Content

Consolidated Statements of Financial Position

December 31,   2008   2007    

(millions of Canadian dollars)

           
Assets            
Current Assets            
Cash and cash equivalents   541.7   166.7    
Accounts receivable and other (Note 6)   2,322.5   2,388.7    
Inventory (Note 7)   844.7   709.4    
    3,708.9   3,264.8    
Property, Plant and Equipment, net (Note 8)   16,389.6   12,597.6    
Long-Term Investments (Note 10)   2,491.8   2,076.3    
Deferred Amounts and Other Assets (Note 11)   1,318.4   1,182.0    
Intangible Assets (Note 12)   225.3   212.0    
Goodwill (Note 13)   389.2   388.0    
Future Income Taxes (Note 24)   178.2   186.7    
    24,701.4   19,907.4    
Liabilities and Shareholders' Equity            
Current Liabilities            
Short-term borrowings (Note 15)   874.6   545.6    
Accounts payable and other (Note 14)   2,411.5   2,213.8    
Interest payable   101.9   89.1    
Current maturities of long-term debt (Note 15)   533.8   605.2    
Current maturities of non-recourse long-term debt (Note 16)   184.7   61.1    
    4,106.5   3,514.8    
Long-Term Debt (Note 15)   10,154.9   7,729.0    
Non-Recourse Long-Term Debt (Note 16)   1,474.0   1,508.4    
Other Long-Term Liabilities   259.0   253.9    
Future Income Taxes (Note 24)   1,290.8   975.6    
Non-Controlling Interests (Note 17)   797.4   650.5    
    18,082.6   14,632.2    
Shareholders' Equity            
Share capital            
    Preferred shares (Note 18)   125.0   125.0    
    Common shares (Note 18)   3,194.0   3,026.5    
Contributed surplus   37.9   25.7    
Retained earnings   3,383.4   2,537.3    
Accumulated other comprehensive income/(loss) (Note 20)   32.8   (285.0 )  
Reciprocal shareholding (Note 10)   (154.3 ) (154.3 )  
    6,618.8   5,275.2    
Commitments and Contingencies (Note 29)   24,701.4   19,907.4    

The accompanying notes are an integral part of these consolidated financial statements.

Approved by the Board of Directors:

David A. Arledge's Signature

David A. Arledge
Chair

David A. Leslie's Signature

David A. Leslie
Director