ITC Holdings Corp. Prices its Initial Public Offering

NOVI, Mich., July 26, 2005 — ITC Holdings Corp. (NYSE: ITC) today announced that it has priced its initial public offering of 12,500,000 shares of common stock at $23.00 per share. 10,000,000 of the shares of common stock will be sold by the principal stockholder of ITC Holdings Corp., International Transmission Holdings Limited Partnership, and 2,500,000 of the shares of common stock will be sold by ITC Holdings Corp. The selling stockholder has granted the underwriters a 30-day option to purchase up to an additional 1,875,000 shares of common stock at the initial public offering price if the underwriters sell more than 12,500,000 shares of common stock in the offering.

ITC Holdings Corp.'s common stock is scheduled to commence trading on the New York Stock Exchange under the symbol "ITC" today.

Lehman Brothers Inc., Credit Suisse First Boston LLC and Morgan Stanley & Co. Incorporated are serving as joint book-running managers of the offering. Goldman, Sachs & Co. and UBS Securities LLC are acting as co-managers of the offering.

A copy of the final prospectus related to the offering may be obtained from Lehman Brothers Inc., c/o ADP Financial Services, Integrated Distribution Services, 1155 Long Island Avenue, Edgewood, New York 11717; Credit Suisse First Boston LLC, Prospectus Dept., One Madison Avenue, New York, New York 10010-3629 or by telephone at 212-325-2580; and Morgan Stanley & Co. Incorporated by telephone at 212-761-6775 or by email at prospectus@morganstanley.com.

About ITC Holdings Corp.

ITC Holdings' operating subsidiary, ITC, is the first independently owned and operated electricity transmission company in the United States. ITC owns, operates and maintains a fully-regulated, high-voltage system that transmits electricity to local electric distribution facilities from generating stations in Michigan, other Midwestern states and Ontario, Canada. The local distribution facilities connected to the ITC transmission system serve an area comprised of 13 southeastern Michigan counties, including the Detroit metropolitan area.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on July 25, 2005. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor will there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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