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| Press Release

Newfoundland Power declares dividends on Series A, B, D and G First Preference Shares

ST. JOHN'S, Newfoundland and Labrador, Feb. 09, 2018 (GLOBE NEWSWIRE) -- Newfoundland Power Inc. has declared regular quarterly dividends on its Series A, B, D and G First Preference Shares as follows:

  1. a dividend of $0.1375 per share on the issued and outstanding 5 1/2% cumulative redeemable first preference share series A of the Company for the quarter ending April 30, 2018, be and is hereby declared payable May 1, 2018 to the series A first preference shareholders of record at the close of business on April 13, 2018;

  2. a dividend of $0.13125 per share on the issued and outstanding 5 1/4% cumulative redeemable first preference share series B of the Company for the quarter ending April 30, 2018, be and is hereby declared payable May 1, 2018 to the series B first preference shareholders of record at the close of business on April 13, 2018;

  3. a dividend of $0.18125 per share on the issued and outstanding 7 1/4% cumulative redeemable first preference share series D of the Company for the quarter ending May 31, 2018, be and is hereby declared payable June 1, 2018 to the series D first preference shareholders of record at the close of business on May 18, 2018;

  4. a dividend of $0.19 per share on the issued and outstanding 7.60% cumulative redeemable first preference share series G of the Company for the quarter ending March 31, 2018, be and is hereby declared payable April 2, 2018 to the series G first preference shareholders of record at the close of business on March 16, 2018; and,

  5. the dividends hereby declared payable be and are hereby designated as eligible dividends within the meaning of s.89(1) of the Income Tax Act (Canada).

All the common shares of Newfoundland Power Inc. are owned by Fortis Inc. (TSX:FTS)(NYSE:FTS), a leader in the North American regulated electric and gas utility industry with total assets of approximately $47 billion. The Corporation's more than 8,000 employees serve utility customers in five Canadian provinces, nine U.S. states and three Caribbean countries.  Fortis shares are listed on the TSX and NYSE and trade under the symbol FTS. 

Newfoundland Power is the primary distributer of electricity on the island portion of Newfoundland and Labrador, and purchases 93% of its energy needs from Newfoundland and Labrador Hydro. With a customer base of approximately 266,000 accounts, Newfoundland Power is committed to safety, dedicated to the highest level of customer service and delivers reliable electricity at the lowest possible cost. For more information on Newfoundland Power’s programs, services and community partnerships, please visit newfoundlandpower.com 

For further information, please contact:
Ms. Paige London
Vice President, Finance & Chief Financial Officer
Newfoundland Power Inc.
Office: (709) 737-5409 / Fax: (709) 737-5300