St. John's, NL - (July 4, 2001)

Fortis Properties Corporation announced today it has sold the Centennial Building in Halifax, Nova Scotia to (3055493) Nova Scotia Limited for $11.5 million.

The Centennial Building, located in downtown Halifax at 1660 Hollis Street, is a 14 floor, 159,000 square foot Office Tower. Fortis Properties originally purchased the building in 1995.

“The favorable price offered for the Centennial Building provided opportunity to sell a mature property with a financial gain for the company,” stated John Walker, President and Chief Executive Officer, Fortis Properties Corporation. “The gain will assist Fortis Properties with continued growth of real estate and hotel projects throughout Atlantic Canada. Halifax remains central in Fortis Properties’ strategic development with interests in the Maritime Centre and Four Points by Sheraton Halifax Hotel which is scheduled to open in September.”

Fortis Properties Corporation is involved in the ownership and management of office buildings, shopping centers and hotels throughout Atlantic Canada. The Company owns and manages 2.3 million square feet of commercial real estate and seven hotels under various brands in Newfoundland, Nova Scotia and New Brunswick. Its parent company, Fortis Inc. is listed on the Toronto Stock Exchange and trades under the ticker symbol FTS.

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