INVESTOR OVERVIEW · Market Capitalization of ~$13.61 billion Regulated and Privatized Operations 99% of revenue from regulated operations Privatization initiative by Province of

1One of North America’s Largest Electric Utilities TSX: HInternal & confidential

INVESTOR OVERVIEW

Post Second Quarter 2019

One of North America’s largest electric utilities TSX:H

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WHY INVEST IN HYDRO ONE

• One of the largest electric utilities in North America with significant scale and leadership position across Canada’s most populated province

• Unique combination of pure-play electric power transmission and local distribution, with no generation or material exposure to commodity prices

• 99% of business is rate-regulated in a constructive, stable, transparent and collaborative regulatory environment

• Predictable growth profile with expanding rate base and strong cash flows, together with broad support for refurbishment of aging infrastructure

• Opportunities to transform to a performance driven culture, capture productivity improvements and transition to incentive-based regulatory model

• One of the strongest investment grade balance sheets in the North American utility sector

• Increased $0.966 annualized dividend with 70% - 80% target payout ratio and opportunity for continued dividend growth with rate base expansion, continued consolidation and efficiency realization

• Fully independent board together with legislated governance structure allow company to operate autonomously, transform culture and drive shareholder value creation on multiple fronts

• Management team with demonstrated experience transforming organizations, accelerating performance and creating significant shareholder value

A unique low-risk opportunity to participate in the transformation of a premium, large scale regulated electric utility

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RECENT DEVELOPMENTSOrganization PrioritiesSecond Quarter Highlights

• Earnings per share (EPS) of $0.26 and adjusted EPS of $0.26, compared to $0.34 and $0.33, respectively, for the same period in 2018, a decrease of 24% and 21%, reflecting less favourable weather, higher financing costs due to the issuance of long-term debt, and an increase in operation, maintenance and administration (OM&A) costs due to increase in vegetation management work and higher emergency power restoration costs in the quarter.

• Distribution reliability continued to improve in the second quarter of 2019 versus the same quarter last year by approximately 18%. The improved reliability was partly the result of our Optimal Cycle Protocol vegetation management program.

• In the first half of 2019, distribution customer satisfaction score with residential and small businesses reached 85%, a 9% increase over 2018, and the highest in 10 years.

• Hydro One was requested by the Independent Electricity System Operator (IESO) to build a new transmission line from Chatham to Leamington. This project shows the Company’s continued commitment to and advocacy for its customers and its goal of supporting economic growth. Also, due to the increased load, this project is expected to help lower customer rates.

• The Company published its sustainability report that demonstrates a positive trend, and was recognized as one of the Best 50 Corporate Citizens in Canada by Corporate Knights.

• Senior management strength enhanced with the appointments of Paul Harricks as Chief Legal Officer and Saylor Millitz-Lee as Chief Human Resources Officer, along with the previously announced appointment of Chris Lopez as the Chief Financial Officer.

• Organized transition of Chair of the Board of Directors with the announced resignation of Tom Woods and the appointment of Tim Hodgson.

• Quarterly dividend declared at $0.2415 per share, payable September 30, 2019.

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3

4

62%

38%$1,368M

62%

37%

1%

$1,575M

60%

40%$19.7B

52%47%

1%

Transmission Distribution Other

$3,251M

Revenue Net of Purchased Power

THE VALUE OF HYDRO ONE

ABOUT THE COMPANY HOW WE DID IN 2018 WHY INVEST

30,000 circuit KM’s of transmission lines across 98% of Ontario

Transmission & Distribution

Largest Local Distribution Company in Ontario with almost 1.4 million end customers

Combined 2018 Transmission & Distribution Rate Base of $19.7B

Market Capitalization of ~$13.61 billion

Regulated and Privatized Operations

99% of revenue from regulated operations

Privatization initiative by Province of Ontario to divest majority stake in Hydro One complete with post November 2015 IPO (15%), April 2016 secondary (15%), and May 2017 secondary (20%) offerings

55%36%

9%

$25.7B

Total Assets

Regulated EBIT Capital Investments

Rate Base

Stable Operations

Stable and growing cash flows with 99% of overall business fully rate-regulated

No generation or material exposure to commodity prices

Financial Performance

Predictable self-funding organic growth profile with ~5% expected five year rate base CAGR

Attractive 70% - 80% target dividend payout ratio

Annualized dividend of $0.966 per share

Strong balance sheet with investment grade credit ratings

1) Based on closing share price on June 28th, 20194

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Mark PoweskaPresident and CEO

Jason Fitzsimmons Chief Corporate Affairs

& Customer Care Officer

Saylor Millitz-LeeEVP, Chief Human Resources Officer

Chris LopezChief Financial Officer

A leadership team with strong operational experience committed to achieving efficiencies at Hydro One

Paul HarricksChief Legal Officer

EXECUTIVE LEADERSHIP TEAM

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Brad BownessChief Information Officer

Darlene BradleyActing

Chief Operating Officer

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Corporate Structure

Hydro One Networks Inc. Hydro One Remote Communities Inc. Hydro One Telecom Inc.

Public CompanyHydro One Limited

Rate-Regulated Businesses (99% of revenue) Non-Rate-Regulated Business

TSX: H

Public Debt IssuerHydro One Inc.

Hydro One’s Role in the Ontario Electric Power System

Our transmission and distribution systems safely and reliably serve communities throughout Ontario. Our customers are suburban, rural andremote homes and businesses across the province.

We are Ontario's largest electricity transmission and distribution provider with almost C$25.7 billion in assets and 2018 annual revenues of almost C$6.2 billion. Our communities are proudly and safely serviced by a team of skilled and dedicated employees.

A LOOK AT THE ORGANIZATION

6

7

7

2016

2017

2018

Capital OM&A

2016 2017 2018

On-Roads Off-Roads Other Equipment

6671

7678

88 90

2016 2017 2018

Reducing the Fleet by 10%

ACHIEVEMENTS AND EFFICIENCIES

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• Generated productivity savings of $135.5 million in 2018 comprised of $53.3 million in OM&A and $82.2 million in capital and totaling a quarter of a billion dollars since 2015

• Move to Mobile transformed work processes and implemented technology that automated the scheduling & dispatching functions

• Strategic sourcing initiatives led to price reduction for materials and services as a result of consolidating spend across Hydro One and increasing competition among vendors

• Hydro One leveraged telematics data to identify underutilized fleet equipment causing a reduction of fleet size by 10%

• Optimal Cycle Protocol (OCP) is a state-of-the-art vegetation management program that was implemented in October 2017. OCP will shorten tree clearing and trimming cycle to 3 years from 10 years

8,010

7,189

Improving Customer Satisfaction (%)

89.5

24.9

Paving New Paths in Productivity Savings ($M)

$249.9M

135.5

7,106

Distribution Transmission9

8

In 2018, we focused on developing the groundwork

to build a successful sustainability program through

the completion of a detailed materiality assessment.

Approach to Sustainability

SUSTAINABILITY AT HYDRO ONEIn 2018, Hydro One conducted a formal materiality assessment to identify the sustainability issues that matter most to our business, stakeholders and partners

Featured Outcomes of the 2018 Sustainability ReportA Matrix of 10 Material Issues Identified1

(1) Material issues identified are found in the top right unshaded corner of Matrix

In 2018, the representation of visible minorities in executive positions increased to 15.6% from 11.4%

We improved restoration time following a storm by 33% since a similar-sized event five years ago

Injected $1.3 billion into Ontario’s economy through procurement, with 85 % spent on Ontario suppliers

Strengthened ties with Indigenous leaders, businesses and communities across the province

Approximately $2.6 million in investments to community initiatives

Capital investments of $1.6 billion to renew and modernize Ontario’s electricity system

Transmission customer satisfaction reached an all-time high at 90 per cent

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• Ontario was the first North American jurisdiction to fully eliminate coal electricity

generation and leads Canada in wind and solar capacity

• Recent five year Ontario Climate Change Action Plan will further accelerate province’s leadership in reduction of greenhouse gas emissions

• One of only six utilities in Canada to achieve the Sustainable Energy Company

designation from the Canadian Electrical Association

• Ontario electricity now generated by: nuclear 58%, hydro 23%, natural gas 10%, wind 7%, solar 2%

• Ranked as the top utility in Corporate Knights Canada’s 2016 Best Corporate Citizens on a set of 12 sustainability metrics, including carbon productivity and gender diversity in leadership

• Environmental stewards of thousands of kilometers of transmission grid corridor lands, including management of vegetation for habitat preservation and protection of species at risk

• ISO 14001 Compatible Environmental Management System to identify and proactively manage environmental risks for continual improvement

• Greener Choices program actively engages employees in sustainability improvement efforts for energy efficiency, recycling and waste reduction at work

Transmitting and delivering some of the cleanest energy in North America

DELIVERING CLEAN AND SUSTAINABLE ENERGY

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10

Distribution and Regulating Stations

THE REGULATED BUSINESSTransmission & Distribution

Transmission

Distribution

42

84

25

309

30,000

LDC Customers

Large Directly Connected Industrial Customers

Transmission Lines (Circuit KM)

Transmission Stations In Service

Cross Border Interconnections

90

1,000

~1.4M

1.6M

123,000

LDC’s Consolidated Since 2000

Distribution Lines (Circuit KM)

Distribution Poles

Distribution End Customers

• Hydro One has filed a 3-year Custom IR application for Transmission from 2020-2022

• Hydro One owns and operating 98% of Ontario’s transmission capacity

• Transmission produces reliable cash flow with low volatility under Ontario Energy Board (OEB)

• Growing rate base with planned annual capital investments of ~$1,000 - $1,500 million through 2022 with focus on refurbishing aging assets

• Emerging industries and system requirements helping drive expansion of transmission network

• 2018 allowed ROE of 9.00% with 40% / 60% deemed equity / debt capital structure. 2019 rates are inflationary and grew 1.4% from 2018 Revenue Requirement

• Distribution is a stable, rate-regulated business operating under OEB cost of service framework

• Growing rate base with planned annual capex of ~$650 - $800 million through 2022

• Allowed ROE of 9.00% with 40% / 60% deemed equity/debt capital structure through application

• OEB decision in place transitioning residential distribution rates to fully fixed

• Drivers of growth include rate base expansion, productivity improvements and continued consolidation of other LDC’s

• Haldimand, Woodstock, Norfolk LDC acquisitions grew customer base by ~5%

75% GEOGRAPHY OF PROVINCE

SERVED BY DISTRIBUTION

98% OF ONTARIO’S TRANSMISSION

CAPACITY

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HYDRO ONE TELECOMIntegral role in servicing grid assets

6,400

81

30

1,900

Fiber optic lines (route KMs)

Network Points of Presence

Customer Site Connections

Data Centres Connected

• Leverages Hydro One’s network fiber assets used to monitor and manage power grid circuitry

• Diverse, secure, low latency broadband connectivity across Ontario utilizing infrastructure constructed principally along electric transmission network

• Provincial fiber routes extend to Montreal and also include connection points in Buffalo and Detroit

• Provides fiber-optic broadband network services including leased circuits, dark fiber, ethernet transport, internet transit, data center connectivity and tower access

• Customers include data centers, cloud service providers, enterprises, ISPs, other Telco's and public sector entities

• Currently expanding number of data center connections and launching managed security, cloud backup and data recovery solutions

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$10B OF CAPITAL INVESTMENT DRIVING RATE BASE GROWTH

$1,049$1,203 $1,329 $1,380 $1,381

$632$671

$645 $620 $757

2019 2020 2021 2022 2023

Transmission Distribution

Projected Regulated Capital Investments* ($M) Projected Rate Base Growth*

$1,874$1,974 $2,000

$2,138

2019 2020 2021 2022 2023

Comments* Company estimates subject to change and include amounts from April 2019 filed distribution draft rate order, 2019

transmission inflationary filing, and 2020-2022 Transmission filing which are subject to OEB approval

• Organic growth underpinned by continued rate base expansion to renew and modernize grid• Material amounts of deteriorated, end-of-service life infrastructure must be upgraded or replaced• Little concentration risk as most projects within capex envelope are small to medium relative to total• Investments not undertaken without reasonable assurance of regulatory recovery• Equity issuance not anticipated for planned capital investment program which is self-funded

$20,650 $21,495 $22,559

$25,157$23,676

Consistent and predictable organic growth profile underpinned by required replacement of aging infrastructure

$1,681

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Leamington Area Transmission Reinforcement1

INFRASTRUCTURE INVESTMENTS

Richview Transmission Station

Estimated Total Project Cost: $325 million

Capital Cost To Date: Not started

Anticipated In-Service Date: 2026

The Leamington Area Transmission Reinforcement project consists of the construction of a new double-circuit line between Chatham and Leamington and associated transmission stations and connections. The project is currently in the development stage.

Estimated Total Project Cost: $109 million

Capital Cost To Date: $104 million

Anticipated In-Service Date: 2020

Replacement of 50 year old end-of-life equipment at Richview Transformer Station to ensure the secure and reliable power supply to the City of Toronto and surrounding communities

East-West Tie Station Expansion

Estimated Total Project Cost: $157 million

Capital Cost To Date: $28 million

Anticipated In-Service Date: 2022

The majority of the East-West Tie Station Expansion project will be placed in-service in 2021, enabling the connection and energization of the new East-West Tie transmission line. Additional work to complete the upgrades will be placed in-service in 2022 1) The Leamington Area Transmission Reinforcement project consists of the construction of a new double-circuit line between Chatham and Leamington

and associated transmission stations and connections. The project is currently in the development stage. The anticipated in-service dates for the line and stations are between 2020 and 2026, and the total estimated cost is in the range of $290 million to $325 million, with approximately $143 million of the total estimated cost included in the projected capital investments tables in section "Future Capital Investments" below.

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• Transmission and distribution businesses rate-regulated by the Ontario Energy Board (OEB)

• Deemed debt / equity ratio of 60% / 40% for both transmission and distribution segments

• Reduced regulatory lag through forward-looking test years, revenue decoupling and adjustment mechanisms

• Received a decision for distribution rates under the OEB’s Custom Incentive Rate Making model on March 7, 2019 for a 2018 – 2022 five year term

• Received a decision for transmission rates under the OEB’s Incentive Rate Making model on April 25, 2019 for 2019 rates

• Filed a 3-year transmission application under the OEB’s Custom Incentive Rate Making model on March 21, 2019 for 2020 - 2022 rates

Transmission Inflationary2019

8.98%2019

2019

$12.55 billion

One-year inflationary adjustment to transmission rates for 2019. Filed a 3-year transmission application under the OEB’s Custom Incentive Rate Making model on March 21, 2019 for 2020 - 2022 rates

CommentsCurrent rate

methodologyAllowed

ROEEffective term of next application

Expectedrate base1,3

Distribution Custom IR2019

9.00%2018-22

2019

$8.1 billion

Custom incentive rates. Decision for 2018-2022 distribution rates received

CommentsEffective term of next application

Expectedrate base2,3

Allowed ROE

Current rate methodology

(1) Transmission rate base includes 100% of B2M JV and Hydro One Sault Ste. Marie (2) Distribution Rate Base includes recent LDC acquisitions and Hydro One Remote Communities(3) Company estimates subject to change and include amounts from March 2019 filed transmission rate application

Consistent, independent regulator with a transparent rate-setting process

CONSTRUCTIVE RATE REGULATOR (OEB)

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SEGMENTED INCENTIVE REGULATORY CONSTRUCTThe transition from cost of service to incentive based regulatory model coincident with transformation of business will create value for both customers and shareholders

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20

DistributionOEB Approved

2018-2022

TransmissionSubject to OEB Approval

2020-2022

Rebasing Year 2018 2020

Revenue Requirement Determined By1,2:

Custom Revenue Cap Index (RCI) by Component (%)(1) Inflation Adjustment Factor(2) Less: Productivity Stretch Factor Offset(3) Add: Capital Stretch Factor(4) Equals: Custom Revenue Cap Index Total

Custom Revenue Cap Index (RCI) by Component (%)(1) Inflation Adjustment Factor(2) Less: Productivity Stretch Factor Offset(3) Add: Capital Stretch Factor(4) Equals: Custom Revenue Cap Index Total

2019 2020 2021 2022 2019 2020 2021 2022

(1) 1.50% 1.50% 1.50% 1.50% (1) 1.40%2020 revenuesdetermined though application process

1.40% 1.40%

(2) -0.45% -0.45% -0.45% -0.45% (2) 0.00% 0.00% 0.00%

(3) 1.65% 1.21% 1.96% 1.88% (3) 4.09% 3.59%

(4) 2.70% 2.26% 3.01% 2.93% (4) 1.40% 5.49% 4.99%

Earnings Sharing Method 50% of earnings that exceed allowed ROE by more than 100 basis points in any year of the term of the filing shared with customers

Allowed ROE 9.00% through test years Will be announced by OEB in Q4, 2019

Effective Rate Setting May 1, 2018May 1, 2019 for 2019 RatesJanuary 1 for respective rates 2020-2022

(1) Source: Distribution Draft Rate Order filed in April, 2019(2) Source: Transmission 2020-2022 Rate Application filed June 6, 2019 (Blue-Page update)

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$52

$37

$9

$9

$6

$3

$90

$66

$8

$44

$6

2017 Distribution Costs 2017 Transmission Costs 2017 Regulatory Charges 2017 Electricity Charges 2017 Sales Tax & OCEB Reductions in Billthrough 2019

2019 Bill

Sales Tax andOCEBElectricity Charges

Regulatory

Transmission

Distribution

$108 $104 $101 $111

$123 $129 $136 $141

$149 $157

$179 $165

$121 $121

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Sales Tax and OCEB

Electricity Charges

Regulatory

Transmission

Distribution

REDUCING OUR CUSTOMER BILLSSince 2017, Hydro One customer bills have decreased on average from $165 to $121 per month

(1.5%)

3.0%

(8.4%)

1.2%

(0.2%)

Hydro One’s Portion

Electricity & other charges

Pre-Fair Hydro Plan2017 Monthly Bill- $165

Post-Fair Hydro Plan2019 Monthly Bill- $121

Annual Change in Customer Monthly Bills

Note: The charts represent the breakdown of a typical bill for a Hydro One medium-density residential local distribution end customer using 750 kWh a month. Subject to update upon effective rate setting.

1) OCEB is an abbreviation for the Ontario Clean Energy Benefit

1.0%

6.6%

5.4%

1.4%

3.0%

Pre-Fair Hydro Plan

CAGR2006-2017

16

-4% -2% 9% 11% 6% 5% 4% 6% 6% 14% -8% -27% 0%

21

Post-Fair Hydro Plan

CAGR2006-2019

(5%)

(55%)

(2%)

(7%)

(31%)

% of Bill

17

0

100

200

300

400

500

600

700

800

900

20

19

20

20

20

21

20

22

20

23

20

24

20

25

20

26

20

27

20

28

20

29

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30

20

31

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32

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20

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20

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20

38

20

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20

40

20

41

20

42

20

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20

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20

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20

64

2,300

598

250

Undrawn Credit Facilities Short-Term NotesPayable

Strong Investment Grade Credit Ratings (LT/ST/Outlook)

S&P

DBRS

Moody’s

Hydro One Inc. (HOI)

A- / A-1 (low) / negative1

A (high) / R-1 (low) / stable

Baa1 / Prime-2 / stable

Significant Available Liquidity ($M)

Hydro One Inc.

Hydro One Limited

Debt Maturity Schedule ($M) Weighted average cost of long-term debt: 4.1%Weighted average term (years): 15.5Debt to Capitalization4: 56.6%FFO to Net Debt5: 10.6%

Shelf Registrations

HOL: Universal Shelf2: $4.0B

HOI: Medium Term Note

Shelf3:$4.0B

(1) On December 10, 2018, S&P placed the issuer credit rating on Hydro One and the issue-level rating on Hydro One Inc.'s senior unsecured debt on negative outlook due to uncertainty about Hydro One’s ability to convert its strategy into constructive actions that support the Company's financial performance, broader concerns related to Hydro One’s governance, and uncertainty regarding the Company's strategic direction.

(2) The Universal Base Shelf Prospectus allows Hydro One to offer, from time to time in one or more public offerings, up to $4.0 billion of debt, equity or other securities, or any combination thereof, during the 25-month period ending on July 18, 2020. At June 30, 2019, no securities have been issued under the Universal Base Shelf Prospectus. Hydro One Limited filed the Universal Base Shelf Prospectus to provide the Company with financing flexibility going forward.

(3) At June 30, 2019, $2.9 billion was drawn from the Medium Term Note Shelf, leaving $1.1 billion available for issuance until April 2020.

(4) Debt to capitalization ratio has been calculated as total net debt (includes total long-term debt and short-term borrowings, net of cash and cash equivalents) divided by total debt plus total shareholders’ equity, including preferred shares but excluding any amounts related to noncontrolling interest.

(5) FFO to Net Debt for the last twelve months ending Q2 2019 has not been adjusted for one-time costs related to the termination of the Avista Corporation acquisition.

Investment grade balance sheet with one of lowest debt costs in utility sector

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5

STRONG BALANCE SHEET AND LIQUIDITY

18

77%

23%

Institutional

Retail

Approximate Ownership of Public Float Equity Index Inclusions

S&P/TSX Composite Index

FTSE All-World (Canada)

S&P/TSX CompositeLow Volatility Index

MSCI World (Canada)

Dow Jones Canada Select Utilities

S&P/TSX Utilities Index

S&P/TSX CompositeDividend Index

Comments

• 596 million common shares outstanding, listed on Toronto Stock Exchange (TSX: H)

• Equity market capitalization of ~$13.6 billion1 and public float of ~$6.5 billion

• Equity market capitalization amongst the top 60 of all listed Canadian companies

S&P/TSX Composite High Dividend Index

(1) Based on closing share price on June 28th, 2019

EQUITY MARKET CAP OVERVIEW

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15

Approximate Geographic Dispersion of Public Float

52%

24%

24%Canada

US

Rest ofWorld

19

COMMON SHARE DIVIDENDS

• Quarterly dividend declared at $0.2415 per common share ($0.966 annualized)

• Targeted dividend payout ratio remains at 70% - 80% of net income

• Attractive and growing dividend supported by stable, regulated cash flows and planned rate base growth

• No equity issuance anticipated to fund planned five year capital investment program

• Non-dilutive dividend reinvestment plan (DRIP) was implemented post IPO (shares purchased on open market, not issued from treasury)

Declaration Date Record Date Payment Date

August 8, 2019 September 12, 2019 September 30, 2019

November 6, 2019 December 11, 2019 December 31, 2019

Expected Upcoming Quarterly Dividend Dates3

Dividend Statistics

Yield1 4.2%

Annualized Dividend2,3 $0.966 / share

Key Points

(1) Based on closing share price on June 28th, 2019(2) Unless indicated otherwise, all common share dividends are designated as "eligible" dividends for the purpose of the Income Tax Act (Canada)(3) All dividend declarations and related dates are subject to Board approval.

Consecutive annual 5% increase announced on May 9th, 2019

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APPENDIX

Appendix

24

21

HYDRO ONE LIMITED

2Q19 FINANCIAL SUMMARY

21

Revenue Second Quarter YTD

(millions of dollars, except EPS) 2019 2018 % Change 2019 2018 % Change

Transmission $374 $430 (13.0%) $802 $851 (5.8%)

Distribution 1,029 1,036 (0.7%) 2,350 2,181 7.7%

Distribution (Net of Purchased Power) 376 362 3.9% 890 756 17.7%

Other 10 11 (9.1%) 20 21 (4.8%)

Consolidated 1,413 1,477 (4.3%) 3,172 3,053 3.9%

Consolidated (Net of Purchased Power) 760 803 (5.4%) 1,712 1,628 5.2%

OM&A Costs 267 256 4.3% 683 526 29.8%

Earnings Before Financing Charges and Income Taxes (EBIT)

Transmission 159 228 (30.3%) 375 441 (15.0%)

Distribution 118 120 (1.7%) 388 277 40.1%

Other (5) (11) (54.5%) (167) (23) -

Consolidated 272 337 (19.3%) 596 695 (14.2%)

Net Income (Loss) 1 155 200 (22.5%) 326 422 (22.7%)

Adjusted Net Income (Loss) 1,2 155 194 (20.1%) 466 404 15.3%

Basic EPS $0.26 $0.34 (23.5%) $0.55 0.71 (22.5%)

Basic Adjusted EPS1 $0.26 $0.33 (21.2%) $0.78 $0.68 14.7%

Capital Investments 370 401 (7.7%) 681 706 (3.5%)

Assets Placed In-Service

Transmission 161 316 (49.1%) 215 354 (39.3%)

Distribution 114 158 (27.8%) 202 263 (23.2%)

Other 1 3 - 4 5 -

Consolidated 276 477 (42.1%) 421 622 (32.3%)

Financial Statements reported under U.S. GAAP(1) Net Income is attributable to common shareholders and is after non-controlling interest, dividends to preferred shareholders, (2) Adjusted Net Income excludes items related to the Avista Corporation acquisition and the impact related to the OEB’s deferred tax asset decision on HONI’s Distribution and Transmission businesses

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Development Project Name Location TypeAnticipated

In-Service DateEstimated

CostCapital Cost

To-Date

Niagara Reinforcement Project Niagara areaSouthwestern Ontario

New transmission line 20191 $135 million $127 million

East-West Tie Station Expansion Northern Ontario New transmission connection and station expansion

20222 $157 million $28 million

Waasigan Transmission Line Thunder Bay-AtikokanNorthwestern Ontario

New transmission line 20243 $35 million3 $1 million3

Wataynikaneyap Power LP LineConnection

Northwestern Ontario New transmission connection 2021 $31 million $1 million

Leamington Area TransmissionReinforcement

LeamingtonSouthwestern Ontario

New transmission lineand stations

20264 $325 million -

Sustainment Project Name Location TypeAnticipated

In-Service DateEstimated

CostCapital Cost

To-Date

Richview Transmission StationCircuit Breaker Replacement

TorontoSouthwestern Ontario

Station sustainment 2020 $109 million $104 million

Bruce A Transmission Station TivertonSouthwestern Ontario

Station sustainment 2020 $147 million $130 million

Beck #2 Transmission StationCircuit Breaker Replacement

Niagara areaSouthwestern Ontario

Station sustainment 2022 $112 million $71 million

Lennox Transmission StationCircuit Breaker Replacement

NapaneeSoutheastern Ontario

Station sustainment 2023 $111 million $69 million

Middleport Transmission Station Circuit ddBreaker Replacement

Middleport

Southwestern Ontario

Station sustainment 2025 $117 million5 $16 million

(1) See section Regulation - Niagara Reinforcement Limited Partnership for additional information.(2) The majority of the East-West Tie Station Expansion project is expected to be placed in-service in 2021, enabling the connection and energization of the new East-West Tie transmission line. Additional work to complete the upgrades is expected to be placed in-service in 2022.(3) The in-service date and the costs of the Waasigan Transmission Line project (formerly known as Northwest Bulk Transmission Line Development project) relate to the development phase.(4) The Leamington Area Transmission Reinforcement project consists of the construction of a new double-circuit line between Chatham and Leamington and associated transmission stations and connections. The project is currently in the development stage. The anticipated in-

service dates for the line and stations are between 2020 and 2026, and the total estimated cost is in the range of $290 million to $325 million, with approximately $143 million of the total estimated cost included in the projected(5) Approximately $107 million of the total estimated cost is included in the projected capital investments tables in section "Future Capital Investments" below.

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26

TOP TRANSMISSION CAPITAL PROJECTS UNDERWAY

23

Who: Independent Electricity System OperatorWhat: Wholesale power market rules, intermediary, North American reliability standards

Who: Provincial Government, Ministry of EnergyWhat: Policy, legislation, regulations

Who: Ontario Energy Board (OEB)What: Independent electric utility price and service quality regulation

Who: National Energy BoardWhat: Federal regulator, international power lines and substations

Who: North American Electric Reliability CorporationWhat: Continent-wide bulk power reliability standards, certification, monitoring

Who: Northeast Power Coordinating CouncilWhat: Northeastern North American grid reliability, standards, compliance

REGULATORY STAKEHOLDERS

23

18

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INDEPENDENT BOARD OF DIRECTORS

24

Timothy Hodgson, MBA, FCPA, ICD.DManaging Partner Alignvest Management Corporation, Former Special Advisor to Bank of Canada Governor Mark Carney, Former CEO Goldman Sachs Canada, Director Public Sector Pension Investment Board (PSP Investments), Director MEG Energy, Director Alignvest Acquisition II Corporation

Jessica McDonald, ICD.DChair, Canada Post Corporation, Former President & CEO BC Hydro & Power Authority, Director Coeur Mining Inc., Chair Trevali Mining Corporation, Member Council of Sustainable Development Technology Canada

Cherie Brant, JDPartner, Borden Ladner Gervais LLP, Director Anishnawbe Health Foundation, Member Canadian Council for Aboriginal Business, Research Advisory Board, Aboriginal Energy Working Group-IESO

Russel Robertson, FCPA, FCA, ICD.DDirector, Former EVP and Head, Anti-Money Laundering, BMO Financial Group, Former Vice-Chair, Deloitte & Touche LLP, Director Bausch Health Companies Inc., Director Turquoise Hill Resources

Blair Cowper-Smith, LLM, ICD.DPrincipal and founder Erin Park Business Solutions, Former Chief Corporate Affairs Officer OMERS

William Sheffield, BSC, MBA, ICD.DDirector, Former CEO Sappi Fine Papers, Director, Houston Wire & Cable Company, Director, Velan Inc., Former Board Member OPG

Anne Giardini, O.C., O.B.C, Q.C, LLMChancellor, Simon Fraser University, Former Canadian President Weyerhaeuser Company Limited, Former Director Nevsun Resources LTD

Melissa Sonberg, BSC, MHA, ICD.DAdjunct Professor, Executive-in- Residence, McGill University, Desautel Faculty of Management, Director Exchange Income Corporation, Former Senior Vice President, Human Resources & Corporate Affairs and Senior Vice President, Global Brands, Communications and External Affairs at AIMIA.

David Hay, LLB, ICD.DManaging Director Delgatie Incorporated, Former CEO New Brunswick Power Corporation, Former Vice-Chair and Managing Director of CIBC World Markets Inc., Director EPCOR, Council Member of the Council for Clean and Reliable Energy

Mark PoweskaPresident and CEO of Hydro One Ltd, Former Executive Vice President, Operations at BC Hydro, Director and Chair of the Operations Committee of the Western Energy Institute, Board Advisor to Yukon Energy Corporation

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DISCLAIMERSDISCLAIMERS In this presentation, all amounts are in Canadian dollars, unless otherwise indicated. Any graphs, tables or other information in this presentation demonstrating the historical performance of the Company or any other entity contained in this presentation are intended only to illustrate past performance of such entitles and are not necessarily indicative of future performance of Hydro One. In this presentation, “Hydro One” refers to Hydro One Limited and its subsidiaries and other investments, taken together as a whole.

Forward-Looking Information

This presentation contains “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information in this presentation is based on current expectations, estimates, forecasts and projections about Hydro One’s business and the industry in which Hydro One operates and includes beliefs of and assumptions made by management. Such statements include, but are not limited to: statements regarding ongoing and planned projects and initiatives, including anticipated timing and impacts; statements related to vegetation management; statements about consolidation; statements relating to our sustainability program; statements related to dividends; statements regarding future equity issuances; expectations regarding planned or expected capital investments; statements related to rate applications, proceedings, anticipated regulatory decisions and impacts; statements related to the Universal Shelf and the Medium Term Note Shelf; statements related to credit ratings; statements related to the Ontario Climate Change Action Plan; statements about growth, creation of value and efficiency realization; and statements and projections regarding rate base, cash flows, and borrowings.

Words such as “aim”, “could”, “would”, “expect”, “anticipate”, “intend”, “attempt”, “may”, “plan”, “will”, “believe”, “seek”, “estimate”, “goal”, “target”, and variations of such words and similar expressions are intended to identify such forward-looking information. These statements are not guarantees of future performance 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. Hydro One does not intend, and it disclaims any obligation to update any forward-looking information, except as required by law.

The forward-looking information in this presentation is based on a variety of factors and assumptions, as described in the financial statements and management’s discussion and analysis. Actual results may differ materially from those predicted by such forward-looking information. While Hydro One does not know what impact any of these differences may have, Hydro One’s business, results of operations and financial condition may be materially adversely affected if any such differences occur. Factors that could cause actual results or outcomes to differ materially from the results expressed or implied by forward-looking information are described in the financial statements and management’s discussion and analysis.

Non-GAAP Measures Hydro One prepares and presents its financial statements in accordance with U.S. GAAP. “Funds from Operations” or “FFO”, “Adjusted Net Income”, “Revenue Net of Purchased Power” and “Adjusted Earnings Per Share” are not recognized measures under U.S. GAAP and do not have standardized meanings prescribed by U.S. GAAP. These are therefore unlikely to be comparable to similar measures presented by other companies. Funds from Operations should not be considered in isolation nor as a substitute for analysis of Hydro One’s financial information reported under U.S. GAAP. “Funds from Operations” or “FFO” is defined as net cash from operating activities, adjusted for the following: (i) changes in non-cash balances related to operations, (ii) dividends paid on preferred shares, and (iii) non-controlling interest distributions. Management believes that these measures will be helpful as a supplemental measure of the Company’s operating cash flows and earnings. For more information, see “Non-GAAP Measures” in Hydro One’s 2018 full year MD&A.

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CONTACT

Omar JavedVice President, Investor [email protected](416) 345-5943

HydroOne.com/InvestorRelations

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