Mr. Barry Perry reports

FORTIS INC. ACQUISITION OF ITC HOLDINGS CORP. APPROVED BY ILLINOIS COMMERCE COMMISSION

Fortis Inc. and ITC Holdings Corp. have provided an update. The Illinois Commerce Commission (ICC) has approved Fortis's application authorizing it to proceed with its acquisition of ITC. The decision marks another significant advancement in the regulatory approval process. The transaction is expected to close by the end of the year.

"We are pleased to receive approval from the ICC, and look forward to continuing to serve the transmission needs of the state of Illinois," said Barry Perry, president and chief executive officer of Fortis.

"This approval solidifies our continued commitment to the state of Illinois and we are appreciative of the timely work by the staff, Jo Carroll Energy and the commissioners, throughout this process," said Joseph L. Welch, chairman, president and chief executive officer of ITC.

Fortis and ITC shareholders approved the acquisition at shareholder meetings held on May 5 and June 22, 2016, respectively. Approval required from the Committee on Foreign Investment in the United States was received on July 8, 2016, and the postfiling waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, expired Aug. 10, 2016. Approval from the Oklahoma Corporation Commission was received on Aug. 16, 2016. The closing of the acquisition of ITC remains subject to receipt of certain other regulatory authorizations, including Federal Energy Regulatory Commission and remaining state approvals.

About Fortis

Fortis has total assets of approximately $29-billion and fiscal 2015 revenue of $6.7-billion. The corporation's asset mix is approximately 94 per cent regulated (69 per cent electric, 25 per cent gas), with the remaining 6 per cent comprising non-regulated energy infrastructure. The corporation's regulated utilities serve more than three million customers across Canada, the United States and the Caribbean.

We seek Safe Harbor.