Toronto Hydro Corporation has filed a short form base shelf prospectus dated July 18, 2025, allowing it to offer and issue, from time to time, unsecured debentures ("Debentures") in one or more series up to an aggregate principal amount of $1.5 billion, or the equivalent in foreign currencies at prevailing exchange rates. The offering period will span 25 months from the date of the receipt for the prospectus.

The Debentures will be direct unsecured obligations of the Corporation, ranking equally with its other unsecured and unsubordinated indebtedness. They will have a minimum maturity of one year and will be issued in $1,000 denominations or multiples thereof, in Canadian dollars or other currencies determined at issuance. As of the prospectus date, Toronto Hydro qualifies as a “well-known seasoned issuer” under applicable Canadian securities regulations.

Specific terms—such as interest rates, currency, maturity, pricing, commissions, and redemption features—will be detailed in a future pricing supplement. The Corporation may vary these terms beyond the base prospectus parameters.

Debentures may be distributed by a syndicate of dealers, including BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc., and TD Securities Inc. Legal counsel for the Corporation is Norton Rose Fulbright Canada LLP. Blake, Cassels & Graydon LLP acts for the dealers.