Obbligazione Ontarian Province 1.75% ( CA68323ACW23 ) in CAD

Emittente Ontarian Province
Prezzo di mercato 100 CAD  ▼ 
Paese  Canada
Codice isin  CA68323ACW23 ( in CAD )
Tasso d'interesse 1.75% per anno ( pagato 1 volta l'anno)
Scadenza 09/10/2018 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Province of Ontario CA68323ACW23 in CAD 1.75%, scaduta


Importo minimo 5 000 CAD
Importo totale 500 000 000 CAD
Cusip 68323ACW2
Descrizione dettagliata L'Ontario è la provincia più popolosa del Canada, situata nella parte orientale del paese e caratterizzata da una grande varietà di paesaggi, da grandi città come Toronto a vasti spazi naturali come le regioni dei Grandi Laghi e la Canadian Shield.

The Obbligazione issued by Ontarian Province ( Canada ) , in CAD, with the ISIN code CA68323ACW23, pays a coupon of 1.75% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is 09/10/2018







Prospectus Supplement to Prospectus dated May 13, 2010
C$500,000,000
Province of Ontario
(Canada)
1.75% Bonds due October 9, 2018
We will pay interest on the Bonds at the rate of 1.75% per year. Interest will be paid on April 9 and
October 9 of each year, beginning April 9, 2015. The Bonds will mature on October 9, 2018. We may not redeem
the Bonds before maturity, unless specified events occur involving Canadian taxation.
Application has been made for the Bonds offered by this Prospectus Supplement to be admitted to the
Official List of the Luxembourg Stock Exchange and for such Bonds to be admitted to trading on the Euro MTF
Market of the Luxembourg Stock Exchange. The Euro MTF Market of the Luxembourg Stock Exchange is not a
regulated market for purposes of the Markets in Financial Investments Directive (Directive 2004/39/EC). Unless
the context otherwise requires, references in this Prospectus Supplement to the Bonds being "listed" shall mean
that the Bonds have been admitted to trading on the Euro MTF Market and have been admitted to the Official
List of the Luxembourg Stock Exchange. This Prospectus Supplement together with the Basic Prospectus
constitute a Prospectus for the purpose of the Luxembourg law dated July 10, 2005 on Prospectuses for
Securities, as amended. We have undertaken to the underwriters to use all reasonable efforts to have the Bonds
listed on the Euro MTF market of the Luxembourg Stock Exchange on or as soon as possible after the closing of
the issue.
Investing in the Bonds involves risks. See "Risk Factors" beginning on page S-8.
Neither the Securities and Exchange Commission (the "SEC") nor any other regulatory authority has
approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus
supplement dated October 10, 2014 (the "Prospectus Supplement") and the accompanying basic
prospectus dated May 13, 2010 (the "Basic Prospectus"). Any representation to the contrary is a criminal
offense.
Per Bond
Total
Public Offering Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99.823%
C$499,115,000
Underwriting Discount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.100%
C$
500,000
Proceeds, before expenses, to Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99.723%
C$498,615,000
The initial public offering price set forth above does not include accrued interest, if any. Interest on the
Bonds will accrue from October 9, 2014, and must be paid if the Bonds are delivered after that date.
The Bonds have been delivered in book-entry form through CDS Clearing and Depository Services Inc., and
its participants, including The Depository Trust Company, Clearstream Banking, société anonyme and Euroclear
Bank S.A./N.V., on October 9, 2014.
BofA Merrill Lynch
CIBC
HSBC
RBC Capital Markets
BMO Capital Markets
Desjardins Capital
Scotiabank
The Toronto-
Markets
Dominion Bank
Canaccord Genuity
Casgrain & Company
Laurentian Bank
National Bank
Securities
Financial
Prospectus Supplement dated October 10, 2014


The words "the Province", "we", "our", "ours" and "us" refer to the Province of Ontario.
References in this Prospectus Supplement to the European Economic Area and Member States of the
European Economic Area are to the member states of the European Union together with Iceland, Norway and
Liechtenstein.
Unless otherwise specified or the context otherwise requires, references in this Prospectus Supplement to
"C$" and "Canadian dollars" are to lawful money of Canada and "US$" and "U.S. dollars" are to lawful money
of the United States of America. The noon exchange rate between the US$ and the Canadian dollar published by
the Bank of Canada on October 2, 2014 was approximately C$1.00 = US$0.8968.
IMPORTANT INFORMATION FOR INVESTORS
We are not, and the underwriters are not, making an offer to sell these securities in any jurisdiction where
the offer or sale is not permitted. Before making an investment decision, you should consult your legal and
investment advisors regarding any restrictions or concerns that may pertain to you and your particular
jurisdiction.
The Basic Prospectus contains or incorporates by reference information about us and other matters,
including a description of some of the terms of our Bonds, and should be read together with this Prospectus
Supplement. We have not, and the underwriters have not, authorized anyone to provide any information other
than that incorporated by reference or contained in the Basic Prospectus or this Prospectus Supplement prepared
by or on behalf of us or to which we have referred you. We take no responsibility for, and can provide no
assurance as to the reliability of, any other information that persons other than those authorized by us may give
you.
In connection with the issue of the Bonds, the underwriters (or persons acting on their behalf) may over-
allot Bonds or effect transactions with a view to supporting the market price of the Bonds at a level higher than
that which might otherwise prevail. However, there is no assurance that the underwriters (or persons acting on
their behalf) will undertake stabilization action. Any stabilization action may begin on or after the date on which
adequate public disclosure of the terms of the offer of the Bonds is made and, if begun, may be ended at any
time, but it must end no later than the earlier of 30 days after the issue date of the Bonds and 60 days after the
date of the allotment of the Bonds. Any stabilization action or over-allotment must be conducted by the relevant
underwriter (or persons acting on their behalf) in accordance with all applicable laws and rules.
Delivery of the Bonds has been made against payment therefor on the date specified on the cover page of
this Prospectus Supplement, which is five business days following the date of pricing of the Bonds (such
settlement cycle being herein referred to as "T+5"). You should note that the trading of the Bonds on the date of
pricing or the next succeeding business day may be affected by the T+5 settlement. See "Underwriting."
The Bonds may not be a suitable investment for all investors
Each potential investor in the Bonds must determine the suitability of that investment in light of its own
circumstances. In particular, each potential investor should:
(i)
have sufficient knowledge and experience to make a meaningful evaluation of the Bonds, the merits
and risks of investing in the Bonds and the information contained or incorporated by reference in this
Prospectus Supplement or any applicable supplement;
S-2


(ii)
have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its
particular financial situation, an investment in the Bonds and the impact the Bonds will have on its
overall investment portfolio;
(iii) have sufficient financial resources and liquidity to bear all of the risks of an investment in the Bonds,
including where the currency for principal or interest payments is different from the potential
investor's currency;
(iv)
understand thoroughly the terms of the Bonds and be familiar with the behaviour of any relevant
indices and financial markets; and
(v)
be able to evaluate (either alone or with the help of a financial adviser) possible scenarios for
economic, interest rate and other factors that may affect its investment and its ability to bear the
applicable risks.
Legal investment considerations may restrict investments in, or the ability to pledge, the Bonds, limiting the
market for resales
The investment activities of certain investors are subject to legal investment laws and regulations, or review
or regulation by certain authorities. Each potential investor should consult its legal advisers to determine whether
and to what extent (1) the Bonds are legal investments for it, (2) the Bonds can be used as collateral for various
types of borrowing and (3) other restrictions apply to its purchase or pledge of any Bonds. Financial institutions
should consult their legal advisers or the appropriate regulators to determine the appropriate treatment of the
Bonds under any applicable risk-based capital or similar rules. These restrictions may limit the market for the
Bonds.
You may assume that the information appearing in this Prospectus Supplement and the Basic Prospectus, as
well as the information we previously filed with the SEC, and incorporated by reference, is accurate in all
material respects as of the date of such document.
We have filed a registration statement with the SEC covering the portion of the Bonds to be sold in the
United States or in circumstances where registration of the Bonds is required. For further information about us
and the Bonds, you should refer to our registration statement and its exhibits. This Prospectus Supplement and
the Basic Prospectus summarize material provisions of the agreements and other documents that you should refer
to. Because the Prospectus Supplement and the Basic Prospectus may not contain all of the information that you
may find important, you should review the full text of these documents and the documents incorporated by
reference in the Basic Prospectus.
We file reports and other information with the SEC in the United States. You may read and copy any
document we file at the SEC's public reference room in Washington, D.C. Please call the SEC at 1-800-SEC-
0330 for more information about the public reference room and the applicable copy charges. Information filed by
the Province is also available from the SEC's Electronic Document Gathering and Retrieval System
(http://www.sec.gov), which is commonly known by the acronym EDGAR, as well as from commercial
document retrieval services.
NOTICES REGARDING OFFERS IN THE EUROPEAN ECONOMIC AREA
This Prospectus Supplement has been prepared on the basis that all offers of Bonds in any member state (the
"Member States" and each, a "Member State") of the European Economic Area which has implemented
S-3


the Prospectus Directive (each, a "Relevant Member State") will be made pursuant to an exemption under the
Prospectus Directive (to the extent implemented in that Member State and including any relevant implementing
measure in that Member State), from the requirement to produce or publish a prospectus for offers of Bonds. The
expression "Prospectus Directive" means Directive 2003/71/EC (and amendments thereto, including Directive
2010/73/EU), except for the Section entitled "Underwriting" below. Accordingly, any person making or
intending to make any offer within a Relevant Member State of the Bonds which are the subject of an offering
contemplated in this Prospectus Supplement may only do so in circumstances in which no obligation arises for
the Province or any underwriter to produce or publish a prospectus pursuant to Article 3 of the Prospectus
Directive in relation to such offer.
Neither the Province nor any underwriter has authorized, nor do they authorize, the making of any offer of
Bonds in circumstances in which an obligation arises for the Province or any underwriter to publish a prospectus
or supplement a prospectus pursuant to the Prospectus Directive for such offer.
Neither the Province nor any underwriters have authorized, nor do they authorize, the making of any offer of
the Bonds through any financial intermediary, other than offers made by the relevant underwriters which
constitute the final placement of the Bonds contemplated in this Prospectus Supplement.
If and to the extent that this Prospectus Supplement is communicated in, or an offer of Bonds is made in,
any Relevant Member State this Prospectus Supplement and the offer are only addressed to and directed at
persons in that Member State who are qualified investors within the meaning of the Prospectus Directive (or who
are other persons to whom the offer may lawfully be addressed) and must not be acted upon by other persons in
that Relevant Member State.
This Prospectus Supplement does not constitute or form part of any offer or invitation to sell these Bonds
and is not soliciting any offer to buy these Bonds in any jurisdiction where such offer or sale is not permitted.
S-4


TABLE OF CONTENTS
Page
PROSPECTUS SUPPLEMENT
Summary of the Offering . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-6
Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-8
Use of Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-10
Description of Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-11
Clearing and Settlement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-17
Taxation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-20
Underwriting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-23
Legal Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-27
Authorized Agent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-28
Forward-Looking Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-28
General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-28
PROSPECTUS
About This Prospectus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
Where You Can Find More Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
Forward-Looking Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
Province of Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
Description of Debt Securities and Warrants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
Use of Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13
Plan of Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13
Debt Record . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
Legal Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
Authorized Agent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
Experts and Public Official Documents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
S-5


SUMMARY OF THE OFFERING
This summary must be read as an introduction to this Prospectus Supplement and the accompanying Basic
Prospectus, and any decision to invest in the Bonds should be based on a consideration of such documents taken
as a whole, including the documents incorporated by reference.
Issuer
The Province of Ontario.
Aggregate principal
amount
C$500,000,000
Interest rate
1.75% per year.
Maturity date
October 9, 2018.
Interest payment dates
April 9 and October 9 of each year, beginning April 9, 2015. Interest will accrue
from October 9, 2014.
Redemption
We may not redeem the Bonds prior to maturity, unless specified events occur
involving Canadian taxation.
Proceeds
After deducting the underwriting discount and our estimated expenses of C$89,703
our net proceeds will be approximately C$498,525,297. The net proceeds of the
Bonds will be used for projects that have environmental benefits as further
described under "Use of Proceeds."
Markets
The Bonds are offered for sale in Canada, the United States, Europe and Asia.
Listing
We have applied to have the Bonds admitted to trading on the Euro MTF Market
of the Luxembourg Stock Exchange. We have undertaken to the underwriters to
use all reasonable efforts to have the Bonds admitted to the Official List of the
Luxembourg Stock Exchange and to trading on the Luxembourg Stock Exchange's
Euro MTF Market on or as soon as possible after the closing of the issue. The Euro
MTF Market is not a regulated market for purposes of the Markets in Financial
Instruments Directive.
Form of Bond and
settlement
The Bonds will be issued in the form of one or more fully registered permanent
global bonds registered in the name of CDS & Co., as nominee of CDS Clearing
and Depository Services Inc. ("CDS"), and will be recorded in a register held by
BNY Trust Company of Canada, as Registrar. Beneficial interests in the global
bonds will be represented through book-entry accounts of financial institutions
acting on behalf of beneficial owners as direct and indirect participants in CDS.
Investors may elect to hold interests in the global bonds through any of CDS (in
Canada), The Depository Trust Company, known as DTC (in the United States) or
Clearstream Banking, société anonyme, known as Clearstream or Euroclear Bank
S.A./N.V., known as Euroclear (in Europe and in Asia), if they are participants of
such systems, or indirectly through organizations which are participants in such
systems. DTC will hold interests on behalf of its participants directly through its
account at CDS. Clearstream and Euroclear will hold interests through Canadian
Subcustodians (as defined below).
S-6


Except in limited circumstances, investors will not be entitled to have Bonds
registered in their names, will not receive or be entitled to receive Bonds in
definitive form and will not be considered registered holders thereof under the
fiscal agency agreement.
Bonds will only be sold in minimum aggregate principal amounts of C$5,000 and
integral multiples of C$1,000 for amounts in excess of C$5,000. Initial settlement
for the Bonds will be made in immediately available funds. Principal of and
interest on the Bonds are payable in Canadian dollars.
Withholding tax
Principal of and interest on the Bonds are payable by us without withholding or
deduction for Canadian withholding taxes to the extent permitted under applicable
law, as set forth in this Prospectus Supplement.
Status of the Bonds
The Bonds will be our direct unsecured obligations and as among themselves will
rank pari passu and be payable without any preference or priority. The Bonds will
rank equally with all of our other unsecured and unsubordinated indebtedness and
obligations from time to time outstanding. Payments of principal of and interest on
the Bonds will be a charge on and payable out of the Consolidated Revenue Fund
of Ontario.
Risk factors
We believe that the following factors represent the principal risks inherent in
investing in the Bonds: there is no active trading market for the Bonds and an
active trading market may not develop; the Bonds are subject to modification and
waiver of conditions in certain circumstances; exchange rates may affect the value
of judgments in Canadian currency; because the Bonds are held by or on behalf of
CDS, investors will have to rely on its procedures for transfer, payment and
communication with us; the laws governing the Bonds may change; investors may
be subject to exchange rate risks and exchange controls; and we have ongoing
normal course business relationships with some of the underwriters and their
affiliates that could create the potential for, or perception of, conflict among the
interests of underwriters and prospective investors.
We may be contacted at the Ontario Financing Authority, 1 Dundas Street West, 14th Floor, Toronto,
Ontario, Canada M5G 1Z3. Our telephone number is (416) 325-8142.
S-7


RISK FACTORS
We believe that the following factors may be material for the purpose of assessing the market risks
associated with the Bonds and the risks that may affect our ability to fulfill our obligations under the Bonds.
We believe that the factors described below represent the principal risks inherent in investing in the Bonds
but we do not represent that the statements below regarding the risks of holding any Bonds are exhaustive.
Prospective investors should also read the detailed information set out elsewhere in this Prospectus Supplement
and the Basic Prospectus (including any documents deemed to be incorporated by reference herein or therein)
and reach their own views prior to making any investment decision.
There is no active trading market for the Bonds and an active trading market may not develop
The Bonds will be new securities which may not be widely distributed and for which there is currently no
active trading market. If the Bonds are traded after their initial issuance, they may trade at a discount to their
initial offering price, depending upon prevailing interest rates, the market for similar securities, general economic
conditions and our financial condition. Investors may not be able to sell their Bonds at prices that will provide
them with a yield comparable to similar investments that have a more highly developed secondary market. We
have undertaken to the underwriters to use all reasonable efforts to have the Bonds listed on the Euro MTF
Market of the Luxembourg Stock Exchange as soon as possible after the closing of the issue.
The Bonds are subject to modification and waiver of conditions in certain circumstances
The conditions of the Bonds contain provisions for calling meetings of bondholders to consider matters
affecting their interests generally. These provisions permit defined majorities to bind all bondholders including
bondholders who did not attend and vote at the relevant meeting and bondholders who voted in a manner
contrary to the majority.
The conditions of the Bonds also provide that the parties to the fiscal agency agreement will be able to enter
into agreements supplemental to the fiscal agency agreement to create and issue further bonds ranking pari passu
with the Bonds in all respects, or in all respects other than in respect of the date from which interest will accrue
and the first interest payment date, and that such further bonds shall be consolidated and form a single series with
the Bonds and shall have the same terms as to status, redemption or otherwise as the Bonds.
The conditions of the Bonds also provide that the parties to the fiscal agency agreement will be able to
amend the fiscal agency agreement and the Bonds without notice to or consent of the bondholders for the purpose
of curing ambiguity or curing, correcting or supplementing any defective provisions therein, or effecting the
issue of further bonds as described above or in any other manner the parties to the fiscal agency agreement may
deem necessary or desirable and which will not, in their reasonable opinion, adversely affect the interests of the
bondholders.
Exchange rates may affect the value of judgments in Canadian currency
The Currency Act (Canada) precludes a court in Canada from giving judgment in any currency other than
Canadian currency. In Ontario, the court's judgment may be based on a rate of exchange determined in
accordance with section 121 of the Courts of Justice Act (Ontario), which rate of exchange is usually a rate in
existence on the business day immediately preceding the date of payment of the judgment. Holders would bear
the risk of exchange rate fluctuations between the time the Canadian dollar amount of the judgment is calculated
and the time the holders receive payment.
S-8


Because the Bonds are held by or on behalf of CDS, investors will have to rely on its procedures for transfer,
payment and communication with us
The Bonds will be issued in the form of one or more fully registered global bonds which will be deposited
with CDS or its nominee. Except in limited circumstances, investors will not be entitled to receive Bonds in
definitive form. CDS or its participants will maintain records of the beneficial interests in the Bonds. Investors
will be able to trade their beneficial interests only through CDS.
We will discharge our payment obligations under the Bonds by making payments to CDS for distribution to
its account holders. A holder of a beneficial interest in the Bonds must rely on the procedures of CDS and its
participants to receive payments under the Bonds. We have no responsibility or liability for (i) the records
relating to, or payments made in respect of, beneficial interests in the Bonds held by CDS, (ii) maintaining,
supervising or reviewing any records relating to the Bonds, or (iii) any action to be taken by CDS on or at the
discretion of CDS participants.
Holders of beneficial interests in the Bonds will not have a direct right to vote in respect of the Bonds.
Instead, such holders will be permitted to act only to the extent that they are enabled by CDS to appoint proxies.
Similarly, holders of beneficial interests in the Bonds will not have a direct right under the Bonds to take
enforcement action against us in the event of a default under the Bonds.
The laws governing the Bonds may change
The conditions of the Bonds are based on the laws of the Province and the federal laws of Canada applicable
therein in effect as at the date of this Prospectus Supplement. No assurance can be given as to the impact of any
possible judicial decision or change to the laws of the Province or the federal laws of Canada applicable therein
or administrative practice after the date of this Prospectus Supplement.
Investors may be subject to exchange rate risks and exchange controls
We will pay principal and interest on the Bonds in the currency of Canada. This presents certain risks
relating to currency conversions if an investor's financial activities are denominated principally in a currency or
currency unit (the "Investor's Currency") other than the currency of Canada. These include the risk that exchange
rates may significantly change (including changes due to devaluation of the currency of Canada or revaluation of
the Investor's Currency) and the risk that authorities with jurisdiction over the Investor's Currency may impose
or modify exchange controls. An appreciation in the value of the Investor's Currency relative to the currency of
Canada would decrease (1) the Investor's Currency-equivalent yield on the Bonds, (2) the Investor's Currency-
equivalent value of the principal payable on the Bonds and (3) the Investor's Currency-equivalent market value
of the Bonds.
Government and monetary authorities may impose (as some have done in the past) exchange controls that
could adversely affect an applicable exchange rate. As a result, investors may receive less interest or principal
than expected, or no interest or principal.
Investment in the Bonds involves the risk that subsequent changes in market interest rates may adversely
affect the value of the Bonds.
Our underwriters may have real or perceived conflicts of interest
Certain of the underwriters and their affiliates have engaged, and may in the future engage, in investment
banking and/or commercial banking transactions with, and may perform services for us in the ordinary course of
business and such activities could create the potential for or perception of conflict among the interests of
underwriters and prospective investors.
S-9


USE OF PROCEEDS
After deducting the underwriting discount and our estimated expenses of C$89,703 our net proceeds will be
approximately C$498,525,297.
The net proceeds of the Bonds will be paid into the Consolidated Revenue Fund of Ontario and will not be
held in a segregated account. An amount equal to the net proceeds of the Bonds will be recorded in a designated
account in the Province's financial records. This designated account will be used to track the use of and
allocation of funds to Eligible Projects (as defined below) by the Province in accordance with its usual
government appropriation and spending processes.
So long as the Bonds are outstanding and the designated account has a positive balance, amounts will be
deducted from the balance of the account as funds are allocated to Eligible Projects.
"Eligible Projects" means all projects funded by the Province that have environmental benefits, exclusive of
fossil fuel and nuclear energy projects, as determined by the Province of Ontario.
Without limitation, Eligible Projects may include projects in the following sectors:
1. Clean transportation
2. Energy efficiency and conservation
3. Clean energy and technology
4. Forestry, agriculture and land management
5. Climate adaptation and resilience
Proceeds of the Bonds are expected to be used to fund some or all of such types of Eligible Projects.
The Bonds will be direct unsecured obligations of the Province as described under "Description of Bonds --
Status of the Bonds" and holders of the Bonds will not assume any specific project risk related to any of the
Eligible Projects.
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