| Issuer: | Ohio Power Company |
| Designation: | Senior Notes, Series N, due 2048 |
| Principal Amount: | $400,000,000 |
| Maturity: | April 1, 2048 |
| Coupon: | 4.15% |
| Interest Payment Dates: | April 1 and October 1 |
| First Interest Payment Date: | October 1, 2018 |
| Benchmark Treasury: | 2.750% due November 15, 2047 |
| Benchmark Treasury Yield: | 3.123% |
| Reoffer Spread: | T+107 basis points |
| Yield to Maturity: | 4.193% |
| Price to Public: | 99.268% of the principal amount thereof |
| Transaction Date: | March 20, 2018 |
| Settlement Date: | March 22, 2018 (T+2) |
| Optional Redemption Terms: | |
| Make-whole call: | Prior to October 1, 2047 at a discount rate of the Treasury Rate plus 20 basis points |
| Par call: | On or after October 1, 2047 at par |
| Minimum Denomination: | $2,000 and integral multiples of $1,000 in excess thereof |
| CUSIP/ISIN: | 677415CQ2/US677415CQ28 |
| Joint Book-Running Managers: | Morgan Stanley & Co. LLC RBC Capital Markets, LLC Scotia Capital (USA) Inc. SunTrust Robinson Humphrey, Inc. Wells Fargo Securities, LLC |
| Co-Manager: | The Huntington Investment Company |
| Expected Ratings*: | A2 by Moody’s Investors Service, Inc. A- by S&P Global Ratings, Inc., a division of S&P Global Inc. |
