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Fortis Inc. Announces Results of Series H First Preference Share and Series I Preference Share Conversions

1. FTS announces conversion of Series H Shares to Series I Shares. 2. Series H Shares will have a fixed annual dividend of 4.183%. 3. Series I Shares will have a floating dividend starting at 4.103%. 4. Both share types are listed on the TSX under FTS.PR.H and FTS.PR.I. 5. FTS reported $12 billion revenue, underlining its strong market position.

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FAQ

Why Bullish?

The conversion indicates investor confidence, potentially stabilizing FTS's share price.

How important is it?

The conversion reinforces investor confidence, likely influencing price and investment interest.

Why Short Term?

Immediate shareholder sentiment influenced by dividend structure changes will affect short-term trading.

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FTS.PR.HFTS.PR.IBMORYCM
ST. JOHN'S, Newfoundland and Labrador, June 02, 2025 (GLOBE NEWSWIRE) -- Fortis Inc. ("Fortis" or the "Corporation") (TSX: FTS) announced today that 11,298 of its 7,665,082 issued and outstanding Cumulative Redeemable Five-Year Fixed Rate Reset First Preference Shares, Series H ("Series H Shares") were tendered for conversion, on a one-for-one basis, into Cumulative Redeemable Floating Rate First Preference Shares, Series I ("Series I Shares") and that 248,830 of its 2,334,918 Series I Shares were tendered for conversion, on a one-for-one basis, into Series H Shares. As a result of the conversion, Fortis has 7,902,614 Series H Shares and 2,097,386 Series I Shares issued and outstanding. The Series H Shares and the Series I Shares will continue to be listed on the Toronto Stock Exchange ("TSX") under the symbols FTS.PR.H and FTS.PR.I, respectively. The Series H Shares will pay on a quarterly basis, for the five-year period beginning on June 1, 2025, if, as and when declared by the Board of Directors of Fortis, a fixed dividend based on an annual fixed dividend rate of 4.183 percent. The Series I Shares will pay a floating quarterly dividend for the five-year period beginning on June 1, 2025, if, as and when declared by the Board of Directors of Fortis. The floating quarterly dividend rate for the Series I Shares for the first quarterly floating rate period (being the period from and including June 1, 2025 and ending on and including August 31, 2025) is based on an annual floating dividend rate of 4.103 percent and will be reset every quarter based on the applicable three-month Government of Canada Treasury Bill rate plus 1.450 percent. For more information on the terms of, and risks associated with an investment in, the Series H Shares and the Series I Shares, please see the Corporation's short form prospectus dated January 18, 2010 relating to the issuance of the Series H Shares, which can be found under the Corporation's profile on SEDAR+ at www.sedarplus.ca and on the Corporation's website at www.fortisinc.com. About Fortis Fortis is a well-diversified leader in the North American regulated electric and gas utility industry, with 2024 revenue of $12 billion and total assets of $75 billion as at March 31, 2025. The Corporation's 9,800 employees serve utility customers in five Canadian provinces, ten 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.fortisinc.com, www.sedarplus.ca, or www.sec.gov. A .pdf version of this press release is available at: http://ml.globenewswire.com/Resource/Download/30ffb1bf-d451-4e66-be24-36d7a4931b49  For more information, please contact: Investor Enquiries:Ms. Stephanie Amaimo Vice President, Investor RelationsFortis Inc.248.946.3572investorrelations@fortisinc.comMedia Enquiries:Ms. Karen McCarthyVice President, Communications & Government RelationsFortis Inc.709.737.5323media@fortisinc.com

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