exv4w2



 






Exhibit 4.2



UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY (“DTC”) TO PROVINCE OF MANITOBA OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.




PROVINCE OF MANITOBA




	 	 	 	 	 
	REGISTERED No. FD-1
	 	4.45% Global Debentures Series FD due April 12, 2010
	 	CUSIP No. 563469FC4






Issue of 4.45% Global Debentures Series FD of Province of Manitoba in the

Principal Amount of Three Hundred and Fifty Million Dollars (U.S.$350,000,000) in

Lawful Money of the United States of America Payable on April 12, 2010




     PROVINCE OF MANITOBA (hereinafter called the “Province”), for value received, hereby
promises to pay to Cede & Co., as nominee of The Depository Trust Company (the “Depositary”), or
registered assigns, on the 12th day of April, 2010, the principal sum of three hundred and fifty
million dollars (U.S.$350,000,000) in lawful money of the United States of America upon
presentation and surrender of this Global Debenture at the office of Citibank, N.A. in the Borough
of Manhattan, The City of New York, State of New York, United States of America, and to pay
interest thereon in like money at the office of Citibank, N.A. from the 12th day of April, 2005 or
the last date to which interest has been paid or duly provided for, whichever is later, such
interest to be payable semi-annually at the rate of 4.45% per annum on the 12th day of April and on
the 12th day of October in each year, commencing on October 12, 2005 (each such date being an
“Interest Payment Date”) until payment of the principal of this Global Debenture shall have been
made or duly provided for.



     Interest on this Global Debenture shall be forwarded or caused to be forwarded by the Province
to the order of the registered owner of this Global Debenture at the office of Citibank, N.A. in
the Borough of Manhattan, The City of New York, State of New York, United States of America. Any
such interest will be paid to the person in whose name this Global Debenture is registered at the
close of business on the 28th day of March or the 27th day of September (each such date
being a “Regular Record Date”), as the case may be, next preceding the relevant Interest Payment
Date. The registered owner hereof or his legal personal representatives will be regarded as
exclusively entitled to the principal moneys hereby secured.



     The Debentures of this issue (hereinafter called the “Debentures”) are issued in the form of
one or more Global Debentures and rank pari passu with all other



 









 




debentures, bonds and notes constituting general obligations of the Province without any
preference granted by the Province one above the other by reason of priority of date of issue,
currency of payment or otherwise.




     This Global Debenture is not subject to redemption prior to maturity at the option of the
holder hereof or the Province.



     The principal of this Global Debenture and the interest thereon are free from all or any
taxes, duties, charges or impositions now or hereafter imposed by the Government of Manitoba or by
any taxing authority in Manitoba under the jurisdiction of the Legislature of the Province, so long
as the registered owner of this Global Debenture is not a resident of or domiciled within the
Province of Manitoba.



     The principal of and interest on the Debentures shall be paid to any registered owner, who as
to Canada or any province, political subdivision or taxing authority therein or thereof is a
non-resident, without deduction for or on account of any present taxes or duties of whatsoever
nature, imposed or levied by or within Canada, or any province, political subdivision or taxing
authority therein or thereof. If the Province shall be required to withhold any taxes or duties
from any payments due under the Debentures, the Province shall pay such additional amounts (the
“Additional Amounts”) as may be necessary in order that every net payment of the principal of and
interest on the Debentures to any such registered owner will be not less than the amount provided
for in the Debentures. The Province shall not, however, have any obligation to pay such Additional
Amounts on account of any such taxes or duties to which any registered owner is subject otherwise
than by reason of his ownership of Debentures or the receipt of income therefrom or which become
payable as a result of any Debenture being presented for payment on a date more than thirty days
after the date on which the same becomes due and payable, or the date on which payment thereof is
duly provided for, whichever is later.



     In the event that (a) the Province shall default in the payment of any principal of, or
interest on, any indebtedness for borrowed money as and when the same shall be due and payable, and
such default shall continue for a period of fifteen (15) days, or (b) default shall be made in the
due performance or observance by the Province of any covenant or agreement contained in the
Debentures or in the Order of the Lieutenant Governor in Council of the Province pursuant to which
the Debentures were issued, and such default shall continue for a period of sixty (60) days (each
such event being an “Event of Default”), then at any time thereafter and during the continuance of
such default the registered owner of any Debentures (or its proxy) may deliver or cause to be
delivered to the Minister of Finance of the Province at his office in the City of Winnipeg,
Province of Manitoba, Canada, a written notice that such owner elects to declare all or a portion
of the principal amount of the Debentures held by him (the serial number or numbers of the Global
Debentures which represent such Debentures and the principal amount of the Debentures owned by him
and the subject of such declaration being set forth in such notice) to be due and payable, and on
the thirtieth (30th) day after such



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notice shall be so delivered to the Minister of Finance, the principal amount of the
Debentures referred to in such notice plus accrued interest thereon shall become due and payable at
the place for payment herein specified, unless prior to that time all such defaults theretofore
existing shall have been cured.




     The Province will cause to be kept at the office of Citibank, N.A. in the Borough of
Manhattan, The City of New York, State of New York, United States of America, a register or
registers in which shall be entered the names and addresses of the owners of Debentures of this
issue and particulars of the Debentures held by them, respectively, and in which transfers of
Debentures may be registered.



     This Debenture is a Global Debenture registered in the name of a nominee of the Depositary.
This Global Debenture is exchangeable for Debentures registered in the name of a person other than
the Depositary or its nominee only in the limited circumstances hereinafter described. Unless and
until it is exchanged in whole or in part for certificated Debentures in definitive form, this
Global Debenture may not be transferred except as a whole by the Depositary to a nominee of the
Depositary or by a nominee of the Depositary to the Depositary or another nominee of the
Depositary.



     The Debentures represented by this Global Debenture are exchangeable for certificated
Debentures in definitive form of like tenor as such Debentures in denominations of U.S.$5,000 and
integral multiples thereof only if (i) the Depositary notifies the Province that it is unwilling or
unable to continue as Depositary for this Global Debenture or if at any time the Depositary ceases
to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, (ii) the
Province in its discretion at any time determines not to have all of the Debentures represented by
the Global Debenture or (iii) an Event of Default has occurred and is continuing. Any Debenture
that is exchangeable pursuant to the preceding sentence is exchangeable for certificated Debentures
issuable in authorized denominations and registered in such names as the Depositary shall direct.
Certificated Debentures in definitive form may be presented at the office of Citibank, N.A. in The
City of New York for registration of transfer (accompanied by a written instrument of transfer in
form approved by the Province executed by the registered owner thereof or by his duly authorized
attorney or legal representative) or exchanged for other fully registered Debentures of this issue
for an equal aggregate principal amount in any authorized denomination or denominations and bearing
all unmatured interest obligations, and principal thereof and interest thereon will be payable at
such office of Citibank, N.A., as paying agent, provided that interest thereon may be paid
by check mailed to the registered holders of the Debentures. Subject to the foregoing, this Global
Debenture is not exchangeable, except for a Global Debenture or Global Debentures of this issue of
the same principal amount to be registered in the name of the Depositary or its nominee.



     Neither the Province nor any Registrar of the Debentures of this issue shall be bound to see
to the execution of any trust affecting the ownership of any Debenture or be affected by notice of
any equity that may be subsisting in respect thereof.



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     The Province shall not be required to make any exchanges, registrations or transfers of
Debentures of this issue within fifteen (15) days prior to an Interest Payment Date.



     The Province agrees to make transfers and exchanges of Debentures of this issue as aforesaid
upon compliance by the Debenture owner with such reasonable regulations as may be prescribed by the
Province, and without any charge by the Province therefor.



     This Global Debenture shall be governed by and construed in accordance with the laws of the
Province of Manitoba and the laws of Canada applicable therein.



     This Global Debenture is issued under the authority of an Order of the Lieutenant Governor in
Council of the Province of Manitoba.



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     IN WITNESS WHEREOF, the Province has caused the seal of The Department of Finance to be
printed hereon and the signature of its Minister of Finance to be affixed hereto and this Global
Debenture to be duly countersigned by a person appointed for that purpose by the Lieutenant
Governor in Council.



Dated: April 12, 2005




	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	PROVINCE OF MANITOBA
	 
	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	By:
	 	/s/ Greg Selinger
	

	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	Minister of Finance
	 
	 	 	 	 	 	 	 	 
	Countersigned by	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	CITIBANK, N.A.	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Wafaa Orfy	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	 
	

	 	Authorized Signatory	 	 	 	 	 	 







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