Mr. Barry Perry reports

FORTIS INC. ACQUISITION OF ITC HOLDINGS CORP. APPROVED BY MISSOURI PUBLIC SERVICE COMMISSION

The Missouri Public Service Commission (MPSC) has approved Fortis Inc. and ITC Holdings Corp.'s application authorizing Fortis to proceed with its acquisition of ITC. The decision marks another significant advancement in the regulatory approval process.

"We are pleased to receive approval from the MPSC, and look forward to continuing to serve the transmission needs of the state of Missouri," said Barry Perry, president and chief executive officer of Fortis. "The transaction continues to move forward on schedule and is expected to close by the end of the year."

"We appreciate the work by the commissioners and staff throughout this process," said Joseph L. Welch, chairman, president and chief executive officer of ITC. "We look forward to continued discussions to grow our business across the state."

As is customary in Missouri, the approval order takes effect on a future date; in this case, the order is effective Sept. 24, 2016.

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. Approvals from the Oklahoma Corporation Commission and the Illinois Commerce Commission were received on Aug. 16 and Aug. 23, 2016, respectively. 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 is a leader in the North American electric and gas utility business, with 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.