Exchange Bulletin

Hydro One Limited (H) To Trade On Toronto Stock Exchange

November 4, 2015

Hydro One Limited (the “Company”) - An application has been granted for the original listing in the Industrial category of 612,316,449 common shares (the “Shares”), of which 595,000,000 Shares will be issued and outstanding, and 17,316,449 Shares will be reserved for issuance upon completion of an initial public offering (the “Offering”).

Listing of the Shares will become effective at 5:01 p.m. on Wednesday, November 4, 2015 in anticipation of the Offering closing on Thursday, November 5, 2015. The Shares will be posted for trading at the opening on Thursday, November 5, 2015 upon confirmation of closing.

Registration of interests in and transfers of Shares held through CDS Clearing and Depository Services Inc. ("CDS"), or its nominee, will be made electronically through the non-certificated inventory ("NCI") system administered by CDS. Shares must be purchased, transferred and surrendered for redemption through a CDS participant. Beneficial owners of Shares will not be entitled to receive physical certificates evidencing their ownership of Shares.

Additional information on the Shares may be found in the Supplemented Prep Prospectus dated October 29, 2015 (the “Prospectus”), which is available at " Capitalized terms not otherwise defined are as defined in the Prospectus.


Stock Symbol: "H" CUSIP: 448811 20 8 Trading Currency: CDN$


Temporary Market Maker: RBC Capital Markets Inc.
Other Markets: None
Head Office Address: 483 Bay Street
8th Floor, South Tower
Toronto, Ontario M5G 2PS
Email Address:
Head Office Telephone Number: (416) 345-6301
Fax Number: (416) 351-6301
Investor Relations: Bruce Mann
(416) 345-5722
Chief Financial Officer: Michael Vels
Corporate Secretary: Maureen Wareham
Incorporation: The Company was incorporated on August 31, 2015 under the Business Corporations Act (Ontario) (the “OBCA”).
Fiscal Year End: December 31
Nature of Business: The Company is the largest electricity transmission and distribution company in Ontario. The Company owns and operates substantially all of Ontario’s electricity transmission network, and is the largest electricity distributor in Ontario by number of customers. The Company has three business segments: (i) transmission; (ii) distribution; and (iii) other business (telecommunications).
Transfer Agent & Registrar: Computershare Investor Services Inc. at its principal office in Toronto.
Dividends: The board of directors is expected to establish a dividend policy pursuant to which the Company will pay a quarterly dividend, initially in the amount of $0.21 per common share. The annual amount of the dividend is anticipated to be approximately $500 million in the aggregate initially, based on a target payout ratio of 70% to 80% of net income. Assuming the closing of this offering occurs on November 5, 2015, the first dividend for the period from the closing of this offering to March 17, 2016 is expected to be paid on or about March 31, 2016 to shareholders of record on March 17, 2016. Dividends will be declared and paid in arrears. The payment of dividends is not guaranteed and the amount and timing of any dividends payable will be at the discretion of the board of directors.
Sponsorship: Not applicable.
Initial Public Offering: Pursuant to the terms of the Prospectus, 81,100,000 common shares are being offered by the Province of Ontario, (the “Selling Shareholder”) under a secondary offering to the public at price of $20.50 per share (the “Offering Price”) for total gross proceeds of $1,662,550,000 through RBC Dominion Securities Inc., Scotia Capital Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., TD Securities Inc., National Bank Financial Inc., Barclays Capital Canada Inc., Credit Suisse Securities (Canada), Inc., Goldman Sachs Canada Inc., Canaccord Genuity Corp., Desjardins Securities Inc., GMP Securities L.P., Raymond James Ltd., Dundee Securities Ltd., Industrial Alliance Securities Inc. and Manulife Securities Incorporated as underwriters. In addition, the Selling Shareholder has granted to the underwriters an over-allotment option pursuant to which the underwriters may purchase up to 8,150,000 additional common shares of the Company at the Offering Price.

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