# EDGAR Filing Document

**Accession Number:** 0000836136
**File Stem:** 0001104659-25-113843
**Filing Date:** 2025-11
**Character Count:** 70110
**Document Hash:** ae1a0dfda90841465195da87dee1e48a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-113843.hdr.sgml**: 20251119

**ACCESSION NUMBER**: 0001104659-25-113843

**CONFORMED SUBMISSION TYPE**: 18-K

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20251119

**DATE AS OF CHANGE**: 20251119

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PROVINCE OF BRITISH COLUMBIA
- **CENTRAL INDEX KEY:** 0000836136
- **STANDARD INDUSTRIAL CLASSIFICATION:** FOREIGN GOVERNMENTS [8888]
- **ORGANIZATION NAME:** International Corp Fin
- **EIN:** 000000000
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 18-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-82846
- **FILM NUMBER:** 251496579

**BUSINESS ADDRESS:**
- **STREET 1:** MINISTRY OF FINANCE
- **STREET 2:** 620 SUPERIOR STREET
- **CITY:** VICTORIA
- **STATE:** A1
- **ZIP:** V8V 1X4
- **BUSINESS PHONE:** (778) 698 5906

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 9423 STN PROV GOVT
- **STREET 2:** C/O PROVINCIAL TREASURY, DEBT MANAGEMENT
- **CITY:** VICTORIA
- **STATE:** A1
- **ZIP:** V8W 9V1

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 18-K**

**For Foreign Governments and Political Subdivisions Thereof** 

**ANNUAL REPORT**

**of**

**PROVINCE OF BRITISH COLUMBIA** 

**(Canada)**

**(Name of Registrant)** 

**Date of end of last fiscal year: March 31, 2025**

**SECURITIES REGISTERED\*** 

**(As of the close of the fiscal year)** 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Amounts as to Which** | &nbsp;&nbsp;**Names of Exchanges** |
| &nbsp;&nbsp;**Title of Issue** | &nbsp;&nbsp;**Registration is Effective** | &nbsp;&nbsp;**on Which Registered** |
| &nbsp;&nbsp; **N/A** | &nbsp;&nbsp;**N/A** | &nbsp;&nbsp;**N/A** |

---

**Names and addresses of persons authorized to receive notices and** 

**communications from the Securities and Exchange Commission:** 

**Tom Clark**

**Consul General of Canada**

**466 Lexington Avenue, 20<sup>th</sup> Floor** 

**New York, New York 10017**

***Copies to***

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Jason Lehner** | &nbsp;&nbsp;**Ministry of Finance** |
| &nbsp;&nbsp;**A&O Shearman** | &nbsp;&nbsp;**Provincial Treasury** |
| &nbsp;&nbsp;**Commerce Court West <br> 199 Bay Street <br> Suite 4405<br> Toronto, Ontario <br> Canada M5L 1E8 <br> (416) 360-2974** | &nbsp;&nbsp;**Debt Management Branch <br> 620 Superior Street<br> P.O. Box 9423, Stn Prov Govt <br> Victoria, British Columbia<br> Canada V8W 9V1 <br> (778) 698-5908** |

---

**The Registrant is filing this annual report on a voluntary basis** 

**PROVINCE OF BRITISH COLUMBIA** 

**The information set forth below is to be furnished:** 

*1.* *In respect of each issue of securities of the registrant registered, a brief statement as to:* 

 

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *The general effect of any material modifications, not previously reported, of the rights of the holders of such securities.* 

 

None.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *The title and the material provisions of any law, decree or administrative action, not previously reported, by reason of which the security is not being serviced in accordance with the terms thereof.* 

 

None.

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *The circumstances of any other failure, not previously reported, to pay principal, interest, or any sinking fund or amortization installment.* 

 

None.

*2.* *A statement as of the close of the last fiscal year of the registrant giving the total outstanding of:* 

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Internal funded debt of the registrant. (Total to be stated in the currency of the registrant. If any internal funded debt is payable in a foreign currency, it should not be included under this paragraph (a), but under paragraph (b) of this item.)* 

Certain information concerning internal funded debt of the registrant is included in Exhibit 99.3 hereto and is incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *External funded debt of the registrant. (Totals to be stated in the respective currencies in which payable. No statement need be furnished as to intergovernmental debt.)* 

 

Certain information concerning external funded debt of the registrant is included in Exhibit 99.3 hereto and is incorporated by reference herein.

*3.* *A statement giving the title, date of issue, date of maturity, interest rate and amount outstanding, together with the currency or currencies in which payable, of each issue of funded debt of the registrant outstanding as of the close of the last fiscal year of the registrant.* 

 

Certain information concerning the funded debt of the registrant is included in Exhibit 99.3 hereto and is incorporated by reference herein.

*4.* *(a)* *As to each issue of securities of the registrant which is registered, there should be furnished a break-down of the total amount outstanding, as shown in Item 3, into the following:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) *Total amount held by or for the account of the registrant.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Series** | **Date of Maturity** | **Date of Issue** | **Interest<br> Rate<br> (%)** | **Total Amount Held by<br> or for the Account <br> of the Registrant** | **Total Amount Held by<br> or for the Account <br> of the Registrant** |
| BCUSD-2 | January 15, 2026 | January 24, 1996 | 6.50 | US$ | 68553255 |
| BCUSD-3 | September 1, 2036 | August 29, 1996 | 7.25 | US$ | 57303500 |
| BCUSG-9 | June 2, 2026 | June 2, 2016 | 2.25 | US$ | 2055000 |
| BCUSG-11 | January 29, 2031 | January 29, 2021 | 1.30 |  | 0 |
| BCUSG-12 | July 20, 2026 | July 20, 2021 | 0.90 |  | 0 |
| BCUSG-13 | July 6, 2033 | July 6, 2023 | 4.20 |  | 0 |
| BCUSG-14 | November 15, 2028 | November 15, 2023 | 4.80 |  | 0 |
| BCUSG-15 | April 24, 2029 | April 24, 2024 | 4.90 |  | 0 |
| BCUSG-16 | June 12, 2034 | June 12, 2024 | 4.75 |  | 0 |
| BCUSG-17 | January 24, 2028 | January 24, 2025 | 4.70 |  | 0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(2) *Total estimated amount held by nationals of the registrant (or if registrant is other than a national government by the nationals of its national government); this estimate need be furnished only if it is practicable to do so.* 

 

Not practicable to furnish.

&nbsp;&nbsp;&nbsp;&nbsp;(3) *Total amount otherwise outstanding.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Total Amount** | **Total Amount** |
| | | | | **Otherwise** | **Otherwise** |
| <br>**Series** | <br>**Date of Maturity** | <br>**Date of Issue** | **Interest**<br>**Rate**<br>**(%)** | **Outstanding** | **Outstanding** |
| BCUSD-2 | January 15, 2026 | January 24, 1996 | 6.50 | US$ | 431446745 |
| BCUSD-3 | September 1, 2036 | August 29, 1996 | 7.25 | US$ | 242696500 |
| BCUSG-9 | June 2, 2026 | June 2, 2016 | 2.25 | US$ | 747945000 |
| BCUSG-11 | January 29, 2031 | January 29, 2021 | 1.30 | US$ | 1750000000 |
| BCUSG-12 | July 20, 2026 | July 20, 2021 | 0.90 | US$ | 2500000000 |
| BCUSG-13 | July 6, 2033 | July 6, 2023 | 4.20 | US$ | 2250000000 |
| BCUSG-14 | November 15, 2028 | November 15, 2023 | 4.80 | US$ | 2000000000 |
| BCUSG-15 | April 24, 2029 | April 24, 2024 | 4.90 | US$ | 2500000000 |
| BCUSG-16 | June 12, 2034 | June 12, 2024 | 4.75 | US$ | 2000000000 |
| BCUSG-17 | January 24, 2028 | January 24, 2025 | 4.70 | US$ | 3500000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *If a substantial amount is set forth in answer to paragraph (a)(1) above, describe briefly the method employed by the registrant to reacquire such securities.* 

The securities were acquired by means of open market purchases.

&nbsp;&nbsp;&nbsp;&nbsp;*5.* *A statement as of the close of the last fiscal year of the registrant giving the estimated total of:* 

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Internal floating indebtedness of the registrant. (Total to be stated in the currency of the registrant.)* 

Certain information concerning internal floating indebtedness of the registrant is included in Exhibit 99.3 hereto and is incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *External floating indebtedness of the registrant. (Total to be stated in the respective currencies in which payable.)* 

Certain information concerning external floating indebtedness of the registrant is included in Exhibit 99.3 hereto and is incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;*6.* *Statements of the receipts, classified by source, and of the expenditures, classified by purpose, of the registrant for each fiscal year of the registrant ended since the close of the latest fiscal year for which such information was previously reported. These statements should be so itemized as to be reasonably informative and should cover both ordinary and extraordinary receipts and expenditures; there should be indicated separately, if practicable, the amount of receipts pledged or otherwise specifically allocated to any issue registered, indicating the issue.* 

Certain information concerning revenue and expenditure of the registrant is included in Exhibit (d) hereto and is incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;*7.* *(a)* *If any foreign exchange control, not previously reported, has been established by the registrant (or if the registrant is other than a national government, by its national government), briefly describe the effect of any such action, not previously reported.* 

None.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *If any foreign exchange control previously reported has been discontinued or materially modified, briefly describe the effect of any such action, not previously reported.* 

Not applicable.

**Special Note Regarding Forward-Looking Statements:**

This document, including the exhibits hereto, contains forward-looking statements which may be identified by their use of words like "plan," "expect," "will," "project," "estimate," "should," "anticipate," "forecast" or other words of similar meaning. Such statements are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. You should understand that many important factors, in addition to those discussed or incorporated by reference in this annual report, could cause the Province's results to differ materially from those expressed in the forward-looking statements. Among the key factors that have or will have a direct bearing on the Province is the world-wide economy in general and the actual economic, social and political conditions in or affecting the Province. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this annual report might not occur. The forward-looking statements speak only as of the date they are made, and the Province undertakes no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information or future events or otherwise, except as may be required by law.

*This annual report comprises:* 

(a) *Pages numbered 1 to 6 consecutively.* 

(b) *The following exhibits:* 

 

Exhibit (a)—None

Exhibit (b)—None

Exhibit (c)—None

[Exhibit (d) - Copy of the Public Accounts, Ministry of Finance, Office of the Comptroller General (For the Fiscal Year Ended March 31, 2025) (incorporated by reference to Amendment No. 7 on Form 18-K/A to the registrant's Annual Report on Form 18-K relating to the fiscal year ended March 31, 2024)](https://www.sec.gov/Archives/edgar/data/836136/000110465925079327/tm2523015d1_ex99-12.htm)

[Exhibit (e) - Copy of the 2025 British Columbia Financial and Economic Review (85<sup>th</sup> Edition, April 2024 – March 2025) (incorporated by reference to Amendment No. 7 on Form 18-K/A to the registrant's Annual Report on Form 18-K relating to the fiscal year ended March 31, 2024)](https://www.sec.gov/Archives/edgar/data/836136/000110465925079327/tm2523015d1_ex99-13.htm)

[Exhibit (f) – Copy of the First Quarterly Report, September 2025, Fiscal Plan Update 2025/26 – 2027/28, 2025/26 Economic Outlook and Financial Forecast & Three Month Results April – June 2025 (incorporated by reference to Amendment No. 9 on Form 18-K/A to the registrant's Annual Report on Form 18-K relating to the fiscal year ended March 31, 2024)](https://www.sec.gov/Archives/edgar/data/836136/000110465925090327/tm2526152d1_ex99-15.htm)

*Additional exhibits* 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit | [(99.1)](tm2531405d1_ex99-1.htm) | [Cross-reference sheet – 2025 British Columbia Financial and Economic Review](tm2531405d1_ex99-1.htm) |
|  | [(99.2)](tm2531405d1_ex99-2.htm) | [Cross-reference sheet – 2024/25 Public Accounts](tm2531405d1_ex99-2.htm) |
|  | [(99.3)](tm2531405d1_ex99-3.htm) | [Additional Information relating to the Province](tm2531405d1_ex99-3.htm) |

---

*This annual report is filed subject to the Instructions for Form 18-K for Foreign Governments and Political Subdivisions Thereof.* 

**SIGNATURE** 

Pursuant to the requirements of the *Securities Exchange Act of 1934*, the registrant has duly caused this annual report to be signed on its behalf by the undersigned, thereunto duly authorized, at Victoria, British Columbia on the 19<sup>th</sup> day of November, 2025.

---

| | | |
|:---|:---|:---|
| PROVINCE OF BRITISH COLUMBIA | PROVINCE OF BRITISH COLUMBIA | PROVINCE OF BRITISH COLUMBIA |
| (Name of registrant) | (Name of registrant) | (Name of registrant) |
| By: | /s/ Sam Myers | /s/ Sam Myers |
|  | Name: | Sam Myers |
|  | Title: | Executive Director, Debt Management Branch <br> Provincial Treasury |
|  |  | Ministry of Finance |

---

**EXHIBIT INDEX**

Exhibit (a)—None

Exhibit (b)—None

Exhibit (c)—None

[Exhibit (d) - Copy of the Public Accounts, Ministry of Finance, Office of the Comptroller General (For the Fiscal Year Ended March 31, 2025) (incorporated by reference to Amendment No. 7 on Form 18-K/A to the registrant's Annual Report on Form 18-K relating to the fiscal year ended March 31, 2024)](https://www.sec.gov/Archives/edgar/data/836136/000110465925079327/tm2523015d1_ex99-12.htm)

[Exhibit (e) - Copy of the 2025 British Columbia Financial and Economic Review (85<sup>th</sup> Edition, April 2024 – March 2025) (incorporated by reference to Amendment No. 7 on Form 18-K/A to the registrant's Annual Report on Form 18-K relating to the fiscal year ended March 31, 2024)](https://www.sec.gov/Archives/edgar/data/836136/000110465925079327/tm2523015d1_ex99-13.htm)

[Exhibit (f) – Copy of the First Quarterly Report, September 2025, Fiscal Plan Update 2025/26 – 2027/28, 2025/26 Economic Outlook and Financial Forecast & Three Month Results April – June 2025 (incorporated by reference to Amendment No. 9 on Form 18- K/A to the registrant's Annual Report on Form 18-K relating to the fiscal year ended March 31, 2024)](https://www.sec.gov/Archives/edgar/data/836136/000110465925090327/tm2526152d1_ex99-15.htm)

*Additional exhibits* 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit | [(99.1)](tm2531405d1_ex99-1.htm) | [Cross-reference sheet – 2025 British Columbia Financial and Economic Review](tm2531405d1_ex99-1.htm) |
|  | [(99.2)](tm2531405d1_ex99-2.htm) | [Cross-reference sheet – 2024/25 Public Accounts](tm2531405d1_ex99-2.htm) |
|  | [(99.3)](tm2531405d1_ex99-3.htm) | [Additional Information relating to the Province](tm2531405d1_ex99-3.htm) |

---

## Exhibit 99.1

**Exhibit 99.1**

**CROSS REFERENCE SHEET**

---

| | |
|:---|:---|
|  | **Location in 2025 British Columbia Financial and <br> Economic Review (the "Review" <sup>(1)</sup>) included as** |
| **<u>Information Relating to Provincial Debt</u>** | **<u>Exhibit (e), or in an additional Exhibit to this Annual Report</u>** |
| PROVINCE OF BRITISH COLUMBIA |  |
| &nbsp;&nbsp;&nbsp;General Description of the Province | Pages 60-61 |
| &nbsp;&nbsp;&nbsp;Constitutional Framework | Pages 61-62 |
| THE ECONOMY |  |
| &nbsp;&nbsp;&nbsp;Recent Economic Developments | Pages 3-18, 22-38 |
| &nbsp;&nbsp;&nbsp;Economic Structure and Primary Industries | Pages 3-16, 76-83 |
| &nbsp;&nbsp;&nbsp;Capital Investment | Pages 33-49, 91 |
| &nbsp;&nbsp;&nbsp;Foreign Trade | Pages 5-7, 92-93 |
| &nbsp;&nbsp;&nbsp;Labour Market and Employment | Pages 8-10, 76-77, 90 |
| PROVINCIAL REVENUE AND EXPENDITURE |  |
| &nbsp;&nbsp;&nbsp;Financial Administration and Reporting | Pages 22-58 |
| &nbsp;&nbsp;&nbsp;Summary Statements of Consolidated Revenue Fund |  |
| &nbsp;&nbsp;&nbsp;Revenue and Expenditure | Pages 22-49, 103-109 |
| &nbsp;&nbsp;&nbsp;Unaudited Financial Results | Pages 103-112 |
| &nbsp;&nbsp;&nbsp;Major Sources of Revenue | Pages 22-29, 32, 106-107 |
| &nbsp;&nbsp;&nbsp;Expense by Function | Pages 33-49, 108-109 |
| GOVERNMENT CORPORATIONS |  |
| &nbsp;&nbsp;&nbsp;Government Corporation Debt | Pages 47-51, 112-114; Exhibit 99.3 |
| DEBT OF THE PROVINCE |  |
| &nbsp;&nbsp;&nbsp;Direct and Guaranteed Debt | Pages 50-53, 112-114; Exhibit 99.3 |
| &nbsp;&nbsp;&nbsp;Financing Requirements | Exhibit 99.3 |
| &nbsp;&nbsp;&nbsp;Sinking Fund Management | Exhibit 99.3 |
| CONSOLIDATED FUNDED DEBT OF THE |  |
| PUBLIC SECTOR | Exhibit 99.3 |
| CANADIAN FOREIGN EXCHANGE RATE AND |  |
| INTERNATIONAL RESERVES | Exhibit 99.3 |
| DETAILED FINANCIAL STATEMENTS OF THE |  |
| PROVINCE |  |
| &nbsp;&nbsp;&nbsp;Statement of Consolidated Revenue Fund Revenue by Source | Pages 106-107 |
| &nbsp;&nbsp;&nbsp;Statement of Consolidated Revenue Fund Expense by |  |
| &nbsp;&nbsp;&nbsp;Function | Pages 108-109 |
| &nbsp;&nbsp;&nbsp;Statement of Direct Funded and Unfunded Debt | Exhibit 99.3 |
| &nbsp;&nbsp;&nbsp;Statement of Guaranteed Funded Debt | Exhibit 99.3 |
| &nbsp;&nbsp;&nbsp;Statement of Non-Guaranteed Debt | Exhibit 99.3 |
| &nbsp;&nbsp;&nbsp;Pension Funds | Pages 54-55 |

---

**<sup>(1)</sup>** Page numbers indicate the location of information in the Review.

## Exhibit 99.2

**Exhibit 99.2** 

**CROSS REFERENCE SHEET**

---

| | |
|:---|:---|
| **<u>Information Relating to Provincial Debt</u>** | **Location in 2024/25 <br> <u>Public Accounts</u>** |
| CONTINGENT LIABILITIES |  |
| &nbsp;&nbsp;&nbsp;Litigation | p. 80 (28)(b) |
| &nbsp;&nbsp;&nbsp;Tax Appeals | p. 80 (28)(b) |
| &nbsp;&nbsp;&nbsp;Guarantees and Indemnities | p. 80 (28)(b) |
| &nbsp;&nbsp;&nbsp;Environmental Clean-up | p. 81 (28)(b) |
| &nbsp;&nbsp;&nbsp;Treaty Negotiations | p. 82 (28)(b) |
| &nbsp;&nbsp;&nbsp;Crown Corporations, Agencies, and SUCH | p. 83 (28)(b) |
| CONTRACTUAL OBLIGATIONS | &nbsp;&nbsp;&nbsp;p. 83-84(28)(c) |

---

## Exhibit 99.3

**Exhibit 99.3**

**ADDITIONAL INFORMATION RELATING TO THE PROVINCE <sup>(1)</sup>**

---

| | |
|:---|:---|
| **<u>Information Relating to Provincial Debt</u>** |  **<u>Page</u>** |
| Debt of the Province | 2 - 18 |
| Consolidated Funded and Unfunded Debt of the Public Sector | 19 |
| **<u>Other Information</u>** |  |
| Canadian Foreign Exchange Rate and International Reserves | 20 |
| Trade Balance | 21 |

---

<sup>(1)</sup> Any dollar amounts in Exhibit 99.3 are expressed in Canadian dollars ($) unless otherwise specified or the context otherwise requires.

**DEBT OF THE PROVINCE**

**Direct and Guaranteed Debt** 

The direct debt of the Province includes debt for government purposes, as well as funds borrowed by the Province and loaned to its provincial government bodies. Direct borrowing by the Province for lending to provincial government bodies commenced in 1983.

With few exceptions, government bodies rely on the Province for fiscal agency loans to meet their borrowing requirements. The terms and conditions that apply to fiscal agency loans respecting payment of interest and principal generally match the terms and conditions of the underlying borrowings issued by the Province.

Direct debt includes both funded and unfunded debt. Funded debt is defined as all debt having a maturity of one year or more from date of issuance; unfunded debt has a maturity within one year from date of issuance.

The final component of provincial debt relates to financial instruments that have been unconditionally guaranteed by the Province. Most of this debt was incurred by provincial government bodies prior to the introduction of fiscal agency loans in 1983. It also includes financial instruments issued by selected municipalities, improvement districts and local government entities, as well as all loan guarantees extended by the Province, including those extended to private entities and individuals.

Non-guaranteed debt includes debt of government crown corporations. At March 31, 2025, $3,839 million of this debt is classified as taxpayer-supported and $1,634 million is classified as self-supported. For a breakdown of the balances by crown corporation see page 16 of Exhibit 99.3.

Financial statements for 2024/25 show that the Province's total net debt (excluding non-guaranteed debt of $5,473 million) increased by $26,132 million; debt for government purposes increased by $20,744 million and debt for government corporation purposes increased by $5,220 million.

---

| |
|:---|
| &nbsp;&nbsp;**DIRECT FUNDED DEBT** |
| &nbsp;&nbsp;**As at March 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **2023** | **2024** | **2025** |
|  | (in millions) | (in millions) | (in millions) |
| **Government Purposes** |  |  |  |
| Payable in: |  |  |  |
| Canadian Dollars | $27308 | $33958 | $43099<sup>(2)</sup> |
| United States Dollars | 9264 | 15632 | 27060<sup>(3)</sup> |
|  | 36572 | 49590 | 70159 |
| **Government Corporation Purposes** |  |  |  |
| Canadian Dollars | 46117 | 50563 | 57342<sup>(4)</sup> |
| United States Dollars | 1773 | 2869 | 1715<sup>(5)</sup> |
|  | 47890 | 53432 | 59057 |
| Add/(Less) - Unrealized Foreign Exchange Gains/(Losses) | 472 | 494 | 2434 |
|  | 84934 | 103516 | 131650 |
| Add/(Less) - Unamortized Premium/(Discount) | 18 | (273) | (254) |
|  | 84952 | 103243 | 131396 |
| Less - Sinking Funds | (521) | (491) | (562) |
| Net Direct Funded Debt<sup>(1)</sup> | $84431 | $102752 | $130833 |

---

---

| |
|:---|
| <sup>(1)</sup> The Province's debt is reported in compliance with generally accepted accounting principles (GAAP). Amounts shown are consistent with the Province's Debt Summary Report which is net of sinking fund balances and unrealized foreign exchange gains or losses. |
| <sup>(2)</sup> Canadian dollar obligations include 100 million Swiss Francs was fully hedged to CAD$96 million; 2,318 million AUD was fully hedged to CAD$2,100 million; 5,873 million Euro was fully hedged to CAD$8,638 million. |
| <sup>(3)</sup> U.S. dollar obligations include US$19,986 million which was fully hedged to CAD$27,060 million. |
| <sup>(4)</sup> Canadian dollar obligations include Euro 402 million which was fully hedged to CAD$591 million. |
| <sup>(5)</sup> U.S. dollar obligations include US$1,292 million (CAD$1,715 million), of which US$1,065 million was fully hedged to CAD$1,405 million and US$227 million was unhedged (CAD$310 million). |

---

---

| |
|:---|
| &nbsp;&nbsp;**CONSOLIDATION OF DIRECT AND GUARANTEED FUNDED AND UNFUNDED DEBT** |
| &nbsp;&nbsp;**As at March 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Outstanding**<br>**(Gross)** | **Sinking Fund**<br>**Investments** | **Outstanding**<br>**(Net)** |
|  | (in millions) | (in millions) | (in millions) |
| **Direct Debt <sup>(1)</sup>** |  |  |  |
| Government Purposes | $70159 | $48 | $70111 |
| Government Corporation Purposes <sup>(2)</sup> | 59057 | 514 | 58542 |
|  | - | - | - |
|  | 129216 | 562 | 128654 |
| Add - Unamortized Premium | (254) |  | (254) |
| Less - Amounts held in the Consolidated Revenue Fund | - | - | - |
| Total Direct Debt | $128962 | $562 | $128399 |
| **Guaranteed Debt** |  |  |  |
| Government Corporations |  |  |  |
| Municipalities, Improvement Districts and Other local government |  |  |  |
| Other | 6 | - | 6 |
| Total Guaranteed Debt | 6 | 0 | 6 |
| Less - Unamortized Discounts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- Provision for Probable Payout | 1 | - | 1 |
|  | 5 | 0 | 5 |
| **Non-Guaranteed Debt** |  |  |  |
| Gross Non-Guaranteed Debt | $5568 |  | 5568 |
| Less - Unamortized Discounts | 95 |  | 95 |
| Total Non-Guaranteed Debt | 5473 |  | 5473 |
| Total Direct, Guaranteed Funded and Unfunded, and Non- Guaranteed Debt of the Province, Net of Provincial Holdings of such Debt in the General Fund and Special Funds | $134439 | 562 | $133877 |

---

---

| |
|:---|
| <sup>(1)</sup> The Province's debt is reported in compliance with generally accepted accounting principles (GAAP). Amounts shown are consistent with the Province's Debt Summary Report which includes guaranteed debt and non-guaranteed debt incurred by self-supporting crowns, and is net of sinking fund balances and unrealized foreign exchange gains or losses. |
| <sup>(2)</sup> Represents direct borrowing by the Province for relending to government corporations on identical terms |
| **Note:** |
| Direct unfunded gross debt of the Province (Promissory Notes) on March 31, 2025 totaled $14,391 million. This short term debt was comprised of $5,264 million in fiscal agency loans to government corporations and $9,127 million in loans for government. |
| Further, all direct unfunded debt consisted of issues denominated in Cdn. |

---

**Financing Requirements** 

The financing requirements of the Province are accomplished through short, medium and long term borrowing in public and private markets in Canada and abroad, including the federal Canada Pension Plan (the "Plan"). Under the Plan, the Province may refinance maturing loans from the Plan with new loans equal to or less than the matured nominal amount of such loans.

The majority of British Columbia's borrowing requirements are met through public domestic borrowings and loans from the Plan. During the 2024/25 fiscal year, the Province borrowed or financed $13 million from the Plan.

**Sinking Fund Management** 

Sinking funds are no longer established or maintained on new or existing debt issued for government capital financing purposes. However, sinking funds do continue to be established and maintained relating to new or existing debt of the Province incurred to make loans to provincial government bodies. Consequently, provincial government bodies (with the exception of the British Columbia Hydro and Power Authority and BC Transportation Financing Authority) who have received or are to receive a fiscal agency loan from the Province in an amount equal to or greater than $20 million and with a term of five years or more will continue to be expected to make sinking fund contributions for the purpose of repayment of some or all the corresponding Provincial debt issues.

At March 31, 2025, the Province has $562 million in sinking fund investments related to direct and guaranteed funded debt, including those held in trust on behalf of government corporations.

---

| |
|:---|
| &nbsp;&nbsp;**MATURITY SCHEDULE OF DIRECT FUNDED DEBT** |
| &nbsp;&nbsp;**As at March 31, 2025** |
| &nbsp;&nbsp;**(Unaudited)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Canadian Dollars** | **Canadian Dollars** | **Canadian Dollars** | **U.S. Dollars¹** | **U.S. Dollars¹** | **U.S. Dollars¹** |
| <br>**Fiscal Year** | **Gross Debt Maturities** | **Projected Sinking Fund Values** | **Net Debt Maturities²** | **Gross Debt Maturities** | **Projected Sinking Fund Values** | **Net Debt Maturities** |
|  | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
| 2026 | 4843 | 7 | 4836 | 500 | 162 | 338 |
| 2027 | 1956 | 35 | 1921 | 3250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;'- | 3250 |
| 2028 | 2915 | 12 | 2903 | 3500 |  | 3500 |
| 2029 | 2210 | 9 | 2201 | 2000 |  | 2000 |
| 2030 | 3933 | 25 | 3908 | 2500 | - | 2500 |
|  | $15857 | $88 | $15769 | $11750 | $162 | $11588 |
| 2031 - 35 | 26139 | 26 | 26113 | 6000 |  | 6000 |
| 2036 - 40 | 8590 | 147 | 8443 | 300 | 67 | 233 |
| 2041 - 45 | 11912 | 358 | 11554 |  |  |  |
| 2046 - 50 | 7489 |  | 7489 |  |  |  |
| 2051 - 55 | 15607 | 743 | 14864 |  |  |  |
| 2056 - 60 | 4390 | 38 | 4352 |  |  |  |
| 2061 - 65 | 231 |  | 231 |  |  |  |
| 2066 - 70 | - | - | - | - | - | - |
|  | $90215 | $1400 | $88815 | $18050 | $229 | $17821 |

---

---

| |
|:---|
| <sup>1</sup> Debt payable in U.S. dollars is not translated into Canadian dollars. Debt payable in other foreign currencies is recorded after giving effect to any currency exchange agreements. |
| <sup>2</sup> Net debt maturities represent gross debt maturities minus projected sinking fund values at maturity, based on earnings of 5% on existing sinking fund balances as of March 31, 2025. The calculations exclude sinking fund installments which are scheduled to be made in the future and unamortized discount. |

---

---

| |
|:---|
| &nbsp;&nbsp;**MATURITY SCHEDULE OF GUARANTEED FUNDED DEBT** |
| &nbsp;&nbsp;**As at March 31, 2025** |
| &nbsp;&nbsp;**(Unaudited)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Canadian Dollars** | **Canadian Dollars** | **Canadian Dollars** | **U.S. Dollars** | **U.S. Dollars** | **U.S. Dollars** |
| <br>**Fiscal Year** | **Gross Debt <br> Maturities** | **Projected<br> Sinking <br> Fund <br> Values** | **Net Debt <br> Maturities** | **Gross Debt Maturities** | **Projected <br> Sinking <br> Fund <br> Values** | **Net Debt <br> Maturities** |
|  | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
| 2026 | $- | $- | $- | $- | $- | $- |
| 2027 |  |  |  |  |  |  |
| 2028 |  |  |  |  |  |  |
| 2029 |  |  |  |  |  |  |
| 2030 |  | - | - | - | - | - |
| 2031 - 35 |  |  |  |  |  |  |
| 2036 - 40 |  |  |  |  |  |  |
| 2041 - 45 |  |  |  |  |  |  |
| 2046 - 50 |  |  |  |  |  |  |
| Other¹ | 5 | - | 5 | - | - | - |
|  | $5 | $- | 5 | $- | $- | $- |

---

&nbsp;&nbsp;¹ Includes Province miscellaneous Guarantees.

**STATEMENT OF DIRECT FUNDED AND UNFUNDED DEBT** 

**At March 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Series** | **Date of**<br>**Maturity** | **Date of**<br>**Issue** | **Interest**<br>**Rate** | **Outstanding**<br>**March 31, 2025** |<br>**References** |
|  |  |  | (percent) | ($ Millions) |  |
| Long-Term and Medium-Term Debt Issued by Province of British Columbia: | Long-Term and Medium-Term Debt Issued by Province of British Columbia: |  |  |  |  |
| BCCD-34 | June 18, 2025 | November 18, 2014 | 2.85 | 500 | (2) |
| BCCD-34 (R1) | June 18, 2025 | January 16, 2015 | 2.85 | 500 | (2) |
| BCCD-34 (R2) | June 18, 2025 | June 30, 2015 | 2.85 | 500 | (2) |
| BCCD-34 (R3) | June 18, 2025 | November 5, 2015 | 2.85 | 500 | (2) |
| BCCD-34 (R4) | June 18, 2025 | April 1, 2020 | 2.85 | 300 | (2) |
| BCCD-34 (R5) | June 18, 2025 | April 1, 2020 | 2.85 | 450 | (2) |
| BCCD-34 (R6) | June 18, 2025 | April 8, 2020 | 2.85 | 500 | (2) |
| BCCD-34 (R7) | June 18, 2025 | April 28, 2020 | 2.85 | 800 | (2) |
| BCCMTN-63 | June 9, 2026 | September 11, 1996 | 8.00 | 110 | (2) |
| BCCD-36 | June 18, 2026 | March 16, 2016 | 2.30 | 500 | (2) |
| BCCD-36 (R1) | June 18, 2026 | May 12, 2016 | 2.30 | 500 | (2) |
| BCCD-36 (R2) | June 18, 2026 | January 27, 2017 | 2.30 | 500 | (2) |
| BCCMTN-64 | December 4, 2026 | December 4, 1996 | 7.00 | 40 | (2) |
| BCCMTN-74 | December 4, 2026 | January 12, 1999 | 7.00 | 60 | (2) |
| BCCMTN-65 | June 9, 2027 | February 11, 1997 | 7.50 | 50 | (2) |
| BCCD-37 | June 18, 2027 | March 21, 2017 | 2.55 | 500 | (2) |
| BCCD-37 (R1) | June 18, 2027 | October 17, 2017 | 2.55 | 500 | (2) |
| BCCD-37 (R2) | June 18, 2027 | August 14, 2020 | 2.55 | 800 | (2) |
| BCCD-37 (R3) | June 18, 2027 | December 15, 2020 | 2.55 | 500 | (2) |
| BCCD-W | November 19, 2027 | November 19, 1997 | 6.15 | 400 | (2) |
| BCCD-W (R1) | November 19, 2027 | December 9, 1999 | 6.15 | 100 | (2) |
| BCCMTN-70 | August 17, 2028 | August 17, 1998 | 5.62 | 200 | (2) |
| BCCD-38 | December 18, 2028 | May 15, 2018 | 2.95 | 500 | (2) |
| BCCD-38 (R1) | December 18, 2028 | July 20, 2018 | 2.95 | 500 | (2) |
| BCCD-38 (R2) | December 18, 2028 | September 18, 2018 | 2.95 | 500 | (2) |
| BCCD-38 (R3) | December 18, 2028 | June 11, 2019 | 2.95 | 500 | (2) |
| BCCD-X | June 18, 2029 | June 18, 1998 | 5.70 | 500 | (2) |
| BCCD-X (R1) | June 18, 2029 | October 13, 1998 | 5.70 | 85 | (2) |
| BCCD-X (R2) | June 18, 2029 | February 4, 1999 | 5.70 | 400 | (2) |
| BCCD-X (R3) | June 18, 2029 | May 20, 1999 | 5.70 | 500 | (2) |
| BCCD-X (R4) | June 18, 2029 | September 1, 1999 | 5.70 | 400 | (2) |
| BCCD-X (R5) | June 18, 2029 | September 24, 1999 | 5.70 | 400 | (2) |
| BCCMTN-83 | June 18, 2029 | June 18, 1999 | 5.861 | 250 | (2) |
| BCCD-14 | June 18, 2029 | June 19, 2007 | 5.15 | 200 | (2) |
| BCCD-14 (R1) | June 18, 2029 | May 3, 2013 | 5.15 | 60 | (2) |
| BCCD-14 (R2) | June 18, 2029 | May 28, 2013 | 5.15 | 115 | (2) |
| BCCD-14 (R3) | June 18, 2029 | May 31, 2013 | 5.15 | 70 | (2) |
| BCCD-14 (R4) | June 18, 2029 | May 31, 2013 | 5.15 | 50 | (2) |
| BCCD-40 | June 18, 2030 | October 30, 2019 | 2.20 | 500 | (2) |
| BCCD-40 (R1) | June 18, 2030 | December 12, 2019 | 2.20 | 500 | (2) |
| BCCD-40 (R2) | June 18, 2030 | March 25, 2020 | 2.20 | 600 | (2) |
| BCCD-40 (R3) | June 18, 2030 | March 27, 2020 | 2.20 | 400 | (2) |
| BCCD-40 (R4) | June 18, 2030 | April 2, 2020 | 2.20 | 300 | (2) |
| BCCD-40 (R5) | June 18, 2030 | April 15, 2020 | 2.20 | 410 | (2) |
| BCCD-40 (R6) | June 18, 2030 | May 6, 2020 | 2.20 | 500 | (2) |
| BCCD-40 (R7) | June 18, 2030 | September 8, 2020 | 2.20 | 500 | (2) |
| BCCD-40 (R8) | June 18, 2030 | January 22, 2021 | 2.20 | 500 | (2) |
| BCCD-Z | June 18, 2031 | June 16, 2000 | 6.35 | 500 | (2) |
| BCCD-Z (R1) | June 18, 2031 | July 20, 2000 | 6.35 | 400 | (2) |
| BCCD-Z (R2) | June 18, 2031 | November 15, 2001 | 6.35 | 500 | (2) |
| BCCD-19 | June 18, 2031 | June 13, 2008 | 5.00 | 200 | (2) |
| BCCD-19 (R1) | June 18, 2031 | April 10, 2012 | 5.00 | 100 | (2) |
| BCCD-19 (R2) | June 18, 2031 | April 18, 2012 | 5.00 | 100 | (2) |
| BCCD-19 (R3) | June 18, 2031 | April 20, 2012 | 5.00 | 110 | (2) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Series** | **Date of <br> Maturity** | **Date of<br> Issue** | **Interest <br> Rate** | **Outstanding <br> March 31, 2025** | **References** |
|  |  |  | **(percent)** | **($ Millions)** | |
| BCCD-19 (R4) | June 18, 2031 | October 24, 2012 | 5.00 | 100 | (2) |
| BCCD-19 (R5) | June 18, 2031 | October 29, 2012 | 5.00 | 125 | (2) |
| BCCD-19 (R6) | June 18, 2031 | January 8, 2013 | 5.00 | 100 | (2) |
| BCCD-19 (R7) | June 18, 2031 | January 9, 2013 | 5.00 | 50 | (2) |
| BCCD-19 (R8) | June 18, 2031 | January 22, 2013 | 5.00 | 100 | (2) |
| BCCD-19 (R9) | June 18, 2031 | April 2, 2013 | 5.00 | 50 | (2) |
| BCCD-41 | June 18, 2031 | February 11, 2021 | 1.55 | 500 | (2) |
| BCCD-41 (R1) | June 18, 2031 | April 6, 2021 | 1.55 | 500 | (2) |
| BCCD-41 (R2) | June 18, 2031 | May 26, 2021 | 1.55 | 500 | (2) |
| BCCD-41 (R3) | June 18, 2031 | June 15, 2021 | 1.55 | 800 | (2) |
| BCCD-41 (R4) | June 18, 2031 | October 18, 2021 | 1.55 | 500 | (2) |
| BCCD-41 (R5) | June 18, 2031 | January 25, 2022 | 1.55 | 500 | (2) |
| BCCD-41 (R6) | June 18, 2031 | March 22, 2022 | 1.55 | 500 | (2) |
| BCCD-43 | June 18, 2032 | April 12, 2022 | 3.20 | 500 | (2) |
| BCCD-43 (R1) | June 18, 2032 | May 13, 2022 | 3.20 | 500 | (2) |
| BCCD-43 (R2) | June 18, 2032 | June 14, 2022 | 3.20 | 500 | (2) |
| BCCD-43 (R3) | June 18, 2032 | November 15, 2022 | 3.20 | 500 | (2) |
| BCCD-43 (R4) | June 18, 2032 | March 13, 2023 | 3.20 | 500 | (2) |
| BCCD-45 | June 18, 2033 | April 11, 2023 | 3.55 | 500 | (2) |
| BCCD-45 (R1) | June 18, 2033 | May 29, 2023 | 3.55 | 500 | (2) |
| BCCD-45 (R2) | June 18, 2033 | June 21, 2023 | 3.55 | 500 | (2) |
| BCCD-45 (R3) | June 18, 2033 | October 13, 2023 | 3.55 | 500 | (2) |
| BCCD-45 (R4) | June 18, 2033 | December 12, 2023 | 3.55 | 500 | (2) |
| BCCD-45 (R5) | June 18, 2033 | January 15, 2024 | 3.55 | 500 | (2) |
| BCCD-46 | June 18, 2034 | January 25, 2024 | 4.15 | 600 | (2) |
| BCCD-46 (R1) | June 18, 2034 | January 30, 2024 | 4.15 | 500 | (2) |
| BCCD-46 (R2) | June 18, 2034 | March 28, 2024 | 4.15 | 900 | (2) |
| BCCD-46 (R3) | June 18, 2034 | April 16, 2024 | 4.15 | 600 | (2) |
| BCCD-46 (R4) | June 18, 2034 | May 22, 2024 | 4.15 | 600 | (2) |
| BCCD-46 (R5) | June 18, 2034 | June 28, 2024 | 4.15 | 600 | (2) |
| BCCD-46 (R6) | June 18, 2034 | July 12, 2024 | 4.15 | 600 | (2) |
| BCCD-46 (R7) | June 18, 2034 | August 6, 2024 | 4.15 | 600 | (2) |
| BCCD-7 | June 18, 2035 | February 7, 2004 | 5.40 | 500 | (2) |
| BCCD-48 | June 18, 2035 | January 13, 2025 | 4.00 | 750 | (2) |
| BCCD-48 (R1) | June 18, 2035 | January 29, 2025 | 4.00 | 750 | (2) |
| BCCD-48 (R2) | June 18, 2035 | March 27, 2025 | 4.00 | 750 | (2) |
| BCCD-11 | June 18, 2037 | August 22, 2006 | 4.70 | 500 | (2) |
| BCCD-11 (R1) | June 18, 2037 | April 30, 2007 | 4.70 | 500 | (2) |
| BCCD-11 (R2) | June 18, 2037 | April 8, 2008 | 4.70 | 500 | (2) |
| BCCMTN-69 | January 9, 2039 | July 14, 1998 | 5.75 | 150 | (2) |
| BCCMTN-73 | January 9, 2039 | November 17, 1998 | 6.00 | 65 | (2) |
| BCCMTN-84 | August 23, 2039 | July 2, 1999 | 6.30 | 200 | (2) |
| BCCD-22 | June 18, 2040 | December 8, 2008 | 4.95 | 500 | (2) |
| BCCD-22 (R1) | June 18, 2040 | May 26, 2009 | 4.95 | 300 | (2) |
| BCCD-22 (R2) | June 18, 2040 | July 15, 2009 | 4.95 | 500 | (2) |
| BCCD-22 (R3) | June 18, 2040 | January 11, 2010 | 4.95 | 500 | (2) |
| BCCD-22 (R4) | June 18, 2040 | May 14, 2010 | 4.95 | 500 | (2) |
| BCCD-25 | June 18, 2042 | September 8, 2010 | 4.30 | 500 | (2) |
| BCCD-25 (R1) | June 18, 2042 | September 30, 2010 | 4.30 | 500 | (2) |
| BCCD-25 (R2) | June 18, 2042 | February 7, 2011 | 4.30 | 500 | (2) |
| BCCD-25 (R3) | June 18, 2042 | April 11, 2011 | 4.30 | 500 | (2) |
| BCCD-25 (R4) | June 18, 2042 | June 6, 2011 | 4.30 | 500 | (2) |
| BCCD-25 (R5) | June 18, 2042 | October 27, 2011 | 4.30 | 500 | (2) |
| BCCD-25 (R6) | June 18, 2042 | December 5, 2011 | 4.30 | 200 | (2) |
| BCCD-25 (R7) | June 18, 2042 | December 19, 2011 | 4.30 | 250 | (2) |
| BCCD-25 (R8) | June 18, 2042 | June 1, 2012 | 4.30 | 200 | (2) |
| BCCD-25 (R9) | June 18, 2042 | September 28, 2012 | 4.30 | 200 | (2) |
| BCCD-1 | June 18, 2043 | June 27, 2003 | 5.25 | 150 | (2) |
| BCCD-29 | June 18, 2044 | December 4, 2012 | 3.20 | 500 | (2) |
| BCCD-29 (R1) | June 18, 2044 | June 20, 2013 | 3.20 | 500 | (2) |
| BCCD-29 (R2) | June 18, 2044 | August 2, 2013 | 3.20 | 400 | (2) |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Series** | **Date of**<br>**Maturity** | **Date of**<br>**Issue** | **Interest**<br>**Rate** | **Outstanding**<br>**March 31, 2025** |<br>**References** |
|  |  |  | (percent) | ($ Millions) |  |
| BCCD-29 (R3) | June 18, 2044 | September 17, 2013 | 3.20 | 500 | (2) |
| BCCD-29 (R4) | June 18, 2044 | October 16, 2013 | 3.20 | 400 | (2) |
| BCCD-29 (R5) | June 18, 2044 | April 14, 2014 | 3.20 | 600 | (2) |
| BCCD-29 (R6) | June 18, 2044 | June 20, 2014 | 3.20 | 600 | (2) |
| BCCD-29 (R7) | June 18, 2044 | September 26, 2014 | 3.20 | 600 | (2) |
| BCCD-10 | August 23, 2044 | June 22, 2004 | 5.75 | 100 | (2) |
| BCCD-10 (R1) | August 23, 2044 | July 28, 2008 | 5.75 | 20 | (2) |
| BCCD-18 | June 18, 2045 | May 15, 2008 | 4.60 | 50 | (2) |
| BCCD-15 | June 18, 2048 | June 29, 2007 | 4.90 | 200 | (2) |
| BCCD-15 (R1) | June 18, 2048 | July 14, 2008 | 4.90 | 40 | (2) |
| BCCD-15 (R2) | June 18, 2048 | August 5, 2008 | 4.90 | 32 | (2) |
| BCCD-15 (R3) | June 18, 2048 | January 21, 2009 | 4.90 | 70 | (2) |
| BCCD-15 (R4) | June 18, 2048 | January 21, 2009 | 4.90 | 50 | (2) |
| BCCD-15 (R5) | June 18, 2048 | January 23, 2009 | 4.90 | 50 | (2) |
| BCCD-15 (R6) | June 18, 2048 | September 30, 2011 | 4.90 | 50 | (2) |
| BCCD-15 (R7) | June 18, 2048 | November 1, 2011 | 4.90 | 25 | (2) |
| BCCD-15 (R8) | June 18, 2048 | November 2, 2011 | 4.90 | 30 | (2) |
| BCCD-35 | June 18, 2048 | May 1, 2015 | 2.80 | 500 | (2) |
| BCCD-35 (R1) | June 18, 2048 | June 2, 2015 | 2.80 | 500 | (2) |
| BCCD-35 (R2) | June 18, 2048 | September 8, 2015 | 2.80 | 500 | (2) |
| BCCD-35 (R3) | June 18, 2048 | October 27, 2015 | 2.80 | 500 | (2) |
| BCCD-35 (R4) | June 18, 2048 | January 18, 2016 | 2.80 | 500 | (2) |
| BCCD-35 (R5) | June 18, 2048 | September 23, 2016 | 2.80 | 500 | (2) |
| BCCD-35 (R6) | June 18, 2048 | September 26, 2017 | 2.80 | 500 | (2) |
| BCCD-35 (R7) | June 18, 2048 | November 14, 2017 | 2.80 | 500 | (2) |
| BCCD-35 (R8) | June 18, 2048 | January 29, 2018 | 2.80 | 500 | (2) |
| BCCD-35 (R9) | June 18, 2048 | April 16, 2018 | 2.80 | 500 | (2) |
| BCCD-20 | June 18, 2049 | June 30, 2008 | 4.60 | 20 | (2) |
| BCCD-39 | June 18, 2050 | August 24, 2018 | 2.95 | 500 | (2) |
| BCCD-39 (R1) | June 18, 2050 | December 4, 2018 | 2.95 | 500 | (2) |
| BCCD-39 (R2) | June 18, 2050 | April 1, 2019 | 2.95 | 500 | (2) |
| BCCD-39 (R3) | June 18, 2050 | April 23, 2019 | 2.95 | 500 | (2) |
| BCCD-39 (R4) | June 18, 2050 | July 22, 2019 | 2.95 | 400 | (2) |
| BCCD-39 (R5) | June 18, 2050 | April 16, 2020 | 2.95 | 500 | (2) |
| BCCD-39 (R6) | June 18, 2050 | April 17, 2020 | 2.95 | 1000 | (2) |
| BCCD-39 (R7) | June 18, 2050 | April 21, 2020 | 2.95 | 500 | (2) |
| BCCD-39 (R8) | June 18, 2050 | June 1, 2020 | 2.95 | 500 | (2) |
| BCCD-39 (R9) | June 18, 2050 | October 13, 2020 | 2.95 | 500 | (2) |
| BCCD-39 (R10) | June 18, 2050 | December 8, 2020 | 2.95 | 500 | (2) |
| BCCD-39 (R11) | June 18, 2050 | March 3, 2021 | 2.95 | 500 | (2) |
| BCCD-42 | June 18, 2052 | May 7, 2021 | 2.75 | 500 | (2) |
| BCCD-42 (R1) | June 18, 2052 | June 7, 2021 | 2.75 | 500 | (2) |
| BCCD-42 (R2) | June 18, 2052 | July 23, 2021 | 2.75 | 500 | (2) |
| BCCD-42 (R3) | June 18, 2052 | November 15, 2021 | 2.75 | 500 | (2) |
| BCCD-42 (R4) | June 18, 2052 | December 10, 2021 | 2.75 | 500 | (2) |
| BCCD-42 (R5) | June 18, 2052 | March 29, 2022 | 2.75 | 800 | (2) |
| BCCD-42 (R6) | June 18, 2052 | April 25, 2022 | 2.75 | 500 | (2) |
| BCCD-42 (R7) | June 18, 2052 | May 30, 2022 | 2.75 | 500 | (2) |
| BCCD-44 | December 18, 2053 | June 30, 2022 | 4.25 | 500 | (2) |
| BCCD-44 (R1) | December 18, 2053 | December 5, 2022 | 4.25 | 500 | (2) |
| BCCD-44 (R2) | December 18, 2053 | June 5, 2023 | 4.25 | 500 | (2) |
| BCCD-44 (R3) | December 18, 2053 | August 4, 2023 | 4.25 | 500 | (2) |
| BCCD-44 (R4) | December 18, 2053 | October 24, 2023 | 4.25 | 500 | (2) |
| BCCD-44 (R5) | December 18, 2053 | December 6, 2023 | 4.25 | 800 | (2) |
| BCCD-44 (R6) | December 18, 2053 | March 22, 2024 | 4.25 | 500 | (2) |
| BCCD-44 (R7) | December 18, 2053 | April 16, 2024 | 4.25 | 500 | (2) |
| BCCD-44 (R8) | December 18, 2053 | May 7, 2024 | 4.25 | 500 | (2) |
| BCCD-27 | June 18, 2055 | January 26, 2012 | 3.50 | 90 | (2) |
| BCCD-27 (R1) | June 18, 2055 | January 30, 2012 | 3.50 | 40 | (2) |
| BCCD-27 (R2) | June 18, 2055 | January 30, 2013 | 3.50 | 60 | (2) |
| BCCD-47 | December 18, 2055 | May 13, 2024 | 4.45 | 500 | (2) |
| BCCD-47 (R1) | December 18, 2055 | June 3, 2024 | 4.45 | 500 | (2) |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Outstanding** | **Outstanding** | |
| <br>**Series** | **Date of**<br>**Maturity** | **Date of**<br>**Issue** | **Interest**<br>**Rate** | **March 31, 2025** | **March 31, 2025** |<br>**References** |
|  |  |  | (percent) | ($ Millions) | ($ Millions) |  |
| BCCD-47 (R2) | December 18, 2055 | June 31, 2024 | 4.45 |  | 500 | (2) |
| BCCD-47 (R3) | December 18, 2055 | July 26, 2024 | 4.45 |  | 500 | (2) |
| BCCD-47 (R4) | December 18, 2055 | August 12, 2024 | 4.45 |  | 500 | (2) |
| BCCD-47 (R5) | December 18, 2055 | August 16, 2024 | 4.45 |  | 500 | (2) |
| BCCD-47 (R6) | December 18, 2055 | January 21, 2025 | 4.45 |  | 600 | (2) |
| BCCD-47 (R7) | December 18, 2055 | February 11, 2025 | 4.45 |  | 600 | (2) |
| BCCD-30 | June 18, 2062 | February 1, 2013 | 3.30 |  | 102.5 | (2) |
| BCCD-30 (R1) | June 18, 2062 | February 5, 2013 | 3.30 |  | 78 | (2) |
| BCCD-30 (R2) | June 18, 2062 | May 27, 2013 | 3.30 |  | 50 | (2) |
| Total: |  |  |  | C $| 75707.50 |  |

---

Canada Pension Plan Investment Board issues:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Series** | **Date of**<br>**Maturity** | **Date of**<br>**Issue** | **Interest**<br>**Rate** | **Outstanding**<br>**March 31, 2025** |<br>**References** |
|  |  |  | (percent) | ($ Millions) |  |
| BCCP-107 | July 11, 2025 | July 11, 2005 | 4.57 | 47.7 | (2) (3) |
| BCCP-108 | August 11, 2025 | August 9, 2005 | 4.61 | 5.0 | (2) (3) |
| BCCP-173 | July 11, 2026 | July 4, 2011 | 4.01 | 29.1 | (2) (3) |
| BCCP-113 | August 8, 2026 | August 8, 2006 | 4.78 | 14.5 | (2) (3) |
| BCCP-119 | December 11, 2026 | December 11, 2006 | 4.30 | 8.3 | (2) (3) |
| BCCP-128 | October 9, 2027 | October 9, 2007 | 4.86 | 13.0 | (2) (3) |
| BCCP-129 | November 13, 2027 | November 13, 2007 | 4.82 | 30.9 | (2) (3) |
| BCCP-131 | March 10, 2028 | March 10, 2008 | 4.63 | 21.4 | (2) (3) |
| BCCP-139 | October 7, 2028 | October 7, 2008 | 4.98 | 7.2 | (2) (3) |
| BCCP-143 | December 9, 2028 | December 9, 2008 | 5.19 | 2.7 | (2) (3) |
| BCCP-145 | May 11, 2029 | May 11, 2009 | 5.01 | 22.5 | (2) (3) |
| BCCP-181 | June 9, 2029 | June 9, 2014 | 3.35 | 5.0 | (2) (3) |
| BCCP-161 | May 10, 2030 | May 10, 2010 | 4.79 | 50.2 | (2) (3) |
| BCCP-174 | July 11, 2031 | July 4, 2011 | 4.21 | 31.7 | (2) (3) |
| BCCP-109 | August 9, 2035 | August 9, 2005 | 4.67 | 21.5 | (2) (3) |
| BCCP-166 | October 4, 2035 | October 4, 2010 | 4.22 | 1.5 | (2) (3) |
| BCCP-111 | May 9, 2036 | May 9, 2006 | 4.91 | 31.2 | (2) (3) |
| BCCP-191 | August 8, 2036 | August 8, 2016 | 2.55 | 6.0 | (2) (3) |
| BCCP-115 | September 11, 2036 | September 11, 2006 | 4.54 | 32.1 | (2) (3) |
| BCCP-117 | October 10, 2036 | October 10, 2006 | 4.46 | 20.2 | (2) (3) |
| BCCP-118 | November 10, 2036 | November 10, 2006 | 4.47 | 37.1 | (2) (3) |
| BCCP-177 | February 13, 2037 | February 13, 2012 | 3.25 | 3.9 | (2) (3) |
| BCCP-121 | March 12, 2037 | March 12, 2007 | 4.41 | 55.7 | (2) (3) |
| BCCP-122 | April 10, 2037 | April 10, 2007 | 4.52 | 41.8 | (2) (3) |
| BCCP-123 | May 8, 2037 | May 8, 2007 | 4.50 | 74.3 | (2) (3) |
| BCCP-192 | June 11, 2037 | June 12, 2017 | 2.758 | 76.9 | (2) (3) |
| BCCP-125 | July 10, 2037 | July 10, 2007 | 4.85 | 31.8 | (2) (3) |
| BCCP-126 | August 10, 2037 | August 10, 2007 | 4.90 | 18.6 | (2) (3) |
| BCCP-127 | September 4, 2037 | September 4, 2007 | 4.86 | 14.2 | (2) (3) |
| BCCP-132 | April 8, 2038 | April 8, 2008 | 4.67 | 43.0 | (2) (3) |
| BCCP-134 | May 12, 2038 | May 12, 2008 | 4.70 | 77.6 | (2) (3) |
| BCCP-135 | June 10, 2038 | June 10, 2008 | 4.72 | 29.8 | (2) (3) |
| BCCP-136 | July 8, 2038 | July 8, 2008 | 4.74 | 37.1 | (2) (3) |
| BCCP-137 | August 8, 2038 | August 8, 2008 | 4.69 | 13.3 | (2) (3) |
| BCCP-193 | September 9, 2038 | September 10, 2018 | 2.99 | 5.9 | (2) (3) |
| BCCP-194 | November 10, 2038 | November 13, 2018 | 3.25 | 37.4 | (2) (3) |
| BCCP-204 | December 9, 2038 | December 11, 2023 | 4.427 | 13.2 | (2) (3) |
| BCCP-195 | April 15, 2039 | April 15, 2019 | 2.721 | 35.7 | (2) (3) |
| BCCP-146 | May 11, 2039 | May 11, 2009 | 4.91 | 58.9 | (2) (3) |
| BCCP-148 | June 9, 2039 | June 9, 2009 | 4.99 | 78.2 | (2) (3) |
| BCCP-149 | July 10, 2039 | July 10, 2009 | 4.71 | 36.9 | (2) (3) |
| BCCP-150 | August 10, 2039 | August 10, 2009 | 4.73 | 17.6 | (2) (3) |
| BCCP-182 | October 14, 2039 | October 14, 2014 | 3.36 | 6.5 | (2) (3) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Series** | **Date of**<br> **Maturity** | **Date of<br> Issue** | **Interest<br> Rate** | **Outstanding <br> March 31, 2025** | **Outstanding <br> March 31, 2025** | **References** |
|  |  |  | (percent) | ($ Millions) | ($ Millions) |  |
| BCCP-154 | November 10, 2039 | November 10, 2009 | 4.68 |  | 10.0 | (2) (3) |
| BCCP-183 | November 10, 2039 | November 10, 2014 | 3.426 |  | 25.9 | (2) (3) |
| BCCP-184 | December 8, 2039 | December 8, 2014 | 3.30 |  | 7.3 | (2) (3) |
| BCCP-185 | March 9, 2040 | March 9, 2015 | 2.68 |  | 5.7 | (2) (3) |
| BCCP-157 | March 9, 2040 | March 9, 2010 | 4.60 |  | 31.5 | (2) (3) |
| BCCP-159 | April 12, 2040 | April 12, 2010 | 4.73 |  | 39.5 | (2) (3) |
| BCCP-186 | April 13, 2040 | April 13, 2015 | 2.718 |  | 16.2 | (2) (3) |
| BCCP-200 | May 10, 2040 | May 11, 2020 | 1.98 |  | 29.1 | (2) (3) |
| BCCP-187 | June 8, 2040 | June 8, 2015 | 2.961 |  | 13.0 | (2) (3) |
| BCCP-201 | June 8, 2040 | June 8, 2020 | 2.05 |  | 80.1 | (2) (3) |
| BCCP-164 | July 12, 2040 | July 12, 2010 | 4.50 |  | 49.4 | (2) (3) |
| BCCP-165 | August 10, 2040 | August 10, 2010 | 4.50 |  | 2.8 | (2) (3) |
| BCCP-167 | November 9, 2040 | November 9, 2010 | 4.21 |  | 18.5 | (2) (3) |
| BCCP-188 | December 10, 2040 | December 10, 2015 | 3.292 |  | 9.4 | (2) (3) |
| BCCP-189 | April 11, 2041 | April 11, 2016 | 2.99 |  | 78.0 | (2) (3) |
| BCCP-190 | May 10, 2041 | May 10, 2016 | 3.02 |  | 83.0 | (2) (3) |
| BCCP-202 | June 10, 2041 | June 10, 2021 | 2.553 |  | 91.5 | (2) (3) |
| BCCP-203 | August 8, 2041 | August 9, 2021 | 2.318 |  | 11.2 | (2) (3) |
| BCCP-178 | May 8, 2042 | May 8, 2012 | 3.54 |  | 70.1 | (2) (3) |
| BCCP-179 | June 11, 2042 | June 11, 2012 | 3.22 |  | 97.7 | (2) (3) |
| BCCP-180 | July 10, 2042 | July 10, 2012 | 3.29 |  | 54.8 | (2) (3) |
| BCCP-196 | April 12, 2049 | April 12, 2019 | 2.725 |  | 25.1 | (2) (3) |
| BCCP-197 | May 10, 2049 | May 10, 2019 | 2.755 |  | 26.6 | (2) (3) |
| BCCP-198 | June 10, 2049 | June 10, 2019 | 2.5325 |  | 42.4 | (2) (3) |
| BCCP-199 | July 12, 2049 | July 12, 2019 | 2.3793 |  | 26.0 | (2) (3) |
| Total: |  |  |  | C $| 2191.90 |  |
| Other | Other |  |  |  | 317.50 | (5) |
| Short-term Promissory Notes | Short-term Promissory Notes |  |  |  | 9922.30 |  |
| Total Issues in Canadian Dollars | Total Issues in Canadian Dollars |  |  | C $| 88199.20 |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Outstanding** | **Outstanding** | |
| <br>**Series** | **Date of**<br>**Maturity** | **Date of**<br>**Issue** | **Interest**<br>**Rate** | **March 31, 2025** | **March 31, 2025** |<br>**References** |
|  |  |  | (percent) | ($ Millions) | ($ Millions) |  |
| BCUSD-2 | January 15, 2026 | January 24, 1996 | 6.50 |  | 500 | (2) (4) |
| BCUSG-9 | June 2, 2026 | June 2, 2016 | 2.25 |  | 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) (4) |
| BCUSG-12 | July 20, 2026 | July 20, 2021 | 0.90 |  | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) (4) |
| BCUSG-17 | January 24, 2028 | January 24, 2025 | 4.70 |  | 3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) (4) |
| BCUSG-14 | November 15, 2028 | November 15, 2023 | 4.80 |  | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) (4) |
| BCUSG-15 | April 24, 2029 | April 24, 2024 | 4.90 |  | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) (4) |
| BCUSG-11 | January 29, 2031 | January 29, 2021 | 1.30 |  | 1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) (4) |
| BCUSG-13 | July 6, 2033 | July 6, 2023 | 4.20 |  | 2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) (4) |
| BCUSG-16 | June 12, 2034 | June 12, 2024 | 4.75 |  | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) (4) |
| BCUSD-3 | September 1, 2036 | August 29, 1996 | 7.25 |  | 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) (4) |
| Short-term Promissory Notes | Short-term Promissory Notes |  |  | US $| 3227.50 |  |
| Total Issues in U.S. Dollars \* | Total Issues in U.S. Dollars \* | Total Issues in U.S. Dollars \* |  | US $| 21277.50 |  |
| Exchange Premium (Including Hedge) | Exchange Premium (Including Hedge) | Exchange Premium (Including Hedge) |  |  | 7497.50 |  |
| U.S. Issues at Canadian Dollar Equivalent | U.S. Issues at Canadian Dollar Equivalent | U.S. Issues at Canadian Dollar Equivalent |  | C $| 28775.00 |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Series** | **Date of <br> Maturity** | **Date of <br> Issue** | **Interest <br> Rate** | **Interest <br> Rate** | **Outstanding <br> March 31, 2025** | **Outstanding <br> March 31, 2025** | **References** |
|  |  |  | (percent) | (percent) | ($ Millions) | ($ Millions) |  |
| BCSFR-7 | April 18, 2030 | &nbsp;&nbsp;April 19, 2010 |  | 2.500 |  | 100 | (1) |
| Total Issues in Swiss Francs \*\* | Total Issues in Swiss Francs \*\* | Total Issues in Swiss Francs \*\* | Total Issues in Swiss Francs \*\* |  | CHF | 100 |  |
| Exchange Premium (Including Hedge) | Exchange Premium (Including Hedge) | Exchange Premium (Including Hedge) |  |  |  | (4) |  |
| Swiss Franc Issues at Canadian Dollar Equivalent \*\* | Swiss Franc Issues at Canadian Dollar Equivalent \*\* | Swiss Franc Issues at Canadian Dollar Equivalent \*\* |  |  | C $| 96 | (1) |
|  | **Date of** | **Date of** | **Interest** | **Interest** | **Outstanding** | **Outstanding** |  |
| **Series** | **Maturity** | **Issue** | **Rate** | **Rate** | **March 31, 2025** | **March 31, 2025** | **References** |
|  |  |  | (percent) | (percent) | ($ Millions) | ($ Millions) |  |
| BCEURO-2 | October 8, 2025 | October 8, 2015 |  | 0.88 |  | 500 | (1) |
| BCEURO-5 | July 20, 2032 | July 20, 2016 |  | 0.70 |  | 250 | (1) |
| BCEURO-17 | July 24, 2034 | January 24, 2024 |  | 3.00 |  | 1250 | (1) |
| BCEURO-17 (R1) | July 24, 2034 | June 17, 2024 |  | 3.00 |  | 600 | (1) |
| BCEURO-6 | January 27, 2037 | January 27, 2017 |  | 1.337 |  | 150 | (1) |
| BCEURO-1 | November 8, 2038 | November 8, 2011 |  | 3.21 |  | 40 | (1) |
| BCEURO-18 | May 24, 2039 | May 24, 2024 |  | 3.4 |  | 1500 | (1) |
| BCEURO-16 | April 1, 2039 | October 18, 2023 |  | 3.741 |  | 100 | (1) |
| BCEURO-14 | June 7, 2039 | June 7, 2023 |  | 3.508 |  | 86 | (1) |
| BCEURO-13 | June 9, 2039 | June 9, 2022 |  | 2.06 |  | 100 | (1) |
| BCEURO-3 | December 18, 2040 | December 18, 2015 |  | 1.678 |  | 75 | (1) |
| BCEURO-12 | December 22, 2042 | December 21, 2021 |  | 0.59 |  | 135 | (1) |
| BCEURO-4 | June 17, 2043 | June 17, 2016 |  | 1.25 |  | 100 | (1) |
| BCEURO-7 | April 25, 2044 | April 25, 2019 |  | 1.227 |  | 130 | (1) |
| BCEURO-19 | June 28, 2046 | June 28, 2024 |  | 3.30 |  | 50 | (1) |
| BCEURO-11 | April 9, 2048 | April 9, 2020 |  | 1.00 |  | 170 | (1) |
| BCEURO-8 | April 26, 2049 | April 26, 2019 |  | 1.312 |  | 100 | (1) |
| BCEURO-9 | October 18, 2049 | October 18, 2019 |  | 0.478 |  | 135 | (1) |
| BCEURO-9 (R1) | October 18, 2049 | October 18, 2019 |  | 0.478 |  | 50 | (1) |
| BCEURO-9 (R2) | October 18, 2049 | October 18, 2019 |  | 0.478 |  | 100 | (1) |
| BCEURO-9 (R3) | October 18, 2049 | October 25, 2019 |  | 0.478 |  | 125 | (1) |
| BCEURO-9 (R4) | October 18, 2049 | June 1, 2023 |  | 0.478 |  | 90 | (1) |
| BCEURO-9 (R5) | October 18, 2049 | October 18, 2023 |  | 0.478 |  | 100 | (1) |
| BCEURO-9 (R6) | October 18, 2049 | October 19, 2023 |  | 0.478 |  | 59 | (1) |
| BCEURO-9 (R7) | October 18, 2049 | October 19, 2023 |  | 0.478 |  | 50 | (1) |
| BCEURO-10 | March 30, 2050 | March 30, 2020 |  | 0.27 |  | 150 | (1) |
| BCEURO-15 | June 5, 2053 | June 5, 2023 |  | 3.402 |  | 80 | (1) |
| Total Issues in Euros \*\* | Total Issues in Euros \*\* | Total Issues in Euros \*\* |  |  | EUR | 6275 |  |
| Exchange Premium (Including Hedge) | Exchange Premium (Including Hedge) | Exchange Premium (Including Hedge) |  |  |  | 2954 |  |
| Euro Issues at Canadian Dollar Equivalent \*\* | Euro Issues at Canadian Dollar Equivalent \*\* | Euro Issues at Canadian Dollar Equivalent \*\* |  |  | C $| 9229 |  |
| **Series** | **Date of<br> Maturity** | **Date of<br> Issue** | **Interest<br> Rate** | **Interest<br> Rate** | **Outstanding<br> March 31, 2025** | **Outstanding<br> March 31, 2025** | **References** |
|  |  |  | (percent) | (percent) | ($ Millions) | ($ Millions) |  |
| BCAUD-2 | February 26, 2027 | August 26, 2016 |  | 2.50 |  | 100 | (2) |
| BCAUD-2 (R1) | February 26, 2027 | March 24, 2017 |  | 2.50 |  | 70 | (2) |
| BCAUD-3 | May 16, 2032 | November 16, 2021 |  | 2.50 |  | 70 | (2) |
| BCAUD-6 | July 16, 2032 | January 16, 2025 |  | 4.95 |  | 1000 | (2) |
| BCAUD-4 | December 14, 2032 | December 14, 2021 |  | 2.60 |  | 78 | (2) |
| BCAUD-5 | May 23, 2034 | May 23, 2024 |  | 5.25 |  | 1000 | (2) |
| Total Issues in Australian Dollars \*\* | Total Issues in Australian Dollars \*\* | Total Issues in Australian Dollars \*\* |  |  | AUD | &nbsp;&nbsp;&nbsp;&nbsp;2318 |  |
| Exchange Premium (Including Hedge) | Exchange Premium (Including Hedge) | Exchange Premium (Including Hedge) |  |  |  | (218) |  |
| AUD Issues at Canadian Dollar Equivalent \*\* | AUD Issues at Canadian Dollar Equivalent \*\* | AUD Issues at Canadian Dollar Equivalent \*\* |  |  | C $| 2100 |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Outstanding** | **Outstanding** | |
| <br>**Series** | **Date of**<br>**Maturity** | **Date of**<br>**Issue** | **Interest**<br>**Rate** | **March 31, 2025** | **March 31, 2025** |<br>**References** |
|  |  |  | (percent) | ($ Millions) | ($ Millions) |  |
| BCGBP-02 | June 18, 2029 | June 18, 2024 | 4.50 |  | 500 | (1) |
| Total Issues in British Pounds \*\* | Total Issues in British Pounds \*\* |  |  | GBP | 500 |  |
| Exchange Premium (Including Hedge) | Exchange Premium (Including Hedge) |  |  |  | 376 |  |
| GBP Issues at Canadian Dollar Equivalent \*\* | GBP Issues at Canadian Dollar Equivalent \*\* |  |  | C$ | 876 |  |
| Gross Direct Debt Issued by the Province | Gross Direct Debt Issued by the Province |  |  |  |  |  |
| (In Canadian Dollar Equivalents) | (In Canadian Dollar Equivalents) |  |  | C$ | 129215.20 |  |

---

\* Payable and expressed in U.S. dollars. Debt payable of US$21,051 million has been hedged to C$28,465 million and US$227 million was unhedged (CAD$310 million). This balance was translated at the exchange rate prevailing at year-end.

\*\* Foreign currency debt, other than $227 million U.S. debt, has been fully hedged to Canadian dollars.

**REFERENCES TO STATEMENTS OF DEBT**

1) Interest payable annually.

2) Interest payable semi-annually.

3) Pursuant to provisions for investment of Canada Pension Plan Investment Board Funds, this issue is redeemable as a whole or in part on 30 days' notice at the option of the Minister of Finance for British Columbia, subject to certain restrictions.

4) Callable by the issuer if taxation laws requiring additional payments are imposed or levied.

5) Direct capital leases and Federal loans to InBC Investment Corporation (formally BC Immigrant Investment Fund), internal debt financing, and other guarantees.

**STATEMENT OF DIRECT FUNDED AND UNFUNDED DEBT**

At March 31, 2025

---

| | | |
|:---|:---|:---|
|  | Amount Outstanding | Amount Outstanding |
|  | March 31, 2025 | March 31, 2025 |
|  | (in $000s) | (in $000s) |
| Gross Direct Debt issued by the Province (in Canadian Dollar Equivalents) |  | 129215208 |
| &nbsp;&nbsp;&nbsp;Less - Fiscal Agency Borrowings on behalf of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;British Columbia Housing Management Commission | 1041633 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;British Columbia Hydro and Power Authority | 32346943 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;British Columbia Infrastructure Benefits Inc. | 24126 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;British Columbia Institute of Technology | 32189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;British Columbia Lottery Corporation | 130377 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;British Columbia Transit | 186159 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;British Columbia Transportation Financing Authority | 22757619 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capilano University | 49728 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;College of New Caledonia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Basin Power Projects | 936361 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Power Corporation | 335000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InBC Investment Corporation (Formerly British Columbia Immigration Investment Fund) | 116700 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Improvement Districts | 1852 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Langara College | 10000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nicola Valley Institute of Technology | 2871 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Okanagan College | 34781 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Providence | 630747 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Fraser University | 73000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thompson Rivers University | 26061 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of British Columbia | 140282 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Fraser Valley | 32900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Victoria | 147601 |  |
|  | - | 59056931 |
| &nbsp;&nbsp;&nbsp;Gross Direct Debt |  | 70158276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add -- Unrealized Foreign Exchange Loss | 2062340 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less -- Unamortized Discount | 64014 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less -- Government Sinking Funds | (47929) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add -- Bonds held in the Consolidated Revenue Fund | - | 2078425 |
| &nbsp;&nbsp;&nbsp;Total Net Direct Debt |  | 72236701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross Fiscal Agency Debt |  | 59056931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add -- Unrealized Foreign Exchange gain | 372455 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less -- Unamortized Discount | (318415) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less -- Government Sinking Funds | (514486) | (460446) |
| &nbsp;&nbsp;&nbsp;Total Net Fiscal Agency Debt |  | 58596485 |
| Total Net Direct and Fiscal Agency Debt |  | $130833187 |

---

**NET GUARANTEED DEBT**

**At March 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | | Amount |
|  | | | Interest Rate | Outstanding <sup>1</sup> |
| Issue & Series | Year of Maturity | Year of Issue | (percent) | March 31/2025 |
|  |  |  |  | (in Millions of Cdn dollars) |
| British Columbia Hydro and Power Authority |  |  |  | - |
| Plus -- Other Guaranteed Debt<sup>2</sup> |  |  |  | 6 |
|  |  |  |  | 6 |
| Less -- Provisions for Probable Payout |  |  |  | (1) |
| Total Net Guaranteed Debt |  |  |  | $5 |

---

<sup>(1)</sup> Total net of sinking funds and unamortized discount. 

<sup>(2)</sup> Includes outstanding loan guarantees of student assistance loans, loans to agricultural producers and guarantees issued under economic development assistance programs.

**NON-GUARANTEED DEBT**

**As At March 31, 2025**

---

| | |
|:---|:---|
|  | (in Millions of<br>Cdn dollars) |
| Taxpayer-Supported Debt |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BC Transportation Financing Authority | 1393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Basin Trust | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health facilities | 1706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post-Secondary | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provincial Rental Housing | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schools | 20 |
| Total Taxpayer-Supported Non-Guaranteed Debt | 3839 |
| Self-Supported Debt |  |
| &nbsp;&nbsp;&nbsp;Commercial Crown Corporations and Agencies |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;British Columbia Liquor Distribution | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;British Columbia Transmission Corporation | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;British Columbia Hydro | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;British Columbia Liquor Distribution Branch | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;British Columbia Lottery Corporation | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;British Columbia Railway Co | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance Corporation of BC | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Basin Trust (joint ventures real estate investments) | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Basin Power Projects<sup>1</sup> | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post-Secondary institutions' subsidiaries | 896 |
| Total Self-Supported Non-Guaranteed Debt | 1634 |
| Total Non-Guaranteed Debt | $5473 |

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<sup>(1)</sup> Joint ventures of Columbia Power Corporation and Columbia Basin Trust.

**CONSOLIDATED FUNDED AND UNFUNDED DEBT OF THE PUBLIC SECTOR**

**As at March 31, 2025**

The financial statements of the Province include funded and unfunded debt of public entities within British Columbia which is either guaranteed or reloaned by the Province, and include the funded debt of such entities which is not guaranteed by the Province.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Outstanding<sup>1,2</sup> Gross | Unamortized<br> Discount | Sinking Fund<br> Investments<sup>2</sup> | Outstanding Net |
|  | (in Millions of Cdn dollars) | (in Millions of Cdn dollars) | (in Millions of Cdn dollars) | (in Millions of Cdn dollars) |
| Direct and Guaranteed Funded and Unfunded |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Debt of the Province | $129221 | $(254) | $(562) | $128404 |
| &nbsp;&nbsp;&nbsp;Plus: Non-Guaranteed Debt | 5568 | $(95) | - | 5473 |
| Total Consolidated Funded Debt of the Public Sector of |  |  |  |  |
| &nbsp;&nbsp;&nbsp;British Columbia | $134788 | $(349) | $(562) | $133877 |

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<sup>(1)</sup> Balance does not include the Provision for Probable Payout ($1 million).

<sup>(2)</sup> The Province's debt is reported in compliance with generally accepted accounting principles (GAAP). Amounts shown are consistent with the Province's Debt Summary Report which includes guaranteed debt and non-guaranteed debt incurred by self-supporting crowns is net of sinking fund balances and the unrealized foreign exchange gains or losses

**CANADIAN FOREIGN EXCHANGE RATE AND** 

**INTERNATIONAL RESERVES** 

Historical USD/CAD exchange rates\* for the Canadian dollar against one United States dollar are as follows for the calendar year ended December 31st:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2020** | **2020** | **2021** | **2021** | **2022** | **2022** | **2023** | **2023** | **2024** | **2024** |
| (CAD) Low |  | 1.4496 |  | 1.2942 |  | 1.3856 |  | 1.3875 |  | 1.4416 |
| (CAD) High |  | 1.2718 |  | 1.2040 |  | 1.2451 |  | 1.3128 |  | 1.3316 |

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On March 31, 2025, the daily average exchange rate for the Canadian dollar against one U.S. dollar was 1.4376

Source: Bank of Canada

\*The rates are based on the daily average exchange rates.

Historical totals of Canada's official international reserves are as follows for the last business day of calendar year:

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| | | | | |
|:---|:---|:---|:---|:---|
| **2020** | **2021** | **2022** | **2023** | **2024** |
| (US$ Millions) | (US$ Millions) | (US$ Millions) | (US$ Millions) | (US$ Millions) |
| 90428 | 106615 | 107255 | 118276 | 121622<sup>(1)</sup> |

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Source: Bank of Canada

<sup>(1)</sup> US$81,141 million in Securities, US$12,738 million in deposits, US$22,224 million in Special Drawing Rights, US$3,676 million in the International Monetary Fund, and US$1,843 million in Other reserve assets.

**TRADE BALANCE**

**Exports and Imports (all figures in nominal dollars):**

Based on the Provincial Economic Accounts 2023 estimates (November 2024), B.C.'s exports of goods and services totaled $153.8 billion during the 2023 calendar year, consisting of $97.5 billion (63.4%) international exports and $56.4 billion (36.6%) interprovincial exports. B.C.'s imports of goods and services totaled $191.3 billion, consisting of $110.1 billion (57.6%) international imports and $81.2 billion (42.4%) interprovincial imports.

B.C.'s international exports of goods and services represented 10.0% of Canada's total international exports in 2023, while B.C.'s international imports accounted for 11.3% of Canada's total international imports in 2023.

B.C. registered a total trade deficit of $37.5 billion in 2023, which consisted of a $12.7 billion deficit from international trade and a $24.8 billion deficit accruing from interprovincial trade. In 2022, B.C. registered a total trade deficit of $24.7 billion. B.C. had a $3.2 billion deficit from international trade and a $21.5 billion deficit from interprovincial trade.

B.C.'s international exports of goods originating within the province (i.e. domestic exports) were $54.6 billion in 2024, a decrease of 2.7% compared to $56.1 billion in 2023. The decline in B.C.'s 2024 goods exports was driven by decreases in the value of natural gas exports to the US and coal exports to Japan and India.

B.C.'s principal international export market in 2024 was the United States, which accounted for 52.8% of B.C.'s total international goods exports. B.C.'s exports to mainland China and Japan accounted for 15.6% and 10.3%, respectively.

Sources: Statistics Canada, BC Stats and Ministry of Finance