Obbligazione Ontarian Province 1.125% ( US683234AR91 ) in USD

Ontarian Province

100 USD ▲

Canada

US683234AR91 ( in USD )

1.125% per anno ( pagato 2 volte l'anno)

06/10/2030

Prospetto opuscolo dell'obbligazione Province of Ontario US683234AR91 en USD 1.125%, scadenza 06/10/2030

5 000 USD

1 250 000 000 USD

683234AR9

07/04/2026 ( In 73 giorni )

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 USD, with the ISIN code US683234AR91, pays a coupon of 1.125% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 06/10/2030

Prospectus Supplement to Prospectus dated August 23, 2019
US$1,250,000,000
Province of Ontario
(Canada)
1.125% Bonds due October 7, 2030
We will pay interest on the Bonds at the rate of 1.125% per year. Interest will be paid on October 7 and
April 7 of each year, beginning April 7, 2021. The Bonds will mature on October 7, 2030. 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
Professional Segment of 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 Directive
2014/65/EU (as amended, "MiFID II"). 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
Professional Segment of 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 16th, 2019 on Prospectuses for Securities. We
have undertaken to the underwriters to use all reasonable efforts to have the Bonds listed on 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 U.S. 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 8, 2020 (the "Prospectus Supplement") and the accompanying
basic prospectus dated August 23, 2019 (the "Basic Prospectus"). Any representation to the contrary is a
criminal offense.
Per Bond
Total
Public Offering Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99.934%
US$1,249,175,000
Underwriting Discount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.175%
US$
2,187,500
Proceeds, before expenses, to Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99.759%
US$1,246,987,500
The initial public offering price set forth above does not include accrued interest, if any. Interest on the
Bonds will accrue from October 7, 2020, and must be paid if the Bonds are delivered after that date.
The Bonds have been delivered in book-entry form through The Depository Trust Company and its
participants, including CDS Clearing and Depository Services Inc., Clearstream Banking S.A. and
Euroclear Bank SA/NV, on October 7, 2020.
Barclays
BMO Capital Markets
Goldman Sachs International J.P. Morgan
National Bank of Canada Financial Markets
Prospectus Supplement dated October 8, 2020

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
"$" and "Canadian dollars" are to lawful money of Canada and "US$" and "U.S. dollars" are to lawful money of
the United States of America. The daily average exchange rate between the US$ and the Canadian dollar
published by the Bank of Canada on September 29, 2020 was approximately $1.00 = US$0.7468.
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
advisers 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 during the stabilization
period at a level higher than that which might otherwise prevail. However, stabilization may not necessarily
occur. 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 cease at any time, but it must end no later than the earlier of
30 days after the date on which the Province received the proceeds of the issue 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) and will be undertaken at the offices of the underwriters (or persons acting on
their behalf) and on the Professional Segment of the Euro MTF Market of the Luxembourg Stock Exchange in
accordance with all applicable laws and rules.
In connection with the issue of the Bonds, the underwriters are not acting for anyone other than us and will
not be responsible to anyone other than us for providing the protections afforded to their clients nor for providing
advice in relation to the offering of the Bonds.
This Prospectus Supplement has been prepared on the basis that all offers of the Bonds in any member state
(the "Member States" and each, a "Member State") of the European Economic Area or in the United Kingdom
(the "UK") will be made pursuant to an exemption under the Prospectus Regulation from the requirement to
produce or publish a prospectus for offers of the Bonds. Accordingly, any person making or intending to make
any offer within a Member State or in the UK of the Bonds which are the subject of an offering contemplated in
this Prospectus Supplement may only do so to legal entities which are qualified investors as defined in the
Prospectus Regulation, provided that no such offer of the Bonds shall require the Province or any underwriter to
produce or publish a prospectus pursuant to Article 3 of the Prospectus Regulation in relation to such offer or
supplement a prospectus pursuant to Article 23 of the Prospectus Regulation.
S-2

Neither the Province nor any underwriter has authorized, nor do they authorize, the making of any offer of
the Bonds to any legal entity which is not a qualified investor as defined in the Prospectus Regulation.
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.
Each person in a Member State of the European Economic Area or in the UK who receives any
communication in respect of, or who acquires any Bonds under, the offer contemplated in this Prospectus
Supplement, or to whom the Bonds are otherwise made available, will be deemed to have represented, warranted
and agreed to and with each underwriter and the Province that it and any person on whose behalf it acquires
Bonds is a qualified investor within the meaning of Article 2(e) of the Prospectus Regulation.
The expression "Prospectus Regulation" means Regulation (EU) 2017/1129.
Solely for the purposes of the manufacturers' product approval process, the target market assessment in
respect of the Bonds has led to the conclusion that: (i) the target market for the Bonds is eligible counterparties
and professional clients only, each as defined in MiFID II; and (ii) all channels for distribution of the Bonds to
eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or
recommending the Bonds (a "distributor") should take into consideration the manufacturers' target market
assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market
assessment in respect of the Bonds (by either adopting or refining the manufacturers' target market assessment)
and determining appropriate distribution channels.
References to Regulations or Directives include, in relation to the UK, those Regulations or Directives as
they form part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended) or
have been implemented in UK domestic law, as appropriate.
All Bonds shall be prescribed capital markets products (as defined in Singapore's Securities and Futures
(Capital Markets Products) Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA
04-N12; Notice on the Sale of Investment Products and MAS Notice FAA-N16; Notice on Recommendations on
Investment Products).
Delivery of the Bonds has been made against payment therefor on the date specified on the cover page of
this Prospectus Supplement, which is six business days following the date of pricing of the Bonds (such
settlement cycle being herein referred to as "T+6"). You should note that the trading of the Bonds on the date
of pricing or the next three succeeding business days may be affected by the T+6 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;
(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;
S-3

(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 behavior 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. Information filed by the Province is
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. Our
website address is www.ontario.ca. The information contained on, or accessible through, the website does not
constitute a part of this Prospectus Supplement or Basic Prospectus. We have included the website address in this
Prospectus Supplement solely as an inactive textual reference.
S-4

TABLE OF CONTENTS
Page
PROSPECTUS SUPPLEMENT
Summary of the Offering . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-6
Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-8
Description of Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-10
Clearing and Settlement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-16
Taxation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-19
Underwriting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-20
Legal Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-24
Authorized Agent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-24
Forward-Looking Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-24
General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-25
PROSPECTUS
About This Prospectus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
Where You Can Find More Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
Forward-Looking Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
Province of Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
Description of Debt Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
Use of Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10
Plan of Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10
Debt Record . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11
Legal Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11
Authorized Agent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12
Experts and Public Official Documents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12
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.
Legal Entity Identifier
C7PVKCRGLG18EBQGZV36
(LEI)
Aggregate principal
US$1,250,000,000
amount
Interest
1.125% per year.
rate Maturity
date
October 7, 2030.
Interest payment
dates
October 7 and April 7 of each year, beginning April 7, 2021. Interest will accrue
from October 7, 2020.
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
US$129,263 our net proceeds will be approximately US$1,246,858,237.
Markets
The Bonds are offered for sale in the United States, Canada, Europe and Asia.
Listing
We have applied to have the Bonds admitted to trading on the Professional
Segment of 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 professional segment of 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 MiFID II.
Form of Bond and
The Bonds will be issued in the form of one or more fully registered permanent
settlement
global bonds registered in the name of Cede & Co., as nominee of The Depository
Trust Company, known as DTC, and will be recorded in a register held by The
Bank of New York Mellon, 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 DTC. Investors
may elect to hold interests in the global bonds through any of DTC (in the United
States), CDS Clearing and Depository Services Inc., known as CDS (in Canada),
Clearstream Banking S.A., known as Clearstream, or Euroclear Bank SA/NV,
known as Euroclear (in Europe and in Asia), if they are participants in such
systems, or indirectly through organizations which are participants in such
systems. CDS will hold interests on behalf of its participants directly through its
account at DTC. Clearstream and Euroclear will hold interests as indirect
participants in DTC.
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 US$5,000 and
integral multiples of US$1,000 for amounts in excess of US$5,000. Initial
settlement for the Bonds will be made in immediately available funds. Principal of
and interest on the Bonds are payable in U.S. 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
DTC, 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) 845-1708.
Recent Developments
The COVID-19 pandemic is currently having an adverse impact on the global financial markets and
economy, including the Province's economy. In response, the Provincial government implemented an action
plan and revised forecasts. See Amendment No. 5 to the Province's Annual Report, filed with the SEC on
Form 18-K/A on August 13, 2020 and incorporated herein by reference. In addition to negatively impacting the
near-term global and Ontario economic growth outlooks, the COVID-19 pandemic has made it difficult to
quantify the uncertainties stemming from the pandemic. This significant uncertainty makes forecasting more
difficult and the economic planning assumptions underlying such forecasts may be quickly out of date due to
rapidly changing circumstances. The spread of COVID-19 and the measures taken to contain its spread may
continue to have adverse impacts on the Province's revenues and economy.
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 Professional Segment of
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 terms 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 terms 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 terms 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.
Because the Bonds are held by or on behalf of DTC, 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 DTC or its nominee. Except in limited circumstances, investors will not be entitled to receive Bonds in
S-8

definitive form. DTC or its participants will maintain records of the beneficial interests in the Bonds. Investors
will be able to trade their beneficial interests only through DTC.
We will discharge our payment obligations under the Bonds by making payments to DTC for distribution to
its account holders. A holder of a beneficial interest in the Bonds must rely on the procedures of DTC and its
participants to receive payments under the Bonds. We have no responsibility or liability for the records relating
to, or payments made in respect of, beneficial interests in the Bonds.
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 DTC 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 terms 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 the United States. 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 the United States. These include
the risk that exchange rates may significantly change (including changes due to devaluation of the currency of
the United States 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 the United States 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

DESCRIPTION OF BONDS
General
Our 1.125% Bonds due October 7, 2030, in the aggregate principal amount of US$1,250,000,000 will be
issued under a fiscal agency agreement dated as of October 7, 2020, between us and The Bank of New York
Mellon, as registrar, fiscal agent, transfer agent and principal paying agent (the "Registrar"), which defines your
rights as a holder of the Bonds.
The information contained in this section and in the Basic Prospectus summarizes some of the terms of the
Bonds and the fiscal agency agreement. You should read the information set forth below together with the
section "Description of Debt Securities" in the Basic Prospectus, which summarizes the general terms of the
Bonds and the fiscal agency agreement. This Prospectus Supplement describes the terms of the Bonds in greater
detail than the Basic Prospectus and may provide information that differs from the Basic Prospectus. If the
information in this Prospectus Supplement differs from the Basic Prospectus, you should rely on the information
in this Prospectus Supplement. You should also read the fiscal agency agreement and the exhibits thereto,
including the form of Global Bonds (as defined below), for a full description of the terms of the Bonds. A copy
of the fiscal agency agreement and its exhibits will be available for inspection at our office.
References to principal and interest in respect of the Bonds shall be deemed also to refer to any Additional
Amounts which may be payable as described below. See "Payment of Additional Amounts."
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.
Form, Denomination and Registration
The Bonds will be issued in the form of fully registered permanent global bonds ("Global Bonds") registered
in the name of Cede & Co., as nominee of DTC, and held by The Bank of New York Mellon as custodian for
DTC, or the DTC Custodian. 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 DTC.
Investors may elect to hold interests in the Global Bonds through any of DTC (in the United States), CDS
(in Canada) or Clearstream or Euroclear (in Europe and in Asia) if they are participants of such systems, or
indirectly through organizations which are participants in such systems. CDS will hold interests on behalf of its
participants directly through its account at DTC and Clearstream and Euroclear will hold interests on behalf of
their participants through customers' securities accounts in Clearstream and Euroclear's names on the books of
their respective depositaries ("U.S. Depositaries"), which in turn will hold such interests in customers' securities
accounts in the U.S. Depositaries' names on the books of DTC. Except in the limited circumstances described
herein, owners of beneficial interests in the Global Bonds 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. See "Title" and "Definitive Certificates."
Bonds will only be sold in minimum aggregate principal amounts of US$5,000 and integral multiples of
US$1,000 for amounts in excess of US$5,000.
All Bonds will be recorded in a register maintained by the Registrar, and will be registered in the name of
Cede & Co., for the benefit of owners of beneficial interests in the Global Bonds, including, those beneficial
owners which are participants of CDS, Clearstream and Euroclear.
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