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Fortis Inc. completed a public offering of 5,000,000 4.90% Cumulative Redeemable First Preference Shares, Series F, for gross proceeds of $125 million.  The net proceeds of the offering, which was underwritten by a syndicate of underwriters led by BMO Capital Markets, was used principally to fund its recent acquisition of two electric utilities in the Turks and Caicos Islands and to fund equity injections into Fortis' regulated electric utilities in western Canada in support of the utilities' extensive capital expenditure programs.  Davies advised Fortis on corporate finance, securities and tax matters.

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2006