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

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ST. JOHN'S, Newfoundland and Labrador, Aug. 02, 2019 (GLOBE NEWSWIRE) -- In a release issued earlier today by Newfoundland Power Inc. (NYSE:FTS), the company is sending this updated release to replace the one previously posted today, which referenced a previous quarter's data.

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 5½% Cumulative Redeemable First Preference Share Series A of the Company for the quarter ending October 31, 2019, be and is hereby declared payable November 1, 2019 to the Series A First Preference Shareholders of Record at the close of business October 18, 2019;

  2. a dividend of $0.13125 per share on the issued and outstanding 5¼% Cumulative Redeemable First Preference Share Series B of the Company for the quarter ending October 31, 2019, be and is hereby declared payable November 1, 2019 to the Series B First Preference Shareholders of Record at the close of business October 18, 2019;

  3. a dividend of $0.18125 per share on the issued and outstanding 7¼% Cumulative Redeemable First Preference Share Series D of the Company for the quarter ending November 30, 2019, be and is hereby declared payable December 2, 2019 to the Series D First Preference Shareholders of Record at the close of business November 15, 2019;

  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 September 30, 2019, be and is hereby declared payable October 1, 2019 to the Series G First Preference Shareholders of Record at the close of business September 13, 2019; 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., a leader in the North American regulated electric and gas utility industry with total assets of approximately C$52 billion as at June 30, 2019. Fortis Inc.'s 8,800 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 268,000 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

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