Press Release

White & Case Advised Fortis in US$1.2 Billion Partnership with GIC in Connection with Pending Acquisition of ITC Holdings Corp.

Global law firm White & Case LLP advised Fortis Inc. (TSX: FTS), a leader in the North American electric and gas utility business, in the structuring of a competitive auction for a minority interest in ITC Holdings Corp. ("ITC") (NYSE: ITC). An affiliate of GIC Pte Ltd ("GIC"), a sovereign wealth fund of the Government of Singapore, was the successful bidder in the auction and agreed today to provide approximately US$1.2 billion in consideration for a 19.9% equity interest in ITC.

The cash equity transaction follows the announcement on February 9, 2016 that Fortis will acquire ITC in a transaction valued on announcement at approximately US$11.3 billion. With the definitive agreement for the sale of 19.9% of ITC to GIC, Fortis has completed a significant component of the ITC acquisition financing. White & Case LLP is advising Fortis on its acquisition of ITC.

Upon the consummation of the transactions, Fortis and GIC together will own 100% of the shares of ITC pursuant to shareholder arrangements negotiated by White & Case. Partner Jason Webber noted that "the successful execution of the transaction over a matter of days after the selection of GIC as the preferred bidder highlights both the attractiveness of ITC as an investment and the highly constructive approach taken by Fortis and GIC as partners."

The White & Case team was led by partners John Reiss and Jason Webber, and associates John Donaleski, Luke Laumann, and Diana Schawlowski in New York. Partner Dan Hagan and Law Clerk John Forbush in Washington DC advised on the energy regulatory aspects of the transaction. Partner William Dantzler and associate Shea Thompson advised on tax matters.

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