Hydro One Limited announces closing of over-allotment option for secondary offering by the Province of Ontario

/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/

TORONTO, April 29, 2016 /CNW/ - Hydro One Limited ("Hydro One" or the "Company") (TSX:H) today announced that the underwriters for the recent secondary offering of common shares ("Common Shares") of the Company (the "Offering") undertaken by the Province of Ontario (the "Province") have elected to exercise their option to purchase an additional 10,865,200 Common Shares from the Province at a price of $23.65 per Common Share. The sale of these additional Common Shares was completed today and increases the total gross proceeds to the Province from the Offering by approximately $257 million, to approximately $1.97 billion in aggregate. The Company will not receive any of the proceeds from the Offering.

Following the sale of the additional Common Shares by the Province completed today, the Province continues to directly own 416,803,660 Common Shares, representing approximately 70.1% of Hydro One's total issued and outstanding Common Shares.

The Offering was made through a syndicate of underwriters led by RBC Capital Markets and Scotiabank.

The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered or sold within the United States or to, or for the account or benefit of, any U.S. persons (as defined in Regulation S under the U.S. Securities Act) unless pursuant to an exemption from those registration requirements. This press release does not constitute an offer to sell or a solicitation of an offer to buy any such securities of Hydro One in the United States or any other jurisdiction.

Forward-Looking Information

This press release may contain "forward-looking information" within the meaning of applicable securities laws. Words such as "expect," "anticipate," "intend," "attempt," "may," "plan," "will," "can," "believe," "seek," "estimate," and variations of such words and similar expressions are intended to identify such forward-looking information. These statements are not guarantees of future performance or actions and involve assumptions and risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed, implied or forecasted in such forward-looking information. Some of the factors that could cause actual results or outcomes to differ materially from the results expressed, implied or forecasted by such forward-looking information, including some of the assumptions used in making such statements, are discussed more fully in Hydro One's filings with the securities regulatory authorities in Canada, which are available on SEDAR at www.sedar.com. Hydro One does not intend, and it disclaims any obligation, to update any forward-looking information, except as required by law.

About Hydro One Limited

Hydro One Limited is Ontario's largest electricity transmission and distribution company headquartered in Toronto, Ontario with approximately $24.3 billion in assets and 2015 revenues of over $6.5 billion. The company delivers electricity safely and reliably to over 1.3 million customers across the province of Ontario, and to large industrial customers and municipal utilities. Hydro One owns and operates Ontario's approximately 29,000 circuit km high-voltage transmission network and an approximately 123,000 circuit km primary low-voltage distribution network. Hydro One Limited common shares are listed on the Toronto Stock Exchange (TSX: H).

SOURCE Hydro One Limited

Investor Relations: Bruce M. Mann, [email protected], 416-345-5722; Media Inquiries: Daffyd Roderick, [email protected], 416-345-6868