Mr. David Lebeter reports

HYDRO ONE AND THE SOCIETY OF UNITED PROFESSIONALS REACH TENTATIVE SETTLEMENT

Hydro One Inc. and the Society of United Professionals have reached a tentative settlement of a collective agreement covering employees in engineering, supervisory and professional roles across the company's operations in Ontario.

"The employees represented by the Society of United Professionals play an important part in energizing life for our customers and communities across the province," said David Lebeter, Hydro One president and chief executive officer. "We are pleased to reach a tentative settlement and want to thank the respective bargaining teams for negotiating to reach this outcome."

"The Society of United Professionals prides itself on working collaboratively with our employers to negotiate top-flight collective agreements that are fair for everyone," said Michelle Johnston, president of the society. "I want to congratulate the leadership of both parties for reaching a tentative deal that addresses our members' concerns at the bargaining table. We look forward to the ratification of the agreement so that we can get back to the work of electrifying Ontario together."

Union members will vote on the tentative agreement with the outcome anticipated later this fall. Once ratified, the agreement will be in effect until Sept. 30, 2025.

About Hydro One Ltd.

Hydro One, through its wholly owned subsidiaries, is Ontario's largest electricity transmission and distribution provider with approximately 1.5 million valued customers, approximately $31.5-billion in assets as at Dec. 31, 2022, and annual revenues in 2022 of approximately $7.8-billion.

The company's team of approximately 9,300 skilled and dedicated employees proudly build and maintain a safe and reliable electricity system which is essential to supporting strong and successful communities. In 2022, Hydro One invested approximately $2.1-billion in its transmission and distribution networks, and supported the economy through buying approximately $1.9-billion of goods and services.

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