Fortis (FTS) Announces CAD 500M At-The-Market Equity Program

Fortis Inc. (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.

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.

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").

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 [email protected]

RBC Dominion Securities Inc., attn: Distribution Centre, RBC Wellington Square, 8th Floor, 180 Wellington Street West, Toronto, Ontario, M5J OC2, by email at [email protected]

Scotia Capital Inc., attn: Equity Capital Markets, 40 Temperance Street, 6th Floor, Toronto, Ontario, M5H 0B4, by email at [email protected]

TD Securities Inc., attn: Symcor, NPM, 1625 Tech Avenue, Mississauga, Ontario, L4W 5P5, by email at [email protected] 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 [email protected]

RBC Capital Markets, LLC, attn: Equity Syndicate, 200 Vesey Street, 8th Floor, New York, New York 10281-8098, by email at [email protected] 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 [email protected]

TD Securities (USA) LLC, attn: Equity Capital Markets, 1 Vanderbilt Avenue, New York, New York 10017, by email at [email protected]

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.

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