CONSOLIDATED INCOME

Year ended December 31		2002		2001		2000
(millions of dollars except per share amounts)
Revenues		5,214		5,275		4,384
Operating Expenses
Cost of sales		627		712		133
Other costs and expenses		1,546		1,618		1,539
Depreciation		848		793		737
		3,021		3,123		2,409
Operating Income		2,193		2,152		1,975
Other Expenses/(Income)
Financial charges (Note 8)		867		889		953
Financial charges of joint ventures (Note 9)		90		107		113
Interest and other income		(86)		(77)		(115)
Gain on sale of assets		–		–		(37)
		871		919		914
Income from Continuing Operations before Income Taxes		1,322		1,233		1,061
Income Taxes (Note 14)		517		480		354
Net Income from Continuing Operations		805		753		707
Net (Loss)/Income from Discontinued Operations (Note 19)		–		(67)		61
Net Income		805		686		768
Preferred Securities Charges (Note 10)		36		45		44
Preferred Share Dividends		22		22		35
Net Income Applicable to Common Shares		747		619		689
Net Income/(Loss) Applicable to Common Shares
Continuing operations		747		686		628
Discontinued operations		–		(67)		61
		747		619		689
Net Income/(Loss) Per Share (Note 12)
Continuing operations		$ 1.56		$ 1.44		$ 1.32
Discontinued operations		–		(0.14)		0.13
Basic		$ 1.56		$ 1.30		$ 1.45
Diluted		$ 1.55		$ 1.30		$ 1.45

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