| Issuer: | Province of Ontario | |
| Expected Ratings: | Moody’s Aa1; S&P AA; DBRS AA | |
| Title: | 2.75% Bonds due February 22, 2011 | |
| Aggregate Principal Amount: | U.S.$1,500,000,000 | |
| Denominations: | U.S.$5,000 and integral multiples of U.S.$1,000 | |
| for amounts in excess of U.S.$5,000 | ||
| Trade Date: | Februrary 14, 2008 | |
| Settlement Date: | Februrary 22, 2008 | |
| Maturity: | February 22, 2011 | |
| Interest Payment Dates: | Februrary 22 and August 22 of each year, | |
| commencing August 22, 2008. Interest will | ||
| accrue from February 22, 2008. | ||
| Spread to Treasury: | CT2 + 96 basis points | |
| Benchmark Treasury: | UST 2.125% due January 31, 2010 | |
| Treasury Spot/Yield: | 1.900% | |
| Yield to Maturity: | 2.860% semi annual | |
| Interest Rate: | 2.75% | |
| Public Offering Price: | 99.686% plus accrued interest from Februrary 22, | |
| 2008 if settlement occurs after that date | ||
| Day Count Convention: | 30/360 | |
| Underwriters: | Barclays Capital Inc. J.P. Morgan Securities Ltd. The Toronto-Dominion Bank CIBC World Markets Corp. RBC Capital Markets Corporation Scotia Capital (USA) Inc. National Bank Financial Inc. Bank of Montreal, London Branch Merrill Lynch, Pierce, Fenner & Smith Incorporated Credit Suisse Securities (Europe) Limited BNP Paribas Securities Corp. Deutsche Bank Securities Inc. UBS Securities LLC HSBC Securities (USA) Inc. Citigroup Global Markets Inc. |
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| Prospectus and | Prospectus dated as of May 23, 2006, and | |
| Prospectus Supplement: | Preliminary Prospectus Supplement dated as of | |
| February 14, 2008 | ||
| CUSIP# / ISIN#: | 74408FAA7 / US74408FAA75 | |
| Listing: | Admission to the United Kingdom Listing | |
| Authority’s Official List and to trading on the | ||
| London Stock Exchange’s regulated market may be | ||
| completed following settlement. | ||
| Legends: | The Issuer has filed a registration statement | |
| (including a prospectus) with the SEC for the | ||
| offering to which this communication relates. | ||
| Before you invest, you should read the | ||
| prospectus in that registration statement and | ||
| other documents the Issuer has filed with the | ||
| SEC for more complete information about the | ||
| Issuer and this offering. You may get these | ||
| documents for free by visiting EDGAR on the SEC | ||
| Web site at www.sec.gov. Alternatively, the | ||
| Issuer, any underwriter or any dealer | ||
| participating in the offering will arrange to | ||
| send you the prospectus if you request it by | ||
| calling Barclays Capital at 1-888-227-2275, | ||
| Ext. 2663, JPMorgan at 1-212-834-4533 or TD | ||
| Securities at 1-800-263-5292. | ||
| European Economic | If and to the extent that this announcement is | |
| Area Legends: | communicated in, or the offer of the bonds to | |
| which it relates is made in, any European | ||
| Economic Area Member State that has implemented | ||
| the Prospectus Directive (2003/71/EC), this | ||
| announcement 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 Member State. | ||
| This document 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. This document is, for |
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| the purposes of Article 15 of Directive | ||
| 2003/71/EC, not a prospectus but an | ||
| advertisement, and investors in the European | ||
| Economic Area should not subscribe for or | ||
| purchase these bonds once admitted to trading | ||
| on the regulated market of the London Stock | ||
| Exchange plc except on the basis of information | ||
| in the UKLA Prospectus (as defined below). The | ||
| Province intends to file a single prospectus | ||
| (the “UKLA Prospectus”) pursuant to Section 5.3 | ||
| of the Prospectus Directive with the Financial | ||
| Services Authority in its capacity as competent | ||
| authority under the Financial Services and | ||
| Markets Act 2000, as amended, for the purpose | ||
| of having these bonds admitted to trading on | ||
| the regulated market of the London Stock | ||
| Exchange plc as soon as possible after closing | ||
| of this issue. In compliance with Directive | ||
| 2003/71/EC, the UKLA Prospectus will be | ||
| published in due course, subject to its | ||
| approval by the United Kingdom Listing | ||
| Authority, and investors will be able to obtain | ||
| a copy of the UKLA Prospectus from the office | ||
| of the Province at the Ontario Financing | ||
| Authority, One Dundas Street West, Suite 1400, | ||
| Toronto, Ontario, Canada M5G 1Z3 and the London | ||
| paying agent, The Bank of New York, One Canada | ||
| Square, London E14 5AL, England. Investors in | ||
| the European Economic Area should not subscribe | ||
| for any bonds referred to in this advertisement | ||
| except on the basis of information in the UKLA | ||
| Prospectus. | ||
| Other: | ANY DISCLAIMERS OR OTHER NOTICES THAT MAY | |
| APPEAR BELOW ARE NOT APPLICABLE TO THIS | ||
| COMMUNICATION AND SHOULD BE DISREGARDED. SUCH | ||
| DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY | ||
| GENERATED AS A RESULT OF THIS COMMUNICATION | ||
| BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL | ||
| SYSTEM. |
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