Ms. Stephanie Amaimo reports

FORTIS INC. ESTABLISHES AT-THE-MARKET EQUITY PROGRAM

Fortis Inc. has established an at-the-market (ATM) equity program, which allows the corporation to issue up to $500-million (or its U.S.-dollar equivalent) of common shares from treasury to the public from time to time, at the corporation's discretion. Any common shares sold in the ATM program will be sold through the Toronto Stock Exchange, the New York Stock Exchange or any other marketplace on which the common shares are listed, quoted or otherwise traded at the prevailing market price at the time of sale.

The ATM program provides Fortis with additional financing flexibility to finance its capital program. The volume and timing of distributions under the ATM program, if any, will be determined at the corporation's sole discretion. The ATM program will be effective until Dec. 22, 2024, unless terminated prior to such date by the corporation. Fortis intends to use the net proceeds from the ATM program, if any, for general corporate purposes. As common shares sold in the ATM program will be distributed at the prevailing market price at the time of the sale, prices may vary among purchasers during the period of the distribution.

Distributions of the common shares through the ATM program will be made pursuant to the terms of an equity distribution agreement dated Sept. 19, 2023, entered into with CIBC World Markets Inc., RBC Dominion Securities Inc., Scotia Capital Inc. and TD Securities Inc., as Canadian agents, and CIBC World Markets Corp., RBC Capital Markets LLC, Scotia Capital (USA) Inc. and TD Securities (USA) LLC, as U.S. agents.

The ATM program is being established pursuant to a prospectus supplement dated Sept. 19, 2023, to the corporation's Canadian short form base shelf prospectus dated Nov. 21, 2022, and pursuant to a prospectus supplement dated Sept. 19, 2023, to the corporation's U.S. base prospectus included in its U.S. registration statement on Form F-10 filed with the U.S. Securities and Exchange Commission on Nov. 21, 2022. The prospectus supplement, the shelf prospectus and the equity distribution agreement are available on SEDAR+ and the U.S. prospectus supplement, the U.S. base prospectus and the registration statement are available on EDGAR. Alternatively, the agents will send copies of the prospectus supplement and the shelf prospectus or the U.S. prospectus supplement and the U.S. base prospectus, as applicable, upon request by contacting:

• In Canada:
  • CIBC World Markets, attention: equity capital markets, 161 Bay St., fifth floor, Toronto, Ont., M5J 2S8, or by e-mail at Mailbox.CanadianProspectus@cibc.com;
  • RBC Dominion Securities, attention: distribution centre, RBC Wellington Square, eighth floor, 180 Wellington St. W, Toronto, Ont., M5J OC2, or by e-mail at Distribution.RBCDS@rbc.com;
  • Scotia Capital, attention: equity capital markets, 40 Temperance St., sixth floor, Toronto, Ont., M5H 0B4, or by e-mail at equityprospectus@scotiabank.com;
  • TD Securities Inc., attention: Symcor, NPM, 1625 Tech Ave., Mississauga, Ont., L4W 5P5, or by e-mail at sdcconfirms@td.com or by phone at 289-360-2009;
• In the United States:
  • CIBC World Markets, attention: David Williams, 300 Madison Ave., sixth floor, New York, N.Y., 10017, or by e-mail at Mailbox.USProspectus@cibc.com;
  • RBC Capital Markets, attention: equity syndicate, 200 Vesey St., eighth floor, New York, N.Y., 10281-8098, or by e-mail at equityprospectus@rbccm.com or by phone at 877-822-4089;
  • Scotia Capital (USA), attention: equity capital markets, 250 Vesey St., 24th floor, New York, N.Y., 10281, or by e-mail at equityprospectus@scotiabank.com;
  • TD Securities (USA), attention: equity capital markets, 1 Vanderbilt Ave., New York, N.Y., 10017, or by e-mail at TD.ECM_Prospectus@tdsecurities.com.

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 June 30, 2023. The corporation's 9,200 employees serve utility customers in five Canadian provinces, 10 U.S. states and three Caribbean countries.

Fortis shares are listed on the TSX and NYSE and trade under the symbol FTS.

We seek Safe Harbor.