Mr. Barry Perry reports

FORTIS INC. AND GIC ACQUISITION OF ITC HOLDINGS CORP. AUTHORIZED BY THE FEDERAL ENERGY REGULATORY COMMISSION

The Federal Energy Regulatory Commission (FERC) has authorized the acquisition of ITC Holdings Corp. by Fortis Inc. and a subsidiary of GIC Private Ltd.

"This ruling from FERC is a key milestone toward finalizing the transaction," said Barry Perry, president and chief executive officer of Fortis. "We appreciate the FERC's conclusion that the transaction is consistent with the public interest.

"In keeping with Fortis's operating model, ITC will remain a stand-alone transmission company, led by their strong, experienced management team and employees. At the same time we remain committed to meeting the energy needs of our existing and future customers and communities."

"We are pleased with FERC's ruling and will continue to work through the regulatory approval process at the state level," said Joseph L. Welch, chairman, president and chief executive officer of ITC. "ITC will continue to maintain local control and remain focused on providing the same standards of operational excellence and reliability."

"The endorsement from both Fortis and ITC shareholders, state approvals received to date, and the FERC authorization supports our confidence that this transaction will close by year-end," concluded Mr. Perry.

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, the Illinois Commerce Commission and the Missouri Public Service Commission were received on Aug. 16, 2016, Aug. 24, 2016, and Sept. 14, 2016, respectively. The Public Service Commission of Wisconsin voted on Sept. 22, 2016, to approve the acquisition, subject to conditions to be confirmed in an official commission order to follow. All applicable consents related to the transfer of control of licences were received from the Federal Communications Commission as of Sept. 21, 2016. The closing of the transaction remains subject to receipt of regulatory authorizations from the State of Kansas.

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.