#1FORTIS.NC Investor Presentation Second Quarter 2019#2Forward-Looking Information Fortis includes "forward-looking information" in this presentation 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 included in this presentation 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 include, without limitation: forecast capital expenditures for the period 2019 through 2023 and potential funding sources for the capital plan; forecast rate base for the period 2019 through 2023; targeted average annual dividend growth through 2023; the expected timing of filing of regulatory applications and receipt and outcome of regulatory decisions; expected expenditures and benefits related to FortisBC energy conservation and efficiency projects; and the nature, timing, benefits and costs of certain capital projects including, without limitation, the Wataynikaneyap Transmission Power Project, ITC Multi-Value Regional Transmission Projects and 34.5 to 69 kV Transmission Conversion Project, UNS Energy Gila River Natural Gas Generating Station Unit 2, Southline Transmission Project and Oso Grande Wind Project, FortisBC Lower Mainland Intermediate Pressure System Upgrade, Eagle Mountain Woodfibre Gas Line Project, Transmission Integrity Management Capabilities Project and Inland Gas Upgrades Project and additional opportunities beyond the base capital plan. 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. These factors or assumptions are subject to inherent risks and uncertainties surrounding future expectations generally, including those identified from time to time in the forward-looking information. Such risk factors or assumptions include, but are not limited to: the implementation of the Corporation's five-year capital investment plan; no material capital project and financing cost overrun related to any of the Corporation's capital projects; sufficient human resources to deliver service and execute the capital program; the realization of additional opportunities; the impact of fluctuations in foreign exchange; the Board exercising its discretion to declare dividends, taking into account the business performance and financial condition of the Corporation; reasonable decisions by utility regulators and the expectation of regulatory stability and no significant changes in laws and regulations that may materially negatively affect the Corporation and its subsidiaries. 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 from time to time by Fortis with Canadian securities regulatory authorities and the Securities and Exchange Commission. All forward-looking information in this presentation is given as of the date of this presentation and 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. Unless otherwise specified, all financial information referenced is in Canadian dollars and references to rate base refer to mid-year rate base. FORTIS.INC 2#3Our Strategy STRATEGY 6% Leverage the operating model, Average Annual Dividend Growth Target through 2023 footprint of our utilities, operating expertise, reputation and financial strength to develop growth opportunities ↑ Focus on Growth Utility Capital Investment Plan System Resiliency & Cybersecurity FORTISIN AREAS OF FOCUS: Sustainability & Delivery of Cleaner Energy Customer & Regulatory Relationships Energy Infrastructure, LNG Expansion & Energy Storage Investment Grade Credit Ratings 3#4High Quality & Diverse Utility Portfolio 10 ~99% UTILITY OPERATIONS Canada, U.S. & Caribbean REGULATED UTILITY ASSETS BILLION IN $26.1 MIDYEAR RATE BASE IN 2018 3.3 ~93% ~65% MILLION UTILITY CUSTOMERS 2.0M Electric & 1.3M Gas TRANSMISSION & DISTRIBUTION EARNINGS FROM THE U.S. Note: All information as at December 31, 2018. FORTIS.INC 4#5Fortis Timeline 1885-2012 2013-2016 2017-Current people. Power. Possibilities. Central Hudson A FORTIS COMPANY UNS UNS Energy Corporation ITC A FORTIS COMPANY A Fortis Company Focused on Canada U.S. Acquisition Strategy FORTISIN Focused on Growth in North America 5#6Our Unique Business Model A HIGHLY REGULATED, GEOGRAPHICALLY DIVERSE, ENERGY DELIVERY COMPANY. British Columbia Regulated Electric Regulated Gas FERC-Regulated Electric Transmission Long-Term Contracted Hydro Generation Natural Gas Storage Facility FORTISIN Alberta Arizona Minnesota Kansas Iowa Oklahoma Illinois Missouri Michigan Belize Ontario Cayman Islands Newfoundland & Labrador Prince Edward New York Island Turks and Caicos Islands 6#7Sustainability: It's How We Do Everything A Ranked Top Decile on Governance Matters (¹) • Women represent • 60% of Head Office •42% of Board • 1/3 of Executive team 93% of our assets are electricity poles, wires and natural gas lines Focused on Delivering Cleaner Energy . Carbon Intensity Decreased 63% since 2015 Renewable Generation Expansion in Arizona Outperformed Industry Averages in Safety and Reliability Measures (2) ~$13M invested in communities that we serve in 2018 (1) Ranked 7 out of 237 S&P/TSX Composite companies in the 2018 Globe and Mail Board Games and received the 2017 Governance Gavel Award for "Best Disclosure of Corporate Governance and Executive Compensation Practices." (2) In 2018 the Fortis all-injury frequency rate was 1.47, outperforming the Canadian industry rate of 1.6 and the U.S. rate of 1.9 and the average hours of interruption per customer served was 2.07, compared to the industry average of 3.6 hours. FORTIS.INC 7#8Strong Financial Track Record 8.1% EPS CAGR (1) 2018 Key Statistics $2.47 $2.51 $2.33 8,800 Employees $2.11 $1.75 73% 66% 65% 66% 69% 2014 2015 2016 2017 2018 Adjusted EPS(2) ○ Dividend Payout Ratio(2) (1) 5-year period ending 2018 and reflects adjusted EPS, a non-US GAAP measure. (2) Reflects adjusted EPS, a non-US GAAP measure. (3) 5-year period ending 2018 and excludes acquisition impacts. Including acquisitions, CAGR is 21%. FORTISING. $8.4B Revenues $1.1B Net Earnings ll Strong Rate Base Growth 6% 2018 Rate Base Growth 6% 5-Year Historical Rate Base CAGR (3) 8#9Consistently Delivering Superior Average Annualized Total Shareholder Returns 3.0% 1-Year 28.0% 21.9% 5-Year 5.0% 8.4% 13.6% 10-Year 12.0% 20-Year 7.6% 7.0% 10.0% Fortis S&P/TSX Composite Index S&P/TSX Capped Utilities Index Note: For the period ending May 31, 2019. FORTIS.INC 13.5% 9.1% 6#102019-2023 Business Plan Highlights $17.3B 5-Year 6-7% Rate Base Capital Plan Growth FORTIS.INC Average Annual Dividend Growth Target to 2023 10 10#11Billions 2019F Capital Plan Supports 6-7% Average Annual Rate Base Growth $17.3B 5-Year Capital Plan (1) Rate Base (2) $3.7 7.1% CAGR $3.5 $3.6 $3.2 $3.3 6.3% CAGR $30.1 $35.5 $32.0 $33.4 $27.9 $26.1 2020F 2021F 2022F 2023F Billions 2018A 2019F 2020F 2021F 2022F 2023F Canadian & Caribbean U.S. (1) Capital expenditures are translated at a forecast USD/CAD foreign exchange rate of $1.28. (2) US dollar-denominated rate base for 2018 is based on the actual average USD/CAD foreign exchange rate of $1.30 and forecast rate base for 2019 to 2023 is based on $1.28. Holding foreign exchange constant at $1.30, rate base CAGR would be 6.5% for 5-year CAGR and 7.4% for 3-year CAGR. FORTIS.INC 11#12Executing on Capital Plan Supporting a Cleaner Energy Future TEP Oso Grande 247 MW Wind Project FortisBC Energy Conservation & Efficiency Program Increased to ~$370M Obtained Leave to Construct from OEB Once complete: Renewable energy production will be ~28% of retail sales • Helps to achieve 30% renewables target FORTISIN 4.Uoboy' Wataynikaneyap Power Expected to: Decrease CO2 · emissions by 50K tonnes annually Equivalent of taking Next steps include: Environmental assessment approvals . Connects 17 First 11K cars off the road Nations to clean & reliable energy 12#132019-2023 Capital Forecast by Segment ($millions) Regulated - Independent Electric Transmission ITC Capital Forecast(1) 2019 2020 2021 2022 2023 2019-2023 Total 865 878 951 943 861 4,498 Regulated US Electric & Gas UNS Energy 1,076 875 624 476 476 3,527 Central Hudson 280 268 276 291 274 1,389 Total Regulated - US Electric & Gas 1,356 1,143 900 767 750 4,916 Regulated - Canadian & Caribbean Electric & Gas FortisBC Energy 503 408 430 654 978 2,973 FortisAlberta 414 427 434 449 467 2,191 FortisBC Electric 116 125 101 105 90 537 Other Electric (2) 418 479 415 364 376 2,052 Total Regulated - Canadian & Caribbean Electric & Gas 1,451 1,439 1,380 1,572 1,911 7,753 Energy Infrastructure 28 19 19 18 44 128 Total Capital Forecast 3,700 3,479 3,250 3,300 3,566 17,295 (1) Capital expenditures are translated at a forecast USD/CAD foreign exchange rate of $1.28. (2) Comprises Eastern Canadian and Caribbean electric utilities FORTIS INC. 13#14Major Capital Projects Significant Capital Projects ($millions)(1) 2019 Forecast Total 2019-2023 Expected Year Capital Plan Plan of Completion By Project Type ITC Multi-Value Regional Transmission Projects 88 332 2023 ITC 34.5 kV to 69 kV Transmission Conversion Project 87 348 Post-2023 Smaller Projects 77% UNS Energy Gila River Natural Gas Generating 211 211 2019 Station Unit 2 UNS Energy Southline Transmission Project 182 389 2022 UNS Energy Oso Grande Wind Project 342 492 2020 FortisBC Lower Mainland Intermediate Pressure 187 252 2020 System Upgrade FortisBC Eagle Mountain Woodfibre Gas Line Project 350 2023 FortisBC Transmission Integrity Management 568 Post-2023 Capabilities Project FortisBC Inland Gas Upgrades Project 14 222 Wataynikaneyap Transmission Power Project 158 587 Post-2023 2023 Major Capital Projects 23% (1) Capital expenditures are translated at a forecast USD/CAD foreign exchange rate of $1.28. Forecast includes both the capitalized debt and equity components of AFUDC, where applicable. FORTIS.INC 14#15Strong 5-Year Rate Base Growth 2018 2023F CAGR UNS $4.7B $6.6B 6.9% ITC $7.8B $10.8B 6.8% Growth Mainly Driven by U.S. FortisBC Energy $4.4B $5.9B 6.0% Utility Investments Other(2) $9.2B $12.2B 5.9% Total $26.1B $35.5B 6.3% (1) US dollar-denominated rate base for 2018 is based on the actual average USD/CAD foreign exchange rate of $1.30 and forecast rate base for 2019 to 2023 is based on $1.28. (2) Comprises Central Hudson, Fortis Alberta, FortisBC Electric, Eastern Canadian and Caribbean electric utilities Note: 5-year rate base is for the period 2019 through 2023. FORTIS.INC 15#16Powering Arizona 3,377MW Peak Electricity Demand 13 PJ Natural Gas Sales Volume 685MW Renewable Energy FORTISIN Kingman N Navajo Four Corners Flagstaff Cottonwood Prescott Black Mountain Show Low Springerville Lake Havasu City Arizona Gila River San Juan SERVICE AREAS / CUSTOMERS Tucson Electric Power Service Area UNS Gas Service Area UNS Electric Service Area UNS Gas & Electric Service Area Transmission Line Coal-Fired Power Plant Natural Gas-Fired Power Plant Community-Scale Solar Power Company Offices Community-Scale Wind Power Tucson Sundt Luna Nogales Valencia 16#17TEP: Focused on Renewables 30% Renewables by 2030 TEP'S Current Target TEP's Resource Transition 2018 13% 4 DODO 2017 TEP's Renewable Battery Storage Energy Mix 20 MW (1) 2018 Gila River Unit 2 550 MW 5 MW 30% Existing State Standard 15% 13% 28% 2025 2030 2018 2021F FORTIS.INC 2016 % Renewable Energy 2021 2030 28% 30%) 2019 Community Solar DODO 2020 Sundt Gas Units 1-2 - Retired -160 MW Reciprocating Engines - 182 MW Wilmot Solar - Solar 100 MW, Storage 30 MW(¹) Borderlands - Wind 99 MW (1) Oso Grande - Wind 247 MW T Future Renewables and Energy Storage xx ODD 2015 Sundt Unit 4 DOOD 2017 San Juan Unit 2 -130 MW -170 MW 2020 2030 2019 Navajo Units 1-3 -168 MW June 2022 San Juan Unit 1 -170 MW 2031 Four Corners Power Plant -110 MW (1) Project developed through purchase power agreements. 17#18TEP Rate Case Filing Test Year Summary of TEP Rate Case Applications 2017 General Rate Approved Application 2019 Rate Case Requested Application June 30, 2015 December 31, 2018 New Rates Effective February 2017 May 1, 2020 Rate Base US$2.0B US$2.7B Non-Fuel Rate Increase US$81M US$115M (1) Equity/Debt 50%/50% 53%/47% ROE 9.75% 10.35% (1) Non-fuel rate increase is offset by a US$39M reduction in fuel costs equating to a net US$76M total revenue request. FORTIS.INC 2018 Test Year Annual Customer Rate Increases Below Inflation Rate Over Past 10 Years 18#19ITC: Pure Play Transmission 16,000 Miles of Transmission Legacy Transmission Systems Acquired from State Utilities FERC Forward-Looking Formula Rates 60% ~11% Equity ROES BC AZ AB FORTISIN ON NY Belize Grand Cayman ΡΕΙ NL ITC Operations: ITC Michigan ITC Midwest ITC Great Plains Fortis Operations Turks and Caicos Islands 19#20Billions (1) ITC: Building the Grid of the Future $0.9B Increase in Capital Plan Opportunities Beyond the Plan > $4.5 New $3.6 Technologies 580MW and 2GW of battery storage in MISO and SPP queues Access to *Regional Markets 2018-2022 Capital Plan 2019-2023 Capital Plan Generation 46GW and 70GW of additional renewable capacity in MISO & SPP queues Grid Security (1) Capital expenditures translated at a forecast USD/CAD foreign exchange rate of $1.28. FORTIS.INC MISO multi-value projects at capacity upon completion Hardening of physical assets and IT/telecom systems 20 20#21FortisBC: A Premier Natural Gas & Electric Business 1.0M Natural Gas Customers 0.2M Electricity Customers Natural gas service area Electric service area Combined natural gas & electric service area Propane service area FortisBC gas line Enbridge gas line FortisBC electric transmission lines 49,500km 7,300km Natural Gas Lines Electric T&D Lines British Columbia Mackenzie $0.6B Increase 50.60 in Capital Plan $2.9B $3.5B Prince George Williams Lake- 2018-2022 Capital Plan FORTIS.INC 2019-2023 Capital Plan - Fort Nelson Aitken Creek Hudson's Hope Alberta FortisBC Electric Revelstoke Kamloops. Enderby FortisBC Energy Campbell River Whistler -Lumby Powell River Elkford Kaslo *Kelowna Princeton Port Alberni Nanaimo Vancouver Hope. Cranbrook Trail Tilbury Osoyoos Victoria LNG Facility United States 21#22FortisBC: Strong Customer Growth & Leading Innovation Economic fundamentals driving growth with 22,000 gas customers added in 2018 Natural gas for transportation including ferries • Assessing hydrogen injection • Renewable natural gas option available. Energy conservation and efficiency incentive program FORTISIN HEIGHT 12T Energy at work FORTIS & BC 22#232019 Regulatory Outlook ITC A FORTIS COMPANY UNS MISO Base ROE Complaints FERC recently established new supportive methodology Awaiting final decision from FERC Notice of Inquiries (NOIs) issued by FERC in March 2019 to seek stakeholder comments on: • . Incentive policies for transmission investment Methodology for establishing ROES UNS Energy Corporation TEP rate case filed on April 1st using December 31, 2018 test year A Fortis Company FORTIS BC 2020-2024 Multi-Year Rate Plan Filed in March 2019 FORTIS.NO. 23#24Execution of Funding Plan Supports Investment-Grade Credit Ratings Regulated Debt 24% Capital Plan Funding Investment-Grade Credit Ratings S&P Global A- / BBB+(3) Cash From Operations (1) 68% DBRS BBB (high) Moody's Baa3 Other(2) 2% Waneta Asset Sale 6% (1) Cash from operating activities after net dividends and customer contributions. This is a non-US GAAP measure. (2) Includes non-regulated debt and funds from the Corporation's employee stock purchase and stock option plans. (3) In March 2019, S&P affirmed the Corporation's credit rating and outlook. FORTIS.INC CFO/Debt > 11% & Improved Holdco Debt / Total Debt 24#25Regulated Utility Subsidiaries Have Very Strong Investment-Grade Credit Ratings Company S&P Global MOODY'S DBRS ITC Regulated Subsidiaries A A1 n/a Tucson Electric Power A- A3 n/a Central Hudson A- A2 n/a FortisBC Energy n/a A3 A FortisBC Electric n/a Baal A (low) Fortis Alberta A- Baal A (low) Newfoundland Power n/a A2 A FORTIS... 25#26Leader in Dividend Growth With 45 Years of Dividend Increases 6% guidance generates annual dividend payment of $2.27 in 2023 73 75 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 Actual dividend paid (1) Based on an annualized dividend of $1.70 in 2018. FORTIS.INC. Forecasted dividend payments (1) 15 17 19F 21F 23F 26#27Why Invest In Fortis? FORTIS.NG. Well-Run Utilities Virtually All Regulated Highly Diversified Strong Growth Profile 6% Dividend Guidance Opportunities Beyond Capital Plan 27#28FORTIS INC. Appendix Second Quarter 2019#29Table of Contents APPENDIX Utility Overview Other ITC Holdings UNS Energy Central Hudson 30 Q1 2019 Business Highlights 37 31 Q1 2019 Results by Segment 38 32 Additional Energy Infrastructure Opportunities 39 FortisBC 33 2018-2023 Rate Base Forecast by Segment 40 FortisAlberta 34 Manageable Debt Maturities and Ample Liquidity 41 Other Electric Utilities 35-36 Expected Upcoming Events 42 Executive Team 43 FORTISIN 29#30ITC Holdings A Fortis Company Type of Utility Regulator Regulatory Model 2019 Formula 2019F Rate Base 5-Year CAGR on Rate Base (1) 2018 Assets % of Total Consolidated Regulated Assets (2) 2018 Earnings (3) 2018 Earnings % of Total Regulated Earnings (3) Major Capital Projects Development Opportunities (4) Upcoming Regulatory Decisions Transmission FERC Independent Transmission Company 11.07-12.16% ROE on 60% equity $8.5B 6.8% 38% $361M 31% Multi-Value Regional Transmission Projects & 34.5kV to 69kV Transmission Conversion Project Lake Erie Connector, Incremental Grid Enhancements & Big Chino Valley MISO Base ROE Complaints BC AB AZ APPENDIX ON NY Belize Grand Cayman ΡΕΙ NL ITC Operations: ITC Michigan ITC Midwest ITC Great Plains Fortis Operations Turks and Caicos Islands ITC A FORTIS COMPANY (1) US dollar-denominated rate base for 2018 is based on the actual average USD/CAD foreign exchange rate of $1.30 and forecast rate base for 2019 to 2023 is based on $1.28. (2) Includes goodwill. (3) Represents the Corporation's 80.1% controlling interest in ITC. (4) Development opportunities are not included in the base capital forecast and would represent incremental capital spending. FORTIS.INC 30#31UNS Energy A Fortis Company APPENDIX Type of Utility Regulator Regulatory Model 2019 Formula 2019F Rate Base 5-Year CAGR on Rate Base (1) 2018 Assets % of Total Consolidated Regulated Assets (2) 2018 Earnings 2018 Earnings % of Total Regulated Earnings Major Capital Projects Development Opportunities (3) Upcoming Regulatory Proceeding UNS Electric Tucson Electric Electricity UNS Gas Gas distribution Navajo Four Corners Arizona Corporation Commission 9.5% ROE on 52.83% equity Cost of service/historical test year 9.75% ROE on 50% equity 9.75% ROE on 50.8% equity Flagstaff Cottonwood Kingman Black Mountain Prescott . Show Low Springerville Lake Havasu City $5.3B 6.9% 20% $293M 25% Gila River Natural Gas Generating Station Unit 2, Southline Transmission Project & Oso Grande Wind Project Renewables, Transmission Investments, Grid Modernization & Infrastructure Resiliency TEP rate case filed on April 1st using December 31, 2018 test year N Gila River Arizona San Juan SERVICE AREAS/CUSTOMERS Tucson Electric Power Service Area UNS Gas Service Area UNS Electric Service Area UNS Gas & Electric Service Area Transmission Line Coal-Fired Power Plant Natural Gas-Fired Power Plant Community-Scale Solar Power Company Offices Community-Scale Wind Power Tucson Sundt Luna Nogales Valencia UNS UNS Energy Corporation A Fortis Company (1) US dollar-denominated rate base for 2018 is based on the actual average USD/CAD foreign exchange rate of $1.30 and forecast rate base for 2019 to 2023 is based on $1.28. (2) Includes goodwill. (3) Development opportunities are not included in the base capital forecast and would represent incremental capital spending. FORTIS.INC 31#32Central Hudson A Fortis Company Type of Utility Regulator Regulatory Model 2019 Formula (1) 2019F Rate Base 5-Year CAGR on Rate Base (2) 2018 Assets % of Total Consolidated Regulated Assets (3) 2018 Earnings Gas and Electricity New York State Public Service Commission Cost of service on future test year 8.8% ROE on 48% equity $1.8B LEGEND: SERVICE TYPES Gas & Electric 8.5% 7% Electric Only Gas Only KINGSTON DIVISION 2018 Earnings % of Total Regulated Earnings $74M 6% Development Opportunities (4) Transmission Investments ULSTER SULLIVAN APPENDIX CATSKILL DIVISION Cenan • ALBANY RTENE Ver Bill intre Datum Stre faan O CAS Khe Farbe CO POUGHKEEPSIE DIVISION GREENE ULSTER Find Hock • COLUMSA BUNGNESS 0 Statfest Hataw Expet Arc Tndbacks Ht Ferat Web • FUR о • O Locations of villages included in the Central Hudson service territory: Albany County (Ravena); Greene County Coxsackie, Athens, Catskill, Hunter and Tannersville): Ulster County (Saugerties, Ellenville and New Paltz); Orange County (Montgomery. Maybrook, Cornwall and Highland Falls): Putnam County (Cold Spring and Nelsonville) Dutchess County (Fishkill, Wappingers Falls, Millbrook, Rhinebeck, Red Hook, Tivoli and Millerton). Locations of cities included in the Central Hudson service territory. ULSTER FU ORANGE NEWBURGH DIVISION turd Restora Cater Faber 0. ke Ray Lethe PORNESS FISHKILL DIVISION (1) Effective July 1, 2019, equity thickness will increase to 49%. People. Power. Possibilities. Central Hudson A FORTIS COMPANY (2) US dollar-denominated rate base for 2018 is based on the actual average USD/CAD foreign exchange rate of $1.30 and forecast rate base for 2019 to 2023 is based on $1.28. (3) Includes goodwill. (4) Development opportunities are not included in the base capital forecast and would represent incremental capital spending. FORTIS.INC 32#33FortisBC A Fortis Company Type of Utility Regulator Regulatory Model 2019 Formula 2019F Rate Base 5-Year CAGR on Rate Base (1) 2018 Assets % of Total Consolidated Regulated Assets (2) 2018 Earnings 2018 Earnings % of Total Regulated Earnings Major Capital Projects Development Opportunities (3) Upcoming Regulatory Proceeding FortisBC Gas Gas distribution FortisBC Electric Electricity British Columbia Utilities Commission 9.15% ROE on 40.0% equity Cost of service + PBR 8.75% ROE on 38.5% equity $4.5B 6.0% 13% $155M $1.3B 2.4% 4% $56M 5% Natural gas service area Electric service area Fort Nelson Combined natural gas & electric service area Propane service area FortisBC pipeline -Spectra Energy pipeline -Fortis BC electric transmission lines British Columbia Mackenzie. Prince George Hudson's Hope APPENDIX Alberta 13% Lower Mainland Intermediate Pressure System Upgrade, Inland Gas Upgrades, Eagle Mountain Woodfibre Gas Line Project & Transmission Integrity Management Program Tilbury further expansion & additional gas infrastructure opportunities Williams Lake N/A Revelstoke Kamloops Enderby Campbell Rived Whistler Lumby Powell River Elkford Kaslo "Kelowna Princeton Grid Modernization Port Alberni Nanaimo Cranbrook Hope. Vancouver Trail Osoyoos 2020-2024 Multi-Year Rate Plan Filed in March 2019 United States (1) Includes 2018A to 2023F. (2) Includes goodwill. (3) Development opportunities are not included in the base capital forecast and would represent incremental capital spending. FORTIS.INC FORTIS BC™ 33#34FortisAlberta A Fortis Company Type of Utility Regulator Regulatory Model 2019 Formula 2019F Rate Base 5-Year CAGR on Rate Base (1) 2018 Assets % of Total Consolidated Regulated Assets (2) 2018 Earnings 2018 Earnings % of Total Regulated Earnings Development Opportunities (3) Electricity distribution Alberta Utilities Commission PBR 8.5% ROE on 37% equity $3.6B 5.1% 9% $120M 10% Renewables, Distribution System Investments, Changing Customer Expectations (1) Includes 2018A to 2023F. (2) Includes goodwill. (3) Development opportunities are not included in the base capital forecast and would represent incremental capital spending. FORTIS.INC Grande Prairie Barrhead Whitecourt Hinton Drayton Valley Athabasca Westlock Fort McMurray APPENDIX Christina Lake Lac La Biche Morinville St. Albert Spruce Grove Edmonton Leduc Wetaskiwin Fort Saskatchewan Sherwood Park Camrose Rocky Mountain House Ponoka Lacombe Stettler Red Deer Sundre 0 Olds Lloydminster Wainwright Provost❤ Drumbellar Cochrane Banff Airdrie Strathmore Canmore Calgary Okotoks Brooks High River Medicine Hat ●Claresholm Crowsnest Fort Pass Taber Lethbridge MacLeod Pinchar Creek FORTIS ALBERTA 34#35Other Electric Utilities Fortis Companies APPENDIX Type of Utility Regulator Regulatory Model 2019 Formula 2019F Rate Base 5-Year CAGR on Rate Base (3) 2018 Assets % of Total Consolidated Regulated Assets (4) 2018 Earnings 2018 Earnings % of Total FORTIS ONTARIO (¹) Ontario Energy Board Cost of service with incentives 8.78% -9.30% ROE on 40% equity (2) $0.3B 27.0% 1% $13M 1% MARITIME ELECTRIC A FORTIS COMPANY Electricity Island Regulatory and Appeals Commission Cost of service on future test year 9.35% ROE on 40% equity $0.4B 3.0% 1% $14M 1% NEWFOUNDLAND POWER A FORTIS COMPANY Newfoundland and Labrador Board of Commissioners of Public Utilities Cost of service on future test year 8.50% ROE +/- 40 bps on 45% equity $1.1B 3.3% 3% $41M 4% Regulated Earnings Major Capital Projects Wataynikaneyap Transmission Power Project Development Opportunities (5) Municipal Utility Consolidation N/A N/A Grid Modernization Grid Modernization (1) Includes Canadian Niagara Power, Cornwall Electric, Algoma Power and Fortis' 39% ownership of the Wataynikaneyap Transmission Power Project. (2) Allowed ROE is 9.3% for Algoma Power, 8.78% for Canadian Niagara Power distribution and 9.3% for Canadian Niagara Power transmission. Cornwall Electric operates under a franchise agreement with a price-cap and commodity cost flow through and, therefore, is not regulated with reference to an allowed ROE. (3) Includes 2018A to 2023F, including Fortis' 39% ownership of the Wataynikaneyap Transmission Power Project. (4) Includes goodwill. (5) Development opportunities are not included in the base capital forecast and would represent incremental capital spending. FORTIS.INC 35#36Other Electric Utilities (Continued) Fortis Companies Caribbean Utilities(¹) FORTIS TCI APPENDIX Type of Utility Regulator Regulatory Model 2018 Achieved ROE 2019F Rate Base 5-Year CAGR on Rate Base (2) 2018 Assets % of Total Consolidated Regulated Assets (3) 2018 Earnings (4) 2018 Earnings % of Total Regulated Earnings (4) Utility Regulation and Competition Office Cost of service 11.62% $0.7B 4.5% 2% $20M 2% Electricity Government of the Turks and Caicos Islands Cost of service 8.95% $0.4B 2.4% 1% $18M 2% Development Opportunities (5) Grid Modernization & Renewables Grid Modernization & Renewables (1) Fortis has an approximate 60% controlling interest in Caribbean Utilities Company, Ltd. (2) US dollar-denominated rate base for 2018 is based on the actual average USD/CAD foreign exchange rate of $1.30 and forecast rate base for 2019 to 2023 is based on $1.28. (3) Includes goodwill. (4) Excludes earnings from Fortis' 33% equity investment in Belize Electricity Limited. (5) Development opportunities are not included in the base capital forecast and would represent incremental capital spending. FORTIS.INC 36#37Q1 2019 Business Highlights Q1 2019 Adjusted EPS of $0.74 Utilities Invested $740M in Q1 TEP Rate Case Filed Closed $1B Waneta Asset Sale Settled Tender Offer for US$400M of the 3.055% 2026 Notes FORTIS.INC FONCTI FORTIS рость FORTIS APPENDIX FORB 37#38Q1 2019 Results by Segment First Quarter 2019 Variance Analysis by Segment APPENDIX ($millions, excluding weighted average shares and EPS) Q1 2019 Adjustment Adjusted Q1 2019 (1) (1) Q1 2018 Adjustment Adjusted Q1 2018 (1) Adjusted Q1 Variance Regulated - Independent Electric Transmission ITC 92 92 92 98 86 86 6 Regulated - US Electric & Gas UNS Energy 55 55 50 50 5 Central Hudson 32 32 87 87 27 21 21 11 71 71 16 Regulated - Canadian & Caribbean Electric & Gas FortisBC Energy 100 100 98 98 2 Fortis Alberta 27 27 27 27 FortisBC Electric 16 16 16 16 Other Electric(2) 23 23 18 18 5 166 166 159 159 7 Non-Regulated Energy 8 5 13 18 4 22 (9) Infrastructure Corporate and Other (42) (42) (11) (30) (41) (1) Net Earnings Attributable to 311 5 316 323 (26) 297 19 Common Equity Shareholders Weighted Average Shares 429.5 429.5 429.5 422.0 422.0 422.0 7.5 (# millions) EPS $0.72 $0.02 $0.74 $0.77 ($0.07) $0.70 $0.04 (1) Non-US GAAP measure (2) Comprises Eastern Canadian and Caribbean electric utilities FORTISTIC. 38#39Additional Energy Infrastructure Opportunities FortisBC: Tilbury, LNG & Gas Infrastructure UNS Energy: Renewables, Storage & Electric Transmission Regulated Electric Regulated Gas FERC-Regulated Electric Transmission Long-Term Contracted Hydro Generation Natural Gas Storage Facility FORTISIN British Columbia Alberta Arizona FortisOntario: Municipal Utility Consolidation Minnesota Kansas Iowa Oklahoma Illinois Missouri Michigan Belize Ontario Cayman Islands Newfoundland & Labrador Prince Edward Island New York APPENDIX Maritime Electric & Newfoundland Power: Grid Modernization ITC: Lake Erie Connector & Grid Modernization Turks and Caicos Islands Caribbean: Grid Modernization & Renewables 39#402018-2023 Rate Base by Segment (1) Rate Base APPENDIX ($billions) 3-Year CAGR 5-Year CAGR 2018A 2019F 2020F 2021F 2022F 2023F to 2021 to 2023 Regulated - Independent Electric Transmission ITC(2) 7.8 8.5 9.1 9.7 10.3 10.8 7.7% 6.8% Regulated - US Electric & Gas UNS Energy Central Hudson Total Regulated - US Electric & Gas 4.7 5.3 6.0 6.3 6.4 6.6 10.1% 6.9% 1.6 1.8 2.0 2.2 2.3 2.4 9.5% 8.5% 6.3 7.1 8.0 8.5 8.7 9.0 10.0% 7.3% Regulated - Canadian & Caribbean Electric & Gas FortisBC Energy 4.4 4.5 4.7 5.0 5.1 5.9 4.6% 6.0% Fortis Alberta 3.4 3.6 3.8 3.9 4.1 4.3 5.5% 5.1% FortisBC Electric 1.3 1.3 1.4 1.4 1.5 1.5 2.8% 2.4% Other Electric (3) 2.9 2.9 3.1 3.5 3.7 4.0 6.5% 6.7% Total Regulated - Canadian & Caribbean Electric & Gas 12.0 12.3 13.0 13.8 14.4 15.7 5.1% 5.5% Total Rate Base Forecast 26.1 27.9 30.1 32.0 33.4 35.5 7.1% 6.3% (1) US dollar-denominated rate base for 2018 is based on the actual average USD/CAD foreign exchange rate of $1.30 and forecast rate base for 2019 to 2023 is based on $1.28. Holding foreign exchange constant at $1.30, rate base CAGR would be 6.5% for 5-year CAGR and 7.4% for 3-year CAGR. (2) Fortis has an 80.1% controlling ownership interest in ITC, rate base represents 100% ownership. (3) Comprises Eastern Canadian and Caribbean electric utilities FORTIS.INC. 40#41Billions Manageable Debt Maturities and Ample Liquidity Fixed-Term Debt Maturities(1) $3.0 $2.5 $2.0 5-Year average fixed-term debt maturities ~$912 million $1.5 $1.0 $0.5 2019 2020 2021 2022 2023 Fortis Fortis Subsidiaries APPENDIX Consolidated Credit Facilities $3.1B $1.9B Avg. 2019-2023 Utilized Remaining Capacity (1) As at March 31, 2019 and excludes any new debt issuances during the plan period, repayments of capital lease and finance obligations and credit facilities. FORTIS.INC 41#42Expected Upcoming Events Upcoming Events September 10, 2019 Investor Day at ITC Expected Upcoming Earnings Release Dates Q2-2019 Q3 - 2019 August 2, 2019 November 1, 2019 FORTIS.INC APPENDIX 42#43Executive Team Jocelyn Perry EVP, CFO Jim Reid EVP, Chief Legal Officer & Corporate Secretary FORTISIN Barry Perry President & CEO APPENDIX Nora Duke EVP, Sustainability & CHRO James Laurito EVP, Business Development & Chief Technology Officer Gary Smith EVP, Eastern Canadian & Caribbean Operations David Hutchens EVP, Western Utility Operations, President & CEO UNS Energy Linda Apsey President & CEO ITC Charles Freni President & CEO Central Hudson Michael Mosher President & CEO FortisAlberta Roger Dall'Antonia President & CEO FortisBC 43