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ITC Holdings Issues Statement on Mississippi Public Service Commission Ruling



ITC Holdings Issues Statement on Mississippi Public Service Commission Ruling

PR Newswire

NOVI, Mich., Dec. 10, 2013

NOVI, Mich., Dec. 10, 2013 /PRNewswire/ -- ITC Holdings Corp. (NYSE: ITC)
issued the following statement in response to today's order by the Mississippi
Public Service Commission denying ITC and Entergy Corporation's proposed
transaction to spin off Entergy Mississippi's electric transmission business
and merge it into a subsidiary of ITC.

"We strongly disagree with the commission's decision and its stated rationale
for denying our application.  ITC and Entergy have demonstrated that the
transaction is in the public interest based on the significant benefits that
would result from ITC's ownership of the transmission system, which is clearly
in need of investment to improve reliability and facilitate the competitive
electricity market.  While we recognize the commission's perspectives on
jurisdiction and rate issues, ITC and Entergy made commitments to hold
customers harmless from possible negative impacts and we do not believe that
jurisdictional concerns should stand in the way of customers realizing the
benefits of this transaction.  The commission's action today would deny
Mississippi customers the near-term and longer-term economic and reliability
benefits resulting from ITC's independent ownership with a singular focus on
transmission.

"We will review the commission's full order and determine next steps."

ITC Forward-Looking Information
This document and the exhibits hereto contain certain statements that describe
ITC Holdings Corp. ("ITC") management's beliefs concerning future business
conditions and prospects, growth opportunities and the outlook for ITC's
business, including ITC's business and the electric transmission industry
based upon information currently available. Such statements are
"forward-looking" statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Wherever possible, ITC has identified these
forward-looking statements by words such as "anticipates", "believes",
"intends", "estimates", "expects", "projects" and similar phrases. These
forward-looking statements are based upon assumptions ITC management believes
are reasonable. Such forward-looking statements are subject to risks and
uncertainties which could cause ITC's actual results, performance and
achievements to differ materially from those expressed in, or implied by,
these statements, including, among other things, (a) the risks and
uncertainties disclosed in ITC's most recent Annual Report on Form 10-K and
any subsequent Quarterly Reports on Form 10-Q filed with the Securities and
Exchange Commission (the "SEC") from time to time and (b) the following
transactional factors (in addition to others described elsewhere in this
document, in the prospectus included in the registration statement on Form S-4
that was filed by ITC with the SEC in connection with the proposed
transactions): (i) risks inherent in the contemplated transaction, including:
(A)  failure to obtain regulatory approvals necessary to consummate the
transaction or to obtain regulatory approvals on favorable terms; (B) the
ability to obtain the required financings; (C) delays in consummating the
transaction or the failure to consummate the transactions; and (D) exceeding
the expected costs of the transactions; (ii) legislative and regulatory
actions, and (iii) conditions of the capital markets during the periods
covered by the forward-looking statements.

Because ITC's forward-looking statements are based on estimates and
assumptions that are subject to significant business, economic and competitive
uncertainties, many of which are beyond ITC's control or are subject to
change, actual results could be materially different and any or all of ITC's
forward-looking statements may turn out to be wrong. They speak only as of the
date made and can be affected by assumptions ITC might make or by known or
unknown risks and uncertainties. Many factors mentioned in this document and
the exhibits hereto and in ITC's annual and quarterly reports will be
important in determining future results. Consequently, ITC cannot assure you
that ITC's expectations or forecasts expressed in such forward-looking
statements will be achieved. Actual future results may vary materially. 
Except as required by law, ITC undertakes no obligation to publicly update any
of ITC's forward-looking or other statements, whether as a result of new
information, future events, or otherwise.

The transaction is subject to certain conditions precedent, including
regulatory approvals and the availability of financing. ITC cannot provide any
assurance that the proposed transactions related thereto will be completed,
nor can it give assurances as to the terms on which such transactions will be
consummated.

Additional Information and Where to Find It
ITC filed a registration statement on Form S-4 (Registration No. 333-184073)
with the SEC registering the offer and sale of shares of ITC common stock to
be issued to Entergy shareholders in connection with the proposed
transactions. This registration statement was declared effective by the SEC on
February 25, 2013. ITC is also expected to file a post-effective amendment to
the above registration statement.  ITC shareholders are urged to read the
prospectus included in the ITC registration statement (and the post-effective
amendment to the ITC registration statement, when available) and any other
relevant documents because they contain important information about Mid South
TransCo LLC ("TransCo") and the proposed transactions. In addition, on July
24, 2013, TransCo filed a registration statement on Form S-4/S-1 (Registration
No. 333-190094) with the SEC registering the offer and sale of TransCo common
units to be issued to Entergy shareholders in connection with the proposed
transactions. This registration statement includes a prospectus of TransCo
related to the proposed transactions.  Entergy will file a tender offer
statement on Schedule TO with the SEC related to the exchange of shares of
Entergy common stock for the TransCo common units.  Entergy shareholders are
urged to read the prospectuses included in the ITC registration statement (and
the post-effective amendment to the ITC registration statement, when
available), the Transco registration statement, the tender offer statement on
Schedule TO (when available) and any other relevant documents because they
contain important information about ITC, TransCo and the proposed
transactions. The registration statements, prospectuses, tender offer
statement and other documents relating to the proposed transactions (when they
are available) can be obtained free of charge from the SEC's website at
www.sec.gov. The documents, when available, can also be obtained free of
charge from Entergy upon written request to Entergy Corporation, Investor
Relations, P.O. Box 61000, New Orleans, LA 70161 or by calling Entergy's
Investor Relations information line at 1-888-ENTERGY (368-3749), or from ITC
upon written request to ITC Holdings Corp., Investor Relations, 27175 Energy
Way, Novi, MI 48377 or by calling 248-946-3000. (ITC-itc-F)

SOURCE ITC Holdings Corp.

Website: http://www.itc-holdings.com
Contact: Robert Doetsch, (248) 946-3493, rdoetsch@itctransco.com
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