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ST. JOHN’S, Newfoundland and Labrador, Sept. 19, 2023 (GLOBE NEWSWIRE) — Fortis Inc. (“Fortis” or the “Corporation“) (TSX/NYSE: FTS) announced today that it has established an at-the-market equity program (the “ATM Program“) that allows the Corporation to issue up to C$500,000,000 (or its U.S. dollar equivalent) of common shares (the “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 “TSX“), the New York Stock Exchange (the “NYSE“) 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.

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The ATM Program provides Fortis with additional financing flexibility to fund 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 December 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.

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Distributions of the Common Shares through the ATM Program will be made pursuant to the terms of an equity distribution agreement dated September 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 “Equity Distribution Agreement“).

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The ATM Program is being established pursuant to a prospectus supplement dated September 19, 2023 (the “Prospectus Supplement“) to the Corporation’s Canadian short form base shelf prospectus (the “Shelf Prospectus“) dated November 21, 2022 and pursuant to a prospectus supplement dated September 19, 2023 (the “U.S. Prospectus Supplement“) to the Corporation’s U.S. base prospectus (the “U.S. Base Prospectus“) included in its U.S. registration statement on Form F-10 (the “Registration Statement“) filed with the Securities and Exchange Commission on November 21, 2022. The Prospectus Supplement, the Shelf Prospectus and the Equity Distribution Agreement are available on SEDAR+ at www.sedarplus.ca and the U.S. Prospectus Supplement, the U.S. Base Prospectus and the Registration Statement are available on EDGAR at www.sec.gov. 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 Inc., attn: Equity Capital Markets, 161 Bay Street, 5th Floor, Toronto, Ontario, M5J 2S8, by email at Mailbox.CanadianProspectus@cibc.com

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RBC Dominion Securities Inc., attn: Distribution Centre, RBC Wellington Square, 8th Floor, 180 Wellington Street West, Toronto, Ontario, M5J OC2, by email at Distribution.RBCDS@rbc.com

Scotia Capital Inc., attn: Equity Capital Markets, 40 Temperance Street, 6th Floor, Toronto, Ontario, M5H 0B4, by email at equityprospectus@scotiabank.com

TD Securities Inc., attn: Symcor, NPM, 1625 Tech Avenue, Mississauga, Ontario, L4W 5P5, by email at sdcconfirms@td.com or by phone at 289-360-2009

or in the U.S.:

CIBC World Markets Corp., attn: David Williams, 300 Madison Avenue, Sixth Floor, New York, New York 10017, by email at Mailbox.USProspectus@cibc.com

RBC Capital Markets, LLC, attn: Equity Syndicate, 200 Vesey Street, 8th Floor, New York, New York 10281-8098, by email at equityprospectus@rbccm.com or by phone at 877-822-4089

Scotia Capital (USA) Inc., attn: Equity Capital Markets, 250 Vesey Street, 24th Floor, New York, New York 10281, by email at equityprospectus@scotiabank.com

TD Securities (USA) LLC, attn: Equity Capital Markets, 1 Vanderbilt Avenue, New York, New York 10017, by email at TD.ECM_Prospectus@tdsecurities.com

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This media release does not constitute an offer to sell or the solicitation of an offer to buy the Common Shares, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Fortis

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. Additional information can be accessed at www.sedarplus.ca or www.sec.gov.

Forward-Looking Information

Fortis includes “forward-looking information” on this media launch throughout the that means of relevant Canadian securities legal guidelines and “forward-looking statements” throughout the that means of the Private Securities Litigation Reform Act of 1995 (collectively known as “forward-looking information”). Forward-looking data included on this media launch displays expectations of Fortis’ administration concerning future progress, outcomes of operations, efficiency and enterprise prospects and alternatives. Wherever attainable, phrases comparable to “anticipates”, “believes”, “budgets”, “could”, “estimates”, “expects”, “forecasts”, “intends”, “may”, “might”, “plans”, “projects”, “schedule”, “should”, “target”, “will”, “would” and different related terminology or expressions have been used to establish the forward-looking data, which incorporates, with out limitation, the mixture worth of Common Shares which can be issued pursuant to the ATM Program and the Corporation’s anticipated use of the online proceeds of the ATM Program, if any.

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Forward-looking data is topic to dangers, uncertainties and assumptions. Certain materials elements or assumptions have been utilized in drawing the conclusions contained within the forward-looking data. These elements or assumptions are topic to inherent dangers and uncertainties surrounding future expectations typically, together with these recognized once in a while within the forward-looking data. Fortis cautions readers that plenty of elements might trigger precise outcomes, efficiency or achievements to vary materially from the outcomes mentioned or implied within the forward-looking data. These elements needs to be thought-about rigorously and undue reliance shouldn’t be positioned on the forward-looking data. For further data with respect to sure of those dangers or elements and threat elements referring to the Common Shares, reference needs to be made to the Corporation’s prospectus complement filed on September 19, 2023, along with the brief kind base shelf prospectus to which it relates dated November 21, 2022, and the continual disclosure supplies filed once in a while by Fortis with Canadian securities regulatory authorities and the Securities and Exchange Commission. All forward-looking data included on this media launch is given as of the date of this media launch and, besides as required by regulation, we undertake no obligation to revise or replace any forward-looking data, because of new data, future occasions or in any other case.

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A .pdf model of this press launch is obtainable at: http://ml.globenewswire.com/Resource/Download/c711bd2f-38c1-48f8-a578-e793d2f960a4

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