Mr. Omar Javed reports

HYDRO ONE INC. ANNOUNCES ADDITIONAL OFFERING OF MEDIUM TERM NOTES UNDER SUSTAINABLE FINANCING FRAMEWORK

Hydro One Ltd.'s wholly owned subsidiary, Hydro One Inc., has priced an additional offering of $100-million aggregate principal amount of its 4.85 per cent medium-term notes, Series 58, due 2054. The additional notes will be issued at a price of $104.864 plus accrued interest. The net proceeds from the issuance of the additional notes (excluding any accrued interest paid to Hydro One in connection with the reopening of notes) will be approximately $104-million. The offering of the additional notes is expected to close on Dec. 12, 2023. Upon completion of the offering of the additional notes, there will be $500-million aggregate principal amount of notes outstanding.

The offering of additional Notes represents an additional issuance of medium term notes pursuant to Hydro One's Sustainable Financing Framework (the "Framework") dated January 23, 2023. Hydro One Inc. intends to allocate an amount equal to the net proceeds from the sale of the additional Notes to finance and/or refinance, in whole or in part, new and/or existing eligible green projects that meet the eligibility criteria described in the Framework. Prior to such allocation, the net proceeds may be initially used, in part or in full, for repayment of indebtedness or investments in bank deposits or other cash equivalents, in each case in accordance with Hydro One's internal liquidity management policies. Although Hydro One Inc. intends to allocate an amount equal to the net proceeds from the sale of the additional Notes to eligible green projects under the Framework, it will not be an event of default under the trust indenture governing the applicable Notes if the company fails to do so.

The additional Notes are being offered on a best efforts basis in each of the provinces of Canada through a syndicate of agents. The additional Notes are being offered pursuant to a short form base shelf prospectus of Hydro One Inc. dated June 3, 2022. Hydro One Inc. will be filing a pricing supplement to the base shelf prospectus relating to the offering of the additional Notes with the securities regulatory authorities in each of the provinces of Canada. The pricing supplement and accompanying base shelf prospectus contain important detailed information about the additional Notes being offered. A copy of the pricing supplement and the accompanying base shelf prospectus relating to the additional Notes may be obtained over the Internet under Hydro One Inc.'s profile at the Canadian Securities Administrators' website. Investors should read the pricing supplement and accompanying base shelf prospectus before making an investment decision.

Hydro One Limited (TSX: H)

Hydro One Limited, 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 December 31, 2022, and annual revenues in 2022 of approximately $7.8 billion. Our 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. We are committed to the communities where we live and work through community investment, sustainability and diversity initiatives. We are designated as a Sustainable Electricity Leader(TM) by Electricity Canada. Hydro One Limited's common shares are listed on the TSX and certain of Hydro One Inc.'s medium term notes are listed on the NYSE.

We seek Safe Harbor.