Percentage

	1999/2000	2000/2001	2001/2002	2002/2003	2003/2004
Actual Return on Equity	16.69	16.59	15.24	15.47	3.60
Allowed Return on Equity*	16.69	16.59	15.24	15.47	14.33

Equity is the sum of retained earnings, deferred revenue, contributions arising from the Columbia River Treaty and contributions in aid of construction, all at the end of the year.

*BC Hydro's 1995 Rate of Return was approved by the Commission in its last rate decision of November 24, 1994. In subsequent years, rates of return have been calculated by BC Hydro using the same method as in 1995. The allowed return on equity has been calculated to equal, on a pre-income tax basis, that of the most comparable investor-owned utility.