Mr. David Hutchens reports

FORTIS INC. ANNOUNCES SALE OF AITKEN CREEK NATURAL GAS STORAGE FACILITIES IN BRITISH COLUMBIA

Fortis Inc.'s FortisBC Holdings Inc. (FHI) has entered into a definitive share purchase and sale agreement with a subsidiary of Enbridge Inc. to sell its 93.8-per-cent ownership interest in the Aitken Creek natural gas storage facility in British Columbia and its 100-per-cent ownership interest in the Aitken Creek north gas storage facility for approximately $400-million, subject to customary closing conditions and adjustments.

Aitken Creek is the only underground natural gas storage facility in British Columbia with a total working gas capacity of 77 billion cubic feet. It is located 120 kilometres northeast of Fort St. John, B.C., at the heart of the Montney production region.

"We are pleased to announce the sale of Aitken Creek to Enbridge. This unregulated asset sale further strengthens our balance sheet and provides additional funding flexibility to support our regulated utility growth strategy," said David Hutchens, president and chief executive officer, Fortis.

As previously disclosed, the corporation expects to finance its low-risk, highly executable $22.3-billion 2023 to 2027 capital investment plan primarily with cash from operations, debt issued at the regulated utilities and common equity from the corporation's dividend reinvestment plan.

The purchase is subject to required approval, principally by the British Columbia Utilities Commission. Closing is expected to occur by the end of the year.

CIBC Capital Markets and Fasken acted as the exclusive financial and legal advisers, respectively, to Fortis.

About Fortis Inc.

Fortis is a well-diversified leader in the North American regulated electric and gas utility industry with 2022 revenue of $11-billion and total assets of $64-billion as at Dec. 31, 2022. The corporation's 9,200 employees serve utility customers in five Canadian provinces, nine states of the United States and three Caribbean countries.

We seek Safe Harbor.