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ITC Commits $500,000 to Cedar Rapids Recovery

Jul 22, 2008

ITC Commits $500,000 to Cedar Rapids Recovery

Electric Transmission Company Supports Community Rebuilding, Jobs Fund

CEDAR RAPIDS, Iowa, July 22, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- ITC Holdings Corp., the parent company of ITC Midwest, has announced approximately $500,000 in grants to three Cedar Rapids organizations to help rebuild the community following the June floods. The company will contribute to the following organizations:

-- $275,000 to the Greater Cedar Rapids Community Foundation to establish a donor-advised fund for community recovery. The fund will provide future grants to non-profit organizations affected by the flood and involved in Cedar Rapids' rebuilding.

-- $200,000 to the Job & Small Business Recovery Fund within the Greater Cedar Rapids Community Foundation and administered by the Cedar Rapids Chamber of Commerce. The contribution will go toward matching the funds recently pledged by the city of Cedar Rapids.

-- Up to $25,000 to the Hawkeye Area Community Action Program (HACAP) to support the program's food reservoir and other programs to help low-income and disadvantaged citizens affected by the flood. Because the company's pledge will be made as a match of employee contributions, the total contribution to HACAP flood recovery programs from the company and employees could be up to $50,000.

ITC Midwest established its headquarters in Cedar Rapids after it purchased the high voltage electric power lines from Alliant Energy's Interstate Power and Light Co. subsidiary (IPL) on December 20, 2007. Since the flood, ITC Midwest has been working closely with IPL to help restore reliable electrical service in and around the flood-affected area.

"This has clearly been a significant event for the community, and we want to help," said Linda Blair, ITC Holdings executive vice president and chief business officer. "We have been humbled by the warm welcome we've received from Iowa and Minnesota communities since we established our operations in December. In the short time we have been here, we've been impressed by Cedar Rapids' spirit and commitment to growth. We want to give back to the community to be part of its rebuilding."

Blair said that the company was particularly pleased to help match the $3 million commitment from the city of Cedar Rapids to the Job & Small Business Recovery Fund.

"The city council has demonstrated leadership in supporting small business recovery. We're very pleased that we can help match that funding, and we encourage other companies to help meet that match, as well," she said.

The funds designated for HACAP will be available to support the organization's food reservoir, assistance to families affected by the flood, and energy assistance and weatherization for families who are rebuilding, said Jane Drapeaux, HACAP chief executive officer.

In announcing the financial commitments, ITC Midwest also announced that it plans to return to downtown Cedar Rapids. The company has been unable to use its office in the Town Centre, 201 Third Avenue, since the flood, due to impact on the building.

"We are committed to downtown Cedar Rapids," said Doug Collins, executive director of ITC Midwest. "Our 40 Cedar Rapids employees will be returning to downtown as soon as we are able."

"The flood dealt Cedar Rapids a traumatic blow," Blair said, "but it's clear the community is ready to regain its footing and rebuild better than ever. We are committed to restoring and strengthening the electric transmission grid because it is an integral component of modern life that affects every business, every resident and every community. Our financial contribution is one more way we can serve and support our community.

"We may be relatively new to town, but we look forward to being part of the next phase of Cedar Rapids' history."

ITC Midwest purchased the high voltage electric power lines from Interstate Power and Light Co. on December 20, 2007. The purchase included the acquisition of approximately 6,800 miles of 34,500-volt (34.5 kV) and higher voltage transmission lines and approximately 170 transmission substations located in Iowa, Minnesota, Illinois and Missouri. The company is headquartered in Cedar Rapids and is in the process of establishing facilities in Dubuque, Iowa City and Perry, Iowa, and Albert Lea, Minnesota.

ITC Midwest is a wholly-owned subsidiary of ITC Holdings Corp. (NYSE: ITC). Based in Novi, Michigan, ITC is the largest and only fully independent electricity transmission company in the United States.

SOURCE ITC Holdings Corp.

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