Fortis : March 2023 Investor Marketing

INVESTOR PRESENTATION

Q1 2023

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FORWARD-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 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 2023-2027, including cleaner energy investments; annual dividend growth guidance through 2027; forecast rate base and rate base growth for 2023 through 2027; the 2030 GHG emissions reduction target; the 2035 GHG emissions reduction target and the projected asset mix; the 2050 net-zero GHG emissions target; TEP's Integrated Resource Plan; planned coal retirements and the expectation to exit coal by 2032; the nature, timing, benefits and expected costs of certain capital projects, including Wataynikaneyap Transmission Power Project, ITC's transmission projects associated with the MISO Long-Range Transmission Plan, FortisBC Tilbury LNG Storage Expansion, FortisBC Tilbury 1B Project, FortisBC Eagle Mountain Woodfibre Gas Line Project, FortisBC AMI Project, FortisBC Okanagan Capacity Upgrade, UNS renewable energy and storage projects, UNS Vail-to-Tortolita Transmission Project, and additional opportunities beyond the capital plan, including investments related to the Inflation Reduction Act, the MISO Long-Range Transmission Plan, climate adaptation and grid resiliency, and renewable fuel solutions and LNG infrastructure in British Columbia; expected sources of funding for the 2023-2027 capital plan; expected capital structure stability through 2027; the expectation that the long-term dividend guidance will provide flexibility to fund more capital internally; forecast credit metrics through 2027; the expectation of minimal impacts from the introduction of an alternative minimum income tax; the expected timing, outcome and impact of regulatory proceedings and decisions; the expectation that there will be no significant change in UNS' 2023 pension expense; and forecast debt maturities for 2023-2032.

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: no material impact from volatility in energy prices, the global supply chain and persistent inflation; assumed moderating inflation levels with return to historical averages in 2025; reasonable regulatory decisions and the expectation of regulatory stability; the successful execution of the capital plan; no material capital project or financing cost overrun; no material changes in the assumed U.S. dollar to Canadian dollar exchange rate; sufficient human resources to deliver service and execute the capital plan; no significant variability in interest rates; and the Board exercising its discretion to declare dividends, taking into account the business performance and financial condition of the Corporation. 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 the Corporation with Canadian securities regulatory authorities and the Securities and Exchange Commission. All forward-looking information herein is given as of the date of this presentation. 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 is in Canadian dollars and rate base refers to midyear rate base.

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A PREMIUM ENERGY DELIVERY BUSINESS

93% Transmission & Distribution Assets

HIGH QUALITY PORTFOLIO

10 Regulated Utility Businesses

3.4M Electric & Gas Customers

9,200 Employees

99% Regulated Utility Assets

~$26B Market Capitalization(1)

~9% Average Annual 10-Year Total Shareholder Return(1)

$36B 2023F Rate Base

(1) As of February 28, 2023.

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OUR VISION & STRATEGY

A PREMIUM NORTH AMERICAN UTILITY DELIVERING A CLEAN ENERGY FUTURE

Operational Excellence

Financial Strength

Diversified Regulated Portfolio

Substantially Autonomous Business Model

Strong Governance

DRIVING SUSTAINABLE GROWTH

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DELIVERING SAFE AND RELIABLE SERVICE

Average Electricity Customer	Managing Controllable Operating
Outage Duration (Hours)(1)	Costs Below Inflation

3.5	3.8		3.8
	3.3
2.1	1.8	1.9	2.3	2.0
2 0 1 8	2 0 1 9	2 0 2 0	2 0 2 1	2 0 2 2	2 0 1 7	2 0 1 8	2 0 1 9	2 0 2 0	2 0 2 1	2 0 2 2

Fortis		Electricity Canada and U.S. Energy				Fortis compound average growth rate
				Fortis controllable operating costs per customer(2)
		Information Administration Average

1. Based on weighted average of Fortis' customer count in each jurisdiction. 2022 industry data not yet available.
2. Controllable operating cost per customer is a financial measure used by management to evaluate operating efficiency. May not be comparable with measures used by other entities and excludes costs that are considered largely outside of management's control (e.g., purchased power, generation fuel expense).

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