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									                              Towards New Heights
Scotia Capital Electron Day
December 1, 2004
                 FORWARD-LOOKING STATEMENT



Fortis Inc. (“Fortis” or the “Corporation”) includes forward-looking
statements in this presentation. By their very nature, forward-looking
statements are based on underlying assumptions and are subject to
inherent risks and uncertainties surrounding future expectations
generally. Such events include, but are not limited to, general
economic, market and business conditions, regulatory developments,
weather and competition. Fortis cautions readers that should certain
events or uncertainties materialize, or should underlying assumptions
prove incorrect, actual results may vary significantly from those
expected. For additional information with respect to certain of these
risks or factors, reference should be made to the Corporation’s
continuous disclosure materials filed from time to time with Canadian
Securities Regulatory Authorities. The Corporation disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise.



              Towards
    Towards New Heights   New Heights
                                         OUR BUSINESS




Regulated Electric Utilities              Generation             Real Estate & Hotels
   FortisBC                               British Columbia       Fortis Properties
   FortisAlberta                          Ontario
   FortisOntario                          Newfoundland
   Maritime Electric                      Belize
   Newfoundland Power                     Upper New York State
   Belize Electricity
   Caribbean Utilities

                          Towards
                Towards New Heights   New Heights
                          OUR ASSETS



                                             Regulated Caribbean 7%
Regulated Canadian 73%                                Belize Electricity

  FortisBC                                            Caribbean Utilities

  FortisAlberta
  FortisOntario                                              Generation 9%
  Maritime Electric
  Newfoundland Power



                                                           Real Estate & Hotels 11%




                           Assets $3.7 billion
                         (as at September 30, 2004)


   Towards New Heights
       REGULATED ELECTRIC UTILITIES




                       $3.1 billion assets
                       1,000,000 customers
                       130,000 km distribution lines
                       8,200 km transmission lines
                       23,305 GWh sales/deliveries




Towards New Heights
            REGULATED ELECTRIC UTILITIES


                             Newfoundland Power
                                    25%




                                                                                     FortisBC
                                                                                       24%




            FortisAlberta
                26%




                                                                            Maritime Electric
                                                                                   8%
                            FortisOntario
                                                                Belize Electricity
                                 5%       Caribbean Utilities
                                                                       7%
                                                 5%




                                     Assets $3.1 billion
                                 (as at September 30, 2004)

Towards New Heights
           NON-REGULATED GENERATION




                       $261 million assets
                       165 MW hydroelectric generation
                       1,058 GWh energy sales
                       Focus is small hydro (< 100MW)
                       Chalillo to be commissioned Q3/2005
                       Generates 10% of EBITDA




Towards New Heights
                        FORTIS PROPERTIES
                      (COMMERCIAL REAL ESTATE)



                          $214 million assets
                          2.7 million sq. ft., mainly Class A & B
                                St. John’s, Halifax, Moncton,
                                St. John, Fredericton
                          95% occupancy
                          80+ months average lease life
                          Quality tenants
                          Generates 10% EBITDA

Towards New Heights
                      FORTIS PROPERTIES
                          (HOTELS)


                           $138 million assets
                           2,158 hotel rooms
                           12 hotels
                               Delta St. John’s
                               Holiday Inn St. John’s
                               Mount Peyton Grand Falls-Windsor
                               Holiday Inn Corner Brook
                               Four Points by Sheraton Halifax
                               Days Inn Sydney
                               Delta Sydney
                               Delta Brunswick
                               Holiday Inn Kitchener
                               Holiday Inn Peterborough
                               Holiday Inn Sarnia
                               Holiday Inn Cambridge


Towards New Heights
                                   FINANCIAL PERFORMANCE

                                   5-Year                Year-to-Date at Sept 30th

                                                  73.6
Earnings ($M)
            75. 00
            70. 00
                                           63.3
                                                          75. 00
                                                          70. 00
                                                                          69.7
            65. 00                                        65. 00   58.9
            60. 00
            55. 00
                                    53.6                  60. 00
                                                          55. 00

            50. 00                                        50. 00
            45. 00

            40. 00
                            36.8                          45. 00

                                                          40. 00
                                                                                               0.0
                     29.2                                                               0.0
            35. 00
            30. 00
                                                          35. 00
                                                          30. 00
                                                                                 0.0
            25. 00                                        25. 00

            20. 00                                        20. 00
            15. 00                                        15. 00
            10. 00                                        10. 00

             5. 00                                         5. 00
             0. 00                                         0. 00



                      '99    '00    '01     '02   '03               '03    '04




EPS ($)
            5. 00                                         5. 00

                                                  4.25
            4. 50

                                    3.60   3.89           4. 50

            4. 00                                         4. 00
                                                                   3.40   3.45
            3. 50                                         3. 50

            3. 00
                            2.72                          3. 00

                     2.24
            2. 50

            2. 00
                                                          2. 50

                                                          2. 00                         0.00   0.00
            1. 50                                         1. 50
                                                                                 0.00
            1. 00                                         1. 00


            0. 50                                         0. 50

            0. 00                                         0. 00



                     '99    '00     '01     '02   '03              '03     '04




          Towards New Heights
                                    FINANCIAL PERFORMANCE

                                    5-Year                 Year-to-Date at Sept 30th

Cash flow from Operations ($M)
            210. 00
            200. 00
            190. 00
                                                              210. 00
                                                              200. 00
                                                              190. 00
                                                                                 189
            180. 00
            170. 00
                                                     161      180. 00
                                                              170. 00
            160. 00                                           160. 00
            150. 00                          134              150. 00
            140. 00
            130. 00
                                                              140. 00
                                                              130. 00   116
            120. 00
            110. 00
                              98      94
                                                              120. 00
                                                              110. 00
            100. 00    85                                     100. 00
                                                                                               0
             90. 00                                            90. 00
                                                                                           0
             80. 00
             70. 00
                                                               80. 00
                                                               70. 00                  0
             60. 00                                            60. 00
             50. 00                                            50. 00
             40. 00                                            40. 00
             30. 00                                            30. 00
             20. 00                                            20. 00
             10. 00                                            10. 00
              0. 00                                             0. 00



                       '99    '00     '01    '02     '03                 '03     '04




                                                                               1,461
Market Cap ($M)
         1500. 00


                                                   1,024
                                                           1500. 00




                                            903                         963
         1000. 00                    703                   1000. 00


                                                                                               0
                             532                                                           0
                      412                                                              0
          500. 00                                           500. 00




            0. 00                                             0. 00



                      '99    '00     '01    '02     '03                 '03     '04




        Towards New Heights
                                             5-YEAR TOTAL RETURN*
                                                              Dividends

                            FTS                                            18.74%
                            TER

                            TRP

                            ENB

                            CU
                            ACO.X
                            ACO.X

                            S&P/TSX Capped Utilities

                            EMA

                            S&P/TSX Composite

                            TA



                        0                    5           10         15    20
* Annualized;   At October 31, 2004                    Per cent



                    Towards New Heights
                                                         Dividends
                                                    SHAREHOLDER RETURN*




    $400
    $350                                                                                               $367

    $300
    $250
                                                                                                       $211
    $200
                                                                                                       $195
    $150
    $100
     $50
       $0
        1994       1995      1996       1997        1998     1999    2000      2001      2002   2003

                                           Fortis          S&P/TSX          S&P/TSX Utilities



* At October 31, 2004. With dividends reinvested


                Towards New Heights
                      FortisBC & FortisAlberta

                         Purchased May 31st, 2004 for $1.476B
                         Becoming stand-alone utilities
                         AEUB generic cost of capital decision
                         Long-term financing complete
                               $350M common shares
                               $200M preferred shares
                               $400M debentures FortisAlberta
                               US$150M notes
                               $140M debentures FortisBC

                         Rate case filings in BC and Alberta
                         Significant rate base growth

Towards New Heights
                      HURRICANE IVAN




                         Category V
                         Fortis support
                         75% customers energized
                         Property & business interruption
                          insurance
                         Cost recovery




Towards New Heights
                      DIVERSIFIED, STABLE EARNINGS


No utility represents more than 25% of earnings




Towards New Heights
                                                    LOW RISK ASSETS


                                                80 per cent of assets are regulated

                                                      $B
                                                      4.0

                                                      3.5            Fortis Properties

Regulated Electric Utilities                          3.0            Fortis Generation

                                                                     Regulated Electric Utilities
                                                      2.5

                                                      2.0

                                                      1.5

Generation                                            1.0

                                                      0.5

                                                      0.0
                         Real Estate & Hotels

             Towards New Heights
                                            STRONG ORGANIC GROWTH



                    2005 through 2009 annual capital expenditures
                           expected to surpass $300 million
                         210. 00
                         200. 00
                         190. 00
                         180. 00
                         170. 00                           156     160
                         160. 00
                         150. 00                                             130
                         140. 00
                         130. 00
                                                   124
                         120. 00
                         110. 00
                         100. 00
                                   83       88
                          90. 00
                          80. 00
                          70. 00
                          60. 00
                          50. 00
                          40. 00
                          30. 00
                          20. 00
                          10. 00
                           0. 00



                                   '99      '00     '01     '02    '03       '04*


                                         Utility Capital Expenditures ($M)
* Year-to-date at September 30th


              Towards New Heights
                                              DIVIDEND GROWTH


Dividends have increased for 31 consecutive years
    $                                                                                                        %
    2.50                                                                                                90

                                                                                                        80

    2.00
                                                                                                        70

                                                                                                        60
    1.50
                                                                                                        50

                                                                                                        40
    1.00
                                                                                                        30

                                                                                                        20
    0.50

                                                                                                        10

    0.00                                                                                                0
           72   74   76   78   80   82   84   86    88      90   92    94   96   98   '00   '02   '04


                                    Dividend Paid        Dividend Payout Ratio




Towards New Heights
                                  CONCLUSION




                       Integration of FortisAlberta & FortisBC
                       Diversified, stable earnings
                       Low risk assets
                       Strong organic growth
                       Dividend growth




Towards New Heights
             Towards New Heights
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