Order in Council 991/2019

On the recommendation of the undersigned, the Lieutenant Governor of Ontario, by and with the advice and concurrence of the Executive Council of Ontario, orders that:

Whereas the Province of Ontario, from time to time, files registration statements under the United States Securities Act of 1933, as amended, with the Securities and Exchange Commission, Washington, D.C. (the "SEC"), for the registration of debt securities of Ontario for use in connection with the issue and sale from time to time of securities of Ontario, subject to the authorization by the Lieutenant Governor in Council of the borrowing of such amount under the Financial Administration Act, or any other Act of Ontario;

And whereas pursuant to Order in Council 1129/2015 dated August 25, 2015, Ontario filed Registration Statement No. 333-209852 for the registration of debt securities of Ontario in an aggregate principal amount of Twenty Billion Dollars in lawful money of the United States of America (“U.S. Dollars”) or the equivalent in other currencies including composite currencies, and as of May 1, 2019 a balance of Ten Billion One Hundred and Six Million Five Hundred and Fifty-Nine Thousand Two Hundred U.S. Dollars, or the equivalent in other currencies including composite currencies, in aggregate principal amount of debt securities was available for issuance pursuant to Registration Statement No. 333-209852 , and such balance may be drawn down from time to time up to the date of the filing of a new registration statement (collectively, the "Currently Registered Securities");

And whereas it is contemplated that, in addition to the Currently Registered Securities, Ontario will issue and sell additional debt securities in respect of which Ontario will need to file a new registration statement with the SEC under the Securities Act of 1933, as amended, for use in connection with such issue and sale;

And whereas it is therefore considered necessary and desirable that Ontario file a new registration statement with the SEC under the Securities Act of 1933, as amended, for the registration of additional debt securities in an aggregate principal amount not to exceed Twenty Billion U.S. Dollars, or the equivalent in other currencies including composite currencies, less the aggregate principal amount of the Currently Registered Securities remaining available up to the date of the filing of the new registration statement;

Therefore:

1. Each of the Minister of Finance, the Deputy Minister of Finance or the Chief Executive Officer, the Executive Director and Chief Investment Officer, Capital Markets Division, or any Director, Capital Markets Division, all of the Ontario Financing Authority, is severally authorized on behalf of Ontario:

1. to execute and file a new registration statement, including a base prospectus, under the Securities Act of 1933, as amended, with the SEC for the registration of additional debt securities in an aggregate principal amount not to exceed Twenty Billion U.S. Dollars, or the equivalent in other currencies including composite currencies, less the aggregate principal amount of the Currently Registered Securities remaining available up to the date of the filing of the new registration statement (such new registration of debt securities together with the Currently Registered Securities being collectively, "Securities") for use in connection with the issue and sale by Ontario from time to time of Securities in an aggregate principal amount or, in the case of Securities to be offered at a price of less than 95% of the principal amount thereof, aggregate initial offering price, not to exceed Twenty Billion U.S. Dollars, or the equivalent in other currencies including composite currencies, subject to the authorization by the Lieutenant Governor in Council of the borrowing of such amount under the Financial Administration Act, as amended, or any other Act of Ontario;
2. to execute and file any amendment or supplement to the registration statement and any exhibit or document incorporated by reference therein to conform with the requirements of the Securities Act of 1933, as amended, and the rules and regulations thereunder; and
3. to execute and deliver all other documents and to do all other acts and things, as may be required in connection with the registration of the Securities or the filing of such registration statement and any amendments or supplements thereto.