St. John's, NL - (May 9, 2002)

Fortis Properties Corporation, a leading owner/manager of office buildings and hotels throughout Atlantic Canada, announced today that it has issued $29 Million Series I 7.42% First Mortgage Bonds for a ten-year term. The financial advisor and fiscal agent was Canaccord Capital Corporation. The financing has been used to finance the recent acquisitions of Cabot Place I located in St. John’s, Newfoundland, and Kings Place located in Fredericton, New Brunswick.

Fortis Properties Corporation is involved in the ownership of office buildings, shopping centers and hotels throughout Atlantic Canada. The Company owns 2.5 million square feet of commercial real estate and seven hotels under various brands throughout Atlantic Canada. Landmark properties include the Fortis Building, Fort William Building, Cabot Place I and TD Place in Newfoundland & Labrador, the Maritime Centre in Nova Scotia, and Blue Cross Center, Brunswick Square and Kings Place in New Brunswick. Hotel properties include Holiday Inn St. John’s, Mount Peyton in Grand Falls-Windsor, and Holiday Inn Corner Brook in Newfoundland & Labrador, Days Inn Sydney, Delta Sydney, and Four Points by Sheraton Halifax in Nova Scotia, and the Delta Brunswick in Saint John, 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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