Forward-Looking Information

Year in Review 2025


Fortis Inc. ("Fortis") includes forward-looking information in this 2025 Year in Review within the meaning of applicable Canadian securities laws and forward-looking statements within the meaning of the 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: forecast capital expenditures for 2026-2030; the nature, timing, benefits ,and costs of certain major capital projects, including ITC's transmission projects associated with the MISO LRTP and Big Cedar Load Expansion, Fortis BC's Tilbury LNG Storage Expansion Project and the Woodfibre Gas Pipeline Project, and TEP's Springerville Natural Gas Conversion project and Roadrunner Reserve Battery Storage Project; the nature, timing, benefits, and costs of opportunities to expand and extend the capital plan, including ITC's investments associated with MISO LRTP tranche 2.1 and further customer connections, and TEP's investments associated with additional energy demands related to a planned data centre; the expectation that Fortis will have a coal-free generation mix in 2032; Fortis' 2050 net-zero GHG emissions target; forecast rate base and annual rate base growth rate through 2030; and annual dividend growth guidance through 2030.

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 including, without limitation: the successful execution of the capital plan; no material capital project or financing cost overrun; sufficient human resources to deliver service and execute the capital plan; the realization of additional opportunities beyond the capital plan; the Board exercising its discretion to declare dividends, taking into account the financial performance and condition of Fortis; and no significant changes in government energy plans, environmental laws and regulations that could have a material negative impact.

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. For additional information with respect to certain risk factors, reference should be made to the continuous disclosure materials filed from time to time by Fortis with Canadian securities regulatory authorities and the Securities and Exchange Commission. All forward-looking information herein is given as of March 2025. Fortis disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.