On March 31, 2025, Ontario Power Generation Inc. (“OPG”) filed a short form base shelf prospectus enabling it to issue unsecured medium term notes (“Notes”) on a continuous basis over a 25-month period. As a “well-known seasoned issuer” under applicable Canadian securities regulations, OPG is not subject to a limit on the total principal amount of Notes it may offer. The Notes will be issued in Canadian or other currencies, with variable features such as fixed or floating interest rates, terms of at least one year, and redemption provisions detailed in future prospectus supplements or pricing supplements.

The Notes will rank pari passu with all of OPG’s other unsecured, unsubordinated indebtedness and are not guaranteed by the Province of Ontario, despite OPG being a wholly owned provincial Crown corporation. Net proceeds will be used for general corporate purposes including refinancing debt, funding capital expenditures, working capital needs, acquisitions, and loans to subsidiaries.

Torys LLP is serving as legal counsel to OPG, while Blake, Cassels & Graydon LLP is acting for the dealers. The dealers named in the certificate include: BMO Nesbitt Burns Inc., Cedar Leaf Capital Inc., CIBC World Markets Inc., Desjardins Securities Inc., Goldman Sachs Canada Inc., Laurentian Bank Securities Inc., Mizuho Securities Canada Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc., and TD Securities Inc.