margins.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Higher
incentive income and increased earnings at EEP primarily due to higher gas and
crude oil delivery volumes, tariff surcharges for recent expansions and a
greater ownership interest following an additional subscription of Class&nbsp;A
units in December&nbsp;2008.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Improved
earnings in Energy Services resulting from market conditions which enabled
higher margins to be captured on storage and transportation contracts as well
as increased transportation and storage volumes.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 2.0in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">These significant operating factors
that increased 2008 adjusted earnings were partially offset by decreased
earnings from International as a result of the sale of CLH in the second
quarter of 2008 and lost revenue from Offshore as a result of Hurricanes Gustav
and Ike.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">CASH FLOWS</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company increased cash generated
by operating activities each year from 2007 through 2009 on the success of its
growth projects and strong operating results, culminating with cash provided by
operating activities of $2,017 million for the year ended December&nbsp;31,
2009. Operating cash flow, together with cash provided by financing activities
and proceeds from the sale of an international investment in 2009, funded the
Company&#146;s ongoing growth initiatives in 2009, including capital expenditures of
$3,225 million.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">For the three months ended
December&nbsp;31, 2009, cash provided by operating and financing activities of
$182 million and $912 million, respectively, funded investing activities of
$1,162 million, which consisted primarily of capital expenditures. The decline
in additions to property, plant and equipment in the fourth quarter of 2009
compared with the fourth quarter of 2008 reflects the completion of several,
substantial construction projects that were under development in 2008,
including Southern Access Mainline Expansion, Line 4 Extension, Spearhead
Pipeline Expansion and Hardisty Terminal projects.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">DIVIDENDS</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company has paid, and
consistently increased, common share dividends since its public inception in
1953. Based on estimated 2010 dividends, the annual rate of increase has
averaged 10.3% since 2000 and 10.0% since inception. In December&nbsp;2009, the
Company announced a 15% increase in its quarterly dividend to $0.425 per common
share, or $1.70 annualized, effective March&nbsp;1, 2010. The Company&#146;s
dividend payout policy and ratio reflects a strong and stable long-term outlook
for its business. The Company continues to target a pay out of approximately
60% to 70% of adjusted earnings as dividends and, with the most recent dividend
increase, the 2010 pay out is expected to be near the midpoint of the range. In
2009, dividends paid per share were 63% of adjusted earnings per share (2008 </font><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="2" face="Arial" style="font-size:10.0pt;"> 70%, 2007 </font><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="2" face="Arial" style="font-size:10.0pt;"> 69%).</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The following chart shows dividends
per share for the last 10 years, as well as estimated dividends for 2010, based
on the quarterly dividend of $0.425 per common share declared by the Board of
Directors on December&nbsp;3, 2009.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="607" height="164" src="g37151my01i002.gif" alt="GRAPHIC"></font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">5<a name="PB_5_032449_7748"></a></font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">REVENUES</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company generates revenue from two primary sources:
commodity sales, and transportation and other services.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Commodity sales revenue is earned through the Company&#146;s
natural gas distribution and energy marketing activities and is subject to fluctuations
in commodity prices. While revenues generated by the natural gas distribution
business vary with the price of natural gas, earnings remain neutral due to the
pass through nature of these costs. Similarly, the impact of commodity prices
on revenues derived from the Company&#146;s energy marketing activities do not
directly impact earnings since commodity prices also affect input costs
associated with such activities. Commodity sales revenue for the year ended
December&nbsp;31, 2009 totaled $9,720 million compared with $13,432 million for
the year ended December&nbsp;31, 2008 and $9,536 for the year ended
December&nbsp;31, 2007. Commodity sales revenue totaled $2,491 million in the
fourth quarter of 2009, a 20% decline from the fourth quarter of 2008. Similar
trends were experienced in commodity costs over these same periods. The
period-over-period variances are primarily driven by natural gas and crude oil
commodity prices, both of which increased notably in 2008 over 2007, only to
experience subsequent declines in 2009 amidst global economic uncertainty.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Transportation and other services includes revenues derived
from the Company&#146;s liquids transportation and natural gas transmission
services, renewable energy generation and related services. Transportation and
other services revenue for the year ended December&nbsp;31, 2009 totaled $2,746
million compared with revenues of $2,699 million for the year ended
December&nbsp;31, 2008. Main contributors to this variance include:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Increased
contributions from Liquids Pipelines growth projects that entered service in
2009, including the Line 4 Extension, Spearhead Expansion, LSr Pipeline
(constructed in conjunction with the Southern Lights Pipeline Project) and
Hardisty Terminal projects.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Full year
contributions from Waupisoo Pipeline and Ontario Wind Project that entered
service at various stages throughout 2008.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Completion of the
Shenzi Lateral project within Offshore in April&nbsp;2009.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Unfavourable
variances in realized and unrealized gains and losses on derivative instruments
used to manage natural gas processing margins in Aux Sable.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Transportation and other services revenue for the three
months ended December&nbsp;31, 2009 was $696 million compared with $808 million
for the corresponding period of 2008. The decline is primarily due to variances
in realized and unrealized gains and losses on derivative instruments used to
manage natural gas processing margins in Aux Sable.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">For the year ended December&nbsp;31, 2008, transportation
and other services revenue increased 13% to $2,699 million compared with $2,383
million in 2007. Segment highlights include:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Revenues in
the Liquids Pipelines segment increased due to higher base tolls on Enbridge
System and the new Waupisoo Pipeline included in the Enbridge Regional Oil
Sands System.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Natural Gas
Delivery and Services transportation revenue included higher Alliance Pipeline
US tolls, the impact of Vector Pipeline expansion and revenues from Neptune
within Offshore.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">EIF revenue,
within Sponsored Investments, increased due to higher tolls at Alliance
Pipeline Canada and higher allowance oil revenue from the Saskatchewan System.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">FORWARD-LOOKING
INFORMATION</font></b></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-style:italic;">Forward-looking information, or
forward-looking statements, have been included in this MD&amp;A to provide the
Company&#146;s shareholders and potential investors with information about the
Company and its subsidiaries, including management&#146;s assessment of Enbridge&#146;s
and its subsidiaries&#146; future plans and operations. This information may not be
appropriate for other purposes. Forward-looking statements are typically
identified by words such as &#145;&#145;anticipate&#146;&#146;, &#145;&#145;expect&#146;&#146;, &#145;&#145;project&#146;&#146;,
&#145;&#145;estimate&#146;&#146;, &#145;&#145;forecast&#146;&#146;, &#145;&#145;plan&#146;&#146;, &#145;&#145;intend&#146;&#146;, &#145;&#145;target&#146;&#146;, &#145;&#145;believe&#146;&#146; and
similar words suggesting future outcomes or statements regarding an outlook.
Forward-looking information or statements included or incorporated by reference
in this document include, but are not limited to, statements with respect to:
expected earnings or adjusted earnings; expected earnings or adjusted earnings
per share; expected costs related to </font></i></p>

<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">6<a name="PB_6_044243_7091"></a></font></p>

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<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-style:italic;">projects under construction; expected
in-service dates for projects under construction; expected capital
expenditures; and estimated future dividends.</font></i></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-style:italic;">Although Enbridge believes that these
forward-looking statements are reasonable based on the information available on
the date such statements are made and processes used to prepare the
information, such statements are not guarantees of future performance and
readers are cautioned against placing undue reliance on forward-looking
statements. By their nature, these statements involve a variety of assumptions,
known and unknown risks and uncertainties and other factors, which may cause
actual results, levels of activity and achievements to differ materially from
those expressed or implied by such statements. Material assumptions include
assumptions about: the expected supply and demand for crude oil, natural gas
and natural gas liquids; prices of crude oil, natural gas and natural gas
liquids; expected exchange rates; inflation; interest rates; the availability
and price of labour and pipeline construction materials; operational
reliability; customer project approvals; maintenance of support and regulatory
approvals for the Company&#146;s projects; anticipated in-service dates; and
weather. Assumptions regarding the expected supply and demand of crude oil,
natural gas and natural gas liquids, and the prices of these commodities, are
material to and underlay all forward-looking statements. These factors are
relevant to all forward-looking statements as they may impact current and
future levels of demand for the Company&#146;s services. Similarly, exchange rates,
inflation and interest rates impact the economies and business environments in
which the Company operates, may impact levels of demand for the Company&#146;s
services and cost of inputs, and are therefore inherent in all forward-looking
statements. Due to the interdependencies and correlation of these macroeconomic
factors, the impact of any one assumption on a forward-looking statement cannot
be determined with certainty, particularly with respect to expected earnings or
adjusted earnings and associated per share amounts, or estimated future
dividends.&#160; The most relevant assumptions
associated with forward-looking statements on projects under construction,
including estimated in-service dates, and expected capital expenditures
include: the availability and price of labour and pipeline construction
materials; the effects of inflation and foreign exchange rates on labour and
material costs; the effects of interest rates on borrowing costs; and the
impact of weather and customer and regulatory approvals on construction
schedules.</font></i></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-style:italic;">Enbridge&#146;s forward-looking statements are
subject to risks and uncertainties pertaining to operating performance,
regulatory parameters, project approval and support, weather, economic and
competitive conditions, exchange rates, interest rates, commodity prices and
supply and demand for commodities, including but not limited to those risks and
uncertainties discussed in this MD&amp;A and in the Company&#146;s other filings
with Canadian and United States securities regulators. The impact of any one
risk, uncertainty or factor on a particular forward-looking statement is not
determinable with certainty as these are interdependent and Enbridge&#146;s future
course of action depends on management&#146;s assessment of all information
available at the relevant time. Except to the extent required by law, Enbridge
assumes no obligation to publicly update or revise any forward-looking
statements made in this MD&amp;A or otherwise, whether as a result of new
information, future events or otherwise. All subsequent forward looking
statements, whether written or oral, attributable to Enbridge or persons acting
on the Company&#146;s behalf, are expressly qualified in their entirety by these
cautionary statements.</font></i></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">NON-GAAP MEASURES</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This MD&amp;A
contains references to adjusted earnings/(loss), which represent earnings or
loss applicable to common shareholders adjusted for non-recurring or non-operating
factors on both a consolidated and segmented basis. These factors are
reconciled and discussed in the financial results sections for the affected
business segments. Management believes that the presentation of adjusted
earnings/(loss) provides useful information to investors and shareholders as it
provides increased transparency and predictive value. Management uses adjusted
earnings/(loss) to set targets, assess performance of the Company and set the
Company&#146;s dividend payout target. Adjusted earnings/(loss) and adjusted
earnings/(loss) for each of the segments are not measures that have a
standardized meaning prescribed by Canadian GAAP and are not considered GAAP
measures; therefore, these measures may not be comparable with similar measures
presented by other issuers. See NON-GAAP RECONCILIATIONS section for a
reconciliation of the GAAP and non-GAAP measures.</font></p>

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<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">7<a name="PB_7_044243_455"></a></font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">CORPORATE VISION
AND KEY OBJECTIVE</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge&#146;s
vision is to be the leading energy delivery company in North America. While the
Company may be viewed as having achieved elements of this vision, enhancing and
sustaining this position remains a continuing, long-term pursuit. The Company&#146;s
objective is to generate superior economic value for shareholders through
investing capital in a low-risk and disciplined manner. Consistently applied,
such stewardship could continue to generate attractive risk adjusted returns
and in turn, provide for consistent and growing dividend distributions and
related capital appreciation.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">CORPORATE STRATEGY</font></b></p>

<p style="margin:0in 0in .0001pt;page-break-after:auto;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In
support of its long-term vision, the Company employs several key strategies
that guide decision making across the enterprise. The Company&#146;s strategies
focus on:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 38.25pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">leveraging the strategic location of
its existing asset base;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 38.25pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">developing new platforms for growth
and diversification;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 38.25pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">focusing on execution and operating
excellence;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 38.25pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">maintaining financial strength and
flexibility; and</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 38.25pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">development of people, safety and
environmental stewardship and corporate social responsibility.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 38.25pt;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge&#146;s
strategy is reviewed annually with direction from its Board of Directors. The
Company continually assesses ways to generate value for shareholders, including
reviewing opportunities that may lead to acquisitions, dispositions or other
strategic transactions, some of which may be material. Opportunities are
screened, analyzed and must meet operating, strategic and financial benchmarks
before being pursued.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">STRENGTHENING OUR CORE BUSINESS</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The
Company has an established history of serving the North American transportation
needs of key crude oil and natural gas markets. The Company is focused on
adding value for customers and improving customers&#146; profitability. This focus
has aligned the Company with its customers and relevant supply and demand
fundamentals and has consistently formed a basis for the Company&#146;s strategy.
However, evolving supply and demand fundamentals and growing competition are
serving to create new opportunities and challenges within the Company&#146;s core
businesses. Amid this changing business environment, the Company is
strengthening its core business position and aggressively pursuing new
opportunities to expand and extend its current asset base.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Extending
the reach of the current asset base is a multi-faceted objective. Key
strategies within the Liquids Pipelines segment include regional pipeline
development, gathering system and storage infrastructure expansion and new
market access. Regional pipeline development primarily includes projects which
connect new oil sands lease production to existing hubs upstream of the
Canadian mainline. The commercial agreement and ongoing development activity
related to the Woodland Pipeline represents a recent success in realizing this
objective. The Company is working with several other oil sands customers in
developing further transportation options for other projects in the oil sands
region of northern Alberta. The Company is also expanding its gathering systems
in Saskatchewan and North Dakota which are strategically located to capture
increased production from the Bakken play. As transportation needs grow so too
do terminal and storage infrastructure requirements throughout the network, and
the Company&#146;s strategy will seek opportunities to provide additional capacity
in the Fort McMurray and Hardisty, Alberta regions as well as in the Cushing,
Oklahoma area. The Company continues to pursue opportunities to provide its
customers broader market access for Canadian bitumen and synthetic crudes and
provide new sources of supply for refiners. These efforts include leveraging
existing pipeline networks into additional United States markets as well as
developing the proposed Northern Gateway pipeline to provide access to markets
off the Pacific Coast of Canada.</font></p>

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<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">8<a name="PB_8_044243_4141"></a></font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The
fundamentals of the natural gas market in North America have been significantly
altered in recent years with the emergence of unconventional shale gas plays.
The Company&#146;s natural gas strategy includes expanding its footprint in these
emerging areas. Alliance Pipeline is well positioned to service the Montney
play in northeast British Columbia and is currently evaluating opportunities to
expand its service offerings in that area. Growth in the Haynesville shale in
northwest Louisiana will lend additional support to the Company&#146;s proposed
LaCrosse Pipeline. In addition to these onshore strategies, the Company
continues to pursue and win natural gas gathering expansion opportunities for
ultra-deep projects in the Gulf of Mexico which improve the risk and return
profile of its investment in this area.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">DEVELOPING NEW PLATFORMS FOR GROWTH AND DIVERSIFICATION</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The
development of new platforms to diversify and sustain long-term growth is an
important strategy for Enbridge. Renewable energy is a significant source of
potential new growth as government initiatives and changing social beliefs are
creating new opportunities to deliver green energy solutions with risk and
return characteristics consistent with Enbridge&#146;s low-risk business model.
Renewable energy projects can deliver stable cash flows and attractive returns
though the use of long-term power purchase agreements and fixed price
engineering, procurement and construction contracts. Renewable energy is also
an important part of Enbridge&#146;s corporate social responsibility strategies,
particularly with respect to greenhouse gases (GHG) and the environment.
Business development efforts in renewable energy are focused primarily on clean
power projects, including wind, solar, waste heat recovery and fuel cell
initiatives.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Similar
to renewable energy, carbon dioxide (CO</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:1.0pt;">2</font><font size="2" face="Arial" style="font-size:10.0pt;">) capture and
sequestration not only supports Enbridge&#146;s social investment strategy but also
represents a potentially significant investment opportunity, should the technology
prove viable.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The
Company&#146;s Pathfinding group will also continue to explore other longer-term
energy technologies and facilitate innovations to assist its customers and
sustain its favorable position.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">FOCUSING ON EXECUTION AND OPERATIONS</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Effective
project execution and management of operations is a critical component of
Enbridge&#146;s strategic plan. Operational excellence is particularly critical in
an environment where customers have become increasingly cost conscious,
competition in the Company&#146;s core business has intensified and environmental
stewardship has heightened.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Successful
execution of the existing slate of commercially secured projects is a
significant driver of Enbridge&#146;s near-term earnings and cash flow growth, and,
therefore, a strategic priority. Project execution is a core competency at
Enbridge and the Company continues to build upon its project management skills
and processes, primarily through the Major Projects support team which was
established in early 2008. Major Projects now manages projects above $50
million for all liquids, natural gas and renewable projects and continues to
deliver projects on time and on budget. Major Projects focuses on success
factors such as cost estimation, regulatory permitting, material and labour sourcing
and project governance. This competency is highly valued and represents another
Enbridge strength when competing for new business.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Cost
efficiency and operating performance is becoming an increasing driver of value
in a deregulated world with increased competition. Under the incentive programs
in place in certain of the Company&#146;s business units, rates and tolls, as well
as the Company&#146;s earnings, depend on cost and operating performance. Returns in
the Company&#146;s natural gas gathering and processing business are also directly
impacted by operating costs. Key initiatives within the business units to
manage costs include: upgrading management information and reporting systems;
rigorous cost tracking performance against relevant benchmarks; and implementing
best practice procurement strategies and enhanced &#147;change management&#148; processes
to ensure anticipated savings are realized from new programs.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Superior
service, safety and reliability are integral to Enbridge&#146;s customer value
proposition. As always, cost management initiatives are balanced with the safe
and reliable operation of the Company&#146;s system and the need to ensure ongoing
customer satisfaction. Throughout the organization, the Company is placing
increased emphasis on understanding customers and their decision processes, and
on regular </font></p>

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<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">9<a name="PB_9_044243_8627"></a></font></p>

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<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">measurement
and management of service quality.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">With
respect to safety, Enbridge strives to employ the best available practices and
technologies for integrity management, systems maintenance and operations in
order to mitigate risks to the public, our employees and the environment.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">PRESERVING FINANCIAL STRENGTH AND FLEXIBILITY</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Disciplined
capital management is a fundamental and company differentiating characteristic.
As an asset-intensive business, Enbridge creates value for its investors
through maximizing the spread between its return on invested capital and its
cost of funds. Enbridge&#146;s financial strategies ensure the Company has
sufficient liquidity to meet its capital requirements. To support this
objective, the Company develops financing plans and strategies to maintain and
improve Enbridge&#146;s credit ratings, diversify its funding sources and maintain
ready access to capital markets in both Canada and the United States.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">A
key tenet of the Company&#146;s low-risk business model is mitigation of exposure to
certain market price risks. As a result, the Company has developed a robust
risk management process which ensures earnings volatility from manageable risk
remains contained within the Company&#146;s approved guideline of 5% of adjusted
earnings. Enbridge will continue to proactively hedge interest rate, foreign
exchange and commodity price exposures. As well, the continued management of
counterparty credit risk remains an ongoing priority.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">ENVIRONMENTAL STEWARDSHIP AND CORPORATE SOCIAL RESPONSIBILITY</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge
has strong corporate social responsibility practices. Enbridge defines
corporate social responsibility as conducting business in a socially
responsible way, protecting the environment and the health and safety of
people, supporting human rights and engaging, respecting and supporting the
communities and cultures with which the Company works. Enbridge&#146;s complete 2009
Corporate Social Responsibility Report can be found at <u><font color="blue" style="color:blue;">www.enbridge.com/csr2009</font></u>. None of the
information contained on, or connected to, the Enbridge website is incorporated
or otherwise part of this MD&amp;A.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In
2009, the Company launched an enterprise-wide goal of achieving a neutral
environmental footprint by 2015. The goal consists of three key commitments:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">we will conserve an acre of natural
or wilderness land for every acre we permanently impact from the construction
of new facilities;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">we will plant a tree for every tree
we remove to build new facilities; and</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">we will generate a kilowatt of
renewable power, through our investments in renewable and alternative energy,
for each kilowatt of power consumed by our operations.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">To
achieve its neutral footprint goal, Enbridge will work with nature conservancies
in Canada and the United States to help purchase natural wilderness lands
throughout North America. The land that Enbridge conserves will be similar to
the areas that have been affected. The Company has also begun to plant trees.
To mark the Company&#146;s 60</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">th</font><font size="2" face="Arial" style="font-size:10.0pt;">&#160;anniversary, Enbridge planted more than 60,000
trees in 60 communities along its rights of way in Canada and the United
States.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge&#146;s
community investments are also noteworthy. The Company launched three major
community investment initiatives in 2009. School Plus, in partnership with the Assembly of First Nations,
provides financial support to enrichment programming and extra-curricular
activities in First Nations schools near major Enbridge rights of way; the Safe Community program serves to confirm
the priority Enbridge places on health and safety in our right-of-way
communities, by directly and visibly supporting those right-of-way
organizations who would respond to an emergency on one or more of our lines or
at one of our facilities; and, the Natural
Legacy program focuses on tree planting and specific environmental
initiatives in communities in proximity to our major rights of way.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">To
complement community investments in its Canadian and United States operating
areas, Enbridge will also exercise leadership in extending the benefits of
energy availability to underdeveloped countries. In 2009, Enbridge launched the
energy4everyone Foundation, which has applied to the Canadian Revenue </font></p>

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<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">10<a name="PB_10_044243_7906"></a></font></p>

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<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Agency
for charitable status, with a vision of empowering people and communities to
improve their own lives by providing energy to everyone. The Foundation aims to
leverage the expertise and resources of the Canadian energy industry to affect
significant enhancement in quality of life through the delivery and deployment
of affordable, reliable and sustainable energy services and technologies to
communities in need around the world.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<h4 style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="4" face="Arial" style="font-size:13.0pt;">INDUSTRY
FUNDAMENTALS</font></b></h4>

<h4 style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></b></h4>

<h4 style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Arial" style="font-size:10.0pt;">SUPPLY AND DEMAND FOR LIQUIDS</font></b></h4>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">North American liquids infrastructure fundamentals remain
favourable for the foreseeable future. The United States continues to be
reliant on imported crude oil to satisfy its needs. Western Canada has
surpassed both Mexico and Saudi Arabia to become the largest crude oil exporter
to the United States. Canada&#146;s oil sands, one of the largest oil reserves in
the world, are becoming an increasingly prominent source of supply. Combined
conventional and oil sands established reserves of approximately 174 billion
barrels compare with Saudi Arabia&#146;s proved reserves of approximately 260
billion barrels. The National Energy Board (NEB) estimates that total Western
Canadian Sedimentary Basin (WCSB) production averaged approximately 2.5 million
barrels per day (bpd) in 2009 (2008 - 2.4 million bpd; 2007 - 2.4 million bpd).
Other sources of supply growth include deepwater Gulf of Mexico, which is also
distant from market, and some of the shale plays like the Bakken in the
midcontinent.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In connection with the global economic downturn, crude oil
price weakness and volatility caused some crude oil producers to defer projects
that were planned to commence over the next decade. More recently, improved
macroeconomic conditions, higher oil prices and reduced development costs have
spurred a number of oil sands projects to be revisited and sanctioned; however,
a tempered rate of growth is expected in the near term relative to prior
forecasts. The Canadian Association of Petroleum Producers&#146; (CAPP)
June&nbsp;2009 growth case estimates indicate that future WCSB production is
expected to steadily increase to more than 3.6 million bpd by 2019. This
forecasted growth of 1.1 million bpd is attributed to increased oil sands
production in Alberta.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">While global demand for crude oil is expected to resume its
growth trajectory given the strength in emerging regions, North American demand
for crude oil in the next few years is expected to remain relatively flat.
Inventories of crude oil and refined product remain very high as influenced by
the recent economic downturn and the emergence of biofuels. Refining economics
have materially weakened over this period, contributing to the recent
announcements of a variety of marginal refinery closures. Most of these
closures are in regions that are not served by Enbridge infrastructure. Other
more profitable refineries are growing and have reconfiguration projects under
construction. Some of these refineries currently process Canadian crude and
some are preparing to. Accordingly, there remain meaningful growth
opportunities for Canadian crude oil into existing and new markets in the
United States.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">With the expected increase in heavy oil production in
western Canada, there is an increasing requirement for condensate (or similar
light commodity) to be used as a blending agent in order to transport these
high viscosity volumes to market. Condensate is a light hydrocarbon which is
conventionally a bi-product of natural gas production or NGLs fractionation.
Production of this commodity is decreasing in western Canada but with the
demand for diluents from heavy oil producers, there has been an increasing need
to import. Currently, volumes are transported via rail to Alberta from the
United States as well as from international sources via tankers and rail from
the West Coast. In mid-2010, Enbridge&#146;s Southern Lights condensate pipeline
will be in service bringing incremental volumes of condensate from the United
States to Alberta to meet producer&#146;s needs.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<h4 style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Arial" style="font-size:10.0pt;">SUPPLY AND
DEMAND FOR NATURAL GAS</font></b></h4>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Over the course of the last year the
North American gas industry has evolved meaningfully. Shale gas is proving to
be an enormous and wide spread resource that may alter continental gas flow
directions. With robust supplies of shale gas located in the lower 48 United
States, it may not be necessary to import large quantities of liquefied natural
gas (LNG) into North America as previously envisioned, and pipelines to access
northern gas may be deferred for many years. Growth expectations for shale gas
are so strong that the industry&#146;s greatest challenge now has transitioned to
how to sustain development by extending </font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">11<a name="PB_11_044243_3736"></a></font></p>

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<div>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">market demand.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Since the 1990s, production in the
Rocky Mountain region of the United States, primarily from tight shale gas, has
more than doubled to approximately 9 billion cubic feet per day (bcf/d). This
amount of growth will likely repeat over the next 12 to 15 years. Established
shale plays in the Midcontinent region such as the Barnett, Fayetteville and
Woodford, along with emerging plays such as Haynesville in northwest Louisiana
and Marcellus in Appalachia, have now become the continental gas development
hotspots. After seeing a decline in drilling rig activity in some of these
plays in the summer of 2009, activity in these regions has increased in recent
months with the prospect of higher future prices. This increased drilling could
contribute significantly to supply in 2010, extending the natural gas price
weakness seen in 2009.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Additional
shale plays exist throughout North America, such as the Horn River and Montney
in British Columbia and Utica shale in Quebec. Shale plays located closer to
populated markets, such as the Marcellus, are particularly notable in that they
require limited infrastructure to access premium prices. If market area shale
gas proves to be extensive, it may have a significant impact on the long haul
transport business, displacing supplies from distant basins and offloading
associated pipelines. On the other hand, opportunities abound for gathering,
processing and short haul connectivity.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">North American natural gas demand
contracted in 2009 as a direct impact of the recession. Industrial demand
weakened the most while low gas prices led to gas for coal substitution in
power generation, supporting gas demand in that sector. Following the
anticipated economic recovery, natural gas demand is expected to grow in all
sectors but gas-fired generation may lead the group as natural gas is expected
to be a preferred fuel in an increasingly carbon-conscious marketplace. While
gas fired generation growth will occur, it will be restricted for the next
several years as coal projects already under construction enter service and
more renewable power projects come on line.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Even with an economic recovery,
growth in unconventional gas supply is expected to be limited by growth in
demand, resulting in North American prices remaining lower relative to recent
years. This lower price level should be further supported by the relatively
lower, and increasingly so, cost of developing shale gas supply. With a lower
cost structure, North American gas is likely on a divergent path with oil,
which should help support strong fractionation spreads.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Global LNG production is ramping up
with several projects under construction. In the near term, LNG supply from
these new projects will be seeking markets during a global recession. North
American markets may be susceptible to dumping of LNG for short periods,
impacting gas prices, at least until global economies recover.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Overall, abundant low cost gas supplies
are anticipated to be positive news for North American gas markets and are
likely to lead to renewed interest in natural gas as an economically priced,
clean burning fuel.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">GROWTH PROJECTS</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge
is in the midst of its largest capital program in the Company&#146;s 60 year
history. During 2008 and 2009, the Company has completed more than $4.5 billion
of new growth projects and has $7 billion of additional commercially secured
projects scheduled to come into service in 2010 and 2011, with a further $5
billion secured for post-2011 in service. In addition, the Company has a
further $30 billion in growth opportunities under development, but not yet
commercially secured, for the post-2011 period, of which it expects to be
successful on a significant portion.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The
following table summarizes commercially secured projects, within each of the
Company&#146;s business segments, which were recently completed, or are currently
under active development or construction. These growth projects contribute to
anticipated annual earnings per share growth rates expected to average 10% through
2013, with the inventory of projects under development expected to sustain this
growth rate into the second half of the decade. </font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">12<a name="PB_12_044243_9621"></a></font></p>

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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="42%" colspan="2" valign="bottom" style="border:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:42.0%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-style:italic;">(in billions of
  Canadian dollars, unless stated<br>
  otherwise)</font></i></p>
  </td>
  <td width="15%" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Actual /<br>
  Estimated<br>
  Capital Cost</font></b><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:4.5pt;font-weight:bold;position:relative;top:-4.0pt;">1</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Expenditures<br>
  to Date</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Actual /<br>
  Expected<br>
  In-Service Date</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Status</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="6" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:6.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">LIQUIDS PIPELINES</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:3.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">1.</font></p>
  </td>
  <td width="38%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:38.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Southern Access
  Mainline Expansion - Canadian portion</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">$0.2 billion</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">$0.2 billion</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">2008</font></p>
  </td>
  <td width="13%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Complete</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:3.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">2.</font></p>
  </td>
  <td width="38%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:38.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Spearhead Pipeline
  Expansion</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">US$0.1 billion</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">US$0.1 billion</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">2009</font></p>
  </td>
  <td width="13%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Complete</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:3.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">3.</font></p>
  </td>
  <td width="38%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:38.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Line 4 Extension</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">$0.3 billion</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">$0.3 billion</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">2009</font></p>
  </td>
  <td width="13%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Complete</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:3.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">4.</font></p>
  </td>
  <td width="38%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:38.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Hardisty Contract
  Terminal</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">$0.6 billion</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">$0.6 billion</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">2009</font></p>
  </td>
  <td width="13%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Complete</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:3.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">5.</font></p>
  </td>
  <td width="38%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:38.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Alberta Clipper -
  Canadian portion</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">$2.3 billion</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">$2.1 billion</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">2010</font></p>
  </td>
  <td width="13%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Mechanically complete</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:3.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">6.</font></p>
  </td>
  <td width="38%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:38.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Southern Lights
  Pipeline</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">$0.5 billion + US$1.7
  billion</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">$0.5 billion + US$1.4
  billion</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Light Sour Line - 2009;
  Diluent Line - 2010<br><br></font></p>
  </td>
  <td width="13%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Under construction</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:3.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">7.</font></p>
  </td>
  <td width="38%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:38.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Woodland Pipeline -
  Phase I</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">$0.5 billion</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">No significant
  expenditures to date</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">2012</font></p>
  </td>
  <td width="13%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Regulatory and
  pre-construction</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:3.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">8.</font></p>
  </td>
  <td width="38%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:38.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Fort Hills Pipeline
  System</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">~$2.0 billion</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">$0.1 billion</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">TBD</font></p>
  </td>
  <td width="13%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Commercially secured;
  pending customer timing</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="6" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:6.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">NATURAL GAS DELIVERY AND SERVICES</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:3.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">9.</font></p>
  </td>
  <td width="38%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:38.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Shenzi Lateral</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">US$0.1 billion</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">US$0.1 billion</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">2009</font></p>
  </td>
  <td width="13%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Complete</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:3.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">10.</font></p>
  </td>
  <td width="38%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:38.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Walker Ridge Gas
  Gathering System</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">US$0.5 billion</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">No significant
  expenditures to date</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">2014</font></p>
  </td>
  <td width="13%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Pre-construction</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:3.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">11.</font></p>
  </td>
  <td width="38%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:38.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Big Foot Oil Pipeline</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">US$0.3 billion</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">No significant
  expenditures to date</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">2014</font></p>
  </td>
  <td width="13%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Pre-construction</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="6" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:6.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">SPONSORED INVESTMENTS</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:3.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">12.</font></p>
  </td>
  <td width="38%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:38.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">EEP - Southern Access
  Mainline Expansion &#150; United States portion</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">US$2.1 billion</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">US$2.1 billion</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">2009</font></p>
  </td>
  <td width="13%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Complete</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:3.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">13.</font></p>
  </td>
  <td width="38%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:38.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">EEP - North Dakota
  System Expansion</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">US$0.2 billion</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">US$0.1 billion</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">2010</font></p>
  </td>
  <td width="13%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Complete</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:3.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">14.</font></p>
  </td>
  <td width="38%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:38.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">EEP/EELP - Alberta
  Clipper - United States portion</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">US$1.3 billion</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">US$0.9 billion</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">2010</font></p>
  </td>
  <td width="13%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Under construction</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:3.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">15.</font></p>
  </td>
  <td width="38%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:38.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">EIF - Saskatchewan
  System Capacity Expansion</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">$0.1 billion</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">No significant
  expenditures to date</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">2010</font></p>
  </td>
  <td width="13%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Under construction</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="6" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:6.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">CORPORATE</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:3.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">16.</font></p>
  </td>
  <td width="38%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:38.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Ontario Wind Project</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">$0.5 billion</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">$0.5 billion</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">2009</font></p>
  </td>
  <td width="13%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Complete</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:3.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">17.</font></p>
  </td>
  <td width="38%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:38.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Talbot Wind Energy Farm</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">$0.3 billion</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">$0.1 billion</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">2010</font></p>
  </td>
  <td width="13%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Under construction</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:3.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">18.</font></p>
  </td>
  <td width="38%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:38.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Sarnia Solar Project</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">$0.4 billion</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">$0.1 billion</font></p>
  </td>
  <td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">2010</font></p>
  </td>
  <td width="13%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Under construction</font></p>
  </td>
 </tr>
</table>

<p style="margin:6.0pt 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">These amounts are actual costs or current estimates and subject to
upward or downward adjustment based on various factors.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Risks related
to the development and completion of growth projects are described under RISK
MANAGEMENT.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">13<a name="PB_13_174338_7056"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Arial" style="color:black;"><img width="364" height="585" src="g37151my05i001.gif" alt="GRAPHIC"></font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">14<a name="PB_14_174442_5796"></a></font></p>

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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">LIQUIDS PIPELINES</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;">Southern Access Mainline Expansion
Project</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Southern Access Mainline Expansion Project is
complete, with only some restoration work remaining. It has added a total of
400,000 bpd incremental capacity to the mainline system. Construction of the
second and final stage of the United States expansion project, which consisted
of a new 224-kilometre (139-mile), 42-inch pipeline from Delavan, Wisconsin to
Flanagan, Illinois, was completed on schedule in the first quarter of 2009. The
pipeline was placed into service and the associated toll surcharge took effect
on April 1, 2009. In Canada, upgrades at 18 pump stations to improve pumping
effectiveness were completed in early 2009. The Company started collecting
associated tolls in April 2008 on stage 1 facilities placed in-service.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The total cost of the project decreased to
approximately US$2.3 billion (Enbridge - $0.2 billion, EEP - US$2.1 billion).
The estimated capital cost for the Canadian portion was revised from $0.3
billion to $0.2 billion based on refinements to the scope of the project,
agreed to with CAPP, to reflect the subsequent approval of the Alberta Clipper
Project.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Southern Access Expansion Project is an expansion
of the mainline system. The cost of the project is recovered through tolls in
Canada and the United States. A toll surcharge mechanism has been negotiated
with shippers and approved by regulators to recover the costs of this expansion
including a return on and of the capital investment. The recovery of costs and
returns is independent of throughput.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;">Spearhead Pipeline Expansion</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">This US$0.1 billion expansion includes additional
pumping stations to increase capacity from Flanagan, Illinois to Cushing,
Oklahoma by 68,300 bpd to 193,300 bpd. The expansion began in September 2008
and was placed in service on May 1, 2009.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Sale of Spearhead North Pipeline</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On May 1, 2009, the Company sold a section of the
Spearhead Pipeline to EEP for proceeds of US$75 million. The section of the
crude oil pipeline system sold, known as Spearhead North, includes
approximately seven storage tanks and 121 kilometres (75 miles) of pipeline
that was reversed to provide northbound service from Flanagan, Illinois to
Griffith, Indiana. Spearhead North complements EEP&#146;s existing Lakehead System interconnectivity
at Flanagan, which is the terminus of the Southern Access Expansion.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;">Line 4 Extension Project</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The $0.3 billion Line 4 Extension Project was
substantially complete and ready to receive linefill at the end of March 2009,
and associated tolls were collected starting April 1, 2009. Final restoration
work was completed in the summer of 2009. The project expanded capacity from
Edmonton to Hardisty by 880,600 bpd. Similar to the Southern Access and Alberta
Clipper projects, the Line 4 project costs are recovered through surcharges on
mainline tolls.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;">Hardisty Contract Terminal</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge has completed its crude oil contract terminal at Hardisty,
Alberta, adding tankage capacity of 7.5 million barrels. With all 19 new tanks
in service, the $0.6 billion Hardisty Contract Terminal is one of the largest
crude oil terminals in North America. Remaining seasonal and restoration work
is expected to be completed in early 2010.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;">Alberta Clipper Project</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Alberta Clipper Project involves the construction
of a new 36-inch diameter pipeline from Hardisty, Alberta to Superior,
Wisconsin generally within or alongside EEP&#146;s existing rights-of-way in the
United States and Enbridge&#146;s existing rights-of-way in Canada. The Alberta
Clipper Project will interconnect with the existing mainline system in Superior
where it will provide access to Enbridge&#146;s full range of delivery points and
storage options, including Chicago, Toledo, Sarnia, Patoka and Cushing. The
project will have an initial capacity of 450,000 bpd, is expandable to 800,000
bpd and will form part of the existing Enbridge</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">15<a name="PB_15_174839_3020"></a></font></p>

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<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">System in Canada and the EEP Lakehead System in the
United States. The Alberta Clipper Project is a full cost of service agreement
with a return of 225 basis points (bps) over the NEB multi pipeline rate of
return.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Construction on the Canadian segment of the line was
mechanically completed in December 2009, and remains on schedule for an
expected in-service date of April 1, 2010. This segment has an estimated cost
of $2.3 billion, including allowance for funds used during construction
(AFUDC), with expenditures to date totaling $2.1 billion. As of January 2010,
construction is approximately 90% complete on the United States segment and it
also remains on schedule to be ready for service by April 1, 2010. The cost of
the United States segment is estimated at US$1.3 billion, with expenditures to
date totaling US$0.9 billion. As announced in July 2009, Enbridge has committed
to fund 66.7% of the United States segment of the Alberta Clipper project
through EELP. Similar to the Southern Access project, the costs of the Alberta
Clipper Project are recovered through surcharges on mainline tolls in both
Canada and the United States.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">For both the Canadian and United States segments of
the Alberta Clipper Project, tariffs will be filed with the appropriate
regulators to be effective on April 1, 2010, the date the project is expected to
be ready for service. The tariff for the United States segment, and its
effective date, will be filed on the basis of the Alberta Clipper US Term
Sheet, despite a petition filed in January 2010 by a shipper requesting the Federal
Energy Regulatory Commission (FERC) to delay the tariff. Following that
petition filing, several shippers filed interventions requesting to be part of
the process. The Alberta Clipper US Term Sheet was approved by CAPP on June 28,
2007 and by the FERC on August 28, 2008. We have reviewed and will respond to
the shipper petition, which we believe to be without merit.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;">Southern Lights Pipeline</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">When completed, in the second half of 2010, the
180,000 bpd Southern Lights Pipeline will transport diluent from Chicago,
Illinois to Edmonton, Alberta. The project involves reversing the flow of a
portion of Enbridge&#146;s Line 13, an existing crude oil pipeline which runs from
Edmonton to Clearbrook, Minnesota. In order to replace the light crude capacity
that would be lost through the reversal of Line 13, the Southern Lights Project
also includes the construction of a new 20-inch diameter light sour crude oil
pipeline (LSr Pipeline) from Cromer, Manitoba to Clearbrook, and modifications
to existing Line 2. These changes to the existing crude oil system increased
southbound light crude system capacity by approximately 45,000 bpd. The
capacity replacement will permit Line 13 to be taken out of service and
reversed for diluent service. The LSr Pipeline and Line 2 modifications, which
allow Line 2 to operate at higher design rates, were completed and placed in service
in the first quarter of 2009.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">In the United States, construction
of the LSr Pipeline and Line 2 modifications, as well as diluent pipeline
construction between Superior, Wisconsin and Streator, Illinois, are complete.
Remaining mainline construction includes approximately 305 kilometers (190
miles) of diluent segment, in conjunction with construction of the Alberta
Clipper Project, between Clearbrook, Minnesota and Superior, Wisconsin.
Construction of this remaining United States line segment commenced in the
third quarter of 2009 and was 80% complete at year end. In addition,
construction has commenced on diluent receipt tankage at Manhattan as well as
pump station facilities along the newly constructed diluent line in the United
States.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">The total expected project cost is
US$1.7 billion for the United States segment and $0.5 billion for the Canadian
segment. Expenditures to date are US$1.4 billion and $0.5 billion for the
United States and Canadian segments, respectively. Southern Lights is a contract
pipeline backed by shippers with strong credit ratings.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">Line 13 Exchange</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">In February 2009, the Company transferred the United States
section of the newly constructed LSr Pipeline to EEP at book value in exchange
for the United States portion of Line 13. The exchange was made on a basis
considered to be fair to both parties and the tolls and earnings on the LSr
Pipeline and Line 13 within EEP are expected to be substantially unchanged.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;">Woodland Pipeline</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">In June
2009, Enbridge entered into an agreement with Imperial Oil Resources Ventures
Limited (Imperial Oil) and ExxonMobil Canada Properties (ExxonMobil) to provide
for the transportation of blended bitumen from the Kearl oil sands mine to
crude oil hubs in the Edmonton, Alberta area. The project will be phased with
the mine expansion, with the first phase involving construction of a new
36-inch diameter pipeline from</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">16<a name="PB_16_174839_7748"></a></font></p>

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<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">the
mine to the Cheecham Terminal, and service on Enbridge&#146;s existing Waupisoo
Pipeline from Cheecham to the Edmonton area. The new pipeline, to be called the
Woodland Pipeline, will be extended from Cheecham to Edmonton in conjunction
with the second phase of the Kearl project. The Woodland Pipeline is being
undertaken as a joint venture between Enbridge, Imperial Oil and ExxonMobil.
Enbridge filed regulatory applications for Phase I facilities at the end of
2009 and expects the pipeline will come into service in late 2012. The total
estimated cost of the pipeline from the mine to the Cheecham Terminal and
related facilities is $0.5 billion, but is subject to finalization based on
scope, detailed engineering and regulatory approvals.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;">Fort Hills Pipeline System</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In November 2007, Enbridge was selected by Fort Hills
Energy L.P. (FHELP) as its pipeline and terminaling services provider for the
initial phase of the Fort Hills project and all subsequent expansions. In late
2008, FHELP announced that its final investment decision for the mining portion
of the project was being deferred until costs could be reduced, and commodity
prices and financial markets strengthened. It also announced that the Fort
Hills upgrader was put on hold and that a decision to proceed with the upgrader
would be made at a later date. Accordingly, the scope of the Fort Hills
Pipeline System is being reevaluated by FHELP and the planned in-service date
for the project has been deferred beyond the original planned date of mid-2011.
FHELP has until June 2011 to give notice to Enbridge to proceed with the
pipeline. Expenditures to date are approximately $0.1 billion and are
commercially recoverable from FHELP.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;">Northern Gateway Project</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Northern
Gateway Project, which is being commercially pursued, involves constructing a
twin pipeline system from near Edmonton, Alberta, to a new marine terminal in
Kitimat, British Columbia. One pipeline would transport crude oil for export
from the Edmonton area to Kitimat, and is expected to be a 36-inch diameter
line with an initial capacity of 525,000 bpd. The other pipeline would be used to
import condensate and is expected to be a 20-inch diameter line with an initial
capacity of 193,000 bpd.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company has
secured $100 million funding from Western Canada producers and Pacific Rim
refiners toward the costs of seeking the necessary regulatory approvals for the
project.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The federal
Minister of Environment and the Chairman of the NEB have established a Joint
Review Panel (JRP) to consider the Northern Gateway application and make a
recommendation to the Canadian federal government on whether the project should
be approved and what terms and conditions should be attached to that approval.
The JRP will review, among other things, the project&#146;s economic, technical and
financial feasibility and the environmental and socio-economic impacts of the project.
The terms of reference for the JRP were released in December 2009.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Aboriginal
consultation and accommodation is a constitutional requirement of the Crown
based on established or asserted Aboriginal rights along the pipeline route and
tanker waterway. The Canadian Environmental Assessment Agency (CEAA) is
responsible for coordinating consultation with Aboriginal groups with respect
to the potential impacts of the project on Aboriginal and Treaty rights. CEAA
initially consulted with Aboriginal groups on the proposed regulatory process
for the project. A number of Aboriginal groups made submission that the
proposed consultation process did not meet the Crown&#146;s consultation obligations
and a separate Aboriginal review process was required for the project. The
federal government did not accept these submissions and established the JRP
process as the primary mechanism for Aboriginal groups to be consulted on the
impacts of the project. The JRP process has no mandate to resolve Aboriginal
land claims or issues of Aboriginal rights and title.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The federal
government has also issued a project-specific Aboriginal Consultation Framework
for Northern Gateway creating a consultation plan for the project. Funding is
available from CEAA to assist Aboriginal groups with the costs of participating
in the JRP process and a majority of the Aboriginal groups along the corridor
have submitted applications for such funding. Nevertheless, it is anticipated
that a number of Aboriginal groups will maintain their position that the
current process does not meet the Crown&#146;s duty to consult.</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">17<a name="PB_17_174839_141"></a></font></p>

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<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The project is also
undertaking its own comprehensive public consultation program, which includes a
series of community open houses and community advisory boards designed to
gather input, answer questions and build public awareness and understanding
about the project. The Company is committed to working with First Nations and
M&#233;tis communities along the pipeline route to create opportunities for economic
partnerships and to incorporate traditional knowledge into the planning and
operations of the proposed project.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Notwithstanding
this commitment, certain Aboriginal groups have publicly stated their
opposition to the project and have indicated that they are considering all
options to prevent the project. These options could include legal challenges to
the consultation efforts of the Crown or to the JRP process or its outcomes.
The result of such legal challenges would ultimately be decided by the courts,
but even if unsuccessful, they could potentially increase the risk of project
delay. See <font style="text-transform:uppercase;">Aboriginal Relations</font>.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge expects to
file its regulatory application with the NEB in 2010. Subject to continued
commercial support, regulatory and other approvals, and adequately addressing
Aboriginal groups&#146; concerns, the Company estimates that Northern Gateway could
be in-service as early as the 2016 time frame. The NEB posts public filings
related to Northern Gateway on its website and Enbridge also maintains a
Northern Gateway Project site in addition to information available on
www.enbridge.com. None of the information contained on, or connected to, the
NEB website, the Gateway Project website or Enbridge&#146;s website is incorporated
or otherwise part of this MD&amp;A.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">NATURAL GAS DELIVERY AND SERVICES</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Shenzi Project</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge completed
construction of a natural gas lateral to connect the new deepwater Shenzi field
to existing Enbridge infrastructure. The US$0.1 billion 18-kilometre (11-mile),
12-inch diameter gas pipeline has capacity of 0.1 bcf/d. The Shenzi lateral,
which delivers natural gas through the Company&#146;s 22%-owned Cleopatra Pipeline,
the 74%-owned Manta Ray Pipeline and the 74%-owned Nautilus Pipeline, was
placed into service in April 2009 concurrent with producer first volumes.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Walker Ridge Gas Gathering System</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">On July 29,
2009, Enbridge announced it had entered into Letters of Intent (LOI) with
Chevron Corp. to expand its central Gulf of Mexico offshore pipeline system.
Under the terms of the LOI, Enbridge will construct, own and operate the Walker
Ridge Gas Gathering System (WRGGS) to provide natural gas gathering services to
the proposed Jack, St. Malo and Big Foot ultra-deepwater developments. The
WRGGS is expected to include approximately 306 kilometres (190 miles) of
8-inch, 10-inch and/or 12-inch diameter pipeline at depths of up to
approximately 2,150 metres (7,000 feet) and will have a capacity of 0.1 bcf/d.
The estimated cost of the WRGGS is approximately US$0.5 billion, subject to finalization
of scope and definitive cost estimates.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">The terms of
the LOI ensure a minimum rate of return to Enbridge with no volume risk. If
volumes are achieved as expected by the producer, returns would improve from
this base level. In addition, Enbridge takes no capital cost risk on the
project.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">Big Foot Oil Pipeline</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">On October 5, 2009,
Enbridge announced it had entered into a LOI with Chevron USA, Inc., Statoil
Gulf of Mexico LLC and Marubeni Oil &amp; Gas (USA) Inc. to construct and
operate a 64-kilometre (40-mile) 20-inch oil pipeline from the proposed Big
Foot ultra-deepwater development in the Gulf of Mexico. This crude oil pipeline
project is complementary to Enbridge's previously announced plans to construct
the WRGGS. The estimated cost of the Big Foot Oil Pipeline, which will be
located about 274 kilometres (170 miles) south of the coast of Louisiana, is
approximately US$0.3 billion and the pipeline is expected to be in-service in
2014 and has the same commercial structure as noted under <font style="text-transform:uppercase;">Walker Ridge Gas Gathering System</font>.
Combined with the WRGGS project, the proposed oil pipeline would bring the
total Enbridge investment for the projects to US$0.8 billion.</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">18<a name="PB_18_174839_7608"></a></font></p>

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<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">LaCrosse Pipeline</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In May 2009, the Company conducted a successful
non-binding open season for the proposed LaCrosse Pipeline. This project, which
is being commercially pursued, includes an interstate pipeline to transport
natural gas from EEP&#146;s Carthage Hub in Panola County, Texas, to Washington Parish
in Southeastern Louisiana. The 483-kilometre (300-mile) pipeline would have a
capacity in excess of 1.0 bcf/d and would provide an outlet for increasing
supplies of natural gas originating in the East Texas and Fort Worth producing
basins and the growing Haynesville Shale play. The next stage of the project
involves confirming customer interest and the expected cost of the new
construction.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">SPONSORED INVESTMENTS</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Enbridge Energy Partners</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">North Dakota System Expansion</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">EEP
undertook a further expansion of the North Dakota Pipeline System at an
approximate cost of US$0.2 billion during 2009. The expansion increased system
capacity from 110,000 bpd to 161,000 bpd and consisted of upgrades to existing
pump stations, additional tankage as well as infrastructure to facilitate
extensive use of drag reducing agents that are injected into the pipeline. The
commercial structure for this expansion is a cost-of-service based surcharge
that has been added to the existing transportation rates. The related tolling surcharge
has been adjusted to include costs of this phase of the expansion that became
effective January 1, 2010. Approval for the expansion was received from the
FERC in October 2008 and the expansion came into service in early 2010.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Enbridge Income Fund</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Saskatchewan System Capacity Expansion</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">EIF has
finalized the scope of Phase II of the Saskatchewan System Capacity Expansion
to include three separate projects that will reduce capacity constraints at a
variety of locations. Collectively, the projects will increase capacity across
the system by approximately 125,000 bpd at an estimated cost of approximately
$0.1 billion. Construction commenced during the third quarter of 2009 and all
three projects are expected to be complete in the fourth quarter of 2010.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">CORPORATE</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Ontario Wind Project</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">The 190-megawatt
(MW) Ontario Wind Project, located in the Municipality of Kincardine on the
eastern shore of Lake Huron in Ontario, was completed in the fourth quarter of
2008, and 65 of the 115 wind turbines were operating and delivering power to
the grid by the end of 2008. During the first quarter of 2009, the remaining 50
turbines were phased into service and the wind project attained full commercial
operation. The project has demonstrated near design level operational performance
through its net capacity factor and high availability of wind turbines. The
final capital cost of the project is $0.5 billion.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Talbot
Wind Energy Project</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On November
19, 2009, Enbridge announced the development of the 99-MW Talbot Wind Energy Project
near Chatham, Ontario with Renewable Energy Systems Canada Inc. (RES Canada).
Enbridge will have a 90% interest in the project and an option to acquire the
remaining 10% interest. RES Canada will construct the wind project under a
fixed price, turnkey, engineering, procurement and construction agreement. The
project utilizes 43 Siemens 2.3-MW wind turbines and, under a multi-year fixed
price agreement, Siemens will provide operations and maintenance services for
the wind turbines. The Talbot Wind Energy project will deliver energy to the
Ontario Power Authority under a Renewable Energy Supply (RES) III 20-year power
purchase agreement and is expected to be completed by December 2010 at a
capital cost of $0.3 billion.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Sarnia
Solar Project</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On October 2, 2009, Enbridge announced the
development of the 20-MW Sarnia Solar Project with First Solar, Inc. (First
Solar). On December 8, 2009, the Company announced a 60-MW expansion of the
project. After the completion of the expansion, the project will be the largest
photovoltaic, solar energy facility in operation in North America. First Solar,
a global leader in solar energy, is constructing the project</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">19<a name="PB_19_174839_8146"></a></font></p>

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<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">under a fixed price engineering, procurement and construction
contract, utilizing its thin film photovoltaic technology. First Solar will
also provide operations and maintenance services under a long-term contract.
Power output of the facility will be sold to the Ontario Power Authority under
a 20-year power purchase agreement. The initial 20-MW facility attained
commercial operation in December 2009 and the 60-MW facility is expected to be
in service by December 2010. The expected capital cost of both facilities is
$0.4 billion.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Alberta
Saline Aquifer Project</font></b></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">The
38-member Alberta Saline Aquifer Project (ASAP) completed Phase 1 of its
three-phase CO</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:1.0pt;">2</font><font face="Arial">&#160;storage project in March 2009.
This phase focused on identifying saline aquifer locations in Alberta that
would be suitable for a CO</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:1.0pt;">2</font><font face="Arial">&#160;storage pilot
project. The costs associated with this phase were covered by ASAP participants
and a grant from the Alberta Energy Research Institute.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">ASAP is now
working on securing funding and a source of CO</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:3.0pt;">2</font><font face="Arial">&#160;such that it can move on to Phase 2 of the
project. Phase 2 will involve developing the pilot project, receiving all
necessary regulatory approvals and actually injecting CO</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:3.0pt;">2</font><font face="Arial">&#160;into the identified aquifers. The Phase 2
pilot project will give the ASAP team the opportunity to test the sequestration
technologies and to demonstrate that the technologies are safe and reliable.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">LIQUIDS PIPELINES</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">EARNINGS</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="99%" style="border-collapse:collapse;width:99.42%;">
 <tr>
  <td width="67%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:67.16%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-style:italic;">(millions
  of Canadian dollars)</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.96%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.96%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.96%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">2007</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.46%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:67.16%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Enbridge System</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:7.96%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">295</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.96%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">212</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.96%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">202</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="bottom" style="padding:0in 0in 0in 0in;width:67.16%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Enbridge Regional Oil Sands System</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:7.96%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">72</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.96%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">69</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.96%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">54</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="bottom" style="padding:0in 0in 0in 0in;width:67.16%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Southern Lights Pipeline</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:7.96%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">58</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.96%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">27</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.96%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">7</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="bottom" style="padding:0in 0in 0in 0in;width:67.16%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Spearhead Pipeline</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:7.96%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">17</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.96%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">12</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.96%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">10</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="bottom" style="padding:0in 0in 0in 0in;width:67.16%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Olympic Pipeline</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:7.96%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">9</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.96%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">7</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.96%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">10</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:67.16%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Feeder Pipelines and Other</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.96%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">3</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.96%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">5</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.96%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">3</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:67.16%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Adjusted Earnings</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.96%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">454</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.96%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">332</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.96%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">286</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:67.16%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Enbridge System - impact of tax changes</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:7.96%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.96%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.96%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">1</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="bottom" style="padding:0in 0in 0in 0in;width:67.16%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Enbridge Regional Oil Sands System - Cheecham
  leak accrual</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:7.96%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">(9</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.96%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.96%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:67.16%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Feeder Pipelines and Other - asset impairment
  loss</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.96%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.96%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(4</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">)</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.96%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:67.16%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Earnings</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.96%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">445</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.96%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">328</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.96%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">287</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">Liquids
Pipelines adjusted earnings were $454 million in 2009 compared with $332
million in 2008. The increase was largely due to higher earnings from Enbridge
System and Southern Lights Pipeline, including the impact of AEDC, partially
offset by higher operating costs including compensation.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">While under
construction, certain regulated pipelines are entitled to recognize AEDC in
earnings. These amounts will contribute to earnings throughout the Company&#146;s
significant growth period and will be collected in tolls once the pipelines are
in service. The earnings impact of AEDC for the year ended December 31, 2009
was $74 </font><font size="2" face="Arial" style="font-size:10.0pt;">million (2008 - $18 million) for Enbridge System, primarily
relating to Alberta Clipper, and $44 million (2008 - $27 million) for Southern
Lights Pipeline.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Liquids
Pipelines adjusted earnings were $332 million in 2008 compared with $286
million in 2007. The increase was due primarily to strong contributions from
the Enbridge and Enbridge Regional Oil Sands Systems, as well as the
recognition of AEDC on Enbridge System and Southern Lights Pipeline.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Liquids Pipelines earnings were impacted by the
following non-recurring or non-operating adjusting items:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge System was affected by
favorable tax rate changes in 2007.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">A $9 million after-tax expense
resulting from clean up and remediation costs related to a valve leak within
the Enbridge Cheecham Terminal on the </font><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge
Regional Oil Sands </font><font size="2" face="Arial" style="font-size:10.0pt;">System in January 2009, which is not
indicative of the expected future performance of this asset.</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt .25in;text-align:center;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">20<a name="PB_20_174839_7091"></a></font></p>

<div style="line-height:normal;margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">In the fourth quarter of 2008, the
Company recorded an impairment loss of $4 million on Manyberries Pipeline, a
small feeder pipeline located in Canada.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<h6 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Arial" style="font-size:10.0pt;">ENBRIDGE
SYSTEM</font></b></h6>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">The
mainline system is comprised of Enbridge System and Lakehead System (the
portion of the mainline in the United States that is operated by Enbridge and
owned by EEP). Enbridge has operated, and frequently expanded, the mainline
system since 1949. Through six adjacent pipelines with a combined capacity of
approximately 2 million bpd, the system transports various grades of crude oil
and diluted bitumen from western Canada to the midwest region of the United
States and eastern Canada. Also included within the Enbridge System and located
in eastern Canada are two crude oil pipelines and one refined products pipeline
with a combined capacity of 0.4 million bpd. Average system utilization in 2009
was 80%; however, it is expected to decrease in 2010 due to a combination of
additional pipeline capacity being added to the system by the Company and a new
pipeline being brought into service by a competitor.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Incentive Tolling</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Tolls
on Enbridge System are governed by various agreements, which are subject to the
approval of the NEB. <font color="black" style="color:black;">The NEB&#146;s
jurisdiction over the Enbridge System includes statutory authority over matters
such as construction, rates and ratemaking agreements and other contractual arrangements
with customers. </font>Significant agreements include the incentive
tolling settlement (ITS) applicable to the Enbridge mainline system (excluding
Line 8 and Line 9), the Terrace agreement, the SEP II Risk Sharing Agreement
and the Southern Access Expansion Agreement which is recovered via the Mainline
Expansion Toll. Tolls on the core mainline system have been governed by ITS
since 1995, with the most recent ITS term effective through 2009. Discussions
and negotiations are continuing for an extension to the ITS which will support
a competitive toll structure. The Company anticipates that a settlement will be
reached in early 2010. In the event that a settlement cannot be reached, the
Company could file a cost of service application.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In 2009, the ITS allowed
the sharing of earnings in excess of a stipulated threshold and provided a
fixed annual mainline integrity allowance. In addition, performance metrics
bonuses and penalties aligned the Company&#146;s interests with its shippers.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge
achieved total performance metrics bonuses of approximately $13 million for the
year ended December 31, 2009, compared with approximately $15 million and $11
million for the years ended December 31, 2008 and 2007, respectively.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">In
conjunction with the Terrace agreement, the ITS continues the throughput
protection provisions included in earlier incentive tolling arrangements,
ensuring the Company is insulated from volume fluctuations beyond its control. <font color="black" style="color:black;">The agreements govern both current and
future shippers on the pipeline and establish tolls each year based on an
agreed capacity and an allowed revenue requirement. Where actual volumes on the
pipeline fall short of the agreed capacity and Enbridge is unable to fully
collect its annual revenue requirement, the deficiency is rolled into the
subsequent year&#146;s tolls for collection from shippers at that time and a
receivable, referred to as the Transportation Revenue Variance (TRV), is
recognized. This basis may affect the timing of recognition of revenues
compared with that otherwise expected under Canadian GAAP for companies that
are not rate-regulated. As at December 31, 2009, $98 million (2008 - $114
million) was recorded as tolling deferrals.</font></font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge
pays taxes each year only on the tolls collected in cash; therefore the tax
payable on the TRV lags behind the recognition of the revenue. As the Terrace capacity is increasingly
utilized, there will be less TRV recorded and more cash tolls collected. This
will result in the Company paying taxes in future years on both the prior year&#146;s
TRV and the current year&#146;s cash tolls.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Results of Operations</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge System adjusted earnings were $295 million
for the year ended December 31, 2009 compared with $212 million for the year
ended December 31, 2008. Enbridge System adjusted earnings increased due to
increased tolls from a higher rate base as a result of Line 4 entering service
in April 2009, lower financing costs as well as higher AEDC on Alberta Clipper.
These positive impacts were partially offset by</font></p>

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<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">21<a name="PB_21_174839_455"></a></font></p>

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<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">higher operating costs, including compensation, and
costs related to leak remediation.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge
System adjusted earnings were $212 million for the year ended December 31, 2008
compared with $202 million for the year ended December 31, 2007. This increase
was due to increased tolls from a higher rate base as a result of Southern
Access Mainline Expansion entering service on March 31, 2008 and the AEDC
recognized while the project was under construction.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge
System earnings for the year ended December 31, 2007 were impacted by $1
million as a result of favourable tax rate changes.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">ENBRIDGE REGIONAL OIL SANDS SYSTEM</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge Regional Oil Sands System includes two long
haul pipelines, the Athabasca Pipeline and the Waupisoo Pipeline, as well as a
variety of other facilities including the MacKay River, Christina Lake, Surmont
and Long Lake facilities. It also includes the Company&#146;s interest in the
Hardisty Caverns Limited Partnership, which provides crude oil tankage service;
and three large terminals: the Athabasca Terminal located north of Fort
McMurray, Alberta, the Cheecham Terminal, which is a new hub located 95
kilometres south of Fort McMurray where the Waupisoo Pipeline initiates, and
the Hardisty Contract Terminal, one of the largest crude oil terminals in North
America.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Athabasca Pipeline is a 540-kilometre (335-mile)
synthetic and heavy oil pipeline, built in 1999, that links the Athabasca oil
sands in the Fort McMurray, Alberta region to a pipeline hub at Hardisty, Alberta.
The Athabasca Pipeline has an ultimate design capacity of approximately 570,000
bpd, dependent on viscosity of crude being shipped. It is currently configured
to transport approximately 345,000 bpd.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company has a long-term (30-year) take-or-pay contract
with the major shipper on the Athabasca Pipeline which commenced in 1999.
Revenue is recorded based on the contract terms negotiated with the major
shipper, rather than the cash tolls collected. The contract provides for
volumes and tolls designed to achieve an underpinning return on equity (ROE) based
on an assumed debt/equity ratio and level of operating costs. The committed
volumes and the tolls specified in the contract do not generate sufficient cash
revenues in the early years to compensate Enbridge for the debt and equity
returns as well as the cost of providing service. As a result, Enbridge is
recording a receivable in these years, which will be collected in tolls in
future years. This treatment ensures that the revenue recognized each period is
in accordance with the contract.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Waupisoo Pipeline is a 380-kilometre (236-mile)
synthetic and heavy oil pipeline that entered into service on May 31, 2008 and
provides access to the Edmonton market for oil sands producers. The Waupisoo
Pipeline initiates at Enbridge&#146;s Cheecham Terminal and terminates at its
Edmonton Mainline Terminal. The pipeline currently has a design capacity,
dependent on crude slate, of up to 350,000 bpd, which can ultimately be
expanded to 600,000 bpd.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge has a long-term (25-year) take-or-pay
commitment with the four founding shippers on the Waupisoo Pipeline who
collectively have contracted for approximately one-third of the initial
capacity on the line. The associated revenues provide for a base ROE with
significant upside potential as incremental founders and third party volumes
are added.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Arial" style="font-size:10.0pt;">Results of Operations</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Adjusted
earnings for the year ended December 31, 2009 were $72 million compared with
$69 million for the year ended December 31, 2008 and $54 million for the year
ended December 31, 2007. In both the year ended December 31, 2009 and 2008, the
increase in Enbridge Regional Oil Sands System adjusted earnings reflected
contributions from the Waupisoo Pipeline that entered service in June 2008 and
the continued positive impact of terminal infrastructure additions, partially
offset by higher operating costs.&#160;
Enbridge Regional Oil Sands System earnings for 2009 were impacted by a
$9 million after-tax expense resulting from the clean up and remediation costs
related to a valve leak within the Enbridge Cheecham Terminal in January 2009,
which is not indicative of the expected future performance of this asset.</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">22<a name="PB_22_174839_4141"></a></font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">SOUTHERN LIGHTS PIPELINE</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">This pipeline received regulatory
approval in Canada in the first quarter of 2008 and is currently under
construction in both the United States and Canada. Upon completion, the 180,000
bpd, 20-inch diameter Southern Lights Pipeline will transport diluent from
Chicago, Illinois to Edmonton, Alberta.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge
will receive tariffs under long-term (15-year) contracts with committed
shippers. Tariffs provide for recovery of all operating and debt financing
costs, plus a ROE at a pre-determined rate. Uncommitted volumes, up to a
specified amount, provide for tariff revenues that are fully credited to all
shippers. Enbridge retains 25% of uncommitted tariff revenues on volumes above
the specified amount, with the remainder being credited to shippers.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Results of Operations</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">Southern Lights Pipeline earnings for each of 2009, 2008 and
2007 reflected AEDC recognized on a growing capital base while the project
continued to be under construction. In 2009, earnings from the new light sour
pipeline, which became operational during the first quarter of 2009, were also
reflected.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">SPEARHEAD PIPELINE</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Spearhead Pipeline delivers crude
oil from Chicago, Illinois to Cushing, Oklahoma. The performance of this
pipeline steadily increased and with further support of new committed shippers,
the Spearhead Pipeline Expansion was completed in May&nbsp;2009. This expansion
increased the capacity from 125,000 bpd to 193,300 bpd from the new initiating
point of Flanagan, Illinois to Cushing.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Initial committed shippers and
expansion shippers currently account for more than 70% of the 193,300 bpd
capacity on Spearhead. Both the initial committed shippers and expansion
shippers were required to enter into 10 year shipping commitments at negotiated
rates that were offered during the open season process. The balance of the
capacity is currently available to uncommitted shippers on a spot basis at FERC
approved rates.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Arial" style="font-size:10.0pt;">Results of Operations</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Spearhead Pipeline earnings
increased to $17 million for the year ended December&nbsp;31, 2009 compared
with $12 million for the year ended December&nbsp;31, 2008 due to increased
volumes resulting from the expansion completed in May&nbsp;2009.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Earnings increased to $12 million
for the year ended December&nbsp;31, 2008 compared with $10 million for the
year ended December&nbsp;31, 2007 as a result of higher throughputs and higher
tolls on committed volumes.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">OLYMPIC PIPELINE</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge
has a 65% interest in the Olympic Pipeline, the largest refined products
pipeline in the State of Washington, transporting approximately 290,000 bpd of
gasoline, diesel and jet fuel. The pipeline system extends approximately 480
kilometres (300 miles) from Blaine, Washington to Portland, Oregon, connecting
four Puget Sound refineries to terminals in Washington and Portland. BP Pipelines
(North America) Inc. (BP) is the operator of the pipeline.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Arial" style="font-size:10.0pt;">Results of Operations</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Olympic Pipeline earnings were $9 million, $7
million and $10 million for the years ended December&nbsp;31, 2009, 2008 and
2007, respectively. Olympic&#146;s cost of service tolling methodology requires
annual toll adjustments for over or under collection of the cost of service in
prior years. Olympic Pipeline earnings for both the years ended December&nbsp;31,
2009 and 2008 reflected lower average tolls effective July&nbsp;1</font><font size="1" style="font-size:5.0pt;position:relative;top:-4.0pt;">st</font><font size="2" style="font-size:10.0pt;">&#160;in each of those years to compensate for over
collection in the previous year. Earnings for the year ended December&nbsp;31,
2009 also reflected lower operating and administrative costs, which resulted in
increased earnings in 2009, while earnings for the year ended December&nbsp;31,
2008 also reflected an increase in pipeline integrity costs.</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">FEEDER PIPELINES AND OTHER</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Feeder Pipelines and Other primarily
includes the NW System, which transports crude oil from Norman Wells in the
Northwest Territories to Zama, Alberta; interests in a number of liquids
pipelines in the United States; contract tankage facilities; and business
development costs related to Liquids Pipelines activities.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Results of
Operations</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">Adjusted earnings for Feeder Pipelines and Other were $3
million in 2009 compared with $5 million in 2008 and $3 million in 2007. In
2009, adjusted earnings were impacted by increased business development costs.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Earnings for the year ended December&nbsp;31,
2008 were impacted by an impairment loss of $4 million on Manyberries Pipeline.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">BUSINESS RISKS</font></b></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:normal;">The risks identified below
are specific to the Liquids Pipelines business. General risks that affect the
Company as a whole are described under RISK MANAGEMENT.</font></b></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Arial" style="font-size:10.0pt;">Supply and Demand</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The expansion of the Company&#146;s
liquids pipelines depends on the supply of, and demand for, crude oil and other
liquid hydrocarbons from Western Canada. Supply, in turn, depends on a number
of variables, including the price of crude oil and bitumen, the availability
and cost of capital and labour for oil sands projects, the price of natural gas
used for steam production and changes in plans by shippers. Supply risk to
existing facilities is largely mitigated given the Company&#146;s throughput
insensitive commercial terms or cost of service arrangements on many of its
Liquids Pipelines assets. Demand depends, among other things, on weather,
gasoline price and consumption, manufacturing levels, alternative energy
sources and global supply disruptions. </font><font size="2" face="Arial" style="font-size:10.0pt;">Crude oil
price volatility has caused some oil sands producers to cancel or defer
projects that were planned to commence over the next decade. If the rate of
crude oil production from the WCSB declines, immediate need for new pipelines
infrastructure will likely decline.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Also,
shippers are not required to enter into long-term shipping commitments on
Enbridge&#146;s mainline system; rather, monthly volume nominations are accepted.
The Company&#146;s existing right-of-way provides a competitive advantage as it can
be difficult and costly to obtain new rights of way for new pipelines. The ITS
and Terrace Agreement as well as the Southern Access and Alberta Clipper
agreements on the Enbridge System provide throughput protection which insulates
the Company from negative volume fluctuations beyond its control. The Lakehead
System, owned by EEP, has no similar throughput protection on its base or
Terrace systems, but does on its SEP II, Southern Access and Alberta Clipper
expansions.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Arial" style="font-size:10.0pt;">Competition</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Competition
among existing pipelines is based primarily on the cost of transportation,
access to supply, the quality and reliability of service, contract carrier
alternatives and proximity to markets. Other competing carriers are available
to ship western Canadian liquids hydrocarbons to markets in either Canada or
the United States. Competition also arises from new pipeline proposals that
provide access to market areas currently served by the Company&#146;s liquids
pipelines. One such competing project is expected to begin commercial
operations in early 2010 and will serve markets at Wood River, Illinois and
Cushing, Oklahoma. This pipeline has an initial capacity of 435,000 bpd and an
ultimate stated capacity of 591,000 bpd. Commercial support has also been
announced to construct additional ex-Alberta capacity of 500,000 bpd to
Nederland, Texas, for an in-service date during 2012. Competing alternatives
for delivering western Canadian liquid hydrocarbons into the United States or
other markets could erode shipper support for current or future expansion. However,
the Company believes that its liquids pipelines provide attractive options to
producers in the WCSB due to its competitive tolls and multiple delivery and
storage points. </font><font size="2" face="Arial" style="font-size:10.0pt;">Increased competition could arise from new feeder
systems servicing the same geographic regions as the Company&#146;s feeder
pipelines.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company
continues to adapt to the changes in its business environment. Enbridge is
committed to performance excellence and is focused on becoming more efficient,
more collaborative, more innovative </font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">24<a name="PB_24_174938_3736"></a></font></p>

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<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">and more cost
effective so that the Company can pass those benefits on to its customers
through service, savings, reliability and responsiveness.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Arial" style="font-size:10.0pt;">Potential Pressure Restrictions</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s liquids systems
consist of individual pipelines of varying ages. With appropriate inspection
and maintenance, the physical life of a pipeline is indefinitely long; however,
as pipelines age the level of expenditures required for inspection and
maintenance may increase. Temporary pressure restrictions have been established
on some sections of certain pipelines pending completion of specific inspection
and repair programs. Pressure restrictions may from time to time be established
on the Company&#146;s pipelines. Pressure restrictions reduce the available capacity
of the applicable line segment and could result in a loss of throughput if and
when the full capacity of that line segment would otherwise have been utilized.
Pressure restrictions to date have not given rise to any significant loss of
throughput. While the Enbridge System is volume-protected, EEP&#146;s Lakehead
System and certain other pipelines would be adversely affected by any pressure
restrictions that do reduce volumes transported.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Arial" style="font-size:10.0pt;">Regulation</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Enbridge System and other
liquids pipelines are subject to the actions of various regulators, including
the NEB. Actions of the regulators related to tariffs, tolls and facilities
impact earnings from those operations. The NEB historically prescribed a
benchmark multi-pipeline rate of return on common equity, which is 8.52% in
2010 (2009 - 8.57%; 2008 &#150; 8.71%). To the extent the NEB rate of return
fluctuates, a portion of the Enbridge System and other liquids pipelines
earnings will change. The Company believes that regulatory risk is reduced
through the negotiation of long-term agreements with shippers, such as the ITS,
Terrace Agreement and agreements for projects currently under construction,
including Alberta Clipper, which will govern the majority of the segment&#146;s assets.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">National Energy Board Decision</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">In October&nbsp;2009, the NEB released a decision stating
the generic multi-pipeline formula used to determine allowed ROE for pipeline
companies is no longer in effect. The formula will not be replaced; instead
returns will be determined through negotiated settlement between shippers and
pipelines. As the formula is referenced in some current industry settlements,
the NEB will continue to publish the generic ROE for 2010 and 2011, and if
requested will continue to publish it post-2011.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">Certain of the Company&#146;s Liquids assets are regulated by the
NEB and reference the multi-pipeline rate. The Company does not expect there
will be a material financial impact as a result of this decision.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">25<a name="PB_25_174938_9621"></a></font></p>

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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">NATURAL GAS DELIVERY AND SERVICES</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">EARNINGS</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.88%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0.375pt 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2007</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.88%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge Gas Distribution</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">129</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">123</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">115</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.88%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Noverco</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">19</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">20</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">18</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.88%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other Gas Distribution</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">26</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">23</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">19</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.88%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge Offshore Pipelines (Offshore)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">29</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">7</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">22</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.88%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Alliance Pipeline US</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">27</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">25</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">28</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.88%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Vector Pipeline</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">16</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">14</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">15</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.88%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Aux Sable</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">26</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">28</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">11</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.88%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Energy Services</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">29</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">17</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.88%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">International</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">52</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">90</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.88%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(12</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(7</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.88%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Adjusted Earnings</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">289</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">302</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">324</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:66.88%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EGD - colder than normal weather</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">17</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">23</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">14</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.88%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EGD - interest income on GST refund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">7</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.88%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EGD - provision for one-time charges</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(3</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.88%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EGD - impact of tax changes</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">21</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">20</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.88%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Noverco - impact of tax changes</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">6</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">7</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.88%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Offshore - property insurance recoveries from
  hurricanes, net of <br>
  costs incurred</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.88%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Alliance Pipeline US - shipper claim settlement</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.88%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Aux Sable - unrealized derivative fair value
  gains/(losses)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(36</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">56</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(28</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.88%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Aux Sable - loan forgiveness</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">7</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.88%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Energy Services - unrealized derivative fair value
  gains/(losses)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">23</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(3</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.88%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Energy Services - SemGroup and Lehman credit
  recovery/(loss)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(6</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.88%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">International - gain on sale of investments in
  OCENSA and CLH</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">329</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">556</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.88%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other - asset impairment loss</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(10</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.88%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other - adoption of new accounting standard</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(3</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.88%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other - gain on sale of investment in Inuvik Gas</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.88%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Earnings</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">635</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">958</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">344</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Adjusted earnings from Natural Gas Delivery and
Services were $289 million for the year ended December&nbsp;31, 2009 compared
with $302 million for the year ended December&nbsp;31, 2008. The decreased
earnings were substantially due to the sale of CLH in June&nbsp;2008 and OCENSA
in March&nbsp;2009, offset by higher volumes, including contributions from
Shenzi, since its in-service date in April&nbsp;2009, and Thunder Horse, both within
Offshore, favourable foreign exchange, as well as increased adjusted earnings
at EGD, Energy Services and Aux Sable.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Adjusted earnings from Natural Gas Delivery and
Services were $302 million for the year ended December&nbsp;31, 2008 compared
with $324 million for the year ended December&nbsp;31, 2007. The decrease in
adjusted earnings was substantially due to continuing natural production
declines and lost revenue and clean up costs related to Hurricanes Gustav and
Ike in Offshore, as well as the sale of CLH in International on June&nbsp;17,
2008. The decreased earnings for the year ended December&nbsp;31, 2008 were
partially offset by customer growth and higher ancillary revenues at EGD,
customer growth at Enbridge Gas New Brunswick (EGNB) within Other Gas
Distribution and improved financial performance at Energy Services and Aux
Sable.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Natural Gas Delivery and Services
earnings were impacted by the following non-recurring or non-operating
adjusting items:</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">EGD earnings
are adjusted to reflect the impact of colder weather.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">26<a name="PB_26_174938_8715"></a></font></p>

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<div style="font-family:Arial;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Earnings
from EGD for 2009 included interest income of $7 million related to the
recovery of excess GST remitted to Canada Revenue Agency.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Earnings
from EGD for 2008 included a $3 million provision for one-time charges to
better align certain operating practices with its strategy under incentive
regulation (IR).</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">In 2009 and
2007, earnings from EGD and Noverco reflect the impact of favourable tax rate
changes.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Earnings for
the year ended December&nbsp;31, 2008 were impacted by $2 million in proceeds
received by Alliance Pipeline US from the settlement of a claim against a
former shipper which repudiated its capacity commitment.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Offshore
earnings for the year ended December&nbsp;31, 2009 and 2007 included insurance
proceeds of $4 million and $5 million, respectively, related to the replacement
of damaged infrastructure as a result of the 2008 and 2005 hurricanes.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Aux Sable
earnings for each period reflected unrealized fair value changes on derivative
financial instruments used to risk manage fractionation margin upside on
natural gas processing volumes. Similar to Energy Services, these non-cash
items arose due to the revaluation of financial derivatives used to &#147;lock in&#148;
the profitability of forward contracted prices.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Earnings for
the year ended December&nbsp;31, 2009 from Aux Sable reflected a $7 million
gain from a loan forgiveness related to a negotiated settlement with a
counterparty in bankruptcy proceedings.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Energy
Services earnings for 2009 and 2008 reflected unrealized fair value gains and
losses resulting from the revaluation of inventory and the revaluation of
largely offsetting financial derivatives used to &#147;lock-in&#148; the profitability of
forward transportation and storage transactions.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Energy
Services earnings for the year ended December&nbsp;31, 2008 included a $6
million write-off as a result of bankruptcies by SemGroup and Lehman Brothers.
In fiscal 2009, the Company received a $1 million recovery from SemGroup.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">On March&nbsp;17,
2009, the Company sold its investment in OCENSA, a crude oil export pipeline in
Colombia, for proceeds of $512 million, resulting in a gain of $329 million. On
June&nbsp;17, 2008, the Company sold its investment in CLH for proceeds of
$1,380 million, resulting in a gain of $556 million.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Other earnings for 2009 reflected a
$10 million asset impairment loss, including goodwill.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Other
reflected the write-off of $3 million in deferred development costs as a result
of adopting a change in accounting standards, effective January&nbsp;1, 2009.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">A $5 million
gain on sale of investment in Inuvik Gas was reflected in earnings from Other
for the year ended December&nbsp;31, 2008.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">ENBRIDGE GAS DISTRIBUTION</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EGD is
Canada&#146;s largest natural gas distribution company and has been in operation for
more than 160 years. It serves approximately 1.9 million customers in central
and eastern Ontario and parts of northern New York State. EGD&#146;s utility
operations are regulated by the Ontario Energy Board (OEB) and by the New York
State Public Service Commission.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Incentive Regulation</font></b></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">In 2008,
EGD moved to an IR methodology. The objectives of the IR plan are as follows:</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:normal;">&#183;</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;font-weight:normal;">reduce regulatory costs;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:normal;">&#183;</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;font-weight:normal;">provide incentives for improved efficiency;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:normal;">&#183;</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;font-weight:normal;">provide more flexibility for utility management; and</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:normal;">&#183;</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;font-weight:normal;">provide more stable rates.</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">Under the IR framework, Enbridge is allowed to earn
100 bps over the base regulated return. Through various productivity
enhancements, any return over this 100 bps must be shared with customers on an
equal basis. Enbridge estimates the customer portion of 2009 earnings over the
allowed threshold at $19 million (2008 - $6 million).</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;font-weight:bold;">Rate Adjustment Applications</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">In September&nbsp;2009, EGD filed an application with the
OEB to adjust rates for 2010 pursuant to the approved IR formula, to increase
funding of its pension plans and to seek approval for specific changes to </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">27<a name="PB_27_174938_563"></a></font></p>

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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">the Rate Handbook. The OEB issued a first procedural order
in October&nbsp;2009, in which the OEB indicated that it would consider its jurisdiction
with regard to inclusion of green energy related projects within the regulated
operations of EGD. The OEB issued a decision in December&nbsp;2009 which
effectively prevents the inclusion of such activities in rate-making for the
purposes of setting 2010 rates. As a result of this decision, in 2010, EGD will
seek clarification of the OEB&#146;s broader policies with respect to such
investments and activities.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">In September&nbsp;2008, EGD filed an application with the
OEB to adjust rates for 2009 pursuant to the approved IR formula and to seek
approval for specific changes to the Rate Handbook. A settlement agreement
containing all applied for aspects of the formulaic component of the IR rate
setting process was approved by the OEB in December&nbsp;2008. EGD received a
fiscal 2009 final rate order from the OEB in February&nbsp;2009 approving the
implementation of a rate change effective April&nbsp;1, 2009, which enabled EGD
to recover the approved revenues as if rates were effective January&nbsp;1,
2009.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;">New Customer Information System
(CIS) Implemented</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In September&nbsp;2009, EGD
successfully implemented its new CIS, which replaced the legacy system. EGD
expects to fully recover in rates the total cost of the project in accordance
with an agreement with customer groups that was approved by the OEB in 2007.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Green Energy Initiatives</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In September&nbsp;2009, Ontario&#146;s
Minister of Energy and Infrastructure issued a Directive that permits EGD to
own and operate stationary fuel cells, wind, water, biomass, biogas, solar and
geothermal energy generation facilities up to 10 MW in capacity. EGD will also
be permitted to own and operate district and distributed energy systems,
including facilities that produce power and thermal energy from a single
source. Finally, the Minister&#146;s Directive permits EGD to own and operate assets
that would assist the Government of Ontario in achieving its goals in energy
conservation, including assets related to solar-thermal water and ground source
heat pumps.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In the absence of the Minister&#146;s
Directive, the Company&#146;s Undertakings to the Lieutenant Governor in Council
would not have permitted EGD to engage in the foregoing activities directly.
EGD is well positioned to take on an increasing role in this area and is
looking to expand its efforts to explore and pursue alternative and/or
renewable energy technologies subject to OEB approval, where appropriate. While
the Directive permits EGD to engage in such activities, in December&nbsp;2009
the OEB determined that it would not allow such activities to be included in
rate-making for the purposes of setting 2010 rates. As a result of this
decision, EGD will seek clarification of the OEB&#146;s broader policies with
respect to such investments and activities in 2010.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;"><b><font size="2" face="Arial" style="font-size:10.0pt;">Unregulated Storage Services</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The deregulation of new natural
gas storage in Ontario, coupled with the growing need for high-deliverability
storage services by gas-fired power generators and other users, has created
unregulated storage growth opportunities for EGD. As of December&nbsp;31, 2009,
EGD has expanded its storage capacity by 6% (5.5 bcf) and sold unregulated
storage services into the storage market. A second expansion, amounting to an
additional 2 bcf of capacity, is planned to be in service in 2010.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Results of Operations</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Adjusted
earnings for the year ended December&nbsp;31, 2009 were $129 million compared
with $123 million for the year ended December&nbsp;31, 2008. The increase in
EGD&#146;s adjusted earnings was primarily due to customer growth and lower interest
expense, offset by higher operating costs and estimated accrued earnings
sharing with customers under the current IR term caused primarily by a reduced
rate base resulting from lower cost gas in storage.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Adjusted earnings for the year ended December&nbsp;31,
2008 were $123 million compared with $115 million for the year ended December&nbsp;31,
2007. EGD&#146;s increased adjusted earnings for 2008 reflect early success during
its first of five years under IR, specifically through customer growth and
higher ancillary revenues.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">28<a name="PB_28_174938_9497"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EGD earnings were impacted by the
following non-recurring or non-operating adjusting items:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Earnings for each period are
adjusted to reflect the impact of colder weather. Weather is a significant
driver of delivery volumes given that a significant portion of EGD customers
use natural gas for space heating.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Earnings for the year ended December&nbsp;31,
2009 included interest income of $7 million related to the recovery of excess
GST remitted to Canada Revenue Agency.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">In 2008, earnings included a $3
million provision for one-time charges to better align certain operating
practices with its strategy under IR.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Earnings for </font><font size="2" face="Arial" style="font-size:10.0pt;">the year ended December&nbsp;31, 2009 and 2007 r</font><font size="2" face="Arial" style="font-size:10.0pt;">eflected an
increase of $21 million and $20 million, respectively, related to favourable
tax rate changes.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-transform:uppercase;"><b><font size="2" face="Arial" style="font-size:10.0pt;text-transform:none;">Business
Risks</font></b></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:normal;">The risks identified below
are specific to EGD. General risks that affect the Company as a whole are
described under RISK MANAGEMENT.</font></b></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Regulatory
Risk</font></b></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">The
formula currently approved by the OEB for determination of the ROE, which is
embedded and escalated within rates over the IR period, is based on the OEB&#146;s
risk assessment of EGD for the 2007 fiscal year.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">The OEB issued a
report in December&nbsp;2009 indicating several changes to the cost of capital
for Ontario&#146;s regulated utilities. The new policy guidelines established a new
base level ROE of 9.75% for all of Ontario&#146;s utilities for the 2010 rate year.
The treatment of deemed capital structure was left unchanged. A new annual
adjustment formula was also established which will change annually with changes
in the interest rates on long-term Canada bonds and Canadian A-Rated utility
bonds.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">EGD anticipates that
the new ROE policy guidelines will be applied to the determination of the
annual earnings sharing mechanism for 2010 and for the remainder of the IR
term. The company also anticipates applying the new ROE policy guidelines to
the determination of rates after the conclusion of the IR term, for the rate
year beginning 2013.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">The
settlement allows certain categories of expense, added at cost of service base
amounts, and uncontrollable external factors in the IR formula, which will
permit EGD to recover, with OEB approval, certain costs that are beyond
management control, but are necessary for the maintenance of its services. The
settlement also includes a mechanism to end the IR plan and return to cost of
service if there are significant and unanticipated developments that threaten
the sustainability of the IR plan. The above noted terms set out in the
settlement mitigate EGD&#146;s risk to factors beyond management&#146;s control.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">EGD does
not profit from the sale of natural gas nor is it at risk for the difference
between the actual cost of natural gas purchased and the price approved by the
OEB. This difference is deferred as a receivable from or payable to customers
until the OEB approves its refund or collection. EGD monitors the balance and
its potential impact on customers and will request interim rate relief that
will allow EGD to recover or refund the natural gas cost differential. EGD has
a quarterly rate adjustment mechanism in place for the natural gas. This allows
for the quarterly adjustment of rates to reflect changes in natural gas prices.
Adjustments are subject to prior approval by the OEB.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Volume
Risks</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Since
customers are billed on both a fixed charge and on a volumetric basis, EGD&#146;s
ability to collect its total IR formula revenue depends on achieving the
forecast distribution volume established in the rate-making process. Under IR,
volume forecasts are reviewed and approved by the OEB annually. The probability
of realizing such volume is contingent upon four key forecast variables:
weather, economic conditions, pricing of competitive energy sources and growth
in the number of customers. Over the life of the current IR agreement, the
portion of fixed charges will increase thereby reducing this risk.</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">29<a name="PB_29_174938_3641"></a></font></p>

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<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Weather is a
significant driver of delivery volumes, given that a significant portion of EGD&#146;s
customer base uses natural gas for space heating. For the years ended December&nbsp;31,
2009, 2008 and 2007, colder than normal weather impacted earnings by $17
million, $23 million and $14 million, respectively.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Distribution volume may also be
impacted by the increased adoption of energy efficient technologies, along with
more efficient building construction, that continues to place downward pressure
on consumption. In addition, conservation efforts by customers further
contribute to the decline in annual average consumption. On average, EGD has
seen a 1.3%annual decline in residential use year-over-year between 1998 and
2008. During the IR term, the ability of EGD to annually adjust distribution
volumes for rate-setting provides a mechanism to protect the company from
exposure to declining average use. Further, once rates are set for the year,
any incremental decline or benefit (if any) in average use, compared to the
basis used for rate-setting in the most recent year, is recorded as a
regulatory deferral for future collection from, or refund to, customers, to the
extent this relates to residential and small commercial customers.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">Sales
and transportation of gas for customers in the residential and commercial
sectors account for approximately 81% (2008 - 79%) of total distribution
volume. Sales and transportation service to large volume commercial and
industrial customers is more susceptible to prevailing economic conditions. As
well, the pricing of competitive energy sources affects volume distributed to
these sectors as some customers have the ability to switch to an alternate
fuel. Customer additions are important to all market sectors as continued
expansion adds to the total consumption of natural gas.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">Even in
those circumstances where EGD attains its total forecast distribution volume,
it may not earn its expected ROE due to other forecast variables such as the
mix between the higher margin residential and commercial sectors and the lower
margin industrial sector.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">This
distribution volume risk for general service customers is mitigated by the
average use true-up variance account that was established under the IR
Settlement Agreement. This variance account enables recovery from or repayment
to customers of amounts representing variances in the actual and forecast
average use by general service customers. EGD remains at risk of distribution
volumes for large volume contract commercial and industrial customers.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-style:italic;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;">NOVERCO</font></i></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge owns an equity interest in Noverco through
ownership of 32.1% of the common shares and a cost investment in preferred
shares. Noverco is a holding company that owns approximately 71.0% of Gaz Metro
Limited Partnership (Gaz Metro), a publicly traded gas distribution company
operating in the province of Quebec and in the state of Vermont.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Weather variations do not affect Noverco&#146;s earnings
as Gaz Metro is not exposed to weather risk. A significant portion of the
Company&#146;s earnings from Noverco is in the form of dividends on its preferred
share investment, which is based on the yield of 10-year Government of Canada
bonds plus 4.34%.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Results of Operations</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Noverco adjusted earnings were $19 million for the
year ended December&nbsp;31, 2009, comparable to $20 million for the year ended
December&nbsp;31, 2008 and $18 million for the year ended December&nbsp;31,
2007. Noverco earnings for the year ended December&nbsp;31, 2009 and 2007
reflected an increase of $6 million and $7 million, respectively, related to
favourable tax rate changes.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">OTHER GAS DISTRIBUTION</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Other Gas Distribution includes natural gas
distribution utility operations in Quebec, New Brunswick and northern New York
State. The largest utility included in this group of assets is EGNB (70.9%
owned and operated by the Company) which owns the natural gas distribution
franchise in the province of New Brunswick. EGNB is constructing a new
distribution system and has approximately 10,000 customers. Approximately 725
kilometres (450 miles) of distribution main has been installed with the
capability of attaching approximately 30,000 customers.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">30<a name="PB_30_174938_5250"></a></font></p>

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<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Results of Operations</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Other Gas Distribution earnings were $26 million
for the year ended December&nbsp;31, 2009, comparable to $23 million for the
year ended December&nbsp;31, 2008. Earnings for the year ended December&nbsp;31,
2008 were $4 million higher than earnings for the year ended December&nbsp;31,
2007, mainly as a result of franchise customer growth in EGNB.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">EGNB is regulated by the New Brunswick Energy and
Utilities Board (EUB). As it is currently in the development period, EGNB&#146;s
cost of service exceeds its distribution revenues. The EUB has approved the
deferral of the shortfall between distribution revenues and the cost of service
during the development period for recovery in future rates. This recovery
period is expected to start in 2010 and end no sooner than December&nbsp;31,
2040. On December&nbsp;31, 2009, the regulatory deferral asset was $155 million
(2008 - $133 million).</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">ENBRIDGE OFFSHORE PIPELINE</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">Offshore
is comprised of 13 natural gas gathering and FERC-regulated transmission
pipelines and one oil pipeline in five major corridors in the Gulf of Mexico,
extending to deepwater frontiers. These pipelines include almost 1,500 miles
(2,400 kilometres) of underwater pipe and onshore facilities and transported
approximately 2.3 bcf/d during 2009. Offshore currently moves approximately 50%
of offshore deepwater gas production through its systems in the Gulf of Mexico.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Transportation Contracts</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The primary shippers on the Offshore
systems are producers who execute life-of-lease commitments in connection with
transmission and gathering service contracts. In exchange, Offshore provides
firm capacity for the contract term at an agreed upon rate. The throughput
volume generally reflects the lease&#146;s maximum sustainable production. The
transportation contracts allow the shippers to define a maximum daily quantity
(MDQ), which corresponds with the expected production life. The contracts
typically have minimum throughput volumes which are subject to take-or-pay
criteria, but also provide the shippers with flexibility, subject to advance
notice criteria, to modify the projected MDQ schedule to match current
deliverability expectations.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">Increasingly,
and reflecting recent setbacks from hurricanes, transportation tariffs on our
largest system includes surcharge recoveries to cover increased operating and
repair costs.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">The
long-term transport rates established in the gathering and transmission service
agreements are generally market-based but are established using a cost of
service methodology, which includes operating cost, projected revenue
generation directly tied to production deliverability and the appropriate cost
of capital.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">The
business model utilized on a go forward basis and included in the WRGGS and Big
Foot commercially secured projects differs from the historic model. These new
projects have a base level return which is locked in by take or pay
commitments. If volumes reach producer anticipated levels the return on these
projects will increase. In addition, Enbridge has minimal capital cost risk on
these projects and still has the life-of-lease commitments included in
commercial agreements.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Results of Operations</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Adjusted earnings for the year ended
December&nbsp;31, 2009 in Offshore were $29<b>  </b>million
compared with $7 million for the year ended December&nbsp;31, 2008. Offshore
adjusted earnings increased due to higher volumes, including contributions from
Shenzi, since its in-service date in April&nbsp;2009, and Thunder Horse, since
its in-service date of June&nbsp;2008, as well as favourable foreign exchange
rates. Offshore adjusted earnings for 2009 included $4 million in insurance
proceeds collected during the second and fourth quarters, which were partial
reimbursement for business interruption lost revenues and operating expenses
associated with Hurricane Ike in 2008.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Offshore adjusted earnings for the
year ended December&nbsp;31, 2008 were $7 million compared with $22 million for
the year ended December&nbsp;31, 2007. Offshore adjusted earnings decreased as
a result of </font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">31<a name="PB_31_175033_536"></a></font></p>

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<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">continuing natural production
declines as well as approximately $11 million in lost revenue and clean up
costs related to Hurricanes Gustav and Ike. These decreases were partially
offset by stand-by fees on the Neptune oil and gas pipelines which came into
service in the fourth quarter of 2007, as well as contributions from Atlantis
and Thunder Horse platform volumes. Also, adjusted earnings for the year ended December&nbsp;31,
2008 included approximately $2 million (2007 - $6 million) from business
interruption insurance proceeds related to lost revenue in 2005 and 2006 as a
result of the 2005 hurricanes.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Earnings for 2009 and 2007 included
insurance proceeds of $4 million and $5 million, respectively, related to the
replacement of damaged infrastructure as a result of the 2008 and 2005
hurricanes.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Business Risks</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">The risks identified below are specific to
Offshore. General risks that affect the Company as a whole are described under RISK
MANAGEMENT.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Weather</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Adverse weather, such as hurricanes, may impact
Offshore financial performance directly or indirectly. Direct impacts may
include damage to Offshore facilities resulting in lower throughput and
inspection and repair costs. Indirect impacts include damage to third party
production platforms, onshore processing plants and pipelines that may decrease
throughput on Offshore systems.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Effective June&nbsp;1, 2009,
Offshore&#146;s insurance policy no longer includes coverage related to named
windstorms, such as hurricanes. The decision to exclude this coverage from the
policy, pending future years&#146; analysis, was a result of significant increases
in insurance premiums and deductibles. As a result of the change in coverage,
damage caused by future hurricanes could more significantly impact Offshore&#146;s
financial performance. Partially offsetting this exposure, the Stingray
Pipeline system implemented, as part of a 2009 FERC rate case settlement, an
event surcharge mechanism to allow recovery from shippers for hurricane damage.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Competition</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">There is competition for new and existing business
in the Gulf of Mexico. Offshore has been able to capture key opportunities,
positioning it to more fully utilize existing capacity. Offshore serves a
majority of the strategically located deepwater host platforms and its
extensive presence in the deepwater Gulf of Mexico has Offshore well positioned
to generate incremental revenues, with modest capital investment, by
transporting production from sub-sea development of smaller fields tied back to
existing host platforms. Offshore is also able to construct pipelines to transport
crude oil, diversifying the risk of declining production, as demonstrated with
the newly constructed Neptune crude oil lateral and the recently announced Big
Foot Oil Pipeline. Given rates of decline, Offshore pipelines typically have
available capacity, resulting in significant competition for new developments
in the Gulf of Mexico.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Regulation</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">The transportation rates on many of Offshore&#146;s
transmission pipelines are generally based on a regulated cost of service
methodology and are subject to regulation by the FERC. These rates are subject
to challenge from time-to-time.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Other Risks</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">Other
risks directly impacting financial performance include underperformance
relative to expected reservoir production rates, delays in project start-up
timing, changes in plans by shippers and capital expenditures in excess of
those estimated. Capital risk is mitigated in some circumstances by having area
producers as joint venture partners, through cost of service tolling
arrangements and pre-arranged terms in commercial agreements. Start-up delays
are mitigated by the right to collect stand-by fees.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">ALLIANCE PIPELINE
US</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">The Alliance System (Alliance),
which includes both the Canadian and United States portions of the pipeline
system, consists of an approximately 3,000-kilometre (1,875-mile) integrated,
high-pressure </font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">32<a name="PB_32_175033_5926"></a></font></p>

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<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">natural gas transmission pipeline
system and an approximately 730-kilometre (455-mile) lateral pipeline system
and related infrastructure. Alliance transports liquids-rich natural gas from
northeast British Columbia and northwest Alberta to Channahon, Illinois. The
pipeline has firm service shipping contract capacity to deliver 1.325 bcf/d.
Enbridge owns 50% of Alliance Pipeline US, while EIF, described under Sponsored
Investments, owns 50% of Alliance Pipeline Canada.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">Alliance
connects with Aux Sable, of which Enbridge owns 42.7%, a NGLs extraction
facility in Channahon, Illinois. The natural gas may then be transported to two
local natural gas distribution systems in the Chicago area and five interstate
natural gas pipelines, providing shippers with access to natural gas markets in
the midwestern and northeastern United States and eastern Canada.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">In
2009, Pecan Pipeline, a gathering pipeline owned by a third party, was
connected to a new gas receipt point on Alliance near Towner, North Dakota.
This pipeline will bring associated rich gas from the Bakken formation on to
Alliance. The new receipt point went into service in January&nbsp;2010, with an
initial volume of 40 mmcf/d, which will increase to 80 mmcf/d one year after
the initial in-service date.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Transportation Contracts</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">Alliance has long-term, take-or-pay contracts through 2015
to transport 1.305 bcf/d of natural gas or 98.5% of the total contracted capacity.
Alliance has an additional 20 million cubic feet per day (mmcf/d) of natural
gas contracted through 2010 which is expected to be remarketed upon expiry.
These contracts permit Alliance to recover the cost of service, which includes
operating and maintenance costs, the cost of financing, an allowance for income
tax, an annual allowance for depreciation and an allowed ROE of 11.5%. Each
long-term contract may be renewed upon five years notice for successive
one-year terms beyond the original 15-year primary term. Alliance Pipeline US
operations are regulated by the FERC.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">Depreciation expense included in the cost of service is
based on negotiated depreciation rates contained in the transportation
contracts, while depreciation expense in the financial statements is recorded
on a straight-line basis at 4% per annum. Negotiated depreciation expense is
generally less than the financial statement amount at the beginning of the
contract and higher than straight-line depreciation in the later years of the
shipper transportation agreements. This difference results in recognition of a
long-term receivable, referred to as deferred transportation revenue, that is
expected to be recovered from shippers beginning in 2009 for Alliance Pipeline
US and 2011 for Alliance Pipeline Canada. As at December&nbsp;31, 2009, $151
million (US$144 million) (2008 - $182 million (US$149 million)) was recorded as
deferred transportation revenue.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Alliance Pipeline Recontracting Strategy</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Alliance continues to be fully
contracted on a firm service basis and is expected to run at or near full
capacity until at least 2015 when existing long-term shipper contracts expire.
Alliance is developing strategies to maximize its competitiveness, post-2015,
in light of falling export production from western Canada and the potential for
surplus export pipeline capacity. Alliance is well placed to benefit from
incremental unconventional volumes from shale plays in British Columbia, and is
currently evaluating opportunities to expand its service offerings in this
area.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Results of Operations</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Alliance Pipeline US adjusted earnings were $27
million for the year ended December&nbsp;31, 2009, comparable to $25 million
for the year ended December&nbsp;31, 2008 and $28 million for the year ended December&nbsp;31,
2007. The slight variability in adjusted earnings each year was primarily due
to United States dollar foreign exchange fluctuations.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">Earnings for the year ended December&nbsp;31, 2008 included
$2 million in proceeds received from the settlement of a claim against a former
shipper which repudiated its capacity commitment.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Arial" style="font-size:10.0pt;">VECTOR
PIPELINE</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The
Company provides operating services to, and holds a 60% joint venture interest
in, Vector Pipeline, which transports natural gas from Chicago, Illinois to
Dawn, Ontario. Vector Pipeline has the capacity to </font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

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<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">deliver a
nominal 1.3 bcf/d and is operating at or near capacity.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-transform:uppercase;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:normal;text-transform:none;">Vector Pipeline&#146;s primary
sources of supply are through interconnections with Alliance and the Northern
Border Pipeline in Joliet, Illinois. Approximately 55% of the long haul
capacity of Vector Pipeline is committed through 15-year firm transportation
contracts at rates negotiated with the shippers and approved by the FERC. The
remaining capacity is sold at market rates and at various term lengths. The
total long haul capacity of Vector is approximately 90% committed through 2015.
Transportation service is provided through a number of different forms of
service agreements such as Firm Transportation Service and Interruptible
Transportation Service. </font></b><font size="2" style="font-size:10.0pt;font-weight:normal;text-transform:none;">Vector
Pipeline is an interstate natural gas pipeline with FERC and NEB approved
tariffs establishing rates, terms and conditions governing its service to
customers. On the United States portion of Vector, tariff rates are determined
using a cost of service methodology and tariff changes may only be implemented
upon approval by the FERC. For 2009, the FERC approved maximum tariff rates
include a weighted average after-tax ROE component of 11.07% (2008 - 11.04%;
2007 - 10.75%). On the Canadian portion, Vector Pipeline is required to file
its negotiated tolls calculation with the NEB on an annual basis. Tolls are
calculated on a levelized basis that include a rate of return incentive
mechanism based on construction costs and are subject to a rate cap. In 2009,
maximum tariff tolls include a ROE component of 10.48% after-tax.</font></p>

<p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-transform:uppercase;"><b><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-transform:uppercase;"><b><font size="2" face="Arial" style="font-size:10.0pt;text-transform:none;">Results
of Operations</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Vector Pipeline adjusted earnings were $16 million
for the year ended December&nbsp;31, 2009, comparable to $14 million for the
year ended December&nbsp;31, 2008 and $15 million for the year ended December&nbsp;31,
2007.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Business Risks</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">The risks identified
below are specific to both Alliance Pipeline US and Vector Pipeline. General
risks that affect the entire Company are described under RISK MANAGEMENT.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Supply and
Demand</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Advances in clean-coal technology and nuclear power
as sources of power generation may reduce growth in natural gas demand over the
longer term. However, demand is supported by rising use of gas for power
generation. Currently, pipeline capacity out of the WCSB exceeds supply.
Alliance Pipeline US and Vector Pipeline have been unaffected by this excess
capacity environment mainly because of long-term capacity contracts extending
to 2015. Vector Pipeline&#146;s interruptible capacity could be negatively impacted
by the basis (location) differential in the price of natural gas between
Chicago and Dawn, Ontario relative to the transportation toll.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Exposure to
Shippers</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">The failure of shippers to perform their
contractual obligations could have an adverse effect on the cash flows and
financial condition of Alliance Pipeline US and Vector Pipeline. To reduce this
risk, Alliance Pipeline US and Vector Pipeline monitor the creditworthiness of
each shipper and receive collateral for future shipping tolls should a shipper&#146;s
credit position not meet tariff requirements. These pipelines also have diverse
groups of long-term transportation shippers, which include various gas and
energy distribution companies, producers and marketing companies, further reducing
the exposure.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Competition</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">Alliance Pipeline US faces competition for pipeline
transportation services to the Chicago area from both existing and proposed
pipeline projects. Competing pipelines provide natural gas transportation
services from the WCSB to distribution systems in the Midwestern United States.
In addition, there are several proposals to upgrade existing pipelines serving
these markets. Any new or upgraded pipelines could either allow shippers
greater access to natural gas markets or offer natural gas transportation
services that are more desirable than those provided by Alliance. Shippers on
Alliance Pipeline US have access to additional high compression delivery
capacity at no additional cost, other than fuel requirements, serving to enhance
the competitive position of Alliance Pipeline US.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Vector Pipeline faces competition
for pipeline transportation services to its delivery points from new supply
sources and traditional low cost pipelines, which could offer transportation
that is more desirable to shippers because of cost, supply location, facilities
or other factors. Vector Pipeline has mitigated this risk by entering into
long-term firm transportation contracts, which expire starting in November&nbsp;2015,
for approximately 87% of its capacity. The remaining contracts expire at
various times starting in April&nbsp;2012. Certain long-term firm contracts
(55% of capacity) provide for additional compensation to Vector Pipeline if
shippers do not extend their contracts beyond the initial term ending November&nbsp;2015.
The effectiveness of these mitigating factors is evidenced by the increased
utilization of the pipeline since its construction, despite the presence of
transportation alternatives.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Regulation</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">Both Vector Pipeline and Alliance Pipeline US operations are
regulated by the FERC. On a yearly basis, following consultation with shippers,
Alliance Pipeline US files its annual rates with the FERC for approval.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">FERC has intensified its oversight of financial reporting,
risk standards and affiliate rules&nbsp;and has issued new standards on
managing gas pipeline integrity. The Company continues ongoing dialogue with
regulatory agencies and participates in industry lobby groups to ensure it is
informed of emerging issues in a timely manner.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">AUX SABLE</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge owns 42.7% of Aux Sable, a
NGLs extraction and fractionation business near Chicago, Illinois. Aux Sable
owns and operates a plant at the terminus of Alliance. The plant extracts NGLs
from the energy-rich natural gas transported on Alliance, as necessary to meet
the requirements of downstream distribution companies, which require natural
gas with less NGLs, or lower heat content; and to take advantage of positive
commodity price spreads.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Aux Sable has an
agreement with BP to sell its NGLs production to BP. In return, BP pays Aux
Sable a fixed annual fee and a share of any net margin generated from the
business in excess of specified natural gas processing margin thresholds (the
upside sharing mechanism). In addition, BP compensates Aux Sable for all
operating, maintenance and capital costs associated with the Aux Sable
facilities subject to certain limits on capital costs. BP supplies, at its
cost, all make-up gas and fuel supply gas to the Aux Sable facilities and is
responsible for the capacity on the Alliance Pipeline held by an Aux Sable
affiliate, at market rates. The agreement is for an initial term of 20 years,
expiring December&nbsp;21, 2025 and may be extended by mutual agreement for
10-year terms.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Results of Operations</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Adjusted
earnings for the year ended December&nbsp;31, 2009 were $26 million
compared with $28
million for the year ended December&nbsp;31, 2008. Aux Sable adjusted
earnings decreased due to unexpected plant outages during the fourth quarter of
2009.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Adjusted
earnings for the year ended December&nbsp;31, 2008 were $28 million
compared with earnings of $11 million for the year ended December&nbsp;31, 2007. Aux Sable
adjusted earnings increased due to strong fractionation margins and enhanced
plant performance, in addition to favourable risk management positions, which
enabled the Company to recognize earnings from the upside sharing mechanism.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Aux Sable
earnings reflected the following non-recurring or non-operating adjusting
items:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Earnings for each period reflected unrealized fair value
changes on derivative financial instruments used to risk manage fractionation
margin upside on natural gas processing volumes. These non-cash amounts arose
due to the revaluation of financial derivatives used to &#147;lock in&#148; the
profitability of forward contracted prices.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Earnings for 2009 included $7
million related to a negotiated settlement with a counterparty in bankruptcy
proceedings.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">35<a name="PB_35_175033_6228"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;">ENERGY SERVICES</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Energy Services includes Gas Services and Tidal
Energy, the Company&#146;s energy marketing businesses. Gas Services markets natural
gas to optimize Enbridge&#146;s commitments on the Alliance and Vector pipelines. It
also has a growing business of providing fee-for-service arrangements for third
parties, leveraging its marketing expertise and access to contracted
transportation capacity. Capacity commitments as of December&nbsp;31, 2009 were
33 mmcf/d on Alliance (3% of total capacity) and 104 mmcf/d on Vector Pipeline
(9% of total capacity). Capacity commitments as of December&nbsp;31, 2008 were
33 mmcf/d on Alliance (3% of total capacity) and 144 mmcf/d on Vector Pipeline
(12% of total capacity).</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Earnings from Gas Services are dependent upon the
basis (location) differentials between Alberta and Chicago, for Alliance, and
between Chicago and Dawn, for Vector Pipeline. To the extent the cost of
transportation on these two pipelines exceeds the gas commodity basis
differential, earnings will be negatively affected.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Tidal
Energy provides crude oil and NGLs marketing services for the Company and its
customers in</font><font size="2" face="Arial" style="font-size:10.0pt;"> a full range of condensate and crude oil types including
light sweet, light and medium sours and several heavy grades. Tidal Energy
transacts at many of the major North American market hubs and provides its
customers with a variety of programs, including flexible pricing arrangements,
hedging programs, product exchanges, physical storage programs and total supply
management. Tidal Energy&#146;s business
involves buying, selling, transporting and storing condensate and crude oil.
Tidal Energy is primarily a physical barrel marketing company and in the course
of its market activities can create modest commodity exposures. Any residual
open positions created from this physical business are tightly monitored and
must comply with the Company&#146;s formal risk management policies.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Results of Operations</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Adjusted
earnings from Energy Services increased from $6 million in 2007 to $17 million
in 2008 and $29 million in 2009. The increase in adjusted earnings each year is
due to higher volumes and the impact of realizing favourable storage and
transportation margins.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Energy
Services earnings were impacted by the following non-recurring or non-operating
adjusting items:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Earnings
for each period reflect unrealized fair value gains and losses resulting from
the revaluation of inventory and the revaluation of largely offsetting
financial derivatives used to &#147;lock-in&#148; the profitability of forward
transportation and storage transactions. During the first quarter of 2009, the
Company adopted fair value accounting for inventory held at its commodity
marketing businesses.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Energy Services 2008 earnings included a $6 million write-off as a
result of bankruptcies by SemGroup and Lehman Brothers - t</font><font size="2" face="Arial" style="font-size:10.0pt;">he full amount of all such receivables was provided for in
2008. In 2009, $1 million was recovered from the SemGroup bankruptcy.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">INTERNATIONAL</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In 2009,
the Company sold its 24.7% interest in OCENSA, a crude oil export pipeline in
Colombia. In 2008, the Company sold its 25% equity interest in CLH, Spain&#146;s
largest refined products transportation and storage business. Both of these
investments were sold at very attractive prices and proceeds were utilized in
the funding of the North American expansion projects discussed earlier.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Given the
disposals of OCENSA and CLH, there are currently minimal operations in
International. However, Enbridge continues to actively monitor the
international business environment to identify potential new investment
opportunities.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Results of Operations</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">International adjusted earnings for
the years ended December&nbsp;31, 2009, 2008 and 2007 were nil, $52 million and
$90 million, respectively. The decrease in adjusted earnings was a result of
the sale of OCENSA and CLH discussed above.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">36<a name="PB_36_175033_6479"></a></font></p>

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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">International earnings were impacted
by the following non-recurring or non-operating adjusting items:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">In March&nbsp;2009, the Company sold
its investment in OCENSA for proceeds of $512 million, resulting in a gain of
$329 million.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">In June&nbsp;2008, the Company sold
its investment in CLH for proceeds of $1,380 million, resulting in a gain of
$556 million.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">OTHER</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Results of Operations</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The adjusted loss in Other was </font><font size="2" face="Arial" style="font-size:10.0pt;">$12 million in 2009 compared with $7 million in
2008 and nil in 2007. Losses in Other primarily reflected higher
business development expenditures and lower earnings from CustomerWorks Limited
Partnership (CustomerWorks) which resulted from a smaller customer base.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">For the
year ended December&nbsp;31, 2009, Other reflected the write-off of $3 million
in deferred development costs as a result of adopting a change in accounting
standards, effective January&nbsp;1, 2009, as well as a $10 million asset
impairment loss, including goodwill. For the year ended December&nbsp;31, 2008,
Other included a $5 million gain on the sale of the Company&#146;s investment in
Inuvik Gas.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">SPONSORED
INVESTMENTS</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">EARNINGS</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.88%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2007</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:66.88%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge Energy Partners
  (EEP)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">99</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">60</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">47</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.88%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge Energy, L.P. -
  Alberta Clipper US (EELP)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">7</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.88%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge Income Fund
  (EIF)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">45</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">41</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">39</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.88%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Adjusted Earnings</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">151</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">101</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">86</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:66.88%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EEP - unrealized
  derivative fair value gains/(losses)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(2</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(6</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.88%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EEP - asset impairment
  loss</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(12</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.88%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EEP - Lakehead System
  billing correction</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.88%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EEP - dilution gain on
  Class&nbsp;A unit issuance</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">12</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.88%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EEP - impact of 2008
  hurricanes and project write-offs</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(2</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.88%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EEP - gain on sale of
  Kansas Pipeline Company (KPC)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.88%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EIF - Alliance Canada
  shipper claim settlement</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.88%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EIF - impact of tax rate
  changes</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.88%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Earnings</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">141</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">111</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">97</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Adjusted earnings from Sponsored
Investments were $151<b>  </b>million for
the year ended December&nbsp;31, 2009 compared with $101 million in 2008 and
$86 million in 2007. The increase in adjusted earnings resulted primarily from
increased contributions from EEP as a result of positive operating factors and
Enbridge&#146;s higher ownership interest.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Sponsored Investments earnings were
impacted by several non-recurring or non-operating adjusting items:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Earnings from EEP included a change
in the unrealized fair value on derivative financial instruments in each
period.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">EEP earnings for the year ended December&nbsp;31,
2009 included an asset impairment loss of $12 million (net to Enbridge) related
to the write-down of certain assets.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Earnings from EEP for year ended December&nbsp;31,
2009 included a Lakehead System billing correction of $4 million (net to
Enbridge) related to services provided in prior periods.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Earnings in 2008 and 2007 included
EEP dilution gains arising because Enbridge did not fully participate in EEP&#146;s Class&nbsp;A
unit offerings, decreasing Enbridge&#146;s ownership interest in EEP to 14.6% as at March&nbsp;31,
2008. In December&nbsp;2008, the Company purchased an additional US$500 million
in Class&nbsp;A units increasing Enbridge&#146;s ownership interest in EEP to 27.0%.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">2008 earnings from EEP included
non-routine costs associated with Hurricanes Gustav and Ike, of which Enbridge&#146;s
share is $2 million, as well as the write-off of certain projects cancelled due
to </font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">37<a name="PB_37_175033_2639"></a></font></p>

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<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">market conditions.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">In 2007, EEP earnings included
Enbridge&#146;s $3 million share of the gain on the sale of KPC.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Earnings from EIF for the year ended
December&nbsp;31, 2008 included proceeds of $1 million from the settlement of a
claim against a former shipper on Alliance Canada which repudiated its capacity
commitment.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">For the year ended December&nbsp;31,
2007, EIF earnings reflected $2 million which was due to favourable tax rate
changes.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">ENBRIDGE ENERGY PARTNERS</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EEP owns and
operates crude oil and liquid petroleum transportation and storage assets and
natural gas gathering, treating, processing, transportation and marketing
assets in the United States. Significant assets include the Lakehead System,
which is the extension of the Enbridge System in the United States; the
Mid-Continent crude oil system consisting of an interstate crude oil pipeline
and storage facilities; a crude oil gathering system and interstate pipeline
system in North Dakota; and natural gas assets located primarily in Texas.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In the
second quarter of 2007, EEP issued partnership units. Because Enbridge did not
fully participate in these offerings, dilution gains of $12 million resulted
and Enbridge&#146;s ownership interest in the Partnership decreased from 16.6% to
15.1%. Enbridge&#146;s average ownership interest in 2007 was 15.5%. In March&nbsp;2008,
Enbridge did not participate in EEP&#146;s issuance of Class&nbsp;A units, resulting
in a $5 million dilution gain and a decrease in ownership interest to 14.6%. In
late 2008, Enbridge purchased 16.3 million Class&nbsp;A common units of EEP,
resulting in an ownership increase to 27.0%. The Company&#146;s average ownership
interest in EEP during 2008 was 15.7%. At December&nbsp;31, 2009, Enbridge&#146;s
ownership interest in EEP remained at 27.0%.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Distributions</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EEP makes
quarterly distributions of its available cash to its common unitholders. Under
the Partnership Agreement, Enbridge Energy Company,&nbsp;Inc. (EECI), a wholly
owned subsidiary of Enbridge, as general partner (GP), receives incremental
incentive cash distributions, which represent incentive income, on the portion
of cash distributions, on a per unit basis, that exceed certain target
thresholds as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="59%" valign="bottom" style="padding:0in 0in 0in 0in;width:59.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Unitholders&nbsp;</font></p>
  </td>
  <td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="59%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:59.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">including Enbridge&nbsp;</font></p>
  </td>
  <td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">GP Interest</font></p>
  </td>
 </tr>
 <tr>
  <td width="59%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:59.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Quarterly Cash Distributions per Unit:</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:20.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:19.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="59%" valign="bottom" style="padding:0in 0in 0in 0in;width:59.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Up to $0.59 per unit</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">98%</font></p>
  </td>
  <td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2%</font></p>
  </td>
 </tr>
 <tr>
  <td width="59%" valign="bottom" style="padding:0in 0in 0in 0in;width:59.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">First target - $0.59 per unit up to $0.70 per unit</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">85%</font></p>
  </td>
  <td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">15%</font></p>
  </td>
 </tr>
 <tr>
  <td width="59%" valign="bottom" style="padding:0in 0in 0in 0in;width:59.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Second target - $0.70 per unit up to $0.99 per unit</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">75%</font></p>
  </td>
  <td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">25%</font></p>
  </td>
 </tr>
 <tr>
  <td width="59%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:59.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Over second target - cash distributions greater than $0.99
  per unit</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">50%</font></p>
  </td>
  <td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">50%</font></p>
  </td>
 </tr>
</table>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In the
first three quarters of 2007, EEP paid quarterly distributions of $0.925 per
unit and effective November&nbsp;2007, EEP increased quarterly distributions to
$0.95 per unit. In the first two quarters of 2008 EEP paid quarterly
distributions of $0.95 per unit and effective August&nbsp;2008, EEP increased
quarterly distributions to $0.99 per unit. Of the $99 million Enbridge
recognized as adjusted earnings from EEP during 2009, 27% (2008 &#150; 37%; 2007 - 40%)
were GP incentive earnings while 73% (2008 &#150; 63%; 2007 - 60%) were Enbridge&#146;s
limited partner share of EEP&#146;s earnings.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Results of Operations</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Adjusted earnings from EEP were $99<b>  </b>million for the year ended December&nbsp;31, 2009 compared
with $60 million for the year ended December&nbsp;31, 2008. EEP adjusted
earnings increased due to the Company&#146;s higher ownership interest in EEP
resulting from the December&nbsp;2008 Class&nbsp;A unit subscription; an
increased contribution due to additional assets placed in service and related
tariff surcharges for recent expansions; higher incentive income; and, a more
favourable foreign exchange rate at which EEP&#146;s earnings are translated to
Canadian dollars for presentation purposes.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Adjusted earnings from EEP were $60
million for the year ended December&nbsp;31, 2008 compared with $47 million for
the year ended December&nbsp;31, 2007. EEP adjusted earnings increased as a
result of higher </font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">38<a name="PB_38_175033_2794"></a></font></p>

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<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">incentive income and increased
earnings at EEP due to higher gas and crude oil delivery volumes, tariff
surcharges for recent expansions and additional revenue resulting from higher
average crude oil prices associated with allowance oil. These increases were
partially offset by increased operating and administrative costs and write
downs of natural gas inventory to fair market value as a result of declines in
the price of natural gas. Also, the Company&#146;s ownership interest in EEP
increased to 27.0% in December&nbsp;2008.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EEP earnings were impacted by
several non-recurring or non-operating adjusting items:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Earnings included a change in the unrealized
fair value on derivative financial instruments in each period.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Earnings for the year ended December&nbsp;31,
2009 included an asset impairment loss of $12 million (net to Enbridge) related
to the write-down of certain assets.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Earnings from EEP for 2009 included
a Lakehead System billing correction of $4 million (net to Enbridge) related to
services provided in prior periods.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Earnings in 2008 and 2007 included
dilution gains because Enbridge did not fully participate in EEP&#146;s Class&nbsp;A
unit offerings in May&nbsp;2007 and March&nbsp;2008, decreasing Enbridge&#146;s
ownership interest in EEP to 14.6%. In December&nbsp;2008, the Company
purchased an additional US$500 million in Class&nbsp;A units, increasing
Enbridge ownership interest in EEP to 27.0%.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">2008 earnings included non-routine
costs associated with Hurricanes Gustav and Ike as well as the write-off of
certain projects cancelled due to market conditions, of which the Company&#146;s
share totals $2 million.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">In 2007, EEP earnings included
Enbridge&#146;s $3 million share of the gain on the sale of KPC.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">ENBRIDGE ENERGY, L.P. &#150; ALBERTA CLIPPER US</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In July&nbsp;2009, the Company
committed to fund 66.7% of the cost to construct the United States segment of
the Alberta Clipper Project. The Company will fund 66.7% of the project&#146;s
equity requirements through EELP, while 66.7% of the debt funding will be made
through EEP. EELP &#150; Alberta Clipper US earnings are the Company&#146;s earnings from
its investment in EELP which is undertaking the project and currently represent
AEDC recognized while the project is under construction.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Results of Operations</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Adjusted earnings from EELP -
Alberta Clipper US were $7<b>  </b>million for
the year ended December&nbsp;31, 2009. These earnings relate to AEDC earned
while the project is under construction.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Business
Risks</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The risks identified below are
specific to EEP and EELP. General risks that affect the Company as a whole are
described under RISK MANAGEMENT.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Competition</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EEP&#146;s Lakehead System, the United States portion of the
Enbridge System, is a major crude oil export route from the WCSB. Other
existing competing carriers and pipeline proposals to ship western Canadian
liquids hydrocarbons to markets in the United States represent competition for
the Lakehead System. Further details on such competing projects are described
within Business Risks under LIQUIDS PIPELINES. EEP&#146;s Mid-Continent system and
North Dakota system also face competition from existing competing pipelines,
proposed future pipelines, and alternative gathering facilities available to
producers or the ability of the producers to build such gathering facilities.
Competition for EEP&#146;s storage facilities include large integrated oil companies
and other midstream energy partnerships.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other interstate and intrastate natural gas pipelines or
their affiliates and other midstream businesses that gather, treat, process and
market natural gas or NGLs represent competition to EEP&#146;s natural gas segment.
The level of competition varies depending on the location of the gathering,
treating and processing facilities. However, most natural gas producers and
owners have alternate gathering, treating and processing facilities available
to them, including competitors that are substantially larger than EEP.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39<a name="PB_39_175033_8299"></a></font></p>

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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Financing Risk</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EEP has made and expects to continue making
substantial capital expenditures for the construction and development of crude
oil and natural gas infrastructure. EEP intends to finance its future capital
expenditures by utilizing cash from operations, borrowings under existing
credit facilities and lastly from borrowings under the US$500 million revolving
credit agreement with Enbridge (see <font style="text-transform:uppercase;">Liquidity
and Capital Resources</font>). EEP also expects to obtain permanent financing
through the issuance of additional debt and equity securities through the
capital markets, as necessary.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Supply and Demand</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The profitability of EEP depends
to some extent on the volume of products transported on its pipeline systems.
The volume of shipments on EEP&#146;s Lakehead System depends primarily on the
supply of western Canadian crude oil and the demand for crude oil in the Great
Lakes and Midwest regions of the United States and eastern Canada.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EEP&#146;s natural gas gathering assets
are also subject to changes in supply and demand for natural gas, NGLs and
related products. Commodity prices impact the willingness of natural gas
producers to invest in additional infrastructure to produce natural gas. These
assets are also subject to competitive pressures from third-party and producer-owned
gathering systems.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Volume Risk</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">A decrease in volumes transported
by EEP&#146;s systems can directly and adversely affect revenues and results of
operations. A decline in volumes transported can be influenced by factors
beyond EEP&#146;s control including: competition, regulatory action, weather,
storage levels, alternative energy sources, decreased demand, fluctuations in
commodity prices, economic conditions, supply disruptions, availability of
supply connected to the systems and adequacy of infrastructure to move supply
into and out of the systems.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Regulation</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In the United States, the
interstate oil pipelines owned and operated by EEP and certain activities of
EEP&#146;s intrastate natural gas pipelines are subject to regulation by the FERC or
state regulators and its revenues could decrease if tariff rates were
protested. While gas gathering pipelines are not currently subject to active
rate regulation, proposals to more actively regulate intrastate gathering
pipelines are currently being considered in certain of the states in which EEP
operates. In addition, the FERC has also taken an interest in regulating gas
gathering systems that connect into interstate pipelines.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Market Price Risk</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EEP&#146;s gas processing business is
subject to commodity price risk for natural gas and NGLs. These risks have been
managed by using physical and financial contracts, fixing the prices of natural
gas and NGLs. Certain of these financial contracts do not qualify for cash flow
hedge accounting and EEP&#146;s earnings are exposed to associated mark-to-market
valuation changes.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">ENBRIDGE INCOME FUND</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EIF&#146;s primary assets include a 50%
interest in Alliance Pipeline Canada and the 100%-owned Enbridge Saskatchewan
System, both acquired from the Company in 2003. Alliance Pipeline Canada is the
Canadian portion of Alliance previously described in the Natural Gas Delivery
and Services segment. The Enbridge Saskatchewan System owns and operates crude
oil and liquids pipelines systems from producing fields in southern
Saskatchewan and southwestern Manitoba, connecting primarily with Enbridge&#146;s
mainline pipeline to the United States.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EIF also owns interests in
three wind power generation projects purchased from Enbridge in October, 2006
and a business that develops and operates waste-heat power generation projects
at Alliance Pipeline Canada compressor stations.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Proposed Corporate Restructuring</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">On November
2, 2009, EIF announced that Enbridge, as administrator of EIF, recommended to
the EIF Board of Trustees a proposed restructuring of EIF to take effect prior
to the imposition of the specified investment flow-through entity (SIFT)
Canadian tax on January 1, 2011. The proposed restructuring would</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">40<a name="PB_40_175148_5893"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">involve the
exchange by public unitholders of their trust units, which collectively
represent a 28% economic interest in EIF, for shares of a taxable Canadian
corporation to be called Enbridge Income Fund Holdings Inc. (EIFH), plus a
small amount of cash. The scope of activities of EIFH would be limited to
investment in EIF. A committee of independent Trustees of EIF, assisted by
independent legal and financial advisors, is reviewing the administrator&#146;s
recommendation in light of potential alternatives and will provide their
recommendations to public unitholders. The recommended restructuring would be
subject to approval by unitholders.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company
is expected to retain its current 72% economic interest in EIF following the
proposed restructuring. EIF would cease to be a SIFT and would not be subject
to the SIFT tax; however, the Company would continue to be subject to corporate
income tax on taxable income received from EIF. The Company is expected to
remain the primary beneficiary of EIF for accounting purposes following the
proposed restructuring.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Incentive and Management Fees</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge
receives a base annual management fee for management services provided to EIF,
plus incentive fees equal to 25% of annual cash distributions over $0.825 per
trust unit. In 2009, the Company received incentive fees of $8 million (2008 -
$5 million, 2007 - $4 million) before income taxes. The Company is the primary
beneficiary of EIF through a combination of voting units and a non-voting
preferred unit investment and, as such, EIF is consolidated under variable
interest entity accounting rules. The preferred unit investment held by
Enbridge is entitled to non-cumulative monthly distributions in an amount equal
to the monthly distribution per ordinary voting unit of EIF. Management fees,
incentive fees and preferred unit distributions (EIF Fees) earned by Enbridge
positively impact consolidated earnings. EIF Fees received by Enbridge are
subject to income taxes at corporate rates.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Results of
Operations</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Adjusted earnings from EIF were $45 million for the
year ended December 31, 2009, compared with the prior year of $41 million. EIF
adjusted earnings primarily reflected a year-over-year increase in incentive
fees and preferred unit distributions, net of income taxes. In 2009, EIF
declared preferred unit distributions of $1.152 per unit compared with $1.032
per unit in 2008. These distribution increases were supported primarily by
increased cash flow from Phase I of the Saskatchewan System expansion completed
in June 2008. Increased earnings in the year ended December 31, 2009 attributable
to incentive fees and preferred unit distributions were partially offset by
increased income taxes at EIF and increased corporate costs compared with 2008.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Adjusted earnings from EIF
were $41 million for the year ended December 31, 2008, compared with adjusted
earnings of $39 million for the year ended December 31, 2007. EIF adjusted
earnings for the year ended December 31, 2008 reflected increased incentive
fees and preferred unit distributions, to the extent of minority interest and
net of income taxes, owing to the year-over-year increase in distributions
declared by EIF. Increased earnings and distributions realized by EIF in 2008
over 2007 primarily reflect the impact of six months of operations of Phase I
of the Saskatchewan System expansion completed in June 2008.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">EIF earnings were impacted by
a non-recurring shipper claim settlement of $1 million in 2008 and tax rate
changes of $2 million in 2007. In 2007, EIF recognized future taxes within
entities that will become taxable in 2011 as a result of the SIFT legislation.
This future tax increase was more than offset by the revaluation of future
income tax obligations previously recorded as a result of tax rate reductions
in the second and fourth quarters of 2007.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Business Risks</font></b></p>

<p style="font-style:italic;margin:0in 0in .0001pt;page-break-after:auto;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;">Risks for Alliance Pipeline Canada are similar to
those identified for Alliance Pipeline US in the Natural Gas Delivery and
Services segment. The following risks relate to the Saskatchewan System.
General risks that affect the Company as a whole are described under <font style="text-transform:uppercase;">Risk Management</font>.</font></i></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Competition</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">The
Saskatchewan System faces competition in pipeline transportation from other
pipelines as well as other forms of transportation, most notably trucking.
These alternative transportation options could charge rates or provide service
to locations that result in greater net profit for shippers and thereby
potentially reduce shipping on the Saskatchewan System or result in possible
toll reductions. The Saskatchewan System manages exposure to loss of shippers
by ensuring the shipping rates are competitive and by providing a high level of
service. Further, the Saskatchewan System&#146;s right-of-way and expansion efforts
have created a competitive advantage. The Saskatchewan System will continue to
focus on increasing efficiencies through its expansion projects in order to
meet its shippers&#146; growing demand.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Regulation</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EIF&#146;s 50% interest in Alliance Pipeline Canada and
certain pipelines within the Saskatchewan System are subject to the actions of
various regulators, including the NEB. Actions of the regulators related to
tariffs, tolls and facilities impact earnings and the success of expansion
projects. Delays in regulatory approvals could result in cost escalations and
construction delays. Changes in regulation, including decisions by regulators
on the applicable tariff structure or changes in interpretations of existing
regulations by courts or regulators, could adversely affect the results of
operations of EIF.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Demand for Services</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">Operations
and tolls for the Saskatchewan Gathering and the Westspur Systems are, in
general, based on volumes transported and are on terms similar to a common
carrier basis with no specific on-going volume commitments. There is no
assurance that shippers will continue to utilize these systems in the future or
transport volumes on similar terms or at similar tolls.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="4" color="black" face="Arial" style="color:black;font-size:13.0pt;font-weight:bold;">CORPORATE</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">EARNINGS</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="64%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><i><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">2008</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">2007&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Adjusted Corporate Loss</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">(39</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(58</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(59)</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Unrealized derivative fair value gains</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">207</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">26</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Unrealized foreign exchange gains on
  translation of intercompany balances, net</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">133</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-&nbsp; </font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Gain on sale of investment in NTP</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">25</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-&nbsp; </font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Impact of tax rate changes</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">8</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">31&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Gain on sale of corporate aircraft</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">5</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-&nbsp; </font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">U.S. pipeline tax decision</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(32</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-&nbsp; </font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Asset impairment loss</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(17</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-&nbsp; </font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Earnings/Loss</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">334</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(76</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(28)</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Adjusted loss from Corporate was $39
million for the year ended December 31, 2009 compared with $58 million for the
year ended December 31, 2008. The improvement in Corporate adjusted loss is a
result of foreign exchange gains realized on hedge settlements and on residual
United States dollar cash balances as the result of a stronger United States
dollar, partially offset by higher operating costs, including compensation, and
an increase in bank stand-by fees reflecting tighter credit markets.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Corporate loss before adjusting
items was $58 million for the year ended December 31, 2008, comparable with $59
million for the year ended December 31, 2007.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Corporate costs were impacted by the
following non-recurring or non-operating adjusting items:</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>
  </td>
  <td width="96%" valign="bottom" style="padding:0in 0in 0in 0in;width:96.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Earnings for the years ended
  December 31, 2009 and 2008 included unrealized fair value gains on the
  revaluation of derivative financial instruments resulting from forward risk
  management positions. The Company entered into foreign exchange derivative
  contracts in late 2008 and early 2009 to minimize the volatility of future
  United States dollar earnings. Additional derivative contracts used to
  mitigate</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">42<a name="PB_42_175148_9111"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="96%" valign="bottom" style="padding:0in 0in 0in 0in;width:96.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">cash flow volatility due to future
  interest rate fluctuations were entered into starting in the second quarter
  of 2009.</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>
  </td>
  <td width="96%" valign="bottom" style="padding:0in 0in 0in 0in;width:96.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Earnings for 2009 included net
  unrealized foreign exchange gains on the translation of foreign-denominated
  intercompany balances.</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>
  </td>
  <td width="96%" valign="bottom" style="padding:0in 0in 0in 0in;width:96.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On May 1, 2009, the Company sold
  its investment in NTP, an internet-based crude oil trading and clearing
  platform, for proceeds of $32 million, resulting in a gain of $25 million.</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>
  </td>
  <td width="96%" valign="bottom" style="padding:0in 0in 0in 0in;width:96.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Earnings for the year ended
  December 31, 2009 included an $8 million benefit related to favourable tax
  rate changes.</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>
  </td>
  <td width="96%" valign="bottom" style="padding:0in 0in 0in 0in;width:96.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">A $5 million gain on the sale of a
  corporate aircraft is included in Corporate costs for the year ended December
  31, 2008.</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>
  </td>
  <td width="96%" valign="bottom" style="padding:0in 0in 0in 0in;width:96.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">An unfavourable court decision
  related to the tax basis of previously owned United States pipeline assets
  resulted in the recognition of a $32 million income tax expense in the year
  ended December 31, 2008.</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>
  </td>
  <td width="96%" valign="bottom" style="padding:0in 0in 0in 0in;width:96.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">A 2008 asset impairment loss
  arising from the write-off of goodwill related to the Company&#146;s Ontario wind
  power assets, as well as a write-down of the Company&#146;s investment in NSolv, a
  technology development venture.</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>
  </td>
  <td width="96%" valign="bottom" style="padding:0in 0in 0in 0in;width:96.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Corporate costs for 2007 reflected
  a $31 million charge related to favourable legislated tax changes.</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-transform:uppercase;"><b><font size="4" face="Arial" style="font-size:13.0pt;">LIQUIDITY AND
CAPITAL RESOURCES</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-transform:uppercase;"><b><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company expects
to utilize cash from operations, the issuance of commercial paper and credit
facility draws and issuance of long-term debt to fund liabilities as they
become due, finance capital expenditures and pay common share dividends. At December
31, 2009, excluding the Southern Lights project financing, the Company had
$6,011 million of committed credit facilities of which $3,643 million was drawn
or allocated to backstop commercial paper. At December 31, 2009, the Company
has provided its affiliates EEP and EIF with liquidity support of US$500
million and $100 million, respectively, under revolving credit agreements.
Drawings on the EEP and EIF facilities at December 31, 2009 were nil and $12
million, respectively. As a result, the Company had net available liquidity at
December 31, 2009 of $2,024 million, inclusive of unrestricted cash and cash
equivalents of $268 million. The net available liquidity is expected to be
sufficient to finance all currently secured capital projects, including the
investment in the United States portion of the Alberta Clipper project, and to
provide flexibility for new investment opportunities.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company
actively manages its bank funding sources to ensure adequate liquidity and
optimize pricing and other terms. During the year, the following transactions
occurred:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>
  </td>
  <td width="93%" valign="bottom" style="padding:0in 0in 0in 0in;width:93.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In
  December 2009, the Company cancelled a credit facility and reduced an
  existing facility, decreasing credit facilities in Corporate by $517 million.</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>
  </td>
  <td width="93%" valign="bottom" style="padding:0in 0in 0in 0in;width:93.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Also in
  December 2009, EEP cancelled two credit facilities, decreasing its available
  credit by US$350 million.</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>
  </td>
  <td width="93%" valign="bottom" style="padding:0in 0in 0in 0in;width:93.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In July 2009, the Company secured
  additional committed credit facilities and amended existing credit facilities
  to increase total Corporate credit facilities by $70 million and decrease
  Natural Gas Delivery and Services credit facilities by $200 million.</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>
  </td>
  <td width="93%" valign="bottom" style="padding:0in 0in 0in 0in;width:93.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In June 2009, EIF secured
  additional credit facilities of $150 million of which the Company committed
  $100 million on the same terms as a third party bank lender. This additional
  credit supplements EIF&#146;s liquidity to finance its capital program and funded
  a debt maturity in December 2009.</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>
  </td>
  <td width="93%" valign="bottom" style="padding:0in 0in 0in 0in;width:93.32%;">
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In April 2009, EEP secured additional credit
  facilities of US$350 million of which the Company committed US$150 million on
  the same terms as the third party bank lenders. This additional liquidity
  supplemented EEP&#146;s liquidity to manage its 2009 capital program.</font></p>
  </td>
 </tr>
</table>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On July 20, 2009, Enbridge announced that it will
fund two-thirds of the estimated US$1,300 million United States segment of the
Alberta Clipper project. As a result of this investment, in December 2009, the
US$350 million credit facilities were cancelled. Further, in 2009, EEP repaid
an affiliate loan owing to the Company in the amount of US$130 million.</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">43<a name="PB_43_175148_2270"></a></font></p>

<div style="line-height:normal;margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table
provides details of the Company&#146;s credit facilities at December 31, 2009.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="43%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.5%;">
  <p style="margin:0in 0in .0001pt 12.25pt;text-indent:-10.1pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Expiry Dates</font></p>
  </td>
  <td width="1%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Total&nbsp;<br>
  Facilities&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Credit Facility&nbsp;<br>
  Draws</font><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-3.0pt;">2</font><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Available</font><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:43.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Liquids Pipelines</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2011</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,300</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:12.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">876</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">424</font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="bottom" style="padding:0in 0in 0in 0in;width:43.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Natural Gas Delivery
  and Services</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2010 - 2011</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">813</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">512</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">301</font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Corporate</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2011 - 2013</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3,898</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,255</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,643</font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:43.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">6,011</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:12.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3,643</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,368</font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Southern Lights project
  financing</font><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-3.0pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2014</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,796</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,531</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">265</font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Total Credit Facilities</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">7,807</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">5,174</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,633</font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Total facilities inclusive of $186 million which is available if
certain conditions related to the project are met.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">2</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Includes
facility draws and commercial paper issuances, net of discount, that are
back-stopped by the credit facility.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s
credit facility agreements include standard default and covenant provisions
whereby accelerated repayment may be required if the Company were to default on
payment or violate certain covenants. As in prior years, the Company expects to
continue to comply with these provisions and therefore not trigger any early
repayments. As at December 31, 2009, the Company was in compliance will all
debt covenants.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company
continues to manage its debt to capitalization ratio to maintain a strong
balance sheet. The Company&#146;s debt to capitalization ratio at December 31, 2009,
including short-term borrowings but excluding non-recourse debt and project
financing, was 63.6%, compared with 63.6% at the end of 2008. Including all
debt, the capitalization ratio was 66.1% at December 31, 2009 compared with
66.6% at December 31, 2008.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company invests
its surplus cash in short-term investment grade instruments with credit worthy
counterparties. Short-term investments were $143 million at December 31, 2009
(2008 - $474 million).</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Excluding current
maturities of long-term debt, the Company has a positive working capital
position, consistent with December 31, 2008.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="70%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:70.5%;">
  <p style="margin:0in 0in .0001pt 16.6pt;text-indent:-10.1pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2008</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="70%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:70.5%;">
  <p style="margin:0in 0in .0001pt 16.6pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Cash and cash equivalents</font><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-3.0pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">327</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">542</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.5%;">
  <p style="margin:0in 0in .0001pt 16.6pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Accounts receivable and other</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,484</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,322</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.5%;">
  <p style="margin:0in 0in .0001pt 16.6pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Inventory</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">784</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">845</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.5%;">
  <p style="margin:0in 0in .0001pt 16.6pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Short-term borrowings</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(508</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(874</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.5%;">
  <p style="margin:0in 0in .0001pt 16.6pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Accounts payable and
  other</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(2,463</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(2,411</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="70%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:70.5%;">
  <p style="margin:0in 0in .0001pt 16.6pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Interest payable</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(104</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(102</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="70%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:70.5%;">
  <p style="margin:0in 0in .0001pt 16.6pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Working capital</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">520</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">322</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Includes short-term
investments.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Changes in
commodity prices impact accounts receivable and other, inventory and accounts
payable and other within Energy Services and EGD.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">OPERATING
ACTIVITIES</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Cash provided by operating activities increased to $2,017
million for the year ended December 31, 2009 from $1,372 million for the year
ended December 31, 2008. The increase in cash provided by operating activities
in 2009 compared with 2008 resulted primarily from increased contributions from
the Company&#146;s growth projects placed into service in 2009 and additional
contributions from EEP as a result of the Company&#146;s increased ownership. Cash
provided by operating activities for the year ended December 31, 2008 of $1,372
million is comparable to cash provided by operating activities of $1,362
million for the year ended December 31, 2007.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">44<a name="PB_44_175148_6952"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='44',FILE='C:\JMS\105569\10-3715-1\task3940348\3715-1-my-13.htm',USER='105569',CD='Feb 20 02:29 2010' -->



<br clear="all" style="page-break-before:always;">
<div>

<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">There are no material restrictions on the Company&#146;s cash
with the exception of proportionately consolidated joint venture cash of $52</font><font size="2" face="Arial" style="font-size:10.0pt;">  </font><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">million, which cannot be accessed until
distributed to the Company, and cash in trust of $</font><font size="2" face="Arial" style="font-size:10.0pt;">7 </font><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">million for specific shipper commitments.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 align="left" style="font-style:italic;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;text-transform:uppercase;">Investing Activities</font></i></b></h3>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In 2009, cash used for investing activities was
$3,306 million compared with $2,853 million in 2008, an increase of $453
million. Additions to property, plant and equipment of $3,225 million for the
year ended December 31, 2009 related primarily to capital expenditures on
growth projects, most notably Southern Lights and Alberta Clipper. Offsetting
these expenditures in 2009 were proceeds on the sale of OCENSA of $535 million.
In comparison, proceeds on the sale of the Company&#146;s investment in CLH were
$1,383 million for the year ended December 31, 2008.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Investing activities also include long-term
investments and affiliate lending. Additions to long-term investments in 2009
include $357 million related primarily to the Company&#146;s investment in EELP,
which is constructing the United States segment of the Alberta Clipper Project.
In 2009, the Company advanced US$270 million to EEP to fund its share of the
debt component of the Alberta Clipper Project which was offset by the repayment
by EEP of a US$130 million affiliate loan. In 2008, the Company increased its
investment in EEP by subscribing for 16.3 million Class A common units for
US$500 million.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Cash used for investing activities for the year ended
December 31, 2008 was $2,853 million compared with $2,229 million in 2007. The
increase was due to additional capital expenditures on growth projects and core
capital maintenance expenditures in 2009 compared with 2008, as well as an
additional investment in EEP in November 2008. Partially offsetting these
increases was proceeds of $1,383 million on the sale of the Company&#146;s
investment in CLH in June 2008.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Capital Expenditures and Investments</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="64%" valign="bottom" style="padding:0in 0in 0in 0in;width:64.64%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.48%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.86%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Expected</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.48%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.86%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Actual</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.48%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.86%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Actual</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.36%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:64.64%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.48%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.86%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2010</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.48%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.86%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.48%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.86%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.36%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:64.64%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Liquids Pipelines</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.86%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,022</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.48%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.86%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,662</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.86%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,898</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="padding:0in 0in 0in 0in;width:64.64%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Natural Gas Delivery and Services</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.86%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">677</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.48%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.86%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">440</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.86%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">544</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="padding:0in 0in 0in 0in;width:64.64%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Sponsored Investments</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.86%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">258</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.48%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.86%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">400</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.86%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">700</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:64.64%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Corporate</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.86%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">552</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.48%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.86%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">217</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.86%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">109</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:64.64%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.86%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,509</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.48%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.86%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3,719</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.86%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4,251</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s capital expansion initiatives are
described in <font style="text-transform:uppercase;">Growth Projects</font>. The
Company also requires capital for ongoing core maintenance and capital
improvements in many of its businesses. In total, Enbridge expects to spend
approximately $2,509 million during 2010 on maintenance and capital projects, including
equity investments in EEP and EELP (within Sponsored Investments), which are
substantially secured. While consistent or still in excess of longer term
historic levels, the expected decline in 2010 expenditures relative to 2009 and
2008 reflects the completion of certain large multi-year construction projects.
The 2010 expected corporate capital expenditures increase reflects new green
investments in wind and solar power generation. The Company expects to finance
these expenditures through cash from operating activities and available
liquidity. The Company may also raise capital through the monetization or
disposition of selected assets, or through access to capital markets as
required.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The decision to finance with debt or equity is based
on the capital structure for each business and the overall capitalization of
the consolidated enterprise. Certain of the regulated pipeline and gas
distribution businesses issue long-term debt to finance capital expenditures.
This external financing may be supplemented by debt or equity injections from
the parent company. Debt, and equity when required, has been issued by the
Company to finance business acquisitions, investments in subsidiaries and
long-term investments. Funds for debt retirements are generated through cash
provided from operating activities as well as through the issuance of
replacement debt.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-style:italic;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;text-transform:uppercase;">Financing
Activities</font></i></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In 2009, the Company generated cash of $1,109 million
through financing activities compared with $1,840 million and $904 million in
2008 and 2007, respectively.</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">45<a name="PB_45_175254_2440"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Arial;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Significant financing activities in 2009 include
medium-term note issues of $1,500 million compared with $498 million in 2008
and $1,342 million in 2007. In 2009, the Company issued both a $400 million seven-year
and 10-year term note along with a $200 million 30-year term note. Enbridge
Pipelines Inc. (EPI) issued $300 million and $200 million in 10-year and
30-year term notes, respectively. In comparison, in 2008 EGD issued a $200
million five-year term note and EPI closed a $300 million 10-year term note;
2007 included the issuance of US$1,100 million in term notes issued in the
United States market by the Company and $200 million of term notes issued by
EGD in the Canadian market. Cash generated through debenture and term note
issues is partially offset by repayments of debentures and term notes which
totaled $516 million, $602 million and $635 million for the years ended
December 31, 2009, 2008 and 2007, respectively.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In 2008, the Company secured financing that is
non-recourse to the Company specific to the Canadian and United States segments
of the Southern Lights project.&#160; Net
proceeds on Southern Lights financing were $343 million for the year ended
December 31, 2009 and $1,238 million for the year ended December 31, 2008.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Short-term borrowings are used primarily to finance
near term working capital requirements, including inventory at EGD. Due to the
decline in natural gas commodity prices in 2009 compared with 2008, and the
resultant decline in cash needed to finance inventory requirements, the Company
made net repayments on short term borrowings totaling $366 million in
2009.&#160; In comparison, the net change in
short-term borrowings provided cash of $329 million in 2008, and a net
repayment of short-term borrowings of $262 million was made in 2007.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Participants in the Company&#146;s Dividend Reinvestment
and Share Purchase Plan receive a 2% discount on the purchase of common shares
with reinvested dividends. For the year ended December 31, 2009, dividends declared
were $555 million (2008 - $489 million), of which $414 million (2008 - $359
million) were paid in cash and reflected in financing activities. The remaining
$141 million of dividends declared were reinvested pursuant to the plan and
resulted in the issuance of common shares rather than a cash payment. For the
year ended December 31, 2009 and December 31, 2008, 25% and 27%, respectively,
of total dividends declared were reinvested.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Outstanding Share Data</font></b><b><font size="1" style="font-size:5.0pt;font-weight:bold;position:relative;top:-4.0pt;">1</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="83%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:83.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Number</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:83.34%;">
  <p style="margin:0in 0in .0001pt 16.6pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Preferred Shares,
  Series A (non-voting equity shares)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5,000,000</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.34%;">
  <p style="margin:0in 0in .0001pt 16.6pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Common shares &#150; issued
  and outstanding (voting equity shares)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">378,351,456</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:83.34%;">
  <p style="margin:0in 0in .0001pt 16.6pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Total issued and
  outstanding stock options (</font><font size="2" face="Arial" style="font-size:10.0pt;">7,512,712 vested)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">15,735,885</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Outstanding share data information is
provided as at February 10, 2010.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="left" style="font-style:italic;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><i><font size="4" face="Arial" style="font-size:13.0pt;font-style:normal;">CONTINGENCIES AND COMMITMENTS</font></i></b></p>

<p align="left" style="font-style:italic;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:normal;">&nbsp;</font></i></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">Enbridge Gas Distribution INC.</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Bloor Street Incident</font></b></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="font-size:10.0pt;">EGD was charged under both the
Ontario Technical Standards and Safety Act (TSSA) and the Ontario Occupational
Health and Safety Act (OHSA) in connection with an explosion that occurred on
Bloor Street West in Toronto in April 2003. In October 2007, all of the TSSA
and OHSA charges against EGD were dismissed by the Ontario Court of Justice.
The decision has been appealed by the Crown to the Ontario Superior Court of Justice
and the appeal was heard by the Court during November and December 2009. The
Court&#146;s decision has been reserved and EGD expects it to be released in early
2010. EGD does not believe any fines that may be levied would have a material
financial impact on EGD.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EGD has also been
named as a defendant in a number of civil actions related to the explosion. All
significant civil actions have been settled without any material financial
impact on EGD. A Coroner&#146;s Inquest in connection with the explosion is also
possible.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">OTHER TAX MATTERS</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge and its
subsidiaries maintain tax liabilities related to uncertain tax positions. While
fully supportable in the Company&#146;s view, these tax positions, if challenged by
tax authorities, may not be fully sustained on review.</font></p>

<p style="line-height:150%;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">OTHER LITIGATION</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company and its
subsidiaries are subject to various other legal and regulatory actions and
proceedings which arise in the normal course of business, including
interventions in regulatory proceedings and challenges to regulatory approvals
and permits by special interest groups. While the final outcome of such actions
and proceedings cannot be predicted with certainty, Management believes that
the resolution of such actions and proceedings will not have a material impact
on the Company's consolidated financial position or results of operations.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">46<a name="PB_46_175254_5340"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">COMMITMENTS</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company has signed
contracts for the purchase of services, pipe and other materials totaling $697
million. Of this amount, $406 million is to be used in the construction of
several Liquids Pipelines projects including Southern Lights Pipeline.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On July 20, 2009, the
Company committed to fund 66.7% of the United States segment of the Alberta
Clipper Project through EEP and EELP. The total cost of the United States
segment is estimated at US$1,300 million.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">CONTRACTUAL OBLIGATIONS</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Payments due for contractual obligations over the next five
years and thereafter are as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="42%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:42.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><i><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Total</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Less than<br>
  1 year</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">1-3 years</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">3-5 years</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">After 5<br>
  years</font></p>
  </td>
 </tr>
 <tr>
  <td width="42%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:42.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Long-term debt</font><font size="1" color="black" face="Arial" style="color:black;font-size:5.0pt;position:relative;top:-4.0pt;">1</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">12,168</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">600</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">151</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">1,269</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">10,148</font></p>
  </td>
 </tr>
 <tr>
  <td width="42%" valign="bottom" style="padding:0in 0in 0in 0in;width:42.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Non-recourse
  long-term debt</font><font size="1" color="black" face="Arial" style="color:black;font-size:5.0pt;position:relative;top:-4.0pt;">1</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">1,472</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">109</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">140</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">156</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">1,067</font></p>
  </td>
 </tr>
 <tr>
  <td width="42%" valign="bottom" style="padding:0in 0in 0in 0in;width:42.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Capital and
  operating leases</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">176</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">18</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">40</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">35</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">83</font></p>
  </td>
 </tr>
 <tr>
  <td width="42%" valign="bottom" style="padding:0in 0in 0in 0in;width:42.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Long-term contracts</font><font size="1" color="black" face="Arial" style="color:black;font-size:5.0pt;position:relative;top:-4.0pt;">2,3</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">1,654</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">834</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">444</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">238</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">138</font></p>
  </td>
 </tr>
 <tr>
  <td width="42%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:42.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Post-employment
  benefit obligations</font><font size="1" color="black" face="Arial" style="color:black;font-size:5.0pt;position:relative;top:-4.0pt;">4</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">74</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">74</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="42%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:42.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Total Contractual
  Obligations</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">15,544</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">1,635</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">775</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">1,698</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">11,436</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">1</font><font size="1" color="black" face="Arial" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Excludes interest. Changes to the planned funding requirements
dependent on the terms of any debt re-financing agreements.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">2</font><font size="1" color="black" face="Arial" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Approximately $406 million of these contracts are commitments for
materials related to the construction of Liquids Pipelines projects. Changes to
the planned funding requirements are dependent on changes to the related
projects.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">3</font><font size="1" color="black" face="Arial" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Contracts totaling $138 million are between the Company and
proportionately consolidated joint venture entities.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">4</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Assumes
only required payments will be made into the pension plans in 2010.
Contributions are made in accordance with the independent actuarial valuations
as of December 31, 2009. Contributions, including discretionary payments, may
vary pending future benefit design and asset performance.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;font-weight:bold;">QUARTERLY
FINANCIAL INFORMATION</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;position:relative;top:-6.0pt;">1</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><i><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-style:italic;">(millions of Canadian dollars,
except for per share amounts)</font></i></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="52%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:52.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">Q1</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">Q2</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">Q3</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">Q4</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">Total</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:52.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Revenues</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">3,783</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">2,868</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">2,629</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">3,186</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">12,466</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="bottom" style="padding:0in 0in 0in 0in;width:52.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Earnings applicable
  to common shareholders</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">558</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">393</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">304</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">300</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">1,555</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="bottom" style="padding:0in 0in 0in 0in;width:52.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Earnings per common
  share</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">1.54</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">1.08</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">0.83</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">0.81</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">4.27</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="bottom" style="padding:0in 0in 0in 0in;width:52.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Diluted earnings per
  common share</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">1.53</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">1.08</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">0.83</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">0.80</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">4.25</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:52.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Dividends per common
  share</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">0.37</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">0.37</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">0.37</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">0.37</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">1.48</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:52.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><sup><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></sup></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><i><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-style:italic;">(millions of Canadian dollars,
except for per share amounts)</font></i></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="52%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:52.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">2008</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Q1</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Q2</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Q3</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Q4</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Total</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:52.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Revenues</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">3,968</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">3,871</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">4,368</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">3,924</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">16,131</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="bottom" style="padding:0in 0in 0in 0in;width:52.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Earnings applicable
  to common shareholders</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">251</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">658</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">148</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">264</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">1,321</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="bottom" style="padding:0in 0in 0in 0in;width:52.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Earnings per common
  share</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">0.70</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">1.83</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">0.41</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">0.72</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">3.67</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="bottom" style="padding:0in 0in 0in 0in;width:52.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Diluted earnings per
  common share</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">0.70</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">1.81</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">0.41</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">0.71</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">3.64</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:52.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Dividends per common
  share</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">0.33</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">0.33</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">0.33</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">0.33</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">1.32</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">1</font><font size="1" color="black" face="Arial" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Quarterly financial information has been
extracted from financial statements prepared in accordance with Canadian GAAP.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Several
factors impact comparability of the Company&#146;s financial results on a quarterly
basis, including, but not limited to, seasonality in the Company&#146;s gas
distribution businesses, fluctuations in market prices such as foreign exchange
rates and commodity prices, disposals of investments or assets and the timing
of in-service dates of new projects.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EGD and the
Company&#146;s other gas distribution businesses are subject to seasonal demand. A
significant portion of gas distribution customers use natural gas for space
heating; therefore, volumes delivered and resultant revenues and earnings
typically increase during the winter months of the first and fourth </font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">47<a name="PB_47_175254_1065"></a></font></p>

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</div>
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<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">quarters of
any given year. Revenues generated by EGD and other gas distribution businesses
also vary from quarter-to-quarter with fluctuations in the price of natural
gas, although earnings remain neutral due to the pass through nature of these
costs. Further, in EGD, as a result of continued changes in customer billing to
increase the fixed charge portion and decrease the per unit volumetric charge,
revenues and earnings will shift from the colder winter quarters progressively
to the warmer summer quarters, with no material impact on full year revenue and
earnings. This change will also impact the comparability of a given quarter
from year to year. In each of the four quarters of 2009, revenues generated by
EGD and other gas distribution businesses have declined compared with the
corresponding quarters of 2008 primarily due to depressed natural gas prices
throughout 2009 compared with the prior year.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company
actively manages its exposure to market price risks including, but not limited
to, commodity prices and foreign exchange rates. To the extent derivative
instruments used to manage these risks are non-qualifying for the purposes of
hedge accounting, unrealized fair value gains and losses on these instruments
will impact earnings. Most notably, earnings were negatively impacted by an
unrealized derivative fair value loss of $43 million in the first quarter of
2009, and positively impacted by unrealized derivative fair value gains of $115
million, $102 million and $33 million for the second, third and fourth quarters
of 2009, respectively. In comparison, earnings for the fourth quarter of 2008
included an unrealized derivative fair value gain of $26 million, while the
first three quarters of 2008 had no similar impact. Further, second, third and
fourth quarter earnings of 2009 include unrealized foreign exchange gains on
translation of intercompany loans of $68 million, $50 million and $15 million,
respectively, compared with nil in each of the corresponding periods of 2008.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other significant items that impacted the quarterly results include a
gain of $329 million on the disposition of the Company&#146;s investment in OCENSA
in the first quarter of 2009 and a gain on sale of the Company&#146;s investment in
CLH in the amount of $556 million in the second quarter of 2008.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Finally, the
Company is in the midst of a substantial capital program and the timing of
construction and completion of growth projects may impact the comparability of
quarterly results. The Company&#146;s capital expansion initiatives, including
construction commencement and in-service dates, are described in <font style="text-transform:uppercase;">Growth Projects</font>.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;text-transform:uppercase;">Related Party Transactions</font></b></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">All
related party transactions are provided in the normal course of business and,
unless otherwise noted, measured at the exchange amount, which is the amount of
consideration established and agreed to by the related parties.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EEP,
an equity investee, does not have employees and uses the services of the
Company for managing and operating its businesses. Vector Pipeline, a joint
venture, contracts the services of Enbridge to operate the pipeline. Amounts
for these services, which are charged at cost in accordance with service
agreements, for the year ended December 31, 2009 are $342 million (2008 - $302
million; 2007 - $267 million) to EEP and $6 million (2008 - $6 million; 2007 -
$5 million) to Vector Pipeline. At December 31, 2009, the Company has accounts
receivable of $38 million (2008 - $41 million) from EEP and $1 million (2008 -
$1 million) from Vector Pipeline.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company has provided EEP with an
unsecured revolving credit agreement for general liquidity support. The credit
facility provides for a maximum principle amount of US$500 million for a
three-year term maturing in December 2010. At December 31, 2009 and 2008, there
were no amounts outstanding on this facility.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">EGD, a subsidiary of the Company,
has contracts for gas transportation services from Alliance and Vector
Pipeline. EGD is charged market prices for these services. For the year ended
December 31, 2009, EGD was charged $42 million (2008 - $41 million; 2007 - $36
million) for services from Alliance Pipeline and $29 million (2008 - $27
million; 2007 - $25 million) from Vector Pipeline.</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">48<a name="PB_48_175254_9995"></a></font></p>

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</div>
<!-- SEQ.=1,FOLIO='48',FILE='C:\JMS\105569\10-3715-1\task3940348\3715-1-my-15.htm',USER='105569',CD='Feb 20 02:31 2010' -->


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<div style="font-family:Arial;">

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge Gas Services (US) Inc., a
subsidiary of the Company, purchases and sells gas at prevailing market prices
with Enbridge Marketing (US) Inc., a subsidiary of EEP. For the year ended
December 31, 2009, amounts purchased were $16 million (2008 - $52 million; 2007
- - $43 million) and sales were $6 million (2008 - $7 million; 2007 - $4
million).</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge Gas Services Inc. and
Enbridge Gas Services (US) Inc., subsidiaries of the Company, have
transportation commitments, measured at market value, through 2015 on Alliance
Pipeline Canada, Alliance Pipeline US and Vector Pipeline. For the year ended
December 31, 2009, amounts paid to Alliance Pipeline Canada were $9 million
(2008 - $9 million; 2007 - $8 million), amounts paid to Alliance Pipeline US
were $7 million (2008 - $7 million; 2007 - $7 million) and amounts paid to
Vector Pipeline were $16 million (2008 - $16 million; 2007 - $16 million).</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Tidal Energy Marketing Inc., a
subsidiary of the Company, purchases and sells commodities at prevailing market
prices with EEP and a subsidiary of EEP. For the year ended December 31, 2009,
amounts purchased were $80 million (2008 - $24 million; 2007 - $5 million) and
sales were $7 million (2008 - $9 million; 2007 - $6 million).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">CustomerWorks,
a joint venture, provided customer care services to EGD under an agreement
having a five-year term which expired in 2007 and was not renewed. EGD was
charged market prices for these services. For the year ended December 31, 2009,
amounts charged by CustomerWorks to EGD were nil (2008 &#150; nil; 2007 - $26
million). CustomerWorks also rented an automated billing system from Enbridge
Commercial Services Inc. (ECS), a subsidiary of the Company. For the year ended
December 31, 2009, amounts charged by ECS to CustomerWorks were $2 million
(2008 - $2 million; 2007 - $2 million).</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">Alberta
Clipper PROJECT</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">In July 2009, the Company committed to
fund 66.7% of the cost to construct the United States segment of the Alberta
Clipper Project. The total cost of the United States segment, which is expected
to be ready for service on April 1, 2010, is estimated at US$1,300 million,
with total expenditures to date of US$900 million. Further information on this
project is included in GROWTH PROJECTS.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The Company is funding 66.7% of the
project&#146;s equity requirements through EELP, an equity investee. </font><font size="2" style="font-size:10.0pt;">The Company
has provided a $282 million (US$270 million) loan to EEP for debt financing
related to the construction.</font><font size="2" color="black" style="color:black;font-size:10.0pt;"> At December 31, 2009, this amount is in</font><font size="2" style="font-size:10.0pt;">cluded in
Accounts Receivable and Other. </font><font size="2" color="black" style="color:black;font-size:10.0pt;">The loan, denominated in United States
dollars, bears interest based on variable short-term rates.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In
August 2008, the Company transferred $23 million, measured at market value, of
36 inch diameter line pipe to EEP for use in constructing the United States
segment of the Alberta Clipper Project.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;text-transform:uppercase;">Spearhead NORTH
Pipeline</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">In May 2009, the Company sold a section of
the Spearhead Pipeline to its affiliate EEP for proceeds of US$75 million. This
related party transaction has been recorded at the exchange amount which was
equal to the carrying amount.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;text-transform:uppercase;">Southern Lights Project</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">In February 2009, as part of its Southern
Lights Pipeline Project, the Company transferred the United States section of a
newly constructed light sour pipeline to EEP in exchange for a pipeline
referred to as Line 13. This non-monetary transaction has been recorded at the
carrying amount.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">In connection with the exchange discussed
above, EEP entered into an arrangement to lease Line 13 from the Company for
monthly payments of US$2 million to ensure adequate southbound pipeline
capacity prior to the completion of the Alberta Clipper Project. The lease
arrangement was effective in February 2009 and can be terminated at any time
with written notice.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">LONG-TERM Receivable from
Affiliate</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The affiliate long-term note
receivable of $</font><font size="2" face="Arial" style="font-size:10.0pt;">159</font><font size="2" face="Arial" style="font-size:10.0pt;"> million (US$130 million) as at December 31, 2008, included in Deferred
Amounts and Other Assets, was repaid by EEP in November 2009. Interest income
for the year ended December 31, 2009 related to the note receivable was $</font><font size="2" face="Arial" style="font-size:10.0pt;">11</font><font size="2" face="Arial" style="font-size:10.0pt;"> million (2008 - $12 million; 2007 - $10 million).</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">49<a name="PB_49_175254_6763"></a></font></p>

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</div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">RISK MANAGEMENT</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge&#146;s value proposition is
based on maintaining a very low risk profile. Over 85% of the Company&#146;s
earnings come from regulated businesses; over 80% of its revenues are volume
protected under cost of service rate-making or long-term take-or-pay
arrangements; and more than 95% of the Company&#146;s revenues come from investment
grade customers. Other risks, such as capital cost and inflation, are generally
transferred to customers through contractual arrangements. In addition to
contractually eliminating the majority of its business risk, the Company has
formal risk management policies, procedures and systems designed to mitigate
any residual risks, such as market price risk, credit risk and operational
risk. In addition, the Company performs an annual corporate risk assessment to
scan its environment for all potential risks. Risks are ranked based on
severity and likelihood and results are considered in the Company&#146;s strategic
and operating plans. Through this process, a range of ongoing mitigants are
identified and implemented.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">Market Price Risk</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s earnings, cash flows and other comprehensive
income (OCI) are subject to movements in foreign exchange rates, interest rates
and commodity prices (collectively, market price risk). Given the Company&#146;s
desire to maintain a stable and consistent earnings profile, it has implemented
a Market Price Risk Management Policy which outlines a risk management
governance framework and specific exposure limits to minimize the likelihood
that adverse earnings fluctuations arising from movements in market prices
across all of its businesses will exceed a defined tolerance.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Earnings at Risk (EaR), a variant of
Value at Risk, is the principal risk management metric used to quantify market
price risk sensitivity at Enbridge. EaR is an objective, statistically derived
risk metric that measures the maximum adverse change in projected 12-month
earnings that could result from market price risk over a one-month period
within a 97.5% confidence interval. The philosophy behind this metric is to
identify the potential risk to the Company&#146;s annual earnings target, taking
into account the illiquidity of certain exposure positions. The Company&#146;s
policy is to limit EaR to a maximum of 5% of the next 12 months of forecasted
earnings. Earnings exposure to market price risk is managed within the overall
consolidated EaR limits of the Company. Further, commodity price risk is
managed within business unit EaR sub-limits.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Various hedging programs have been
put into place to help ensure that the residual market price risks remain
within policy limits, and thus help provide the Company with a general
stability of earnings over a short and medium term horizon. The following
section summarizes the primary types of market price risks to which the Company
is exposed, and outlines the financial derivative hedging programs implemented.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Foreign Exchange Risk</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s earnings, cash flows,
and OCI are subject to foreign exchange rate variability, primarily arising
from the performance of its United States dollar denominated subsidiaries. The
Company has implemented a policy where it must hedge a minimum level of foreign
currency denominated earnings exposures identified over the next five year
period. The Company currently has hedged over 80% of its forecast adjusted
earnings through 2014 at an average rate of approximately $1.20 C$/US$. The
Company may also hedge anticipated foreign currency denominated purchases or
sales, foreign currency denominated debt, as well as certain equity investment
balances and net investments in foreign denominated subsidiaries.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Interest Rate Risk</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s earnings and cash
flows are exposed to short term interest rate variability due to the regular
repricing of its variable rate debt obligations. Floating to fixed interest
rate swaps and options are used to hedge against the effect of future period
interest rate movements. The Company has implemented a hedging program to
significantly mitigate the volatility to variable rate interest expense through
2013 at an average rate of 2.2%.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s earnings and cash
flows are also exposed to variability in longer term interest rates on future
fixed rate debt issuances. Forward starting interest rate swaps are used to
hedge against the effect</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">50<a name="PB_50_005108_7608"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">of future interest rate movements.
The Company has implemented a hedging program to significantly mitigate its
exposure to long term interest rate variability on select forecast term debt
issuances through 2013. A total of $2,500 million of future fixed rate term
debt issuances have been hedged at an average government bond rate of 4%.
Further, many of the Company&#146;s existing commercial arrangements and certain
construction projects provide for the full recovery of financing costs through
tolls.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company also monitors its debt
portfolio mix of fixed and variable rate debt instruments to ensure that the
consolidated portfolio of debt stays within its Board of Directors&#146; approved
policy limit band of a maximum of 25% floating rate debt as a percentage of
total debt outstanding.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Commodity Price Risk</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s earnings and cash
flows are exposed to changes in commodity prices as a result of ownership
interest in certain assets, as well as through the activities of its energy
services subsidiaries. The Company uses natural gas, power, crude oil and NGL
derivative instruments to fix a portion of the variable price exposures that
may arise from commodity usage, storage, transportation and supply agreements.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company has implemented a
hedging program, through 2011, to mitigate the volatility from fractionation
spreads (natural gas/NGLs) that impact earnings from its ownership in the Aux
Sable natural gas processing plant.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table summarizes the
EaR as a percentage of forecast earnings from the main groups of market price
risk after the impact of the Company&#146;s hedging programs. These EaR numbers are
based on business conditions and hedging programs as of December 31, 2009 and
may not be applicable to other periods.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="79%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:79.96%;">
  <p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Risk</font></b></p>
  </td>
  <td width="2%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.82%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">EaR</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="79%" style="border:none;padding:0in 0in 0in 0in;width:79.96%;">
  <p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(% of forecast 12 month forward earnings)</font></i></p>
  </td>
  <td width="2%" style="border:none;padding:0in 0in 0in 0in;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" style="border:none;padding:0in 0in 0in 0in;width:17.82%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="79%" style="padding:0in 0in 0in 0in;width:79.96%;">
  <p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Foreign
  Exchange</font></p>
  </td>
  <td width="2%" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" style="padding:0in 0in 0in 0in;width:17.82%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">0.3%</font></p>
  </td>
 </tr>
 <tr>
  <td width="79%" style="padding:0in 0in 0in 0in;width:79.96%;">
  <p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Interest
  Rate</font></p>
  </td>
  <td width="2%" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" style="padding:0in 0in 0in 0in;width:17.82%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-%</font></p>
  </td>
 </tr>
 <tr>
  <td width="79%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:79.96%;">
  <p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Commodity</font></p>
  </td>
  <td width="2%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.82%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2.3%</font></p>
  </td>
 </tr>
 <tr>
  <td width="79%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:79.96%;">
  <p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Total</font></p>
  </td>
  <td width="2%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.82%;">
  <p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2.6%</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">Credit Risk</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s earnings and cash flows could be exposed to
the risk of payment default by its shippers or other counterparties. Given the
Company&#146;s desire to maintain a stable and consistent earnings profile, it has
implemented a Counterparty Credit Risk Policy outlining a governance framework
and specific exposure limits to minimize the likelihood that adverse earnings
fluctuations arise from counterparty defaults across any of its businesses.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Further initiatives to mitigate
credit exposure include ensuring that all counterparties shipping on the
regulated oil pipelines that have credit ratings below investment grade provide
the carrier with a form of credit assurance, for example, a creditworthy
parental guarantee, letter of credit or cash.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Credit risk in the Natural Gas
Delivery and Services segment is mitigated by its large and diversified customer
base and its ability to recover an estimate for doubtful accounts through the
ratemaking process. The Company actively monitors the financial strength of
large industrial customers and, in select cases, has tightened credit terms,
including obtaining additional security, to minimize the consequences of the
risk of default on receivables. Generally, the Company classifies receivables
older than 30 days as past due.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company minimizes credit risk to
derivatives counterparties by entering into risk management transactions only
with institutions that possess solid investment grade credit ratings or which
have provided the Company with an acceptable form of credit protection. The
Company has no significant</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">51<a name="PB_51_005732_8146"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">concentration with any single
counterparty. During 2008, the Company reduced its exposure to certain
financial counterparties through the discontinuance of certain hedges. For
transactions with terms greater than five years, the Company may also require a
counterparty that would otherwise meet the Company&#146;s credit criteria to provide
collateral.<b>  </b>During 2009, despite
the severe market conditions, the Company did not suffer any material credit
losses.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">Financing Risk</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s financing risk relates
to the price volatility and availability of debt to finance organic growth
projects and refinance existing debt maturities. This risk is directly
influenced by market factors, as Canadian and United States financial market
conditions can change dramatically, affecting capital availability.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">To address this risk, the Company
maintains sufficient liquidity through committed credit facilities with its
diversified banking groups designed to enable the Company to fund all
anticipated requirements for one year without accessing the capital markets. In
addition, the Company strives to ensure that it can readily access the Canadian
and United States public capital markets by maintaining current shelf
prospectuses with the securities regulators.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">Liquidity Risk</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Liquidity risk is the risk that the
Company will not be able to meet its financial obligations, including
commitments and guarantees. To manage this risk, the Company forecasts the cash
requirements over the near and long term to determine whether sufficient funds
will be available. The Company&#146;s primary sources of liquidity and capital
resources are funds generated from operations, the issuance of commercial paper
and draws under committed credit facilities, as well as medium-term notes. The
Company maintains current shelf prospectuses with the securities regulators,
which enables, subject to market conditions, ready access to either the
Canadian or United States public capital markets.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">Maturities of
Derivative Financial Liabilities</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">For the years ending December 31,
2010 through 2014, and thereafter, the Company has estimated the following
undiscounted cash flows will arise from its derivative instruments based on
valuation at the balance sheet date.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="23%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:23.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><i><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.24%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">2010&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.8%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">2011&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.8%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">2012&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.8%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">2013&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.8%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">2014&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Thereafter</font></p>
  </td>
 </tr>
 <tr height="17" style="height:12.75pt;">
  <td width="23%" height="17" valign="bottom" bgcolor="white" style="background:white;border:none;height:12.75pt;padding:0in 0in 0in 0in;width:23.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Cash inflows</font></p>
  </td>
  <td width="2%" height="17" valign="bottom" bgcolor="white" style="background:white;border:none;height:12.75pt;padding:0in 0in 0in 0in;width:2.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" height="17" valign="bottom" bgcolor="white" style="background:white;border:none;height:12.75pt;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt 13.5pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">182</font></p>
  </td>
  <td width="2%" height="17" valign="bottom" bgcolor="white" style="background:white;border:none;height:12.75pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" height="17" valign="bottom" bgcolor="white" style="background:white;border:none;height:12.75pt;padding:0in 0in 0in 0in;width:10.8%;">
  <p align="right" style="margin:0in 0in .0001pt 15.25pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">106</font></p>
  </td>
  <td width="2%" height="17" valign="bottom" bgcolor="white" style="background:white;border:none;height:12.75pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" height="17" valign="bottom" bgcolor="white" style="background:white;border:none;height:12.75pt;padding:0in 0in 0in 0in;width:10.8%;">
  <p align="right" style="margin:0in 0in .0001pt 15.0pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">136</font></p>
  </td>
  <td width="2%" height="17" valign="bottom" bgcolor="white" style="background:white;border:none;height:12.75pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" height="17" valign="bottom" bgcolor="white" style="background:white;border:none;height:12.75pt;padding:0in 0in 0in 0in;width:10.8%;">
  <p align="right" style="margin:0in 0in .0001pt 13.5pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">155</font></p>
  </td>
  <td width="2%" height="17" valign="bottom" bgcolor="white" style="background:white;border:none;height:12.75pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" height="17" valign="bottom" bgcolor="white" style="background:white;border:none;height:12.75pt;padding:0in 0in 0in 0in;width:10.8%;">
  <p align="right" style="margin:0in 0in .0001pt 15.25pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">86</font></p>
  </td>
  <td width="2%" height="17" valign="bottom" bgcolor="white" style="background:white;border:none;height:12.75pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" height="17" valign="bottom" bgcolor="white" style="background:white;border:none;height:12.75pt;padding:0in 0in 0in 0in;width:10.74%;">
  <p align="right" style="margin:0in 5.25pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">51</font></p>
  </td>
 </tr>
 <tr height="17" style="height:12.75pt;">
  <td width="23%" height="17" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;width:23.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Cash outflows</font></p>
  </td>
  <td width="2%" height="17" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;width:2.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" height="17" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt 13.5pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(167)</font></p>
  </td>
  <td width="2%" height="17" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" height="17" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;width:10.8%;">
  <p align="right" style="margin:0in 0in .0001pt 15.25pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(29)</font></p>
  </td>
  <td width="2%" height="17" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" height="17" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;width:10.8%;">
  <p align="right" style="margin:0in 0in .0001pt 15.0pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(5)</font></p>
  </td>
  <td width="2%" height="17" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" height="17" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;width:10.8%;">
  <p align="right" style="margin:0in 0in .0001pt 13.5pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(7)</font></p>
  </td>
  <td width="2%" height="17" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" height="17" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;width:10.8%;">
  <p align="right" style="margin:0in 0in .0001pt 15.25pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(3)</font></p>
  </td>
  <td width="2%" height="17" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" height="17" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;width:10.74%;">
  <p align="right" style="margin:0in 5.25pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(25)</font></p>
  </td>
 </tr>
 <tr height="18" style="height:13.5pt;">
  <td width="23%" height="18" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;width:23.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Net cash flows</font></p>
  </td>
  <td width="2%" height="18" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;width:2.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" height="18" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt 13.5pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">15</font></p>
  </td>
  <td width="2%" height="18" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" height="18" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;width:10.8%;">
  <p align="right" style="margin:0in 0in .0001pt 15.25pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">77</font></p>
  </td>
  <td width="2%" height="18" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" height="18" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;width:10.8%;">
  <p align="right" style="margin:0in 0in .0001pt 15.0pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">131</font></p>
  </td>
  <td width="2%" height="18" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" height="18" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;width:10.8%;">
  <p align="right" style="margin:0in 0in .0001pt 13.5pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">148</font></p>
  </td>
  <td width="2%" height="18" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" height="18" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;width:10.8%;">
  <p align="right" style="margin:0in 0in .0001pt 15.25pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">83</font></p>
  </td>
  <td width="2%" height="18" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" height="18" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;width:10.74%;">
  <p align="right" style="margin:0in 5.25pt .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">26</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The maturity profile of non-derivative financial liabilities
is presented in <font style="text-transform:uppercase;">Liquidity and Capital
Resources</font>.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">GENERAL BUSINESS
RISKS</font></b></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Execution Risk</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s ability to
successfully execute the development of its organic growth projects may be
influenced by capital constraints, third-party opposition, changes in shipper
support over time, delays in or changes to government and regulatory approvals,
cost escalations, construction delays, shortages and in-service delays
(collectively, Execution Risk). The Company&#146;s growth plans may strain its
resources and may be subject to high cost pressures in the North American
energy sector. Early stage project risks include right-of-way procurement,
special interest group opposition, Crown consultation, and environmental and
regulatory permitting. Cost escalations may impact project economics.
Construction delays due to slow delivery of materials, contractor
non-performance, weather conditions and shortages may impact project
development. Labour shortages, inexperience and productivity issues may also
affect the successful completion of the projects.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">52<a name="PB_52_010035_7091"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company has a centralized and
clearly defined governance structure and process for all major projects with
dedicated resources organized to lead and execute each major project. Capital
constraints and cost escalation risks are mitigated through structuring of
commercial agreements, typically where shippers retain complete or a share of
capital cost excess. The Company&#146;s emphasis on corporate social responsibility
promotes generally positive relationships with landowners, aboriginal groups
and governments which help to facilitate right-of-way acquisition, permitting
and schedule. Detailed cost tracking and centralized purchasing is used on all
major projects to facilitate optimum pricing and service terms. Strategic relationships
have been developed with suppliers and contractors. Compensation programs,
communications and the working environment are aligned to attract, develop and
retain qualified personnel.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Pipeline Operating
Risk</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Pipeline leaks are an inherent risk
of operations. Other operating risks include: the breakdown or failure of
equipment, information systems or processes; the performance of equipment at
levels below those originally intended (whether due to misuse, unexpected
degradation or design, construction or manufacturing defects); failure to
maintain adequate supplies of spare parts; operator error; labour disputes;
disputes with interconnected facilities and carriers; and catastrophic events
such as natural disasters, fires, explosions, fractures, acts of terrorists and
saboteurs and other similar events, many of which are beyond the control of the
pipeline systems. The occurrence or continuance of any of these events could
increase the cost of operating the Company&#146;s pipelines or reduce revenues, thereby
impacting earnings.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company has an extensive program
to manage system integrity, which includes the development and use of in-line
inspection tools. Maintenance, excavation and repair programs are directed to
the areas of greatest benefit and pipe is replaced or repaired as required. The
Company also maintains comprehensive insurance coverage for significant
pipeline leaks and has a comprehensive security program designed to reduce
security-related risks. While the Company feels the level of insurance is
adequate, it may not be sufficient to cover all potential losses.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Regulation</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Many of the Company&#146;s pipeline
operations are regulated and are subject to regulatory risk. The nature and
degree of regulation and legislation affecting energy companies in Canada and
the United States has changed significantly in past years and there is no
assurance that further substantial changes will not occur. These changes may
adversely affect toll structures or other aspects of pipeline operations or the
operations of shippers. Recently shippers have challenged toll increases on
various pipelines owned by some of Enbridge&#146;s competitors, and certain of
Enbridge&#146;s shippers have sought to delay the in-service date and implementation
of the tariff on the Company&#146;s Alberta Clipper Project. Enbridge retains
dedicated professional staff and maintains strong relationships with customers,
interveners and regulators to help minimize regulatory risk.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Environmental,
Health and Safety Risk</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s operations, facilities
and petroleum product shipments are subject to extensive national, regional and
local environmental, health and safety laws and regulations governing, among
other things, discharges to air, land and water, the handling and storage of
petroleum compounds and hazardous materials, waste disposal, the protection of
employee health, safety and the environment, and the investigation and
remediation of contamination. The Company&#146;s facilities could experience
incidents, malfunctions or other unplanned events that result in spills or
emissions in excess of permitted levels and result in personal injury, fines,
penalties or other sanctions and property damage. The Company could also incur
liability in the future for environmental contamination associated with past and
present activities and properties. The facilities and pipelines must maintain a
number of environmental and other permits from various governmental authorities
in order to operate and these facilities are subject to inspection from time to
time. Failure to maintain compliance with these requirements could result in
operational interruptions, fines or penalties, or the need to install
potentially costly pollution control technology. Compliance with current and
future environmental laws and regulations, which are likely to become more
stringent over time, including those governing GHG emissions, may impose
additional capital costs and financial expenditures and affect the demand for
the Company&#146;s services, which could</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">53<a name="PB_53_010047_455"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">adversely affect operating results
and profitability. Restrictions on other resources, such as water or
electricity, may affect the Company&#146;s upstream customers&#146; ability to produce
crude oil and natural gas. The Company could be targeted, along with the oil
sands industry, by environmental groups attempting to draw attention to GHG
emissions.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge is committed to protecting
the health and safety of employees, contractors and the general public, and to
sound environmental stewardship. The Company believes that prevention of
incidents and injuries, and protection of the environment, benefits everyone
and delivers increased value to shareholders, customers and employees. Enbridge
has health and safety and environmental management systems and has established
policies, programs and practices for conducting safe and environmentally sound
operations. Regular reviews and audits are conducted to assess compliance with
legislation and Company policy.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Aboriginal Relations</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Canadian judicial decisions have recognized that Aboriginal
rights and treaty rights exist in proximity to the Company&#146;s operations and
future project developments. The courts have also confirmed that the Crown has
a duty to consult with Aboriginal peoples when its decisions or actions may
adversely affect Aboriginal rights and interests or treaty rights. Crown
consultation has the potential to delay regulatory approval processes and
construction, which may affect project economics. In some cases, respecting
Aboriginal rights may mean regulatory approval is denied or made economically
challenging.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Given this environment and the breadth of relationships
across the Company&#146;s geographic span, Enbridge has recently reviewed and
updated its Indigenous Peoples Policy, which has been renamed the Aboriginal
and Native American Policy. The new Policy promotes the achievement of
participative and mutually beneficial relationships with Aboriginal and Native
American groups affected by the Company&#146;s projects and operations.
Specifically, the Policy sets out principles governing the Company&#146;s
relationships with Aboriginal and Native American peoples and makes commitments
to work with Aboriginal peoples and Native Americans so they may realize
benefits from the Company&#146;s projects and operations. Notwithstanding the
Company&#146;s efforts to this end, the issues are complex and the impact of
Aboriginal relations on Enbridge&#146;s operations and development initiatives is
uncertain.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Special Interest
Groups</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company is exposed to the risk
of higher costs, delays or even project cancellations due to increasing
pressure on government and regulators by special interest groups. Recent
Supreme Court decisions have increased the ability of special interest groups
to make claims and oppose projects in regulatory and legal forums. The Company
works proactively with special interest groups to identify and develop an
appropriate response to concerns regarding its projects. The Company&#146;s
Corporate Social Responsibility (CSR) program also reports on the Company&#146;s
responsiveness to environmental and community issues. Please see Enbridge&#146;s
annual CSR report, available online at www.enbridge.com/csr2009 for further
details regarding the CSR program.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Legislation Risk</font></b></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Climate Change Legislation</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Canadian Federal Government has indicated that Canada
will target a 17% reduction of GHG emissions by 2020, based on 2006 emission
levels. It has also signaled that 90% of Canada&#146;s electricity will be provided
by non-emitting sources, such as hydro, nuclear, clean-coal, solar and wind, by
2020. Details of Canada&#146;s GHG management plan will not be released until there
is clarity in the United States about its intention to regulate GHG emissions.
Canadian regulations will likely be compatible with those of the United States
in order for Canadian businesses to remain competitive and avoid the potential
for punitive trade sanctions. It is uncertain how climate legislation could
affect the industry. Enbridge continues to monitor this activity.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Low Carbon Fuel Standards</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">California and Oregon have adopted Low Carbon Fuel Standards
and other states (including the seven New England states) are considering the
same. If widely adopted, such standards could limit United States refiners from
importing oil sands products, as they are more energy-intensive to process than</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">54<a name="PB_54_010100_4141"></a></font></p>

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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">conventional crude. Flow restrictions of oil sands products
to the United States would increase interest in exports to Asia, and
consequently increase interest in projects like Enbridge&#146;s Northern Gateway
Project.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Renewable Energy</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge has significant interest in wind and solar power
and is well positioned to expand this portfolio. Many programs to encourage and
advance renewable energy exist in Canada and the United States as well as
individual provinces and states. For example, the Feed-in-Tariff program
introduced by the Ontario Green Energy Act has created significant
opportunities for renewable energy growth in Ontario. The extension of the
Production Tax Credit, introduction of a federal cash grant and the potential
for a nationwide minimum Renewable Portfolio Standard have accelerated
renewable energy projects across the United States. Enbridge continues to
assess and advance renewable energy opportunities and monitor potential changes
to government policies and incentives that may positively or negatively impact
renewable energy projects in a particular province, state or federal
jurisdiction.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Workforce
Development</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">A lack of qualified and properly
trained technical, professional and operational staff and leaders would
increase the risk that the Company will not be able to implement its corporate
strategy. This risk may be compounded by the increasing rates of retirement due
to workforce demographics, turnover due to competition in certain markets and
growing demand for staff to support business growth. The Company continues to
monitor company-wide workforce planning. The Company offers competitive
compensation programs, training, leadership development and succession planning.
Further, the supply of human resources is balanced between hiring full-time
employees and expanding the contractor workforce, particularly in the Major
Projects&#146; department.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Terrorism</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The risk of terrorism continues to
be monitored due to the high profile of the petroleum industry in Canada and
the reliance of the United States on Canadian exports. An act of terrorism may
result in the loss of upstream supplies, pipelines, distribution or storage
controls systems with safety and environmental implications. The Company
manages this risk through its Human Resources Protection Program, Crisis
Management Plan and insurance programs where available.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">FINANCIAL
INSTRUMENTS</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr height="15" style="height:11.25pt;">
  <td width="28%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:28.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="72%" colspan="10" height="15" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;width:72.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">December 31, 2009</font></b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;"> </font></p>
  </td>
 </tr>
 <tr height="44" style="height:33.0pt;">
  <td width="28%" height="44" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:33.0pt;padding:0in 0in 0in 0in;width:28.0%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-style:italic;">(millions
  of Canadian dollars)</font></i></p>
  </td>
  <td width="6%" height="44" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:33.0pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Held for<br>
  Trading</font></p>
  </td>
  <td width="7%" height="44" valign="bottom" bgcolor="white" style="background:white;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:33.0pt;padding:0in 0in 0in 0in;width:7.84%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Available<br>
  for Sale</font></p>
  </td>
  <td width="10%" height="44" valign="bottom" bgcolor="white" style="background:white;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:33.0pt;padding:0in 0in 0in 0in;width:10.24%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Loans and<br>
  Receivables</font></p>
  </td>
  <td width="6%" height="44" valign="bottom" bgcolor="white" style="background:white;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:33.0pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Held to<br>
  Maturity</font></p>
  </td>
  <td width="7%" height="44" valign="bottom" bgcolor="white" style="background:white;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:33.0pt;padding:0in 0in 0in 0in;width:7.68%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Other<br>
  Financial<br>
  Liabilities</font></p>
  </td>
  <td width="9%" height="44" valign="bottom" bgcolor="white" style="background:white;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:33.0pt;padding:0in 0in 0in 0in;width:9.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Qualifying<br>
  Derivatives</font></p>
  </td>
  <td width="9%" height="44" valign="bottom" bgcolor="white" style="background:white;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:33.0pt;padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Non-<br>
  Financial<br>
  Instruments</font></p>
  </td>
  <td width="6%" colspan="2" height="44" valign="bottom" bgcolor="white" style="background:white;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:33.0pt;padding:0in 0in 0in 0in;width:6.58%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Total</font></p>
  </td>
  <td width="6%" height="44" valign="bottom" bgcolor="white" style="background:white;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:33.0pt;padding:0in 0in 0in 0in;width:6.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Fair<br>
  Value</font><font size="1" color="black" face="Arial" style="color:black;font-size:5.0pt;position:relative;top:-2.0pt;">1</font></p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;">
  <td width="28%" height="15" valign="bottom" bgcolor="white" style="background:white;border:none;height:11.25pt;padding:0in 0in 0in 0in;width:28.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Assets</font></b></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;height:11.25pt;padding:0in 0in 0in 0in;width:7.84%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;height:11.25pt;padding:0in 0in 0in 0in;width:10.24%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;height:11.25pt;padding:0in 0in 0in 0in;width:7.68%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;height:11.25pt;padding:0in 0in 0in 0in;width:9.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;height:11.25pt;padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" colspan="2" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;height:11.25pt;padding:0in 0in 0in 0in;width:6.58%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;height:11.25pt;padding:0in 0in 0in 0in;width:6.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp; </font></b></p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;">
  <td width="28%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:28.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Cash and cash
  equivalents</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">327</font></b></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:7.84%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="10%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:10.24%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:7.68%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="9%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:9.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="9%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="6%" colspan="2" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:6.58%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">327</font></b></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:6.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">327&nbsp;</font></b></p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;">
  <td width="28%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:28.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Accounts receivable and
  other</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">76</font></b></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:7.84%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="10%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:10.24%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">2,054</font></b></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:7.68%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="9%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:9.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">52</font></b></p>
  </td>
  <td width="9%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">302</font></b></p>
  </td>
  <td width="6%" colspan="2" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:6.58%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">2,484</font></b></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:6.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">2,182&nbsp;</font></b></p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;">
  <td width="28%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:28.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Long-term investments</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:7.84%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">54</font></b></p>
  </td>
  <td width="10%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:10.24%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">6</font></b></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">181</font></b></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:7.68%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="9%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:9.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="9%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">2,071</font></b></p>
  </td>
  <td width="6%" colspan="2" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:6.58%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">2,312</font></b></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:6.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">187&nbsp;</font></b></p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;">
  <td width="28%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:28.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Deferred amounts and
  other assets</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">288</font></b></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:7.84%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="10%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:10.24%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:7.68%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="9%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:9.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">197</font></b></p>
  </td>
  <td width="9%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">1,940</font></b></p>
  </td>
  <td width="6%" colspan="2" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:6.58%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">2,425</font></b></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:6.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">485&nbsp;</font></b></p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;">
  <td width="28%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:28.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Liabilities</font></b></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:7.84%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:10.24%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <td width="6%" colspan="2" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:6.58%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Short-term borrowings</font></p>
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  <td width="6%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
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  <td width="7%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:7.84%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
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  <td width="10%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:10.24%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
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  <td width="6%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
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  <td width="7%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:7.68%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">508</font></b></p>
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  <td width="9%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:9.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
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  <td width="9%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="6%" colspan="2" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:6.58%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">508</font></b></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:6.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">508&nbsp;</font></b></p>
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 <tr height="15" style="height:11.25pt;">
  <td width="28%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:28.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Accounts payable and
  other</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">36</font></b></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:7.84%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="10%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:10.24%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:7.68%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">2,177</font></b></p>
  </td>
  <td width="9%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:9.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">87</font></b></p>
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  <td width="9%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">163</font></b></p>
  </td>
  <td width="6%" colspan="2" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:6.58%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">2,463</font></b></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:6.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">2,300&nbsp;</font></b></p>
  </td>
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  <td width="28%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:28.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Interest payable</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
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  <td width="7%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:7.84%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="10%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:10.24%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
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  <td width="6%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:7.68%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">104</font></b></p>
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  <td width="9%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:9.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
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  <td width="9%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="6%" colspan="2" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:6.58%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">104</font></b></p>
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  <td width="6%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:6.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">104&nbsp;</font></b></p>
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  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Long-term debt</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:7.84%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="10%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:10.24%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:7.68%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">12,283</font></b></p>
  </td>
  <td width="9%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:9.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="9%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">(101</font></b></p>
  </td>
  <td width="1%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:1.36%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="5%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:5.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">12,182</font></b></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:6.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">13,450&nbsp;</font></b></p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;">
  <td width="28%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:28.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Non-recourse long-term
  debt</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:7.84%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="10%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:10.24%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:7.68%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">1,515</font></b></p>
  </td>
  <td width="9%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:9.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="9%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">(9</font></b></p>
  </td>
  <td width="1%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:1.36%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="5%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:5.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">1,506</font></b></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.25pt;padding:0in 0in 0in 0in;width:6.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">1,573</font></b></p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;">
  <td width="28%" height="15" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;width:28.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Other long-term
  liabilities</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">2</font></b></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;width:7.84%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="10%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;width:10.24%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;width:7.68%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="9%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;width:9.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">40</font></b></p>
  </td>
  <td width="9%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">1,165</font></b></p>
  </td>
  <td width="6%" colspan="2" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;width:6.58%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">1,207</font></b></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;width:6.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">42&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">55<a name="PB_55_010502_8627"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr height="15" style="height:11.25pt;">
  <td width="28%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:28.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="72%" colspan="10" height="15" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;width:72.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">December 31, 2008</font><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;"> </font></p>
  </td>
 </tr>
 <tr height="44" style="height:33.0pt;">
  <td width="28%" height="44" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:33.0pt;padding:0in 0in 0in 0in;width:28.0%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-style:italic;">(millions
  of Canadian dollars)</font></i></p>
  </td>
  <td width="6%" height="44" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:33.0pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Held for Trading</font></p>
  </td>
  <td width="7%" height="44" valign="bottom" bgcolor="white" style="background:white;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:33.0pt;padding:0in 0in 0in 0in;width:7.84%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Available<br>
  for Sale</font></p>
  </td>
  <td width="10%" height="44" valign="bottom" bgcolor="white" style="background:white;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:33.0pt;padding:0in 0in 0in 0in;width:10.24%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Loans and Receivables</font></p>
  </td>
  <td width="6%" height="44" valign="bottom" bgcolor="white" style="background:white;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:33.0pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Held to Maturity</font></p>
  </td>
  <td width="7%" height="44" valign="bottom" bgcolor="white" style="background:white;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:33.0pt;padding:0in 0in 0in 0in;width:7.68%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Other Financial Liabilities</font></p>
  </td>
  <td width="9%" height="44" valign="bottom" bgcolor="white" style="background:white;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:33.0pt;padding:0in 0in 0in 0in;width:9.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Qualifying Derivatives</font></p>
  </td>
  <td width="9%" height="44" valign="bottom" bgcolor="white" style="background:white;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:33.0pt;padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Non-<br>
  Financial Instruments</font></p>
  </td>
  <td width="6%" colspan="2" height="44" valign="bottom" bgcolor="white" style="background:white;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:33.0pt;padding:0in 0in 0in 0in;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Total</font></p>
  </td>
  <td width="6%" height="44" valign="bottom" bgcolor="white" style="background:white;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:33.0pt;padding:0in 0in 0in 0in;width:6.72%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Fair<br>
  Value</font><font size="1" color="black" face="Arial" style="color:black;font-size:5.0pt;position:relative;top:-2.0pt;">1</font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;">
  <td width="28%" height="15" valign="bottom" bgcolor="white" style="background:white;border:none;height:11.25pt;padding:0in 0in 0in 0in;width:28.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Assets</font></b></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="white" style="background:white;border:none;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="white" style="background:white;border:none;height:11.25pt;padding:0in 0in 0in 0in;width:7.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" height="15" valign="bottom" bgcolor="white" style="background:white;border:none;height:11.25pt;padding:0in 0in 0in 0in;width:10.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="white" style="background:white;border:none;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="white" style="background:white;border:none;height:11.25pt;padding:0in 0in 0in 0in;width:7.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" height="15" valign="bottom" bgcolor="white" style="background:white;border:none;height:11.25pt;padding:0in 0in 0in 0in;width:9.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" height="15" valign="bottom" bgcolor="white" style="background:white;border:none;height:11.25pt;padding:0in 0in 0in 0in;width:9.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" colspan="2" height="15" valign="bottom" bgcolor="white" style="background:white;border:none;height:11.25pt;padding:0in 0in 0in 0in;width:6.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="white" style="background:white;border:none;height:11.25pt;padding:0in 0in 0in 0in;width:6.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;">
  <td width="28%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:28.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Cash and cash
  equivalents</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">542</font></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:7.84%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="10%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:10.24%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:7.68%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="9%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:9.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="9%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="6%" colspan="2" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">542&nbsp;</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:6.72%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">542&nbsp;</font></p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;">
  <td width="28%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:28.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Accounts receivable and
  other</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">41</font></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:7.84%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="10%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:10.24%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">1,869</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:7.68%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="9%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:9.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">31</font></p>
  </td>
  <td width="9%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">381</font></p>
  </td>
  <td width="6%" colspan="2" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">2,322&nbsp;</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:6.72%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">1,948&nbsp;</font></p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;">
  <td width="28%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:28.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Long-term investments</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:7.84%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">54</font></p>
  </td>
  <td width="10%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:10.24%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">167</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">405</font></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:7.68%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="9%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:9.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="9%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">1,866</font></p>
  </td>
  <td width="6%" colspan="2" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">2,492&nbsp;</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:6.72%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">492&nbsp;</font></p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;">
  <td width="28%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:28.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Deferred amounts and
  other assets</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">68</font></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:7.84%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="10%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:10.24%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:7.68%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="9%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:9.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">249</font></p>
  </td>
  <td width="9%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">1,001</font></p>
  </td>
  <td width="6%" colspan="2" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">1,318&nbsp;</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:6.72%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">317&nbsp;</font></p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;">
  <td width="28%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:28.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Liabilities</font></b></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:7.84%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:10.24%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:7.68%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:9.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" colspan="2" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:6.72%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;">
  <td width="28%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:28.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Short-term borrowings</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:7.84%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="10%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:10.24%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:7.68%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">874</font></p>
  </td>
  <td width="9%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:9.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="9%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="6%" colspan="2" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">874&nbsp;</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:6.72%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">874&nbsp;</font></p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;">
  <td width="28%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:28.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Accounts payable and
  other</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">18</font></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:7.84%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="10%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:10.24%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:7.68%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">1,965</font></p>
  </td>
  <td width="9%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:9.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">32</font></p>
  </td>
  <td width="9%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">396</font></p>
  </td>
  <td width="6%" colspan="2" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">2,411&nbsp;</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:6.72%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">2,015&nbsp;</font></p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;">
  <td width="28%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:28.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Interest payable</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:7.84%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="10%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:10.24%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:7.68%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">102</font></p>
  </td>
  <td width="9%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:9.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="9%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="6%" colspan="2" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">102&nbsp;</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:6.72%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">102&nbsp;</font></p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;">
  <td width="28%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:28.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Long-term debt</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:7.84%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="10%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:10.24%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:7.68%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">10,795</font></p>
  </td>
  <td width="9%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:9.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="9%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(106</font></p>
  </td>
  <td width="1%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:1.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">)</font></p>
  </td>
  <td width="5%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:5.2%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">10,689&nbsp;</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:6.72%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">11,173&nbsp;</font></p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;">
  <td width="28%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:28.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Non-recourse long-term
  debt</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:7.84%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="10%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:10.24%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:7.68%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">1,669</font></p>
  </td>
  <td width="9%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:9.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="9%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(10</font></p>
  </td>
  <td width="1%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:1.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">)</font></p>
  </td>
  <td width="5%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:5.2%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">1,659&nbsp;</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.25pt;padding:0in 0in 0in 0in;width:6.72%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">1,672&nbsp;</font></p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;">
  <td width="28%" height="15" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;width:28.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Other long-term
  liabilities</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">11</font></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;width:7.84%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="10%" height="15" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;width:10.24%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;width:6.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="7%" height="15" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;width:7.68%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>
  </td>
  <td width="9%" height="15" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;width:9.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">36</font></p>
  </td>
  <td width="9%" height="15" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">212</font></p>
  </td>
  <td width="6%" colspan="2" height="15" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">259&nbsp;</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;width:6.72%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">47&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Fair value does not include non-financial instruments, which
includes investments accounted for under the equity method, and available for
sale equity instruments held at cost that do not trade on an actively quoted
market.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Fair Value of
Financial Instruments</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The fair value of financial instruments reflects the
Company&#146;s best estimates of market value based on generally accepted valuation techniques
or models and supported by observable market prices and rates. When such prices
are not available, the Company uses discounted cash flow analysis from
applicable yield curves based on observable market inputs. The fair value of
financial instruments, other than derivatives, represents the amounts that
would have been received from or paid to counterparties to settle these
instruments at the reporting date.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The fair value of cash and cash
equivalents and short-term borrowings approximates their carrying value due to
their short-term maturities. The fair value of the Company&#146;s long-term
investments, other than those classified as available for sale, approximates
their carrying value due to the nature of the investments. The fair value of
the Company&#146;s long-term debt and non-recourse long-term debt is based on quoted
market prices for instruments of similar yield, credit risk and tenure. The
fair value of other financial assets and liabilities other than derivative
instruments approximate their cost due to the short period to maturity. Changes
in the fair value of financial liabilities other than derivative instruments
are due primarily to fluctuations in interest rates and time value.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">56<a name="PB_56_010713_7906"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

</div>
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<br clear="all" style="page-break-before:always;">
<div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Derivative Instruments</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table summarizes the maturity and total
notional principal or quantity outstanding related to the Company&#146;s derivative
instruments. The Company does not have any credit-risk related contingent
features associated with its derivative instruments.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr height="21" style="height:15.75pt;">
  <td width="50%" height="21" valign="bottom" bgcolor="white" style="background:white;height:15.75pt;padding:0in 0in 0in 0in;width:50.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" colspan="4" height="21" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 0in 0in 0in;width:25.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">December
  31, 2009</font></b></p>
  </td>
  <td width="2%" height="21" valign="bottom" bgcolor="white" style="background:white;height:15.75pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" colspan="3" height="21" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 0in 0in 0in;width:22.46%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">December 31, 2008</font></p>
  </td>
 </tr>
 <tr height="64" style="height:48.0pt;">
  <td width="50%" height="64" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:48.0pt;padding:0in 0in 0in 0in;width:50.04%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" height="64" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:48.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" height="64" valign="bottom" bgcolor="white" style="background:white;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:48.0pt;padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Maturity</font></p>
  </td>
  <td width="2%" height="64" valign="bottom" bgcolor="white" style="background:white;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:48.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" height="64" valign="bottom" bgcolor="white" style="background:white;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:48.0pt;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Notional<br>
  Principal or<br>
  Quantity<br>
  Outstanding</font></p>
  </td>
  <td width="2%" height="64" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:48.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" height="64" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;height:48.0pt;padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Maturity</font></p>
  </td>
  <td width="2%" height="64" valign="bottom" bgcolor="white" style="background:white;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:48.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" height="64" valign="bottom" bgcolor="white" style="background:white;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:48.0pt;padding:0in 0in 0in 0in;width:10.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Notional<br>
  Principal or<br>
  Quantity<br>
  Outstanding</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="bottom" bgcolor="white" style="background:white;border:none;padding:0in 0in 0in 0in;width:50.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">U.S. dollar cross currency swaps</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="white" style="background:white;border:none;padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">2013-2022</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;padding:0in 0in 0in 0in;width:10.36%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">138</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:50.04%;">
  <p style="margin:0in 0in .0001pt 23.8pt;text-autospace:none;text-indent:-10.1pt;"><i><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-style:italic;">(millions
  of Canadian dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.36%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:50.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">U.S. dollar forwards - purchase</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">2010-2019</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">1,078</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">2009-2017</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.36%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">1,118</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:50.04%;">
  <p style="margin:0in 0in .0001pt 23.8pt;text-autospace:none;text-indent:-10.1pt;"><i><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-style:italic;">(millions
  of United States dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.36%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:50.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">U.S. dollar forwards - sell</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">2010-2020</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">3,102</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">2009-2021</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.36%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">2,548</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:50.04%;">
  <p style="margin:0in 0in .0001pt 23.8pt;text-autospace:none;text-indent:-10.1pt;"><i><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-style:italic;">(millions
  of United States dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.36%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:50.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Interest rate contracts</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">2010-2029</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">6,022</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">2009-2029</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.36%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">1,164</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:50.04%;">
  <p style="margin:0in 0in .0001pt 23.8pt;text-autospace:none;text-indent:-10.1pt;"><i><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-style:italic;">(millions
  of Canadian dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.36%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:50.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Energy commodity </font><i><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-style:italic;">(bcf)</font></i></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">2010-2011</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">464</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:9.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">2009-2010</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.36%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">530</font></p>
  </td>
 </tr>
 <tr>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Power commodity </font><i><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-style:italic;">(MW/H)</font></i></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">2010-2024</font></b></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">38</font></b></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">2009-2024</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">57</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">57<a name="PB_57_012401_3736"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">Derivative Instruments</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="48%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:48.42%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;"><br>
  </font><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">December 31, 2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Derivative<br>
  Instruments<br>
  used as<br>
  Cash Flow<br>
  Hedges</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Derivative<br>
  Instruments<br>
  used as Net<br>
  Investment<br>
  Hedges</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Non-<br>
  Qualifying<br>
  Derivative<br>
  Instruments</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.38%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Total<br>
  Derivative<br>
  Instruments</font></p>
  </td>
 </tr>
 <tr height="17" style="height:12.75pt;">
  <td width="48%" height="17" valign="bottom" bgcolor="white" style="background:white;border:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;width:48.42%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Accounts receivable and other</font></p>
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  <td width="2%" height="17" valign="bottom" bgcolor="white" style="background:white;border:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" height="17" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;width:10.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" height="17" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" height="17" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;width:10.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="2%" height="17" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" height="17" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;width:10.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="2%" height="17" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" height="17" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;width:10.38%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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 </tr>
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  <td width="48%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:48.42%;">
  <p style="margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">U.S. dollar forwards</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">4</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">14</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">52</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.38%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">70</font></p>
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 </tr>
 <tr>
  <td width="48%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:48.42%;">
  <p style="margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Interest rate
  contracts</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">34</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.38%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">36</font></p>
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  <td width="48%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:48.42%;">
  <p style="margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Energy commodity</font></p>
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  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">19</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.38%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">19</font></p>
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  <td width="48%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:48.42%;">
  <p style="margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Power commodity</font></p>
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  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">3</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.38%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">3</font></p>
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 </tr>
 <tr>
  <td width="48%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:48.42%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">38</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">14</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">76</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.38%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">128</font></p>
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  <td width="48%" valign="bottom" bgcolor="white" style="background:white;border:none;padding:0in 0in 0in 0in;width:48.42%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Deferred amounts and other<i>  </i></font></p>
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  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.38%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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 </tr>
 <tr>
  <td width="48%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:48.42%;">
  <p style="margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">U.S. dollar forwards</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">25</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">80</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">285</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.38%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">390</font></p>
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 </tr>
 <tr>
  <td width="48%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:48.42%;">
  <p style="margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Interest rate
  contracts</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">90</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.38%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">90</font></p>
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 </tr>
 <tr>
  <td width="48%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:48.42%;">
  <p style="margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Energy commodity</font></p>
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  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.38%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">1</font></p>
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 </tr>
 <tr>
  <td width="48%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:48.42%;">
  <p style="margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Power commodity</font></p>
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  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">1</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">1</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.38%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">2</font></p>
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  <p style="margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Other</font></p>
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  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">1</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">1</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.38%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">2</font></p>
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  <td width="48%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:48.42%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">117</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">80</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">288</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.38%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">485</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Accounts payable and other<i>  </i></font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 2.9pt .0001pt 0in;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.38%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="48%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:48.42%;">
  <p style="margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">U.S. dollar forwards</font></p>
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  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(2)</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(3)</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.38%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(5)</font></p>
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  <td width="48%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:48.42%;">
  <p style="margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Interest rate
  contracts</font></p>
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  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(68)</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.38%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(68)</font></p>
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  <td width="48%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:48.42%;">
  <p style="margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Energy commodity</font></p>
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  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(17)</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(32)</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.38%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(49)</font></p>
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  <td width="48%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:48.42%;">
  <p style="margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Power commodity</font></p>
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  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(1)</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.38%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(1)</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(87)</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(36)</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.38%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(123)</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Other long-term liabilities<i>  </i></font></p>
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  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.38%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="48%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:48.42%;">
  <p style="margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">U.S. dollar forwards</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(21)</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.38%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(21)</font></p>
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 </tr>
 <tr>
  <td width="48%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:48.42%;">
  <p style="margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Interest rate
  contracts</font></p>
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  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(15)</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.38%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(15)</font></p>
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 </tr>
 <tr>
  <td width="48%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:48.42%;">
  <p style="margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Energy commodity</font></p>
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  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(4)</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.38%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(4)</font></p>
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  <td width="48%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:48.42%;">
  <p style="margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Power commodity</font></p>
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  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(2)</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.38%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(2)</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(40)</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.38%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(42)</font></p>
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 </tr>
 <tr>
  <td width="48%" valign="bottom" bgcolor="white" style="background:white;border:none;padding:0in 0in 0in 0in;width:48.42%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Total net derivative asset/(liability)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.4%;">
  <p style="margin:0in 2.9pt .0001pt 0in;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:10.38%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:48.42%;">
  <p style="margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">U.S. dollar forwards</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">6</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">94</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">334</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.38%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">434</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:48.42%;">
  <p style="margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Interest rate
  contracts</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">41</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.38%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">43</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:48.42%;">
  <p style="margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Energy commodity</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(21)</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(12)</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.38%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(33)</font></p>
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 </tr>
 <tr>
  <td width="48%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:48.42%;">
  <p style="margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Power commodity</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.38%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">2</font></p>
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 </tr>
 <tr>
  <td width="48%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:48.42%;">
  <p style="margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Other</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">1&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">1&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.38%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">2&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:48.42%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">28&nbsp;</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">94&nbsp;</font></p>
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  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">326&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.38%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">448&nbsp;</font></p>
  </td>
 </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">58<a name="PB_58_022041_9621"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="49%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:49.28%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-style:italic;">(millions of Canadian dollars)</font></i><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;"><br>
  December 31, 2008</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Derivative<br>
  Instruments<br>
  used as<br>
  Cash Flow<br>
  Hedges</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Derivative<br>
  Instruments<br>
  used as Net<br>
  Investment<br>
  Hedges</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Non-<br>
  Qualifying<br>
  Derivative<br>
  Instruments</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Total<br>
  Derivative<br>
  Instruments</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="bottom" bgcolor="white" style="background:white;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;width:49.28%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Accounts receivable and other</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:49.28%;">
  <p style="margin:0in 0in .0001pt 12.25pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">U.S. dollar forwards</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">12</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">8</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.04%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">20</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:49.28%;">
  <p style="margin:0in 0in .0001pt 12.25pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Interest rate
  contracts</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.04%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">1</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:49.28%;">
  <p style="margin:0in 0in .0001pt 12.25pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Energy commodity</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">9</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">32</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.04%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">41</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:49.28%;">
  <p style="margin:0in 0in .0001pt 12.25pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Power commodity</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">9</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.04%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">10</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:49.28%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">23</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">8</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">41</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.04%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">72</font></p>
  </td>
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  <td width="49%" valign="bottom" bgcolor="white" style="background:white;border:none;padding:0in 0in 0in 0in;width:49.28%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Deferred amounts and other<i>  </i></font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;padding:0in 0in 0in 0in;width:2.3%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;padding:0in 0in 0in 0in;width:10.04%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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 </tr>
 <tr>
  <td width="49%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:49.28%;">
  <p style="margin:0in 0in .0001pt 12.25pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">U.S. dollar cross
  currency swaps</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">26</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.04%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">26</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:49.28%;">
  <p style="margin:0in 0in .0001pt 12.25pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">U.S. dollar forwards</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">153</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">63</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">56</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.04%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">272</font></p>
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  <p style="margin:0in 0in .0001pt 12.25pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Power commodity</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">7</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">12</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.04%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">19</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:49.28%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">186</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">63</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">68</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.04%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">317</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Accounts payable and other<i>  </i></font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;padding:0in 0in 0in 0in;width:2.3%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;padding:0in 0in 0in 0in;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="49%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:49.28%;">
  <p style="margin:0in 0in .0001pt 12.25pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">U.S. dollar forwards</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
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  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(14)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(14)</font></p>
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  <p style="margin:0in 0in .0001pt 12.25pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Interest rate
  contracts</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(9)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(9)</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:49.28%;">
  <p style="margin:0in 0in .0001pt 12.25pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Energy commodity</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(22)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(26)</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:49.28%;">
  <p style="margin:0in 0in .0001pt 12.25pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Power commodity</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(1)</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:49.28%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(32)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(18)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(50)</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="bottom" bgcolor="white" style="background:white;border:none;padding:0in 0in 0in 0in;width:49.28%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Other long-term liabilities<i>  </i></font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;padding:0in 0in 0in 0in;width:2.3%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;padding:0in 0in 0in 0in;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:49.28%;">
  <p style="margin:0in 0in .0001pt 12.25pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">U.S. dollar forwards</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(8)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(8)</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:49.28%;">
  <p style="margin:0in 0in .0001pt 12.25pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Interest rate
  contracts</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(22)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(22)</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:49.28%;">
  <p style="margin:0in 0in .0001pt 12.25pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Power commodity</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(11)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(12)</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:49.28%;">
  <p style="margin:0in 0in .0001pt 12.25pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Other</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(3)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(5)</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:49.28%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(36)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(11)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(47)</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="bottom" bgcolor="white" style="background:white;border:none;padding:0in 0in 0in 0in;width:49.28%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Total net derivative asset/(liability)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.3%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:49.28%;">
  <p style="margin:0in 0in .0001pt 12.25pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">U.S. dollar cross
  currency swaps</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">26</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">26</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:49.28%;">
  <p style="margin:0in 0in .0001pt 12.25pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">U.S. dollar forwards</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">165</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">71</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">34</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">270</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:49.28%;">
  <p style="margin:0in 0in .0001pt 12.25pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Interest rate contracts</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(30)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(30)</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:49.28%;">
  <p style="margin:0in 0in .0001pt 12.25pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Energy commodity</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(13)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">28</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">15</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:49.28%;">
  <p style="margin:0in 0in .0001pt 12.25pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Power commodity</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">20</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">16</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:49.28%;">
  <p style="margin:0in 0in .0001pt 12.25pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Other</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(3)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(5)</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:49.28%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">141</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">71</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">80</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:2.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">292</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">The fair value of derivative instruments has been estimated
using period end market information. This market information includes
observable inputs such as published market prices for commodities, interest
rate yield curves and foreign exchange rates. When possible, financial
instruments are valued using quoted market prices.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">An unrealized fair value loss of $53 million (2008 - $298
million) related to derivative instruments used as cash flow and net investment
hedges was recognized in OCI for the year ended December 31, 2009. An
unrealized fair value gain related to non-qualifying derivative instruments of
$146 million (2008 - $157 million) was recognized in commodity costs, other
investment income and interest expense for the year ended December 31, 2009.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">Additional information about the Company&#146;s Risk Management
and Financial Instruments is included in Notes 23 and 24 of the 2009 Annual
Consolidated Financial Statements.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">59<a name="PB_59_022421_8715"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

</div>
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<div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;text-transform:uppercase;">critical
accounting ESTIMATES</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">DEPRECIATION</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Depreciation
of property, plant and equipment, the Company&#146;s largest asset with a net book
value at December 31, 2009 of $18,850 million, or 67% of total assets, is
generally provided on a straight-line basis over the estimated service lives of
the assets commencing when the asset is placed in service. When it is
determined that the estimated service life of an asset no longer reflects the
expected remaining period of benefit, prospective changes are made to the estimated
service life. Estimates of useful lives are based on third party engineering
studies, experience and/or industry practice. There are a number of assumptions
inherent in estimating the service lives of the Company&#146;s assets including the
level of development, exploration, drilling, reserves and production of crude
oil and natural gas in the supply areas served by the Company&#146;s pipelines as
well as the demand for crude oil and natural gas and the integrity of the
Company&#146;s systems. Changes in these assumptions could result in adjustments to
the estimated service lives, which could result in material changes to
depreciation expense in future periods in any of the Company&#146;s business
segments. For certain rate regulated operations, depreciation rates are
approved by the regulator and the regulator may require periodic studies or
technical updates on useful lives which may change depreciation rates.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">Regulatory Assets and Liabilities</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Certain of the Company&#146;s Liquids
Pipelines and Natural Gas Delivery and Services businesses are subject to
regulation by various authorities, including but not limited to, the NEB, the
FERC, the Energy Resources Conservation Board (ERCB) and the OEB. Regulatory
bodies exercise statutory authority over matters such as construction, rates
and ratemaking, and agreements with customers. To recognize the economic
effects of the actions of the regulator, the timing of recognition of certain
revenues and expenses in operations may differ from that otherwise expected
under GAAP for non rate-regulated entities. Also, the Company records
regulatory assets and liabilities to recognize the economic effects of the
actions of the regulator. Regulatory assets represent amounts that are expected
to be recovered from customers in future periods through rates. Regulatory
liabilities represent amounts that are expected to be refunded to customers in
future periods through rates. On refund or recovery of this difference, no
earnings impact is recorded. Effectively, the income statement captures only the
approved costs and the related revenue rather than the actual costs and related
revenue. As of December 31, 2009, the Company&#146;s regulatory assets totaled
$1,411 million (2008 - $635 million) and regulatory liabilities totaled $1,038
million (2008 - $109 million). To the extent that the regulator&#146;s actions
differ from the Company&#146;s expectations, the timing and amount of recovery or
settlement of regulatory balances could differ significantly from those
recorded.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">Post Employment Benefits</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company maintains pension plans,
which provide defined benefit and/or defined contribution pension benefits and
other post-employment benefits (OPEB) to eligible retirees. Pension costs and
obligations for the defined benefit pension plans are determined using the projected
benefit method. This method involves complex actuarial calculations using
several assumptions including discount rates, expected rates of return on plan
assets, health-care cost trend rates, projected salary increases, retirement
age, mortality and termination rates. These assumptions are determined by
management and are reviewed annually by the Company&#146;s actuaries. Actual results
that differ from assumptions are amortized over future periods and therefore
could materially affect the expense recognized and the recorded obligation in
future periods. The Company remains able to pay the current benefit obligations
using cash from operations, reflecting strong capital market performance
recovery. The shortfall from expected return on plan assets was $24 million for
the year ended December 31, 2009 (2008 - $288 million) as disclosed in Note 27
to the 2009 Annual Consolidated Financial Statements. The difference between
the actual and expected return on plan assets is amortized over the remaining
service period of the active employees.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Assuming no discretionary funding is
made into the pension plans, funding in 2010 will be approximately $74 million,
which is not considered significant to the Company.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The following sensitivity analysis
identifies the impact on the December 31, 2009 Consolidated Financial
Statements of a 0.5% change in key pension and OPEB assumptions.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">60<a name="PB_60_024134_563"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='60',FILE='C:\JMS\rsampat\10-3715-1\task3939046\3715-1-my-21.htm',USER='105982',CD='Feb 19 19:01 2010' -->


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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.88%;">
  <p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:25.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:25.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:48.88%;">
  <p style="margin:0in 0in .0001pt .1in;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="25%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.56%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Pension Benefits</font></b></p>
  </td>
  <td width="25%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.56%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">OPEB</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:48.88%;">
  <p style="margin:0in 0in .0001pt .1in;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:13.34%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Obligation</font></b></p>
  </td>
  <td width="12%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:12.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Expense</font></b></p>
  </td>
  <td width="13%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:13.34%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Obligation</font></b></p>
  </td>
  <td width="12%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:12.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Expense</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.88%;">
  <p style="margin:0in 0in .0001pt .1in;"><font size="2" face="Arial" style="font-size:10.0pt;">Decrease in
  discount rate</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.34%;">
  <p align="right" style="margin:0in .3in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;72</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.22%;">
  <p align="right" style="margin:0in .3in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">10</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.34%;">
  <p align="right" style="margin:0in .3in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;13</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.22%;">
  <p align="right" style="margin:0in .3in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.88%;">
  <p style="margin:0in 0in .0001pt .1in;"><font size="2" face="Arial" style="font-size:10.0pt;">Decrease in
  expected return on assets</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.34%;">
  <p align="right" style="margin:0in .3in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">n/a</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.22%;">
  <p align="right" style="margin:0in .3in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;5</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.34%;">
  <p align="right" style="margin:0in .3in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">n/a</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.22%;">
  <p align="right" style="margin:0in .3in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:48.88%;">
  <p style="margin:0in 0in .0001pt .1in;"><font size="2" face="Arial" style="font-size:10.0pt;">Decrease in rate
  of salary increase</font></p>
  </td>
  <td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.34%;">
  <p align="right" style="margin:0in .3in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(17)</font></p>
  </td>
  <td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.22%;">
  <p align="right" style="margin:0in .3in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">(5)</font></p>
  </td>
  <td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.34%;">
  <p align="right" style="margin:0in .3in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;&nbsp;-</font></p>
  </td>
  <td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.22%;">
  <p align="right" style="margin:0in .3in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">Contingent Liabilities</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Provisions for claims filed against
the Company are determined on a case by case basis. Case estimates are reviewed
on a regular basis and are updated as new information is received. The process
of evaluating claims involves the use of estimates and a high degree of
management judgment. Claims outstanding, the final determination of which could
have a material impact on the financial results of the Company and certain of
the Company&#146;s subsidiaries and investments, including EGD and EECI, are
detailed in the Commitments and Contingencies section of this report and are
disclosed in Note 31 of the 2009 Annual Consolidated Financial Statements.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">Asset Retirement Obligations</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In May 2009, the NEB released a report on the financial
issues associated with pipeline abandonment. The NEB will require all companies
to formally assess the timeline and cost of future abandonment and, if
necessary, set aside funds to cover future abandonment costs. All pipelines
regulated under the NEB Act will be required to comply with the report&#146;s
framework and action plan. The NEB began hosting technical meetings in
September 2009 to evaluate how abandonment estimates will be calculated and
submitted, as well as proposals for how funds will be collected and set aside.
The NEB&#146;s goal is for companies, as required, to begin setting aside funds for
abandonment no later than the end of May 2014. Currently, for certain of the
Company&#146;s assets, it is not practical to make a reasonable estimate of asset
retirement obligations for accounting purposes due to the indeterminate timing
and the scope of asset retirements. However, should the NEB action plan result
in a reasonable estimate of asset retirement obligations for accounting
purposes, financial statement recognition of those obligations may be made in
future periods. As a result, regulatory assets and liabilities may be
recognized to the extent the timing of recovery from shippers differs from the
recognition of abandonment costs for accounting purposes.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;text-transform:uppercase;">CHANGE IN ACCOUNTING POLICIES</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">ACCOUNTING FOR THE EFFECTS OF RATE REGULATION</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Effective January
1, 2009, the Company adopted revisions to the Canadian Institute of Chartered
Accountants (CICA) Handbook Section 1100, <i>Generally
Accepted Accounting Principles</i> and Section 3465, <i>Income Taxes</i>. In accordance with the
transitional provisions in these revised standards, the revisions to Section
1100 were adopted prospectively and, accordingly, prior periods were not
restated, while the revisions to Section 3465 were applied retrospectively
without restatement of prior periods. The adoption of the revised standards did
not impact the Company&#146;s earnings or cash flows.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Generally Accepted Accounting Principles</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The revised
standard no longer provides an exemption for rate-regulated entities to measure
assets and liabilities on a basis other than in accordance with primary sources
of Canadian GAAP. As a result, for the pension plans and OPEB included in EGD,
the Company recognized post-employment benefit assets and liabilities for the
amount of benefits expected to be included in future rates and recovered from,
or paid to, customers. In addition, the Company reclassified certain EGD
reserves for future removal and site restoration.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Pension Plans and OPEB</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On adoption of the
revised standard at January 1, 2009, the Company recognized a net pension asset
of $157 million and a net OPEB liability of $75 million, with an offsetting
long-term net pension regulatory liability and long-term net OPEB regulatory
asset, respectively. At December 31, 2009, the Company had a net pension asset
of $140 million and a net OPEB liability of $80 million, with an offsetting
long-term net</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">61<a name="PB_61_025207_9497"></a></font></p>

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</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">pension regulatory
liability and a long-term net OPEB regulatory asset, respectively.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Future Removal and Site Restoration Reserves</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">At January 1, 2009,
on adoption of the revised standard, the Company reclassified amounts collected
for future removal and site restoration of $657 million, which were previously
netted against Property, Plant and Equipment, to a long-term regulatory
liability. At December 31, 2009, this long-term regulatory liability was $710
million.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Income Taxes</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The revised
standard removes the exemption for rate-regulated entities to recognize future
income taxes to the extent they were expected to be included in
regulator-approved future rates and recovered from or refunded to future
customers. As a result, on January 1, 2009, the Company recognized a future
income tax liability of $816 million on regulatory assets, primarily property,
plant and equipment, with an offsetting long-term regulatory asset. A
regulatory asset has been recognized as the associated future income tax
liability is expected to be recoverable in future rates. At December 31, 2009,
the Company had a future income tax liability of $829 million related to
regulatory assets with an offsetting long-term regulatory asset.</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">INTANGIBLE ASSETS</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Effective January
1, 2009, the Company adopted CICA Handbook Section 3064, <i>Goodwill and Intangible Assets</i>, which
establishes standards for the recognition, measurement, presentation and
disclosure of goodwill and intangible assets. As a result of adopting this
standard, the Company reclassified certain software costs from Property, Plant
and Equipment to Intangible Assets. This standard has been applied
retrospectively and affects presentation only.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">As a result of
adopting this standard, on January 1, 2009, the Company reclassified $233
million of net software costs from Property, Plant and Equipment to Intangible
Assets. At December 31, 2009, the Company had $289 million of net software
costs recorded in Intangible Assets.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">COMMODITY INVENTORY</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Effective January 1, 2009, the
Company changed its accounting policy for inventory held by its energy
marketing businesses and began measuring commodity inventory at fair value, as
measured at the spot price less costs to sell, rather than lower of cost or net
realizable value. This measurement basis is a more relevant measurement for
commodity inventory used for marketing purposes and better matches the
commodity inventory with the derivatives used to &#147;lock in&#148; the margin. This
change in accounting policy has been accounted for retrospectively and did not
result in restatements of the comparative Consolidated Statements of Earnings,
Comprehensive Income, Shareholders&#146; Equity or Cash Flows for the years ended
December 31, 2008 and 2007 and the comparative Consolidated Statement of
Financial Position as at December 31, 2008 as the amounts were considered
immaterial.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">INVENTORIES</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The CICA issued Handbook Section
3031, <i>Inventories,</i> effective
January 1, 2008 which aligns accounting for inventories under Canadian GAAP
with International Financial Reporting Standards (IFRS) and replaces Section
3030. The adoption of the revised standard did not have a significant effect on
the Company.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">CAPITAL DISCLOSURES AND FINANCIAL INSTRUMENTS &#150;
DISCLOSURES AND PRESENTATION</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Effective January 1, 2008, the
Company adopted new standards for <i>Capital
Disclosures</i> (CICA Handbook Section 1535) and <i>Financial Instruments &#150; Disclosures and Presentation</i>
(CICA Handbook Sections 3862 and 3863). While the new standards did not change
the Company&#146;s accounting policies, they resulted in additional disclosures.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">FINANCIAL INSTRUMENTS, COMPREHENSIVE INCOME AND
HEDGING RELATIONSHIPS</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Effective January 1, 2007, the
Company adopted CICA Handbook Section 1530, <i>Comprehensive
Income</i>, Section 3251, <i>Equity</i>,
Section 3855, <i>Financial Instruments &#150;
Recognition and Measurement</i>, Section 3861, <i>Financial Instruments &#150; Disclosure and Presentation (</i>subsequently
replaced by Sections 3862 and</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">62<a name="PB_62_025516_3641"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">3863<i>
</i>adopted by the Company on January 1, 2008) and Section 3865, <i>Hedges</i>. In accordance with the
transitional provisions in these new standards, these policies were adopted retrospectively
without restatement. Prior period unrealized gains and losses related to the
Company&#146;s foreign currency translation adjustments and net investment hedges
are now included in accumulated other comprehensive income (AOCI). The
cumulative impact of adopting these changes in 2007 was an increase to AOCI of $48
million.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">FUTURE ACCOUNTING
POLICIES</font></b></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Business Combinations</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The CICA issued Handbook Section 1582, <i>Business Combinations</i>, which replaces
Section 1581. This new standard aligns accounting for business combinations
under Canadian GAAP with IFRS. The standard requires assets and liabilities
acquired in a business combination to be measured at fair value at the
acquisition date. The standard also requires acquisition-related costs, such as
advisory or legal fees, incurred to effect a business combination to be
expensed in the period in which they are incurred. The adoption of this
standard will impact the accounting treatment of future business combinations.
The revised standard is effective for business combinations occurring on or
after January 1, 2011; however, earlier application is permitted.</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Consolidated Financial Statements and
Non-Controlling Interests</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The CICA issued Handbook Sections 1601, <i>Consolidated Financial Statements </i>and
1602,<i> Non-controlling Interests, </i>which
together replace the former consolidated financial statements standard. Under
the revised standards, non-controlling interests will be classified as a
component of equity, and earnings and comprehensive income will be attributed
to both the parent and non-controlling interest. The adoption of these
standards is not expected to have a material impact to the Company&#146;s
consolidated financial statements. The revised standards are effective January
1, 2011. Should the Company early adopt Section 1582, it would also be required
to adopt Sections 1601 and 1602 at the same time.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">International Financial Reporting Standards</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Canadian
Accounting Standards Board (AcSB) confirmed in February 2008 that publicly
accountable entities will be required to adopt IFRS for interim and annual
financial statements beginning on January 1, 2011, including comparative
financial statements for 2010.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Enbridge&#146;s
preparations for IFRS conversion include preparing IFRS compliant accounting
policies, drafting model IFRS financial disclosures, identifying accounting differences,
developing and implementing systems solutions and process changes that support
the preparation of 2010 comparative data as well as a sustainable conversion to
IFRS in 2011.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Audit,
Finance and Risk Committee of the Board of Directors receives regular reports
on the advancement of the conversion to IFRS.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Accounting and Reporting</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">To date,
detailed IFRS compliant accounting policies and model financial statement
disclosures are complete. The Company&#146;s IFRS compliant accounting policies
differ in some regards from the Company&#146;s current accounting policies. The most
significant differences are expected to impact the following areas:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">property,
plant and equipment</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">decommissioning
liabilities (asset retirement obligations)</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">impairments</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">consolidation</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company
is carefully monitoring the International Accounting Standards Board&#146;s (IASB)
project on Rate Regulated Activities. The IASB&#146;s exposure draft on Rate
Regulated Activities, published in July 2009, would allow the Company to
continue to apply rate regulated accounting with some changes. It is not
possible to determine with certainty the extent of the changes to the Company&#146;s
accounting for rate regulated activities until the final standard is available.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">63<a name="PB_63_025557_5250"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The IASB&#146;s
project on joint ventures proposes to eliminate the proportionate consolidation
of joint ventures. If the project proceeds as proposed, the Company would apply
equity accounting to its joint venture interests under IFRS instead of
proportionate consolidation. A final standard is expected to be published
during the first quarter of 2010 after which the Company will be able to
determine the impact of conversion to IFRS on its accounting for joint
ventures.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company
has selected IFRS 1 elective exemptions which are practical and provide the
most relevant presentation on conversion to IFRS. The primary result of the
exemptions selected is to apply certain IFRS differences prospectively,
minimizing adjustments to the IFRS opening balance sheet. The Company also
expects to elect to reduce cumulative translation differences to zero on the
date of adoption. This change would impact the Company&#146;s retained earnings and AOCI
balances, both within the equity section of the balance sheet. In addition, the
IASB&#146;s exposure draft on Rate Regulated Activities includes an IFRS 1 exemption
which would allow the Company to use the carrying amount of rate regulated
property, plant and equipment, as calculated under Canadian GAAP, as the deemed
cost for IFRS on the date of adoption. This would reduce changes to property,
plant and equipment on adoption and, if it&#146;s available, the Company expects to
use this exemption.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Information Systems and Business Processes</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In January
2010, the Company implemented changes to information systems and processes
which ensure that data needed for IFRS reporting of 2010 financial information
for comparative purposes is gathered. The Company has also developed processes
to derive the 2010 opening balance sheet under IFRS and is building processes
and systems solutions to create 2010 IFRS compliant quarterly financial
information for comparative purposes.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">During the
first quarter of 2010, the Company will determine the systems solution which
will be implemented in 2011 to support and sustain IFRS changes after
conversion. Process changes needed to sustain IFRS conversion starting in 2011
have been identified, and during 2010, process design and training is expected
to be completed. Related impacts to internal controls over financial reporting
and disclosure controls and procedures are expected to be identified during
2010.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Training and Communication</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company
has a comprehensive plan to train internal personnel who will be impacted by
the conversion to IFRS. Training started during 2009 and is expected to
continue throughout 2010. The Company has also commenced preparation of an
external communication plan which will depend on the nature and magnitude of
changes to the financial statements expected under IFRS.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Business Activities</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company
has reviewed the effect of IFRS conversion on its debt covenants, compensation
agreements and hedging activities and does not expect the conversion to IFRS to
significantly impact these activities or requirements.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The expected
timing of key activities identified above may change prior to the IFRS
conversion date due to changes in regulation, economic conditions or other
factors and the issuance of new accounting standards or amendments to existing
accounting standards, including and in addition to those noted above.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;text-transform:uppercase;">CONTROLS AND
PROCEDURES</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">Disclosure
Controls and Procedures</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Disclosure controls and procedures
are designed to provide reasonable assurance that information required to be
disclosed in reports filed with, or submitted to, securities regulatory
authorities is recorded, processed, summarized and reported within the time
periods specified under Canadian and United States securities law. As of the
year ended December 31, 2009, an evaluation was carried out under the supervision
of and with the participation of Enbridge&#146;s management, including the Chief
Executive Officer and Chief Financial Officer, of the effectiveness of the
design and operations of Enbridge&#146;s disclosure controls and procedures (as
defined in Rule 13a-15(e) under the Securities Exchange Act of 1934). Based on
that evaluation, the Chief Executive Officer and Chief Financial Officer
concluded that the</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">64<a name="PB_64_025721_7672"></a></font></p>

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</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">design and operation of these
disclosure controls and procedures were effective in ensuring that information
required to be disclosed by Enbridge in reports that it files with or submits
to the Securities and Exchange Commission is recorded, processed, summarized
and reported within the time periods required.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Management&#146;s Report
on Internal Controls over Financial Reporting</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Management of Enbridge is
responsible for establishing and maintaining adequate internal control over
financial reporting as such term is defined in the rules of the United States
Securities and Exchange Commission and the Canadian Securities Administrators.
The Company&#146;s internal control over financial reporting is a process designed
under the supervision and with the participation of executive and financial
officers to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of the Company&#146;s financial statements for
external reporting purposes in accordance with GAAP.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s internal control over
financial reporting includes policies and procedures that:</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">pertain to the
maintenance of records that, in reasonable detail, accurately and fairly
reflect transactions and dispositions of assets of the Company;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">provide reasonable
assurance that transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted accounting
principles; and</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">provide reasonable
assurance regarding prevention or timely detection of unauthorized acquisition,
use or disposition of the Company&#146;s assets that could have a material effect on
the financial statements.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s internal control over
financial reporting may not prevent or detect all misstatements because of
inherent limitations. Additionally, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may
become inadequate because of changes in conditions or deterioration in the
degree of compliance with the Company&#146;s policies and procedures.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Management assessed the
effectiveness of the Company&#146;s internal control over financial reporting as of
December 31, 2009, based on the framework established in<i> Internal Control &#150; Integrated Framework </i>issued
by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
Based on this assessment, Management concluded that the Company maintained
effective internal control over financial reporting as of December 31, 2009.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">During the year ended December 31,
2009, there has been no change in the Company&#146;s internal control over financial
reporting that has materially affected, or is reasonably likely to materially
affect, the Company&#146;s internal control over financial reporting.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">65<a name="PB_65_025801_536"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">NON-GAAP RECONCILIATIONS</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="68%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:68.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-style:italic;">(millions of Canadian dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">2009&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">2008&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">2007&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:68.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">GAAP earnings as reported</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">1,555&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">1,321&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:7.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">700&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Significant after-tax non-recurring or non-operating factors and
  variances:</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Liquids Pipelines</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="margin:0in 0in .0001pt .15in;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Enbridge System - impact
  of tax changes</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(1)</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="margin:0in 0in .0001pt .15in;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Enbridge Regional Oil
  Sands System - leak remediation costs</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">9&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="margin:0in 0in .0001pt .15in;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Feeder Pipelines and
  Other - asset impairment loss</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">4&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Natural Gas Delivery and Services</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="margin:0in 0in .0001pt .15in;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">EGD - colder weather
  than normal</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">(17)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(23)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(14)</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="margin:0in 0in .0001pt .15in;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">EGD - interest accrual
  on GST refund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">(7)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="margin:0in 0in .0001pt .15in;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">EGD - provision for
  one-time charges</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">3&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="margin:0in 0in .0001pt .15in;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">EGD - impact of tax
  changes</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">(21)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(20)</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="margin:0in 0in .0001pt .15in;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Noverco - impact of
  tax changes</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">(6)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(7)</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="margin:0in 0in .0001pt .15in;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Offshore - property
  insurance recovery from hurricanes, net of costs incurred</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">(4)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(5)</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="margin:0in 0in .0001pt .15in;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Alliance Pipeline US -
  shipper claim settlement</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="margin:0in 0in .0001pt .15in;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Aux Sable - unrealized
  derivative fair value (gains)/losses</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">36</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(56)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">28&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="margin:0in 0in .0001pt .15in;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Aux Sable - loan
  forgiveness gain</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">(7)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="margin:0in 0in .0001pt .15in;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Energy Services -
  unrealized derivative fair value (gains)/losses</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">(3)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(23)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">3&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="margin:0in 0in .0001pt .15in;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Energy Services -
  SemGroup and Lehman credit loss/(recovery)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">(1)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">6&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="margin:0in 0in .0001pt .15in;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">International - gain
  on sale of investments in OCENSA and CLH</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">(329)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(556)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(5)</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="margin:0in 0in .0001pt .15in;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Other - asset
  impairment loss</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">10&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="margin:0in 0in .0001pt .15in;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Other - adoption of
  new accounting standard</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">3&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="margin:0in 0in .0001pt .15in;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Other - gain on sale
  of investment in Inuvik Gas</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(5)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Sponsored Investments</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="margin:0in 0in .0001pt .15in;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">EEP - unrealized
  derivative fair value (gains)/losses</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">2&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(6)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">6&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="margin:0in 0in .0001pt .15in;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">EEP - asset impairment
  loss</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">12&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="margin:0in 0in .0001pt .15in;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">EEP - Lakehead System
  billing correction</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">(4)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="margin:0in 0in .0001pt .15in;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">EEP - dilution gain on
  Class A unit issuance</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(5)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(12)</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="margin:0in 0in .0001pt .15in;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">EEP - gain on sale of
  KPC</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(3)</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="margin:0in 0in .0001pt .15in;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">EEP - impact of 2008
  hurricanes and project write-offs</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">2&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="margin:0in 0in .0001pt .15in;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">EIF - Alliance Canada
  shipper claim settlement</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="margin:0in 0in .0001pt .15in;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">EIF - impact of tax
  changes</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(2)</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Corporate</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="margin:0in 0in .0001pt .15in;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Unrealized derivative
  fair value gains</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">(207)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(26)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="margin:0in 0in .0001pt .15in;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Unrealized foreign
  exchange gains on translation of intercompany balances, net</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">(133)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="margin:0in 0in .0001pt .15in;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Gain on sale of investment
  in NTP</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">(25)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="margin:0in 0in .0001pt .15in;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Impact of tax rate
  changes</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">(8)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(31)</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="margin:0in 0in .0001pt .15in;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Gain on sale of
  corporate aircraft</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(5)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="margin:0in 0in .0001pt .15in;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">U.S. pipeline tax
  decision</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">32&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:68.5%;">
  <p style="margin:0in 0in .0001pt .15in;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Asset impairment loss</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">-&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">17&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">-&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:68.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Adjusted Earnings</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">855&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">677&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">637&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">66<a name="PB_66_032841_4688"></a></font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<DOCUMENT>
<TYPE>EX-99.8
<SEQUENCE>9
<FILENAME>a10-3715_1ex99d8.htm
<DESCRIPTION>EX-99.8 CONSENT OF PRICEWATERHOUSECOOPERS LLP, INDEPENDENT AUDITORS OF THE REGISTRANT.
<TEXT>

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<body lang="EN-US">

<div>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">EXHIBIT 99.<font face="Arial">8</font></font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">CONSENT OF INDEPENDENT AUDITORS</font></b></p>

<p align="center" style="margin:24.0pt 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="line-height:150%;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;line-height:150%;">We hereby consent to the inclusion in this Annual Report on Form 40-F
for the year ended December 31, 2009 and the incorporation by reference in the
registration statements on Form S-8 (File Nos. 333-145236, 333-127265,
333-13456, 333-97305 and 333-6436), Form F-3 (File No.&nbsp;33-77022) and Form
F-10 (File Nos.&nbsp;333-152607 and 333-141478)<b>  </b>of
Enbridge Inc. (the &quot;Corporation&quot;) of our report dated February 18,
2010, relating to the consolidated financial statements of the Corporation as
at December&nbsp;31, 2009 and 2008 and for each of the years in the three year
period ended December 31, 2009 and the effectiveness of internal control over
financial reporting as at December 31, 2009.&#160;
</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="27%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&#148;signed&#148;</font></p>
  </td>
  <td width="72%" valign="top" style="padding:0in 0in 0in 0in;width:72.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="27%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:27.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">PricewaterhouseCoopers LLP</font></p>
  </td>
  <td width="72%" valign="top" style="padding:0in 0in 0in 0in;width:72.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Chartered Accountants</font></p>
  </td>
  <td width="72%" valign="top" style="padding:0in 0in 0in 0in;width:72.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">Calgary, Alberta, Canada</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">February 18, 2010</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
