Fortis Inc. Announces Pricing of Fixed-to-Fixed Rate Subordinated Notes

Not for distribution to U.S. news wire services or dissemination in the United States.

This news release constitutes a "designated news release" for the purposes of the Corporation's prospectus supplement dated December 9, 2024 to Fortis' short form base shelf prospectus dated December 9, 2024.

ST. JOHN'S, Newfoundland and Labrador, Sept. 02, 2025 (GLOBE NEWSWIRE) -- Fortis Inc. ("Fortis" or the "Corporation") (TSX: FTS) announced today that it has priced an offering by private placement (the "Offering"), pursuant to the exemptions from the prospectus requirements of applicable Canadian securities laws, of $750 million aggregate principal amount of 5.100% fixed-to-fixed rate subordinated notes due December 4, 2055 (the "Notes"). The Offering is being made on a best efforts basis through a syndicate of agents co-led by BMO Nesbitt Burns Inc., Scotia Capital Inc., CIBC World Markets Inc. and RBC Dominion Securities Inc. (collectively, the "Joint Bookrunners"), and TD Securities Inc., Desjardins Securities Inc., National Bank Financial Inc., Wells Fargo Securities Canada, Ltd., Merrill Lynch Canada Inc., Morgan Stanley Canada Limited, MUFG Securities (Canada), Ltd. and Cedar Leaf Capital Inc. (collectively, the "Co-Managers", and together with the Joint Bookrunners, the "Agents"), pursuant to an agency agreement entered into earlier today by the Corporation and the Agents. The Offering is expected to close on September 4, 2025.

Fortis expects to use the net proceeds of the Offering to reduce borrowings under the Corporation's revolving corporate credit facility and for general corporate purposes.

The Notes being offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This media release shall not constitute an offer to sell or an invitation to purchase or subscribe for any securities in the United States or in any other jurisdiction where such offer is unlawful.

About Fortis
Fortis is a diversified leader in the North American regulated electric and gas utility industry with 2024 revenue of $12 billion and total assets of $73 billion as at June 30, 2025. The Corporation's 9,700 employees serve utility customers in five Canadian provinces, ten U.S. states and the Caribbean.

Fortis' shares are listed on the TSX and trade under the symbol FTS. Additional information can be accessed at www.fortisinc.com, www.sedarplus.com or www.sec.gov.

Not for distribution to U.S. news wire services or dissemination in the United States.

Forward-Looking Information
Fortis includes forward-looking information in this media release within the meaning of applicable Canadian securities laws and forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively referred to as "forward-looking information"). Forward-looking information reflects expectations of Fortis management regarding future growth, results of operations, performance and business prospects and opportunities. Wherever possible, words such as anticipates, believes, budgets, could, estimates, expects, forecasts, intends, may, might, plans, projects, schedule, should, target, will, would and the negative of these terms and other similar terminology or expressions have been used to identify the forward-looking information, which includes, without limitation: the expected amount of gross proceeds from the issuance of the Notes assuming all Notes issuable pursuant to the Offering are sold by the Agents, the Corporation's expected use of the net proceeds from the Offering and the expected closing date of the Offering.

Forward-looking information involves significant risks, uncertainties and assumptions. Certain material factors or assumptions have been applied in drawing the conclusions contained in the forward-looking information. Fortis cautions readers that a number of factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking information. These factors should be considered carefully and undue reliance should not be placed on the forward-looking information. For additional information with respect to certain of these risks or factors, reference should be made to the continuous disclosure materials filed by the Corporation from time to time on SEDAR+ and EDGAR. The Corporation disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

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