Document:

Exhibit
10.8

 

GENERAL
SECURITY AGREEMENT

 

     

     

    

 

THIS
SECURITY AGREEMENT made June 17, 2015.

 

FROM:

 

NIOCORP
DEVELOPMENTS LTD., a corporation incorporated

under the laws of British Columbia with an office at 7000 South

Yosemite Street, Suite 115, Centennial, CO, USA 80112

(the
"Debtor")

TO:

MARK
SMITH, businessman of Highlands Ranch, CO,
USA 80126

(the "Secured Party")

 

FOR
VALUE RECEIVED, the Debtor covenants, agrees, warrants, represents, acknowledges, and confirms to and with the Secured Party and
creates and grants the mortgages, charges, transfers, assignments, and security interests as follows:

 

1.
Security Interest

 

As
security for the payment and performance of the Obligations (as defined in paragraph 3), the Debtor, subject to the exceptions
set out in paragraph 2, does:

 

1.1
Grant to the Secured Party a security interest in, and mortgages, charges, transfers and assigns absolutely, all of the Debtor's
present and after acquired personal property, and all personal property in which the Debtor has rights, of whatever nature or kind
and wherever situate, including, without limitation, all of the following now owned or in future owned or acquired by or on behalf
of the Debtor:

 

		(a)	all goods, including:

 

		(i)	all inventory of whatever kind and wherever situate,
including, without limitation, goods acquired or held for sale or lease or furnished or to be furnished under contracts of rental
or service, all raw materials, work in progress, finished goods, returned goods, repossessed goods, and all packaging materials,
supplies, and containers relating to or used or consumed in connection with any of the foregoing (collectively the "Inventory");

 

		(ii)	all equipment of whatever kind and wherever situate,
including, without limitation, all machinery, tools, apparatus, plant, fixtures, furniture, furnishings, chattels, motor vehicles,
vessels, and other tangible personal property of whatever nature or kind (collectively the "Equipment");

 

		(b)	all book accounts and book debts and generally all
accounts, debts, dues, claims, choses in action, and demands of every nature and kind however arising or secured including letters
of credit and advices of credit, which are now due, owing, or accruing, or growing due to, or owned by, or which may in future
become due, owing, or accruing, or growing due to, or owned by the Debtor (the "Accounts");

 

		(c)	all contractual rights, insurance claims, licences,
goodwill, patents, trademarks, trade names, copyrights, and other industrial or intellectual property of the Debtor or in which
the Debtor has an interest, all other choses in action of the Debtor of every kind which now are, or which may in future be, due
or owing to or owned by the Debtor, and all other intangible property of the Debtor which is not Accounts, Chattel Paper, Instruments,
Documents of Title, Investment Property, or Money;

 

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		(d)	all Money;

 

		(e)	all property described in any Schedule (excluding
Schedule "A") now or at any time in future annexed to this Agreement or agreed to form part of this Agreement;

 

		(f)	the undertaking of the Debtor;

 

		(g)	all Chattel Paper, Documents of Title (whether negotiable
or not), Instruments, Intangibles, and Investment Property now owned or in future owned or acquired by or on behalf of the Debtor
(including those returned to or repossessed by the Debtor) and all other goods of the Debtor that are not Equipment, Inventory,
or Accounts;

 

		(h)	all proceeds, renewals, and accretions, and substitutions
of any of the foregoing; and

 

		(i)	all deeds, documents, writings, papers, books of account,
and other books and electronically recorded data relating to any of the foregoing or by which any of the foregoing is or may in
future be secured, evidenced, acknowledged, or made payable.

 

1.2          Charge
as and by way of a floating charge to and in favour of the Secured Party, and grant to the Secured Party a security interest, mortgage,
and charge in and to:

 

		(a)	all the Debtor's right, title, and interest in and
to all its presently owned or held and after acquired or held real, immovable, and leasehold property and all interests therein,
and all easements, rights-of-way, privileges, benefits, licences, improvements, and rights whether connected therewith or appurtenant
thereto or separately owned or held, including all structures, plant, and other fixtures (collectively "Real Property");
and

 

		(b)	all property, assets, and undertakings of the Debtor,
both present and future, of whatever nature or kind and wherever situate, and all Proceeds thereof and therefrom,

 

other
than any of its property, assets, and undertakings otherwise validly and effectively subject to the charges and security interests
in favour of the Secured Party created under paragraph 1.1 of this Agreement. This charge attaches immediately upon the Debtor
acquiring any rights in any of that property.

 

1.3          Mortgage
and charge as and by way of a fixed and specific charge to and in favour of the Secured Party, and assign and transfer to the Secured
Party and grant to the Secured Party, by way of mortgage, charge, assigmnent, and transfer, a security interest in all of the Debtor's
right, title, and interest, both present and future, in and to all of its presently owned or held and after acquired or held property
which:

 

		(a)	is or in future becomes a fixture, or

 

		(b)	constitutes a licence, quota, permit or other similar
right or benefit, or crops.

 

1.4          The
mortgages, charges, assignments, transfers, and security interests created or granted under paragraphs 1.1, 1.2, and 1.3 of this
Agreement are collectively called the "Security Interest", and all property, assets, interests, and undertakings (including
Proceeds) subject to the Security Interest or otherwise charged or secured by this Agreement or expressed to be charged, assigned
or transferred, or secured by any instruments supplemental to this Agreement or in implementation of this Agreement are collectively
called the "Collateral".

 

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2.          Exceptions
and Definitions

 

The
Security Interest granted by this Agreement shall not extend or apply to and the Collateral shall not extend to the last day of
the term of any lease or agreement to lease real property, but upon the enforcement of the Security Interest the Debtor shall stand
possessed of such last day in trust to assign and dispose thereof as the Secured Party shall direct.

 

The
terms "Chattel Paper", "Document of Title", "Equipment", "Consumer Goods", "Instrument",
"Intangible", "Investment Property", "Proceeds", "Inventory", "Accessions", "Money",
"financing statement", "financing change statement", "verification statement" and "control"
shall, unless otherwise defined in this Agreement or otherwise required by the context, be interpreted according to their respective
meanings as set out in the British Columbia Personal
Property Security Act, as amended.

 

Any
reference in this Agreement to "Collateral" shall, unless the context otherwise requires, be deemed a reference to "Collateral
or any part thereof. The Collateral shall not include consumer goods of the Debtor.

 

The
term "Proceeds", whenever used and interpreted as above, shall by way of example include trade-ins, equipment, cash,
bank accounts, notes, chattel paper, goods, contract rights, accounts, and any other personal property or obligation received when
such collateral or proceeds are sold, exchanged, collected, or otherwise disposed of. The term "licence" means any licence
or similar right at any time owned or held by the Debtor including without limitation a "licence" as defined in the Act,
and the meaning of the term "crops" whenever used in this Agreement includes but is not limited to "crops"
as defined in the Act.

 

3.          Obligations
Secured

 

This
Agreement and the Security Interest are in addition to and not in substitution for any other security interest now or in future
held by the Secured Party from the Debtor or from any other person and shall be general and continuing security for the payment
of all indebtedness and liability of the Debtor to the Secured Party (including interest thereon), present or future, absolute
or contingent, joint or several, direct or indirect, matured or not, extended or renewed, wherever and however incurred, and any
ultimate balance thereof, including all advances on current or running account and all future advances and re- advances, and whether
the same is from time to time reduced and thereafter increased or entirely extinguished and thereafter incurred again, and whether
the Debtor be bound alone or with another or others, and whether as principal or surety, and for the performance and satisfaction
of all obligations of the Debtor to the Secured Party, whether or not contained in this Agreement, and whether the Debtor be bound
alone or with another or others (all of which indebtedness, liability, and obligations are collectively the "Obligations").

 

4.          Prohibitions

 

Without
the prior written consent of the Secured Party, the Debtor shall not and shall not have power to:

 

		(a)	grant, create, or pennit to be created any security
interest in, charge, encumbrance, or lien over, or claim against any of its property, assets, or undertakings that rank or could
rank in priority to or pari passu with the Security Interest;

 

		(b)	grant, sell, or otherwise assign its Chattel Paper;
or

 

		(c)	issue or have outstanding at any time any secured
or unsecured bonds, debentures, debenture stock, or other evidences of indebtedness of the Debtor or of any predecessor in title
of the Debtor issued under a trust deed or other instrument running in favour of a trustee.

 

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		5.	Attachment

 

The
Debtor acknowledges and confirms that:

 

		(a)	there is no intention to delay the time of attachment
of the Security Interest created by this Agreement, and the Security Interest shall attach at the earliest time permissible under
the laws governing this Agreement;

 

		(b)	that value has been given; and

 

		(c)	that the Debtor has (or in the case of any after acquired
property, will have at the time of acquisition) rights in the Collateral.

 

		6.	Representations
and Warranties

 

		6.1	The
                                         Debtor represents and warrants to the Secured Party that:

 

		(a)	if the Debtor is a company or a partnership, this
Agreement is granted in accordance with resolutions of the directors (and of the shareholders as applicable) or of the partners,
as the case may be, of the Debtor, and that all other matters and things have been done and performed so as to authorize and make
the execution and delivery of this Agreement, and the performance of the Debtor's obligations hereunder, legal, valid, and binding;

 

		(b)	the Debtor lawfully owns and possesses all presently
held Collateral and has good title thereto, free from all security interests, charges, encumbrances, liens, and claims, save only
the charges or security interests, if any, shown in any schedule to this Agreement and those consented to in writing by the Secured
Party, and the Debtor has good right and lawful authority to grant a security interest in the Collateral as provided by this Agreement;

 

		(c)	where the Collateral includes Accounts, Chattel Paper,
or Instruments, each is enforceable in accordance with its terms against the party obligated thereunder, and that the Debtor has
fully and accurately disclosed to the Secured Party the amount owing thereunder and any other relevant information concerning liability
for payment thereunder;

 

		(d)	where the Collateral includes investment property,
the Debtor has not given control of the investment property to any person;

 

		(e)	for goods constituting Collateral, the Debtor has
in this Agreement or elsewhere fully and accurately disclosed to the Secured Party the locations thereof and of the business operations
and records of the Debtor.

 

6.2          All
representations and warranties given by the Debtor under a loan agreement (the "Loan Agreement") between the Secured
Party and the Debtor dated June 17, 2015 shall form representations and warranties of this Agreement and this Agreement shall be
read and construed to include such representations and warranties.

 

		7.	Covenants
                                         of the Debtor

 

7.1          The Debtor covenants with the Secured Party that at all times while this Agreement remains in effect the Debtor shall:

 

		(a)	defend
the title to the Collateral for the benefit of the Secured Party against the claims and demands of all persons;

 

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		(b)	fully and effectually maintain and keep maintained
the validity and effectiveness of the Security Interest;

 

		(c)	maintain the Collateral in good order and repair;

 

		(d)	forthwith pay:

 

		(i)	all taxes, assessments, rates, duties, levies, government
fees, claims, dues and other charges of every nature that may be lawfully levied, assessed, or imposed upon it or the Collateral
when due, unless the Debtor shall in good faith contest its obligations so to pay and shall furnish such security as the Secured
Party may require; and

 

		(ii)	all security interests, charges, encumbrances, liens
and claims that rank or could in any event rank in priority to the Security Interest, other than the charges or security interests,
if any, shown in any Schedule to this Agreement and those consented to in writing by the Secured Party;

 

		(e)	forthwith reimburse and indemnify the Secured Party
for all costs, charges, expenses, and legal fees and disbursements that may be incurred by the Secured Party in:

 

		(i)	inspecting the Collateral;

 

		(ii)	negotiating, preparing, perfecting, and registering
this Agreement or notice of it and other documents, whether or not relating to this Agreement;

 

		(iii)	investigating title to the Collateral;

 

		(iv)	taking, recovering, keeping possession of, and insuring
the Collateral; and

 

		(v)	all other actions and proceedings taken in connection
with the preservation of the Collateral and the enforcement of this Agreement and of any other Security Interest held by the Secured
Party as security for the Obligations;

 

		(f)	at the Secured Party's request at any time and from
time to time, execute and deliver such further and other documents and instruments and do all acts and things as the Secured Party
in its absolute discretion requires in order to confirm and perfect, and maintain perfection of, the Security Interest in favour
of the Secured Party upon any of the Collateral;

 

		(g)	notify the Secured Party promptly of

 

		(i)	any change in the information contained in this Agreement
relating to the Debtor, its address, its business, or the Collateral, including without limitation any change of name or address
of the Debtor and any change in location of any Collateral;

 

		(ii)	the details of any material acquisition of Collateral;

 

		(iii)	any material loss or damage to the Collateral;

 

		(iv)	any
material default by any account debtor in payment or other performance of his or her obligations to the Debtor with respect to
any Accounts;

 

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		(v)	the return to or repossession by the Debtor of the
Collateral where such return or repossession of the Collateral is material in relation to the business of the Debtor; and

 

		(vi)	the details of any claims or litigation affecting
the Debtor or the Collateral;

 

		(h)	prevent the Collateral, other than Inventory sold,
leased, or otherwise disposed of as permitted by this Agreement, from being or becoming an accession to other property not covered
by this Agreement;

 

		(i)	permit the Secured Party and its representatives,
at all reasonable times, access to all its property, assets, and undertakings and to all its books of account and records for the
purpose of inspection, and render all assistance necessary for such inspection; and

 

		(j)	deliver
to the Secured Party from time to time promptly upon request:

 

		(i)	any Documents of Title, Instruments, certificated
Securities, and Chattel Paper constituting, representing, or relating to Collateral;

 

		(ii)	all books of account and all records, ledgers, reports,
correspondence, schedules, documents, statements, lists, and other writings relating to the Collateral for the purpose of inspecting,
auditing, or copying;

 

		(iii)	account control agreements in respect of Investment
Property, in form and substance satisfactory to the Secured Party;

 

		(iv)	all financial statements prepared by or for the Debtor
regarding the Debtor's business;

 

		(v)	all policies and certificates of insurance relating
to the Collateral; and

 

		(vi)	any information concerning the Collateral, the Debtor,
and the Debtor's business and affairs as the Secured Party may reasonably require;

 

		(k)	carry
on and conduct the business of the Debtor in a proper and efficient manner and so as to protect and preserve the Collateral and
to keep, in accordance with generally accepted accounting principles, consistently applied, proper books of account for the Debtor's
business as well as accurate and complete records concerning the Collateral;

 

		(1)	where
the Collateral is Investment Property, shall prevent any party other than the Secured Party from having control;

 

		(m)	observe
and perform the additional covenants, if any, set out in any schedule attached to this Agreement.

 

7.2          The Debtor covenants that at all times while this Agreement remains in effect, without the prior written consent of the Secured
Party, it shall not

 

		(a)	declare or pay any dividends;

 

		(b)	purchase or redeem any of its shares or otherwise
reduce its share capital;

 

		(c)	become guarantor of any obligation; or

 

		(d)	become an endorser of any obligation or otherwise
become liable upon any note or other obligation other than bills of exchange deposited to any bank accounts of the Debtor.

 

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7.3          Except
as provided in this Agreement, without the prior written consent of the Secured Party, the Debtor shall not

 

		(a)	sell, lease, or otherwise dispose of the Collateral;

 

		(b)	release, surrender, or abandon possession of the Collateral;
or

 

		(c)	move or transfer the Collateral from the jurisdiction
or jurisdictions in which the Security Interest has been perfected.

 

7.4          Provided
that the Debtor is not in default under this Agreement, at any time without the consent of the Secured Party the Debtor may lease,
sell, license, consign, or otherwise deal with items of Inventory in the ordinary course of its business and for the purposes of
carrying on its business.

 

7.5          The
Debtor covenants that to the extent that any monies, credit, or other consideration provided by the Secured Party has enabled the
Debtor to purchase or acquire rights in any personal property or assets, the Security Interest is and shall remain a purchase money
security interest.

 

		8.	Insurance

 

8.1          The
Debtor covenants that at all times while this Agreement is in effect the Debtor shall:

 

		(a)	maintain or cause to be maintained insurance on the
Collateral with an insurer, of kinds, for amounts and payable to such person or persons, all as the Secured Party may require,
and in particular but without limitation maintain insurance on the Collateral to its full insurable value against loss or damage
by fire including extended coverage endorsement, and in the case of motor vehicles and other mobile Collateral, maintain insurance
against theft;

 

		(b)	cause the insurance policy or policies required under
this Agreement to be assigned to the Secured Party and have as part thereof a standard mortgage clause or a mortgage endorsement,
as appropriate; and

 

		(c)	pay all premiums in connection with such insurance,
and deliver all such policies to the Secured Party, if it so requires.

 

8.2          If
proceeds of any insurance required under this Agreement become payable, the Secured Party may, in its absolute discretion, apply
those proceeds to such part or parts of the Obligations as the Secured Party may see fit, or the Secured Party may release any
such insurance proceeds to the Debtor for the purpose of repairing, replacing, or rebuilding, but any release of insurance proceeds
to the Debtor shall not operate as a payment on account of the Obligations or in any way affect this Agreement.

 

8.3          The
Debtor shall forthwith, on the happening of loss or damage to the Collateral, notify the Secured Party thereof and furnish to the
Secured Party at the Debtor's expense any necessary proof and do any necessary act to enable the Secured Party to obtain payment
of the insurance proceeds, but nothing contained in this Agreement shall limit the Secured Party's right to submit to the insurer
a proof of loss on its own behalf.

 

8.4          The
Debtor irrevocably authorizes and directs the insurer under any policy of insurance required under this Agreement to include the
name of the Secured Party as a loss payee on any cheque or draft that may be issued with respect to a claim under and by virtue
of such insurance, and the production by the Secured Party to any insurer of a certified copy of this Agreement shall be its full
and complete authority for so doing.

 

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8.5          If the Debtor fails to maintain insurance as required by this Agreement, the Secured Party may, but shall not be obliged to, maintain
or effect such insurance coverage, or so much thereof as the Secured Party considers necessary for its protection.

 

		9.	Use and Verification
of Collateral

 

Subject
to compliance with the Debtor's covenants contained in this Agreement and compliance with paragraph 11 of this Agreement, the Debtor
may, until default, possess, operate, collect, use and enjoy, and deal with the Collateral in the ordinary course of the Debtor's
business in any manner not inconsistent with the provisions of this Agreement; provided always that the Secured Party shall have
the right at any time and from time to time to verify the existence and state of the Collateral in any manner the Secured Party
may consider appropriate. The Debtor agrees to furnish all assistance and information and to perform all such acts as the Secured
Party may reasonably request in connection therewith, and for such purpose to grant to the Secured Party or its agents access to
all places where the Collateral may be located and to all premises occupied by the Debtor.

 

		10.	Investment Property

 

If
Collateral at any time includes Investment Property, the Debtor authorizes the Secured Party to transfer the same or any part of
it into its own name or that of its nominee(s) so that the Secured Party or its nominee(s) may appear on record as the sole owner
of it; or has sole rights to it, as applicable; provided that, until default, the Secured Party shall deliver promptly to the Debtor
all notices or other communications received by it or its nominee(s) as such registered owner and, upon demand and receipt of payment
of any necessary expenses thereof, shall issue to the Debtor or its order a proxy to vote and take all action with respect to such
Investment Property. After default, the Debtor waives all rights to receive any notices or communications received by the Secured
Party or its nominee(s) as such registered owner and agrees that no proxy issued by the Secured Party to the Debtor or its order
as aforesaid shall thereafter be effective.

 

		11.	Collection of
Debts

 

Before
or after default under this Agreement, without notice to the Debtor, the Secured Party may notify all or any account debtors of
the Debtor of the Security Interest and may also direct such account debtors to make all payments on Collateral to the Secured
Party. The Debtor acknowledges that any payments on or other proceeds of Collateral received by the Debtor from account debtors,
whether before or after notification of this Security Interest to account debtors, and whether before or after default under this
Agreement, shall be received and held by the Debtor in trust for the Secured Party and shall be turned over to the Secured Party
upon request. This includes interest on deferred payment contracts, and the payments themselves, and lease payments, if any.

 

		12.	Income from and
Interest on Collateral

 

12.1        Until
default, the Debtor reserves the right to receive any money constituting income from or interest on Collateral and if the Secured
Party receives any such money before default, the Secured Party shall either credit that money against the Obligations or pay it
promptly to the Debtor.

 

12.2        After
default, the Debtor shall not request or receive any money constituting income from or interest on Collateral and if the Debtor
receives any such money in any event, the Debtor shall hold that money in trust for the Secured Party and shall pay it promptly
to the Secured Party.

 

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		13.	Increases,
                                         Profits, Payments, or Distributions

 

13.1        Whether
or not default has occurred, the Debtor authorizes the Secured Party

 

		(a)	to receive any increase in or profits on the Collateral
(other than money) and to hold the same as part of the Collateral. Money so received shall be treated as income for the purposes
of paragraph 12 of this Agreement and dealt with accordingly, and

 

		(b)	to receive any payment or distribution upon redemption
or retirement or upon dissolution and liquidation of the issuer of Collateral; to surrender such Collateral in exchange therefor;
and to hold any such payment or distribution as part of Collateral.

 

13.2        If
the Debtor receives any such increase or profits (other than money) or payments or distributions, the Debtor shall deliver the
same promptly to the Secured Party to be held by the Secured Party as provided in this Agreement.

 

		14.	Disposition of
Monies

 

Subject
to any applicable requirements of the Act, all monies collected or received by the Secured Party under or in exercise of any right
it possesses with respect to Collateral shall be applied on account of the Obligations in such manner as the Secured Party deems
best or, at the option of the Secured Party, may be held unappropriated in a collateral account or released to the Debtor, all
without prejudice to the liability of the Debtor or the rights of the Secured Party under this Agreement, and any surplus shall
be accounted for as required by law.

 

		15.	Performance of
Obligations

 

If
the Debtor fails to perform any of its obligations under this Agreement, the Secured Party may, but shall not be obliged to, perform
any or all of those obligations without prejudice to any other rights and remedies of the Secured Party under this Agreement, and
any payments made and any costs, charges, expenses, and legal fees and disbursements (on a solicitor and own client basis) incurred
in connection therewith shall be payable by the Debtor to the Secured Party forthwith with interest until paid at the highest rate
borne by any of the Obligations and such amounts shall be secured by this Agreement and rank prior to all claims subsequent to
this Agreement.

 

		16.	Default

 

16.1        Unless waived by the Secured Party, it shall be an event of default ("default") under this Agreement and the security
constituted by this Agreement shall immediately become enforceable if:

 

		(a)	any
term, covenant, or representation of this Agreement is breached or if default occurs under the Loan Agreement, if any; or

 

		(b)	any
amount owed to the Secured Party is not paid when due; or

 

		(c)	the Debtor defaults or threatens to default in payment
when due or performance of any of the Obligations; or

 

		(d)	the Debtor or any guarantor of the Debtor declares
itself to be insolvent, makes an assignment for the benefit of its creditors, is declared bankrupt, declares bankruptcy, makes
a proposal, or otherwise takes advantage of provisions under the Bankruptcy and Insolvency Act, the
Companies Creditors' Arrangement Act, or similar legislation in any jurisdiction, or fails to pay its debts generally
as they become due; or

 

		(e)	a
receiver or receiver-manager is appointed; or

 

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		(f)	the Debtor ceases to carry on all or a substantial
part of its business; or

 

		(g)	distress, execution, or seizure of any of the Collateral
occurs; or

 

		(h)	if the Debtor is a corporation, there is a change
of voting control without the Secured Party's consent; or

 

		(i)	the Debtor changes its name or amalgamates or merges
without the Secured Party's consent; or

 

		(j)	the
Debtor allows any hazardous materials to be brought upon any lands or premises occupied by the Debtor; or

 

		(k)	the
Secured Party in good faith believes and has commercially reasonable grounds to believe that the prospect of payment or performance
of the Obligations is impaired or that any of the Collateral is or is about to be placed in jeopardy.

 

16.2        In
accordance with the British Columbia Property Law Act,
the doctrine of consolidation applies to this Agreement.

 

16.3        It
shall be an event of default under this Agreement and the security constituted by this Agreement shall immediately become enforceable
if any term, covenant, or representation in any other agreement, contract, or other commitment of the Debtor to the Secured Party
is breached or if default should occur under the same.

 

		17.	Acceleration

 

The
Secured Party, in its sole discretion, may declare all or any part of the Obligations that are not by their terms payable on demand
to be immediately due and payable in the event of any default, or, in the absence of default, if the Secured Party considers or
deems itself insecure or that the Collateral is in jeopardy. The provisions of this paragraph do not and are not intended to affect
in any way any rights of the Secured Party with respect to any Obligations that may now or in future be payable on demand.

 

		18.	Enforcement

 

18.1        Upon any default under this Agreement, the security constituted by this Agreement shall immediately become enforceable, and any
floating charge will immediately attach the Real Property and Collateral. To enforce and realize on the security constituted by
this Agreement, the Secured Party may take any action permitted by law or in equity, as it may deem expedient, and in particular,
but without limiting the generality of the foregoing, the Secured Party may do any of the following:

 

		(a)	appoint by instrument a receiver, receiver and manager,
or receiver-manager (the person so appointed is called the "Receiver") of the Collateral, with or without bond as the
Secured Party may determine, and from time to time in its absolute discretion remove such Receiver and appoint another in its stead;

 

		(b)	enter upon any premises of the Debtor and take possession
of the Collateral with power to exclude the Debtor, its agents, and its servants from those premises, without becoming liable as
a mortgagee in possession;

 

		(c)	preserve, protect, and maintain the Collateral and
make such replacements and repairs and additions as the Secured Party may deem advisable;

 

		(d)	sell, lease, or otherwise dispose of all or any part
of the Collateral, whether by public or private sale or lease or otherwise, in such manner, at such price as can be reasonably
obtained, and on such terms as to credit and with such conditions of sale and stipulations as to title or conveyance or evidence
of title or otherwise as to the Secured Party may seem reasonable, provided that if any sale, lease, or other disposition is on
credit, the Debtor shall not be entitled to be credited with the proceeds of any such sale, lease, or other disposition until the
monies therefor are actually received; and

 

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		(e)	exercise
all of the rights and remedies of a secured party under the Act.

 

18.2        A
Receiver appointed under this Agreement shall be the agent of the Debtor and not of the Secured Party, and the Secured Party shall
not be in any way responsible for any misconduct, negligence or nonfeasance on the part of any Receiver, its servants, agents,
or employees. A Receiver shall, to the extent permitted by law or to such lesser extent permitted by its appointment, have all
the powers of the Secured Party under this Agreement, and in addition shall have power to carry on the business of the Debtor and
for such purpose to enter upon, use, and occupy all premises owned or occupied by the Debtor in which Collateral may be situate,
maintain Collateral upon such premises, use, Collateral directly or indirectly in carrying on the Debtor's business, and from time
to time borrow money either unsecured or secured by a security interest in any of the Collateral.

 

18.3        Subject
to the claims, if any, of the creditors of the Debtor ranking in priority to this Agreement, all amounts realized from the disposition
of Collateral under this Agreement shall be applied as the Secured Party, in its absolute discretion, may direct or as follows:

 

		(a)	in payment of all costs, charges, and expenses (including
legal fees and disbursements on a solicitor and own client basis) incurred by the Secured Party in connection with or incidental
to

 

		(i)	the exercise by the Secured Party of all or any of
the powers granted to it under this Agreement; and

 

		(ii)	the appointment of the Receiver and the exercise by
the Receiver of all or any of the powers granted to it under this Agreement, including the Receiver's reasonable remuneration and
all outgoings properly payable by the Receiver excluding the Receiver's borrowings;

 

		(b)	in payment of any sum or sums borrowed by the Receiver
from the Secured Party and interest thereon if such sum or sums are secured by the Collateral;

 

		(c)	in or toward payment to the Secured Party of all principal
and other monies (except interest) due in respect of the Obligations;

 

		(d)	in or toward payment to the Secured Party of all interest
remaining unpaid in respect of the Obligations;

 

		(e)	in or toward payment of any sum or sums borrowed by
the Receiver from any financial institution, corporation, or person other than the Secured Party, and interest thereon if such
sum or sums are secured by the Collateral.

 

Subject
to applicable law and the claims, if any, of other creditors of the Debtor, any surplus shall be paid to the Debtor.

 

18.4        The
Debtor agrees that the Secured Party may exercise its rights and remedies under this Agreement immediately upon default, except
as may be otherwise provided in the Act, and the Debtor expressly confirms that, except as may be otherwise provided in this Agreement
or in the Act, the Secured Party has not given any covenant, express or implied, and is under no obligation to allow the Debtor
any period of time to remedy any default before the Secured Party exercises its rights and remedies under this Agreement.

 

    	 	11	 

     

    

 

		19.	Deficiency

 

If
the amounts realized from the disposition of the Collateral are not sufficient to pay the Obligations in full, the Debtor shall
pay to the Secured Party the amount of such deficiency immediately upon demand for the same.

 

		20.	Rights
                                         Cumulative

 

All
rights and remedies of the Secured Party set out in this Agreement are cumulative, and no right or remedy contained in this Agreement
is intended to be exclusive but each shall be in addition to every other right or remedy contained in this Agreement or in any
existing or future security agreement or now or in future existing at law, in equity or by statute, or under any other agreement
between the Debtor and the Secured Party that may be in effect from time to time.

 

		21.	Liability
                                         of Secured Party

 

The
Secured Party shall not be responsible or liable for any debts contracted by it, for damages to persons or property or for salaries
or non-fulfilment of contracts during any period when the Secured Party shall manage the Collateral upon entry, as provided in
this Agreement, nor shall the Secured Party be liable to account as mortgagee in possession or for anything except actual receipts
or be liable for any loss on realization or for any default or omission for which a mortgagee in possession may be liable. The
Secured Party shall not be bound to do, observe, or perform or to see to the observance or performance by the Debtor of any obligations
or covenants imposed upon the Debtor, nor shall the Secured Party, in the case of Investment Property, Instruments, or Chattel
Paper, be obliged to preserve rights against other persons, nor shall the Secured Party be obliged to keep any of the Collateral
identifiable. The Debtor waives any applicable provision of law permitted to be waived by it which imposes higher or greater obligations
upon the Secured Party than as contained in this paragraph.

 

		22.	Appointment
                                         of Attorney and Deed

 

22.1        The
Debtor irrevocably appoints the Secured Party or the Receiver, as the case may be, with full power of substitution, to be the attorney
of the Debtor for and in the name of the Debtor to sign, endorse, or execute under seal or otherwise any deeds, documents, transfers,
cheques, instruments, demands, assignments, assurances, or consents that the Debtor is obliged to sign, endorse, or execute, and
generally to use the name of the Debtor and to do all things as may be necessary or incidental to the exercise of all or any of
the powers conferred on the Secured Party or the Receiver, as the case may be, under this Agreement.

 

22.2        Whether
or not the Debtor attaches its corporate seal, if a corporation, this Agreement is intended to be and is deemed to be a deed given
under seal.

 

		23.	Accounts

 

Notwithstanding
any other provision of this Agreement, the Secured Party may collect, realize, sell, or otherwise deal with the Accounts or any
part of them in such manner, upon such terms and conditions, and at such time or times, whether before or after default, as may
seem to it advisable, and without notice to the Debtor, except in the case of disposition after default and then subject to the
provisions of Part 5 of the Act. All monies or other forms of payment received by the Debtor in payment of any Account shall be
received and held by the Debtor in trust for the Secured Party.

 

		24.	Appropriation
                                         of Payments

 

Any
and all payments made in respect of the Obligations from time to time and monies realized from any security interests held therefor
(including monies collected in accordance with or realized on any enforcement of this Agreement) may be applied to such part or
parts of the Obligations as the Secured Party may see fit, and the Secured Party may at all times and from time to time change
any appropriation as the Secured Party may see fit.

 

    	 	12	 

     

    

 

		25.	Liability to Advance

 

None
of the preparation, execution, perfection, and registration of this Agreement or notice of this Agreement or the advance of any
monies shall bind the Secured Party to make any advance or loan or further advance or loan, or renew any note or extend any time
for payment of any indebtedness or liability of the Debtor to the Secured Party.

 

		26.	Waiver

 

The
Secured Party may from time to time and at any time waive in whole or in part any right, benefit, or default under any paragraph
of this Agreement but any such waiver of any right, benefit, or default on any occasion shall be deemed not to be a waiver of any
such right, benefit, or default thereafter, or of any other right, benefit or default, as the case may be, and no delay or omission
by the Secured Party in exercising any right or remedy under this Agreement or with respect to any default shall operate as a waiver
thereof or of any other right or remedy.

 

		27.	Notice

 

Any
notice, demand, or other communication required or permitted to be given under this Agreement shall be effectually made or given
if delivered by hand, prepaid private courier or by electronic transmission to the address of each party set out below:

 

		To
                              the Debtor:	NioCorp
Developments Ltd.

7000
South Yosemite Street, Suite 115, Centennial, CO, USA 80112

jashburn@niocorp.com

Attention:
John Ashburn

 

		To
                              the Secured Party:	Mark
Smith

418
E. Fairchild Dr., Highlands Ranch, CO, USA 80126

msmith@niocorp.com

 

or to such other address or email address as either party may designate in the manner set out above. Any
notice, demand, or other communication shall be deemed to have been given and received on the day of prepaid private courier delivery
or facsimile transmission.

 

		28.	Extensions

 

The
Secured Party may grant extensions of time and other indulgences, take and give up security, accept compositions, compound, compromise,
settle, grant releases and discharges, refrain from perfecting or maintaining perfection of the Security Interest, and otherwise
deal with the Debtor, account debtors of the Debtor, sureties, and others and with the Collateral, the Security Interest, and other
security interests as the Secured Party sees fit without prejudice to the liability of the Debtor or the Secured Party's right
to hold and realize on the security constituted by this Agreement.

 

		29.	No Merger

 

This Agreement shall not operate to create any merger or discharge of any of the Obligations, or of any
assignment, transfer, guarantee, lien, mortgage, contract, promissory note, bill of exchange, or security interest of any form
held or which may in future be held by the Secured Party from the Debtor or from any other person. The taking of a judgment with
respect to any of the Obligations shall not operate as a merger of any of the covenants contained in this Agreement.

 

    	 	13	 

     

    

 

		30.	Assignment

 

The
Secured Party may, without further notice to the Debtor, at any time assign, transfer, or grant a security interest in this Agreement
and the Security Interest. The Debtor expressly agrees that the assignee, transferee, or secured party, as the case may be, shall
have all of the Secured Party's rights and remedies under this Agreement, and the Debtor shall not assert any defence, counterclaim,
right of setoff, or otherwise with respect to any claim that the Debtor now has or in future acquires against the Secured Party
in any action commenced by such assignee, transferee, or secured party, as the case may be, and shall pay the Obligations to the
assignee, transferee, or secured party, as the case may be, as the Obligations become due.

 

		31.	Satisfaction and
Discharge

 

Any
partial payment or satisfaction of the Obligations, or any ceasing by the Debtor to be indebted to the Secured Party, shall be
deemed not to be a redemption or discharge of this Agreement. The Debtor shall be entitled to a release and discharge of this Agreement
upon full payment and satisfaction of all Obligations and upon written request by the Debtor and payment to the Secured Party of
all costs, charges, expenses, and legal fees and disbursements (on a solicitor and own client basis) incurred by the Secured Party
in connection with the Obligations and such release and discharge.

 

		32.	Enurement

 

This
Agreement shall enure to the benefit of and be binding upon the parties and their respective heirs, executors, personal representatives,
successors, and permitted assigns.

 

		33.	Interpretation

 

		33.1	In
this Agreement:

 

		(a)	"Debtor" and the personal pronoun "it"
or "its" and any verb relating thereto and used therewith shall be read and construed as required by and in accordance
with the context in which such words are used, depending upon whether the Debtor is one or more individuals, corporations, or partnerships
and, if more than one, shall apply to and be binding upon each of them jointly and severally;

 

		(b)	"Act" means the British Columbia
Personal Property Security Act and all regulations thereunder as amended;

 

33.2        Words
and expressions used in this Agreement that have been defined in the Act shall be interpreted in accordance with their respective
meanings given in the Act, whether expressed in this Agreement with or without initial capital letters and whether in the singular
or the plural, unless otherwise defined in this Agreement or unless the context otherwise requires, and, wherever the context so
requires, in this Agreement the singular shall be read as if the plural were expressed, and vice-versa, and the provisions of this
Agreement shall be read with all grammatical changes necessary dependent upon the person referred to being a male, female, firm,
or corporation.

 

33.3        Should
any provision of this Agreement be declared or held invalid or unenforceable in whole or in part or against or with respect to
the Debtor by a court of competent jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability
of any or all of the remaining provisions of this Agreement, which shall continue in full force and effect and be construed as
if this Agreement had been executed without the invalid or unenforceable provision.

 

33.4        The
headings of the paragraphs of this Agreement have been inserted for reference only and do not define, limit, alter, or enlarge
the meaning of any provision of this Agreement.

 

33.5        This
Agreement shall be governed by the laws of British Columbia.

 

    	 	14	 

     

    

 

		34.	Miscellaneous

 

34.1        The
Debtor authorizes the Secured Party to file such financing statements, financing change statements, and other documents, and do
such acts, matters, and things as the Secured Party may deem appropriate, to perfect on an ongoing basis and continue the Security
Interest, to protect and preserve the Collateral, and to realize upon the Security Interest.

 

34.2        The
Debtor waives protest of any Instrument constituting Collateral at any time held by the Secured Party on which the Debtor is any
way liable and, subject to the provisions of the Act, notice of any other action taken by the Secured Party.

 

34.3        The
Debtor covenants that it shall not amalgamate with any other company or entity without first obtaining the written consent of the
Secured Party. The Debtor acknowledges and agrees that if it amalgamates with any other company or companies, then it is the intention
of the parties that the term "Debtor" when used in this Agreement shall apply to each of the amalgamating companies and
to the amalgamated company, so that the Security Interest granted by this Agreement:

 

		(a)	shall extend to "Collateral" (as that term
is defined in this Agreement) owned by each of the amalgamating companies and the amalgamated company at the time of amalgamation
and to any "Collateral" owned or acquired by the amalgamated company thereafter, and

 

		(b)	shall secure the "Obligations" (as that
tenn is defined in this Agreement) of each of the amalgamating companies and the amalgamated company to the Secured Party at the
time of amalgamation and any "Obligations" of the amalgamated company to the Secured Party arising thereafter. The Security
Interest shall attach to "Collateral" owned by each company amalgamating with the Debtor, and by the amalgamated company,
at the time of amalgamation, and shall attach to any "Collateral" thereafter owned or acquired by the amalgamated company
when that Collateral becomes owned or is acquired.

 

34.4        The
Debtor authorizes the Secured Party to provide a copy of this Agreement and such other information and documents specified under
the Act to any person entitled under the Act to demand and receive them.

 

		35.	Copy of Agreement
and Financing Statement

 

The
Debtor

 

		(a)	acknowledges receiving a copy of this Agreement, and

 

		(b)	waives all rights to receive from the Secured Party
a copy of any financing statement, financing change statement, or verification statement filed, issued, or obtained at any time
in respect of this Agreement.

 

IN
WITNESS WHEREOF the Debtor has executed this Agreement on the date indicated below.

 

	 	 	 	 	 
	Officer Certification	 	 	NIOCORP DEVELOPMENTS LTD.
	 	 	 	Its authorized signatory:
	 	 	 	 
	/s/ Cathy Savoie	 	 	/s/ John Ashburn
	 	 	 	Name:

 

    	 	15	 

     

    

 

OFFICER
CERTIFICATION:

 

Your
signature constitutes a representation that you are a solicitor, notary public, or other person authorized by the
Evidence Act, R.S.B.C. 1996, c. 124, to take affidavits for use in British Columbia and certifies the matters set out
in Part 5 of the Land Title Act as they pertain
to the execution of this instrument.

 

    	 	16	 

     

    

 

SCHEDULE"A"

 

EXISTING
CHARGES ON THE ASSETS OF THE DEBTOR

 

    	 	17	 

     

    

 

END
OF DOCUMENT

 

    	 	18EX-4.1

 Exhibit 4.1 
  

 

					
		 	 QUÉBEC
  

 
	 	
		 	2.750% GLOBAL NOTES SERIES QS	 	
			
		 	DUE April 12, 2027	 	
			
		 		 	
		 	  

FISCAL AGENCY AGREEMENT
  
	 	

 FISCAL AGENCY AGREEMENT 

THIS AGREEMENT, dated as of April 12, 2017, 
  

	BETWEEN:	 QUÉBEC, as issuer 

 

	  	 (the “Issuer”), 

  

	AND:	 DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, as fiscal agent, registrar, principal
paying agent and transfer agent 

  

	  	 (in all such capacities, the “Fiscal Agent”), 

WHEREAS pursuant to a terms agreement (the “Terms Agreement”), dated April 5, 2017, among the Issuer,
on the one hand, and J.P. Morgan Securities plc, Merrill Lynch, Pierce, Fenner & Smith Incorporated, RBC Capital Markets, LLC and TD Securities (USA) LLC, each acting jointly on behalf of themselves and the several Underwriters named
therein, on the other hand, which incorporates by reference all of the provisions of the Québec Underwriting Agreement Standard Provisions (Debt Securities), dated April 5, 2017, the Issuer has agreed to create, issue and sell
U.S.$1,250,000,000 aggregate principal amount of 2.750% Global Notes Series QS due April 12, 2027 (herein collectively called the “Notes” or, individually, a “Note”); 

WHEREAS the sale of the Notes pursuant to the Terms Agreement has taken place as described in a Prospectus Supplement, dated
April 5, 2017, which contains a description of the Notes and the clearing and settlement procedures related thereto; 

WHEREAS the Notes are issuable in the form of one or more fully registered global certificates (the “Global Notes”)
registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York (“DTC”), and held by Deutsche Bank Trust Company Americas, as custodian for DTC (the “Custodian”), with beneficial interests in
the Notes represented, with limited exceptions, through book-entry accounts of financial institutions acting on behalf of owners of such beneficial interests as direct and indirect participants in DTC; 

WHEREAS owners of beneficial interests in the Notes are not, except in limited circumstances described in Section 5
(Replacements, Exchange and Transfer of the Global Notes and the Certificated Notes), entitled to receive Notes represented by physical certificates or to have Notes registered in their names; and 

WHEREAS all Notes are recorded in a register held by the Fiscal Agent (the “Register”), and are registered in the name
of Cede & Co., for the benefit of holders of Notes through DTC via its direct and indirect participants, including CDS Clearing and Depository Services Inc. (“CDS”), Euroclear S.A./N.V. (“Euroclear”) and Clearstream
Banking société anonyme (“Clearstream, Luxembourg”) (together, the “Clearing Systems”); 

 NOW THEREFORE it is hereby agreed as follows: 

 

	1.	 Definitions 

(1) Terms and expressions defined in the terms and conditions of the Notes attached as Schedule B shall have the same meaning when used in this
Agreement unless otherwise defined herein or unless the context otherwise requires. “Noteholders” or “holders of Notes” or “holders” or “registered holders” refers to persons
entered in the Register as registered holders of Notes. 
 (2) “Corporate Trust Office of the Fiscal Agent” will be at the address of
the Fiscal Agent specified in Section 21 (General) hereof or such other address as to which the Fiscal Agent may give notice to the Issuer. 

(3) “Responsible Officer” means any officer within the Corporate Trust Office of the Fiscal Agent, including any director, vice
president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Fiscal Agent customarily performing functions similar to those performed by any of the above designated officers and also means,
with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject and in each case who shall have direct responsibility for the
administration of this Agreement. 
  

	2.	 Appointment 

The Issuer hereby appoints Deutsche Bank Trust Company Americas as its registrar, fiscal agent, transfer agent and principal paying agent in respect of
the Notes upon and subject to the terms and conditions herein and therein contained and Deutsche Bank Trust Company Americas hereby accepts such appointments. 
  

	3.	 Issue of the Notes 

(1) The Notes shall be issued in the form of one or more fully registered Global Notes registered in the name of Cede & Co., as nominee of DTC,
and shall be executed by the Issuer. The Global Notes will be substantially in the form attached as Schedule A, with such changes as may be agreed between the Issuer and the Fiscal Agent. The aggregate principal amount of Notes to be issued and
outstanding at any time in the form of the Global Notes or physical certificates (the “Certificated Notes”) issued in accordance with Section 5 (Replacements, Exchange and Transfer of the Global Notes and the Certificated
Notes) shall not exceed U.S.$1,250,000,000 except to the extent that Notes are further issued in accordance with Section 19 (Further Issues). Forthwith after such execution, the Global Notes shall be delivered to the Fiscal Agent and
shall be authenticated by the Fiscal Agent (or by such other person as the Fiscal Agent may appoint for such purpose with the consent of the Issuer), and delivered to or to the order of the Issuer pursuant to a written direction of the Issuer. 

  
 -2- 

 (2) Owners of beneficial interests in the Global Notes will not, except in the limited circumstances
described in Section 5 (Replacements, Exchange and Transfer of the Global Notes and the Certificated Notes), be entitled to receive Notes represented by Certificated Notes or to have Notes registered in their names and will not be
considered holders thereof under this Agreement or the Notes. The Certificated Notes, if any, will be substantially in the form of the Global Notes attached as Schedule A with the appropriate changes thereto (and including a summary of terms and
condition of the Notes), consistent with the provisions of this Agreement, as may be agreed between the Issuer and the Fiscal Agent. 
 (3) The Global
Notes shall be issued and delivered only to or to the order of Cede & Co., as nominee for DTC or its successor appointed by the Issuer in accordance with Section 5 (Replacements, Exchange and Transfer of the Global Notes and the
Certificated Notes). The Global Notes shall be in the principal amount from time to time endorsed thereon. The Fiscal Agent shall cause DTC to establish on its book-entry Clearing System an account in the name of the Fiscal Agent, as registrar
and transfer agent for the Notes (the “Fiscal Agent Segregated Account”), for the purpose of facilitating the initial distribution of Notes in accordance with procedures previously agreed to by the Issuer, the Fiscal Agent and DTC. The
Fiscal Agent Segregated Account is maintained exclusively for book-keeping purposes and for purposes of facilitating timely transfers of Notes, and the Fiscal Agent shall not be deemed the owner or holder of the Notes recorded therein for any
purpose under this Agreement or under the terms of the Notes. The Issuer acknowledges and agrees that the Fiscal Agent Segregated Account will be subject to the agreements, rules and procedures from time to time governing DTC participant accounts.

 (4) So long as Cede & Co., as nominee of DTC, is the registered owner of the Global Notes and subject to applicable law, DTC or its
nominee, as the case may be, will be considered the sole owner or holder of the Notes represented by the Global Notes for all purposes under this Fiscal Agency Agreement and the Notes, notwithstanding any notice to the contrary, and neither the
Issuer nor the Fiscal Agent will have any responsibility or liability for any aspect of the records of the Clearing Systems relating to or payments made by the Clearing Systems on account of beneficial ownership interests in the Global Notes or for
maintaining, supervising or reviewing any records of the Clearing Systems relating to such beneficial ownership interests. 
 (5) The Global Notes and
the Certificated Notes shall be signed (either manually or by facsimile signature) by the Minister of Finance or the Deputy Minister of Finance or any other authorized representative of the Issuer, and shall be authenticated by the Fiscal Agent upon
written authorization of the Issuer (or by such other person as the Fiscal Agent may appoint for such purpose with the consent of the Issuer). 
  

	4.	 The Register and Transfers 

(1) The Fiscal Agent, as registrar and transfer agent of the Issuer, shall maintain at its principal office in New York, a Register for
(i) registering and maintaining a record of the holdings of Notes, (ii) registering transfers between holders of Notes, (iii) registering and 

  
 -3- 

 
maintaining a record of holders of Certificated Notes in the event any are issued in the limited circumstances described in Section 5 (Replacements, Exchange and Transfer of the Global
Notes and the Certificated Notes), (iv) registering transfers of Certificated Notes in the event any are issued in the limited circumstances described in Section 5 (Replacements, Exchange and Transfer of the Global Notes and the
Certificated Notes) and (v) registering and maintaining a record of any further issues of Notes pursuant to Section 19 (Further Issues) and any subsequent transfers thereof and shall be responsible for transmitting to the Issuer
any notices from holders of Notes. 
 (2) In the event Certificated Notes are issued in exchange for the Global Notes under the limited circumstances
described in Section 5 (Replacements, Exchange and Transfer of the Global Notes and the Certificated Notes), the Fiscal Agent shall (i) register and maintain a record of holders of Certificated Notes and (ii) register transfers
of Notes among holders of Certificated Notes and between holders of Certificated Notes and participants in DTC, in accordance with such procedures as the Fiscal Agent shall deem reasonable upon consultation with the Issuer. 

(3) The Fiscal Agent shall not be required to inquire into, or take any action in respect of, transfers of beneficial ownership interests in the Global
Notes (i) within CDS, Euroclear or Clearstream, Luxembourg or between CDS, Euroclear and Clearstream, Luxembourg participants, or (ii) between DTC participants. 

(4) No service charge shall be payable by the presenter for any registration, registration of transfer or exchange of the Notes provided that the Fiscal
Agent may require payment by the transferee of a sum sufficient to cover any stamp or other tax or governmental charge in connection therewith. 
 (5)
The Register shall at all reasonable times during regular business hours be open for inspection by the Issuer and any agent of the Issuer. In the event of any discrepancy between the principal amount of the Global Notes and the aggregate principal
amount of Notes held by Cede & Co. as shown on the Register, the aggregate principal amount of Notes as shown on the Register shall prevail. 

(6) Neither the Issuer nor the Fiscal Agent shall be required (i) to register the transfer or exchange of any Notes on any Interest Payment Date
(as such term is defined in the Note) or during a period commencing at the close of business of the New York office of the Fiscal Agent on the 14th calendar day immediately preceding any such Interest Payment Date and ending on such Interest
Payment Date; (ii) to register the transfer or exchange of any Notes during the period commencing at the close of business of the New York office of the Fiscal Agent on the record date of any notice by the Issuer of any Notes to be redeemed or
purchased through the date the notice of redemption or purchase is given; or (iii) to register the transfer or exchange of any Notes called for redemption unless upon due presentation thereof such Notes called for redemption shall not be
redeemed. 

  
 -4- 

 (7) Subject to applicable law, the Issuer, the Fiscal Agent or any other agents of the Issuer or the Fiscal
Agent shall not be charged with notice of or be bound to see to the execution of any trust, whether express, implied or constructive, in respect of any Notes and may register the transfer of any Notes on the direction of the holder thereof, whether
named as trustee or otherwise, as though that person were the beneficial owner thereof. 
 (8) The parties hereto acknowledge that in order to help
the United States government fight the funding of terrorism and money laundering activities, pursuant to Federal regulations that became effective on October 1, 2003 (Section 326 of the USA PATRIOT Act) requires all financial institutions to
obtain, verify, record and update information that identifies each person establishing a relationship or opening an account. The parties to this Agreement agree that they will provide to the Fiscal Agent such information as it may request, from time
to time, in order for the Fiscal Agent to satisfy the requirements of the USA PATRIOT Act, including but not limited to the name, address, tax identification number and other information that will allow it to identify the individual or entity who is
establishing the relationship or opening the account and may also ask for formation documents such as articles of incorporation or other identifying documents to be provided. 

(9) The Fiscal Agent shall not incur any liability for not performing any act or fulfilling any duty, obligation or responsibility hereunder by reason
of any occurrence of a superior force beyond the control of the Fiscal Agent (including but not limited to any act or provision of any present or future law or regulation or governmental authority, any act of God or war, civil unrest, local or
national disturbance or disaster, any act of terrorism, or the loss or malfunction of utilities, computer (hardware or software) or communications services, or unavailability of the Federal Reserve Bank wire or facsimile or other wire or
communication facility or any other event that is unforeseeable or irresistible). 
 (10)    The duties, responsibilities and
obligations of Fiscal Agent shall be limited to those expressly set forth in this Agreement and no duties, responsibilities or obligations arising out of the Terms Agreement and the Underwriting Agreement Standard Provisions (or any other agreements
relating to the Notes) shall be inferred or implied against the Fiscal Agent. The Fiscal Agent shall not be required to expend or risk any of its own funds or otherwise incur any liability, financial or otherwise, in the performance of any of its
duties hereunder. 
 (11)    The Fiscal Agent may consult with legal counsel of its own choosing, at the expense of the Issuer, as
to any matter relating to this Agreement, and the Fiscal Agent shall not incur any liability in acting in good faith in accordance with any advice from such counsel. 

(12)    The Fiscal Agent may employ, with the prior written authorization of the Issuer, a custodian, agent, nominee or delegate to
transact or concur in transacting any business and to do or concur in doing any acts required to be done by the Fiscal Agent (including the receipt and payment of money) and shall not be responsible for the misconduct or negligence of any such agent
appointed with due care. 

  
 -5- 

 5.        Replacements, Exchange and Transfer of the Global Notes and the
Certificated Notes 
 (1) The Fiscal Agent, or an agent duly authorized by the Fiscal Agent, is hereby authorized from time to time in
accordance with the provisions of the Notes and of this Section 5 to authenticate and deliver: 

(a)            the Global Notes or the Certificated Notes, as the case may be, in exchange
for or in lieu of the Global Notes or the Certificated Notes, as the case may be, outstanding on the Register with the same maturity and of like form which have become mutilated, defaced, destroyed, stolen or lost, provided that the applicant
therefor shall have (i) paid such costs as may have been incurred in connection therewith; (ii) surrendered to the Fiscal Agent any mutilated or defaced Global Notes or Certificated Notes, as the case may be, to be replaced; and
(iii) in the case of lost, stolen or destroyed Global Notes or Certificated Notes, as the case may be, furnished the Fiscal Agent with such evidence (including evidence as to the serial number of the Global Notes or the Certificated Notes in
question) and indemnity in respect thereof as the Issuer and the Fiscal Agent may require; 

(b)            Certificated Notes in an authorized form and denomination in exchange for a
like aggregate principal amount of Certificated Notes; and 
 (c)            upon any
registration of a transfer, a new Global Note or, as the case may be, a new Certificated Note which shall be issued to the new holder in replacement of the existing Global Note or Certificated Note thus transferred. Such new Global Note or, as the
case may be, new Certificated Note, shall be duly authenticated by the Fiscal Agent. Each new Global Note or Certificated Note authenticated and delivered upon any registration of transfer or exchange for or in lieu of the whole or any part of any
Global Note or Certificated Note shall carry all the rights to interest, if any, accrued and unpaid and to accrue which were carried by the whole or such part of such latter Global Note or Certificated Note, and notwithstanding anything to the
contrary herein contained, such new Global Note or Certificated Note shall be dated the date of the authentication of such Global Note or Certificated Note. 

(2) The Issuer will issue or cause to be issued Certificated Notes upon registration of transfer of, or in exchange for, Notes represented by the
Global Notes (i) if DTC notifies the Issuer that it is unwilling or unable to continue as depository in connection with the Global Notes or ceases to be a clearing agency registered under the United States Securities Exchange Act of 1934,
as amended, at a time when it is required to be so registered and a successor depository is not appointed by the Issuer within 90 days after receiving such notice or becoming aware that DTC is no longer so registered; (ii) if the Issuer,
in its sole discretion at any time, determines not to have any of the Notes represented by the Global Notes; or (iii) upon request by DTC to the Fiscal Agent, acting on direct or indirect instructions of the registered holder of the Global Note
or any owner of beneficial interests in the Global Note, but only after an event of default entitling the registered holders to give the Issuer written notice that such holders elect to declare the principal amount of the Notes held by them and
represented by the Global Note to be due 

  
 -6- 

 
and payable has occurred and is continuing, or, if DTC is unwilling or does not promptly make that request to the Issuer, then any beneficial owner of an interest in such Global Note shall be
entitled to make such request with respect to such interest. The Issuer shall bear the costs and expenses of printing or preparing any Certificated Notes. 

(3) Upon any such issuance pursuant to Section 5(2) of the Certificated Notes in exchange for all the Notes represented by the Global Notes,
(i) the Issuer shall promptly make available to the Fiscal Agent a reasonable supply of Certificated Notes in blank form to proceed with such issuance, (ii) DTC shall cause the Global Notes to be delivered to the Fiscal Agent and provide
the Fiscal Agent with the necessary registration information for such Certificated Notes, (iii) the Fiscal Agent shall authenticate and deliver such Certificated Notes in an aggregate principal amount equal to the principal amount of the Global
Notes to be exchanged for such Certificated Notes, (iv) the Fiscal Agent shall cancel the Global Notes and, in the case of a partial exchange, issue and deliver to or to the order of DTC new Global Notes equal to the unexchanged portion of any
such Global Notes partially exchanged for Certificated Notes and (v) the Fiscal Agent shall reduce accordingly the holdings of Cede & Co. on the Register. The Fiscal Agent shall have at least 30 days from the date of its receipt
of Certificated Notes and registration information to authenticate and deliver such Certificated Notes. Such Certificated Notes shall be registered in such names and in such denominations as DTC, pursuant to instructions from direct or indirect
participants, shall direct and shall be delivered as directed by the persons in whose names such Certificated Notes are to be registered. All Notes represented by Certificated Notes issued upon any such issuance in exchange for the Notes represented
by the Global Notes shall be a valid obligation of the Issuer, shall be entitled to the same benefits under this Agreement as the Global Notes and shall be so exchanged without charge to the Fiscal Agent, DTC or the transferee. On or after any such
exchange, the Fiscal Agent shall direct all payments in respect of such Certificated Notes to the registered holders thereof, including when such exchange occurred after the record date for any payment due and prior to the date of such payment. 

(4) The Issuer expressly acknowledges that if Certificated Notes are not promptly issued to the owners of beneficial interests in a Global Note in
accordance with this Section 5, then an owner of a beneficial interest will be entitled to pursue any remedy under this Agreement, the Global Notes or applicable law with respect to the portion of the Global Note representing that owner’s
interest in the Global Note as if Certificated Notes had been issued. 
 (5) Unless the Global Notes are presented by an authorized representative of
DTC to the Issuer, the Fiscal Agent or their respective agents for registration of transfer, exchange or payment, and any replacement Global Notes are registered in the name of a nominee of DTC and any payment is made to such nominee, any transfer,
pledge or other use of the Global Notes for value or otherwise shall be wrongful since the registered holders of the Global Notes have an interest in the Notes evidenced by the Global Notes. 

  
 -7- 

	6.	 Paying Agents and Transfer Agents 

The Fiscal Agent shall act as the principal paying agent and transfer agent for the Issuer in connection with the Notes. The Issuer may
appoint any additional paying agents or transfer agents or terminate the appointment of any paying agents or transfer agents, except that if Certificated Notes are issued and for so long as the Notes are listed on the Euro MTF Market of the
Luxembourg Stock Exchange and if the rules of such stock exchange so require, the Issuer will appoint and maintain a paying agent and transfer agent in Luxembourg (the “Luxembourg Paying Agent”) to act on its behalf. 

 

	7.	 Payments by the Issuer to the Fiscal Agent 

(1) The Issuer agrees to provide to the Fiscal Agent by 10:00 a.m., New York time, on each date on which a payment of principal or interest (and any
Additional Amounts) in respect of the Notes is due (each a “Payment Date”) pursuant to the terms and conditions of the Notes such amount as is required to be paid on such date in immediately available funds in U.S. dollars to an account in
New York designated by the Fiscal Agent. 
 (2) All monies paid to the Fiscal Agent pursuant to and for the payment of the amounts referred to in this
Section 7 shall be received and held by the Fiscal Agent as agent for the Issuer and shall be applied to the payment of the appropriate U.S. dollar amounts at the time and in the manner provided in this Agreement and the Notes. 

(3) All monies paid to the Fiscal Agent pursuant to this Agreement shall be held by the Fiscal Agent in a separate account under arrangements agreed
upon separately by the Issuer and the Fiscal Agent from the moment when such monies are received until the time of actual payment for the benefit of the holders of the Notes and the Fiscal Agent shall apply such amount for payment of principal and
interest (and any Additional Amounts) due in respect of the Notes. If for any reason, the amounts paid to the Fiscal Agent pursuant to this paragraph are insufficient to satisfy all such claims for interest payable in respect of all Notes, the
Fiscal Agent shall not be obliged to pay any such claims until the Fiscal Agent has received the full amount of the monies that are due and payable. Subject to any relevant unclaimed property laws, the Fiscal Agent shall, to the extent permitted by
law, return to the Issuer any funds transferred to it for payments with respect to the Notes that are not so paid by the Fiscal Agent at the expiration of three years after the due date for payment thereof; thereafter, the holders of Notes shall
look only to the Issuer for any payment of such funds. 
 (4) The Fiscal Agent is authorized by the Issuer to open an account for the purposes contemplated in this
Section 7. Such account will not bear any interest or investment income on funds deposited unless otherwise agreed to in writing by the Fiscal Agent and the Issuer. The Fiscal Agent shall provide to the Issuer monthly statements identifying
transactions, transfers or holdings of the account and each such statement shall be deemed to be correct and final upon receipt thereof by the Issuer unless the Fiscal Agent is notified in writing by the Issuer to the contrary within thirty
(30) business days of the date of such statement. The requirements of this Section 7(4) shall be performed by the Fiscal 

  
 -8- 

 
Agent by granting the Issuer online read-only access to the account. 
  

	8.	 Payment of Notes 

(1) All payments in respect of the Notes represented by Global Notes or Certificated Notes will be made by the Fiscal Agent, as paying agent of the
Issuer, to the registered holders of such Global Notes or Certificated Notes after receipt of such payments from the Issuer as provided in Section 7 (Payments by the Issuer to the Fiscal Agent) and as set forth in the terms and
conditions of the Notes. 
 (2) The Fiscal Agent, as paying agent and registrar of the Issuer, shall maintain at its principal office in New York, a
Register for ensuring that payments of principal and interest in respect of the Notes received by the Fiscal Agent from the Issuer are duly credited to Cede & Co. 

(3) The Issuer shall have the right to require a holder of a Note, as a condition of payment of the principal of, or interest (and any Additional
Amounts) on a Note, to deliver to the Fiscal Agent a certificate in such form as the Issuer may from time to time prescribe in order to enable the Issuer to determine its duties and liabilities with respect to (i) any taxes, assessments or
governmental charges which the Issuer, the Fiscal Agent or the paying agent may be required to deduct or withhold from payments in respect of such Note under any present or future law of Canada or any regulation thereunder and (ii) any
reporting or other requirements under such law or regulation. The Issuer shall be entitled to determine its duties and liabilities with respect to such deduction, withholding, reporting or other requirements on the basis of information contained in
such certificate or, if no certificate shall be presented, on the basis of any presumption created by any such law or regulation and shall be entitled to act in accordance with such determination. 

(4) Subject to applicable law and the terms hereof, the Issuer, the Fiscal Agent and any other agent of the Issuer or the Fiscal Agent shall deem and
treat the person whose name appears in the Register as the registered holder of a Note as the absolute owner thereof for all purposes whatsoever notwithstanding any notice to the contrary, and any payment in U.S. dollars of or on account of the
principal of, and interest, and any Additional Amounts on such Note shall be made only to or to the order in writing of such holder, and such payment shall be valid and shall discharge the liability of the Issuer or the Fiscal Agent and any other
agent of the Issuer or the Fiscal Agent on such Note to the extent of the sum or sums so paid. 
 (5) The registered holder of any Note shall be
entitled to the payments of principal of, and interest, and any Additional Amounts on such Note, free from all rights of set-off or counterclaim between the Issuer and the original or any intermediate holder
thereof and all persons may act accordingly and a transferee of a Note shall, after the appropriate form of transfer is lodged with the Fiscal Agent or other agent of the Issuer or the Fiscal Agent for the purpose and upon compliance with all other
conditions relating thereto required by this Agreement or by any conditions contained in such Note or by law, be entitled to be entered on the Register as the owner of such Note free from all rights of set-off
or 

  
 -9- 

 
counterclaim between the Issuer and his transferor or any previous holder thereof, save in respect to rights of which the Issuer is required to take notice by statute or by order of a court of
competent jurisdiction. Delivery to the Issuer or the Fiscal Agent by a Noteholder of a Note or the receipt by such holder of the principal, interest and any Additional Amounts in respect of such Note shall be a valid discharge to the Issuer and the
Fiscal Agent, which shall not be bound to inquire into the title of such holder, save as ordered by a court of competent jurisdiction or as required by statute. 

(6) Where a Note is registered in more than one name, the principal and interest and any Additional Amounts from time to time payable in respect thereof
shall be paid to or to the order of all the joint holders thereof, failing written instructions to the contrary from all such joint holders, and such payment shall be a valid discharge to the Issuer, the Fiscal Agent and any other agent of the
Issuer or the Fiscal Agent. 
 (7) In the case of the death of one or more joint holders, the principal of, and interest, and any Additional Amounts
on any Notes registered in their names may, notwithstanding sub-Section (4) of this Section 8, be paid to the survivor or survivors of such holders whose receipt therefor shall constitute a valid
discharge to the Issuer, the Fiscal Agent and any other agent of the Issuer or the Fiscal Agent. 
  

	9.	 Cancellation of Notes 

All Certificated Notes that are presented for transfer pursuant to Section 4(1), all Notes that are presented for replacement,
exchange or registration of transfer pursuant to Section 5 (Replacements, Exchange and Transfer of the Global Notes and the Certificated Notes) or repaid on maturity or redeemed or purchased shall, upon such registration of transfer,
replacement or exchange or upon payment being made, be cancelled by the Fiscal Agent. The Fiscal Agent shall, as soon as reasonably possible after the date of any such registration of transfer, replacement, exchange, redemption, purchase or payment,
furnish the Issuer with a certificate or certificates stating: (i) the serial numbers and total number of Notes so transferred, replaced, exchanged, redeemed, purchased or repaid; and (ii) the amount, if any, paid in respect of such Notes.
Unless otherwise instructed by the Issuer, the Fiscal Agent shall destroy the cancelled Notes in its possession in accordance with its customary procedure and provide the Issuer with a destruction certificate duly signed by a representative of the
Fiscal Agent. 
  

	10.	 Maturity, Redemption and Purchase 

(1) Unless previously redeemed for tax reasons as provided in the terms and conditions of the Notes, or purchased, the principal amount of the Notes
shall be due and payable on April 12, 2027. 
 (2) In accordance with the terms and conditions of the Notes, upon receipt of a notice of
intention to redeem as contemplated in the provisions under “Maturity, Redemption and Purchases” in the terms and conditions of the Notes, not less than 30 days nor more than 60 days prior to the date fixed for redemption, the Issuer
shall cause to be given to the 

  
 -10- 

 
Holders (with a copy to the Fiscal Agent), in accordance with the provisions under “Notices” in the terms and conditions of the Notes, a notice of redemption stating: (i) the date
fixed for redemption,(ii) the CUSIP Number; (iii) the redemption price and (iv) if applicable, the place or places of surrender of the Notes to be redeemed. The Issuer may request the Fiscal Agent to deliver such notice of redemption to
Holders on its behalf provided that the Issuer has given such request to the Fiscal Agent at least five (5) Business Days prior to the last day on which notice of redemption may be given to the Holders. 

(3) The Issuer may, if not in default under the Notes, purchase Notes at any time in any manner and at any price. If the purchases are made by tender,
tenders must be available to all holders of the Notes alike. 
  

	11.	 Availability of Documents 

The Fiscal Agent shall make copies of the Fiscal Agency Agreement and the Form of Notes available for inspection, free of charge, by
Noteholders during regular business hours at the principal office of the Fiscal Agent. 
  

	12.	 Fees 

The Issuer shall pay to the Fiscal Agent such fees and expenses (including but not limited to fees, expenses and disbursements of
counsel and agents) for its services hereunder as are agreed separately by the Issuer and the Fiscal Agent, including any applicable value added or equivalent tax. 
  

	13.	 Further Reports 

The Fiscal Agent shall provide the Issuer upon written request such information regarding the administration of the Notes expressed in
such form as the Issuer may reasonably require. The Fiscal Agent shall transmit to the Issuer promptly any notices or other communications addressed to the Issuer that a Responsible Officer may receive in connection with the Notes, including any
notice of any legal action or proceeding which may be brought against the Issuer. 
  

	14.	 Meetings of Holders of Notes 

(1) The Fiscal Agent shall, on receipt of a written request of the Issuer or a written request signed in one or more counterparts by the beneficial
holders of not less than 10% of the principal amount of the Notes then outstanding and upon being indemnified to its satisfaction by the Issuer or the beneficial holders of Notes signing such request against the costs which may be incurred in
connection with the calling and holding of such meeting, convene a meeting of the holders of Notes for any lawful purpose affecting their interests. If the Fiscal Agent fails to give notice convening such meeting within 30 days after receipt of such
request and indemnity satisfactory to it, the Issuer or such beneficial holders of Notes, as the case may be, may convene such meeting. Every such meeting shall be held in New York or such other place as may be approved or determined by the Fiscal
Agent. 

  
 -11- 

 (2) At least 21 days’ notice of any meeting shall be given to the holders of the Global Notes or
Certificated Notes, as the case may be, in the manner provided pursuant to the provisions under “Notices” in the terms and conditions of the Notes, and a copy thereof shall be sent by post to the Fiscal Agent unless the meeting has been
called by it, and to the Issuer, unless the meeting has been called by the Issuer. Such notice shall state the day, time, place and purpose of the meeting and the general nature of the business to be transacted thereat, and shall include a statement
to the effect that, prior to 48 hours prior to the time fixed for the meeting, (i) in the limited circumstances in which Certificated Notes have been issued, those holders of Certificated Notes who deposit such Notes with the Fiscal Agent, or
any other person authorized for such purpose by the Fiscal Agent or the Issuer or (ii) in the case of Notes being represented by the Global Notes, those persons recorded in the Register, shall be entitled to obtain voting certificates for
appointing proxies, but it shall not be necessary for any such notice to set out the terms of any resolution to be proposed at such meeting or any other provisions. 

(3) A holder of Notes may appoint any person by instrument in writing as the holder’s proxy in respect of a meeting of the holders of Notes or any
adjournment of such meeting, and such proxy shall have all rights of the holder of Notes in respect of such meeting. All notices of meetings to the holder of a Global Note shall contain a requirement that the Clearing Systems must notify Clearing
Systems participants and, if known, owners of beneficial interests in the Global Notes of the meeting in accordance with procedures established from time to time by the Clearing Systems. The registered holders of Notes shall seek voting instructions
on the matters to be raised at such meeting from the Clearing Systems participants or, if known, from the owners of beneficial interests in the Global Notes in accordance with the applicable procedure of the Clearing Systems. For greater certainty,
it is acknowledged that none of the Issuer, the Fiscal Agent, any clearing agency or any intermediary or participant shall be required to comply with the time limits set out in the applicable procedure of the Clearing Systems but shall use all
reasonable efforts to otherwise comply with such procedure and attempt to provide non-registered holders of the Notes with meeting materials and voting rights as if such
non-registered holders of Notes were registered holders thereof. 
 (4) Some person, who need not be a holder
of Notes, nominated in writing by the Fiscal Agent shall be chairman of the meeting and if no person is so nominated or if the person so nominated is not present within 15 minutes from the time fixed for the holding of the meeting, the holders of
the Notes present in person or by proxy shall choose some person present to be chairman, and, failing such choice, the Issuer may appoint a chairman. 

(5) At a meeting of holders of Notes, a quorum shall consist of two or more holders of Notes present in person or by proxy who represent at least a
majority in aggregate principal amount of the Notes at the time outstanding. If a quorum of the holders of Notes shall not be present within one-half hour after the time fixed for holding any meeting, the
meeting, if convened by or at the request of holders of Notes, shall be dissolved, but if otherwise convened, the meeting shall stand adjourned without notice to the same day in the next week (unless such day is not a business day in the place where
the meeting is to take place in which case it shall stand adjourned until the next such business day following 

  
 -12- 

 
thereafter) at the same time and place unless the chairman shall appoint some other place, day or time of which not less than seven days’ notice shall be given in the manner provided above.
At any adjourned meeting called by the Issuer or the Fiscal Agent, two or more holders of Notes present in person or by proxy shall constitute a quorum and may transact the business for which the meeting was originally convened notwithstanding that
they may not represent at least a majority in aggregate principal amount of the Notes then outstanding. 
 (6) The chairman of any meeting at which a
quorum of the holders of Notes is present may, with the consent of the holder(s) of a majority in aggregate principal amount of the Notes represented thereat, adjourn any such meeting and no notice of such adjournment need be given except such
notice, if any, as the meeting may prescribe. 
 (7) Every motion or question submitted to a meeting shall be decided by Extraordinary Resolution (as
hereinafter defined) and in the first place by the votes given on a show of hands. At any such meeting, unless a poll is duly demanded as herein provided, a declaration by the chairman that a resolution has been carried or carried unanimously or by
a particular majority or lost or not carried by a particular majority shall be conclusive of the fact. On any question submitted to a meeting when ordered by the chairman or demanded by a show of hands by one or more holders of Notes acting in
person or by proxy and holding at least 2% in aggregate principal amount of the Notes then outstanding, a poll shall be taken in such manner as the chairman shall direct. 

(8) In a poll, each holder of Notes present in person or represented by a proxy duly appointed by an instrument in writing shall be entitled to one vote
in respect of each U.S.$1,000 principal amount of Notes then held by such holder. A proxy need not be a holder of Notes. In the case of Notes held jointly, any one of the joint holders present in person or by proxy may vote in the absence of the
other or others; but in case more than one of them is present in person or by proxy, only one of them may vote in respect of each U.S.$1,000 principal amount of Notes of which they are joint holders. 

(9) The Issuer and the Fiscal Agent by their respective officers, directors and representatives, and the legal advisors of the Issuer and the Fiscal
Agent may attend any meeting of the holders of Notes, but shall have no vote as such. 
 (10)    Subject to Section 16
(Amendments), in addition to all other powers conferred upon them by any other provision of this Agreement or by law, holders of Notes at a meeting shall have the following powers, any one or combination of which may be exercised from time to
time by Extraordinary Resolution: 
 (a)            power to confirm any modification or
amendment of this Agreement or the terms and conditions of the Notes proposed by the Issuer; provided that, to the extent that such modification or amendment may affect the rights, duties, protections, indemnities and immunities of the Fiscal Agent,
the Issuer shall not propose such modification or amendment and such power shall not be exercised, without the prior written consent of the Fiscal Agent; 

  
 -13- 

 (b)            power to exercise any power,
right, remedy or authority given to it by this Agreement or the Notes in any manner specified in such Extraordinary Resolution or to refrain from exercising any such power, right, remedy or authority; 

(c)            power to waive any default on the part of the Issuer in complying with any
provisions of this Agreement or the Notes or to waive future compliance with any provision or provisions of this Agreement or the Notes; and 

(d)            power to repeal, modify or amend any Extraordinary Resolution previously
passed by the holders of Notes; 
 provided, however, that no such modification nor amendment to this Agreement or to the terms and conditions of the
Notes or any other action taken may, (a) without the consent of the holder of each such Note affected thereby: (i) change the stated maturity or interest payment date(s) of any such Note; (ii) reduce the principal amount of or rate of
interest on any such Note; (iii) change the currency of payment of any such Note; (iv) impair the right to institute suit for the enforcement of any payment on or with respect to such Note; (v) reduce the percentage of the holders of
Notes necessary to modify or amend this Agreement or the terms and conditions of the Notes or reduce the percentage of votes required for the taking of action or the quorum required at any meeting of holders of Notes; or (vi) reduce the
percentage of outstanding Notes necessary to waive any future compliance or past default; or (b) without the consent of the Fiscal Agent, alter the rights, duties, protections, indemnities or immunities of the Fiscal Agent. 

(11)      All actions that may be taken and all powers that may be exercised by the holders of Notes at a meeting held as
hereinbefore provided may also be taken and exercised by the holders of not less than 66 2/3% of the aggregate principal amount of the Notes at the time outstanding by an instrument in writing signed in one or more counterparts, and the expression
“Extraordinary Resolution” when used in this Agreement shall include an instrument so signed. 
 (12)      The
term “Extraordinary Resolution” means a resolution proposed to be passed at a meeting of holders of the Notes duly convened for the purpose and held in accordance with the provisions of this Agreement and passed by the affirmative vote of
the holders of not less than 66 2/3% of the aggregate principal amount of the Notes represented at the meeting in person or by proxy or as an instrument in writing signed by the holders of not less than 66 2/3% in principal amount of the outstanding
Notes. 
 (13)      Minutes of all resolutions and proceedings at every meeting of holders of Notes held in accordance
with the provisions of this Agreement shall be made and entered in books to be from time to time provided for that purpose by the Fiscal Agent at the expense of the Issuer and any such minutes, if signed by the chairman of the meeting at which such
resolutions were passed or proceedings taken, or by the chairman of the next succeeding meeting of the holders of Notes, shall be prima facie evidence of the matters therein stated and, until the contrary is proved, every such meeting, in
respect of the proceedings of which minutes shall have been made, shall be deemed to have been duly held and 

  
 -14- 

 
convened, and all resolutions passed and proceedings taken thereat to have been duly passed and taken. 

(14)    Every Extraordinary Resolution passed in accordance with the provisions of this Agreement at a meeting of holders of Notes
shall be binding upon all the holders of Notes, whether present at or absent from such meeting, and every instrument in writing signed by holders of Notes in accordance with Section 14(11) shall be binding upon all the holders of Notes (whether
or not a signatory). Subject to the provisions for its satisfactory indemnity herein contained, the Fiscal Agent shall be bound to give effect accordingly to every such Extraordinary Resolution. 

(15)    The Fiscal Agent, or the Issuer with the approval of the Fiscal Agent, may from time to time make and from time to time vary
such regulations as it shall from time to time deem fit: 
 (a)            for the deposit
of instruments appointing proxies at such place as the Fiscal Agent, the Issuer or the holders of Notes convening a meeting, as the case may be, may in the notice convening such meeting direct; 

(b)            for the deposit of instruments appointing proxies at some approved place or
places other than the place at which the meeting is to be held and enabling particulars of such instruments appointing proxies to be mailed or sent by any other means of recorded communication before the meeting to the Issuer or to the Fiscal Agent
at the place where the same is to be held and for the voting of proxies so deposited as though the instruments themselves were produced at the meeting; and 

(c)            any regulation so made shall be binding and effective and votes given in
accordance therewith shall be valid and shall be counted. Save as such regulations may provide, the only persons who shall be entitled to vote at a meeting of holders of Notes shall be the holders thereof or their duly appointed proxies. 

(16)    The powers and any combination of the powers in this Agreement stated to be exercisable by the holders of Notes by
Extraordinary Resolution may be exercised from time to time and the exercise of any one or more of such powers or any combination of powers from time to time shall not be deemed to exhaust the right of the holders of Notes to exercise such power or
powers or combination of powers then or any power or powers or combination of powers thereafter from time to time. 
  

	15.	 Indemnities 

(1) The Issuer agrees to indemnify and hold harmless the Fiscal Agent against all claims, actions, demands, damages, costs, liabilities, expenses and
losses arising out of or relating to the Fiscal Agent’s duties as fiscal agent, registrar, transfer agent and principal paying agent hereunder for the Issuer, except such as may result from the Fiscal Agent’s gross negligence, willful
misconduct or bad faith (i.e., intentional or gross fault) or that of its directors, officers, employees or representatives. 

  
 -15- 

 (2) This Section 15 shall survive the termination of this agreement, payment in full of all
obligations of the Notes and under this Agreement, whether by redemption, repayment or otherwise and the resignation or removal of the Fiscal Agent. 
  

	16.	 Amendments 

(1) This Agreement and the Notes may be amended by the Issuer and the Fiscal Agent without notice to or the consent of the holders of Notes, for the
purposes of: (i) curing any ambiguity; (ii) curing, correcting or supplementing any defective provisions contained herein or therein; (iii) effecting the issue of further Notes of the Issuer pursuant to Section 19 (Further
Issues); or (iv) in any other manner in which the Issuer, on the one hand, and the Fiscal Agent, on the other hand, acting on the advice of counsel, may deem necessary or desirable and which will not be inconsistent with this Agreement or
the Notes and which in the reasonable opinion of the Issuer, on the one hand, and the Fiscal Agent, on the other hand, will not adversely affect the interests of the holders of Notes. 

(2) This Agreement may also be amended by Extraordinary Resolution of the holders of the Notes as specified in Section 14 (Meetings of Holders
of Notes) of this Agreement and in the terms and conditions of the Notes. 
  

	17.	 The Fiscal Agent 

(1) In acting under this Agreement and in connection with the Notes, the Fiscal Agent is acting solely as agent of the Issuer and does not assume any
obligation or relationship of agency or trust with any of the holders of Notes, except that all amounts received and held by the Fiscal Agent for payment in respect of the Notes shall be held in trust (i.e., as mandatary) for the holders of the
Notes in a separate account or accounts for payment to the holders of Notes. The Fiscal Agent shall not be liable to pay interest or investment income to the Issuer on any moneys received from the Issuer for the purposes of payment pursuant to
Section 7 (Payments by the Issuer to the Fiscal Agent). 
 (2) The Fiscal Agent shall be protected and shall incur no liability for action
taken or not taken, or suffered to be taken or not taken, with respect to all legal matters upon which it has received advice from counsel in good faith and in accordance with the opinions and advice of such counsel. 

(3) The Fiscal Agent and its officers, directors and employees may become the owners of, or acquire an interest in, any Notes, with the same rights that
they would have if the Fiscal Agent was not acting as agent hereunder, and may engage or be interested in any financial or other transaction with the Issuer, and may act on behalf of, or as a depository, trustee or agent for, any committee or body
of holders of Notes or holders of other obligations of the Issuer as freely as if the Fiscal Agent was not acting as agent hereunder. 
 (4) The
Fiscal Agent may rely and shall be protected in acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, letter, telegram, telecopier or other paper or document believed by it to be genuine
and to have 

  
 -16- 

 
been signed, sent or presented by or on behalf of the proper party or parties and, in particular, may rely and shall be protected in acting on the basis of any such notice which is given in
accordance with the provisions hereof. 
  

	18.	 Resignation or Replacement of Fiscal Agent 

(1) The Issuer agrees that there shall at all times be a registrar, fiscal agent, transfer agent, and principal paying agent hereunder until the earlier
of (i) there being no Notes outstanding, or (ii) the Issuer having established to the satisfaction of the Fiscal Agent that the Issuer may avail itself of defenses under all relevant laws for the prescription of actions in respect of any
outstanding Notes. 
 (2) The Fiscal Agent may resign at any time by sending at least ninety days’ written notice by registered mail to the
Issuer. Upon receipt of such notice, the Issuer shall appoint another financial institution or institutions as successor registrar, fiscal agent, transfer agent and principal paying agent under this Agreement. Subject to the provisions hereof, the
Issuer may terminate the appointment of the Fiscal Agent as registrar, fiscal agent, transfer agent and principal paying agent and appoint another financial institution or institutions as successor registrar, fiscal agent, transfer agent and
principal paying agent under this Agreement provided that it gives the Fiscal Agent not less than ninety days’ written notice of termination. Neither the resignation nor the termination of the appointment of the Fiscal Agent as registrar,
fiscal agent, transfer agent and principal paying agent shall take effect until the appointment of the successor registrar, fiscal agent, transfer agent and principal paying agent becomes effective. On the effective date of the resignation of the
Fiscal Agent or of the termination of its appointment as registrar, fiscal agent, transfer agent and principal paying agent, the Fiscal Agent shall deliver to the successor registrar, fiscal agent, transfer agent and principal paying agent all funds
of the Issuer then held by it and the Issuer shall pay to the Fiscal Agent all amounts owed by the Issuer to the Fiscal Agent, pursuant to this Agreement up to the said effective date. If within 30 days of receipt of the notice of such resignation
by the Fiscal Agent, no successor registrar, fiscal agent, transfer agent and principal paying agent shall have been appointed by the Issuer, then the Fiscal Agent may petition any court of competent jurisdiction for the appointment of a successor
registrar, fiscal agent, transfer agent and principal paying agent at the expense of the Issuer. 
 (3) If the Fiscal Agent shall be adjudged a
bankrupt or insolvent, or shall file a voluntary petition in bankruptcy or makes an assignment for the benefit of its creditors or consents to the appointment of a receiver or custodian of all or any substantial part of its property, or shall admit
in writing of its inability to pay or meet its debts as they mature, or if a receiver or custodian of it or of all or any substantial part of its property shall be appointed or if any public officer shall have taken charge or control of it or of its
property or affairs, for the purposes of rehabilitation, conservation or liquidation, a successor registrar, fiscal agent, transfer agent and principal paying agent shall be appointed by the Issuer. Upon such an appointment of a successor registrar,
fiscal agent, transfer agent and principal paying agent, the Fiscal Agent shall cease to be a registrar, fiscal agent, transfer agent and principal paying agent, hereunder whether or not notice of such termination shall have

  
 -17- 

 
been given. If no successor registrar, fiscal agent, transfer agent and principal paying agent shall have been appointed by the Issuer, any holder of a Note, on behalf of itself and all other
holders of Notes, or the Fiscal Agent, may petition any court of competent jurisdiction for the appointment of a successor registrar, fiscal agent, transfer agent and principal paying agent. 

(4) Any appointment by the Issuer of a paying agent or transfer agent under this Section 18 shall be subject to Section 6 hereof. 

 

	19.	 Further Issues 

The Issuer may from time to time, without the consent of the holders of the Notes, create and issue further notes having the same terms
and conditions as the Notes (or in all respects except for the payment of interest accruing prior to the issue date of such further notes or except for the first payment of interest thereon), and such further notes shall be consolidated and form a
single series with the Notes. Any further notes forming a single series with the outstanding Notes shall be issued with the benefit of and subject to an agreement supplemental to this Agreement. 

 

	20.	 Rights and Limitations of Liability of Fiscal Agent 

(1) In no event shall the Fiscal Agent be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever
(including, but not limited to, loss of profit) irrespective of whether the Fiscal Agent has been advised of the likelihood of such loss or damage and regardless of the form of action (i.e., for greater certainty, any liability shall be limited to
direct and immediate damages). 
 (2) The Fiscal Agent may not be relieved from liabilities for its own gross negligence, bad faith or willful
misconduct (i.e., intentional or gross fault), except that: 
 (a)            the Fiscal
Agent will not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Fiscal Agent was negligent in ascertaining the pertinent facts; and 

(b)            the Fiscal Agent will not be liable with respect to any action it takes or
omits to take in good faith in accordance with a direction received by it at the direction of the Issuer or the requisite number of Noteholders, as the case may be. 

(3) The Fiscal Agent may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper person.

 (4) The Fiscal Agent shall not be charged with knowledge of documents to which it is not a party and delivery of any reports or information to the
Fiscal Agent do not constitute actual knowledge of the Fiscal Agent of the information contained in such reports or information. 

  
 -18- 

	21.	 General 

(1) Any notice pursuant to this Agreement shall be in writing in English. Any notice pursuant to this Agreement shall be deemed to have been duly given
upon the dispatch of such notice by registered mail, “pdf” attachment to an e-mail or telecopier (receipt confirmation requested), addressed to the Issuer or to the Fiscal Agent as follows: 

 

					
	 Issuer
	  	 Address:
	  	 Ministère des Finances
 8,
rue Cook, 2e étage
 Québec, Québec G1R 0A4

Canada

		  	 Attention:
	  	 Direction générale des opérations bancaires

et financières et des relations avec les agences
 de
notation

		  	 Fax No:
	  	(418) 528-1240
		  	 Telephone No:
	  	(418) 528-1479
			
		  	With a copy to:	  	
			
		  	 Address:
	  	 Ministère des Finances
 12
rue St-Louis, bureau 2.33
 Québec, Québec G1R 5L3

		  	 Attention:
	  	Documentation financière et conformité
		  	 Fax No:
	  	(418) 528-0984
		  	 Telephone No:
	  	(418) 643-8141
			
	 Fiscal Agent
	  	 Address:
	  	 Deutsche Bank Trust Company Americas

Trust and Agency Services
 60 Wall Street, 16th
Floor
 Mail Stop: NYC60-1630
 New York, New York
10005

		  	 Attention:
	  	Corporates Team, Quebec global issue
		  	 Fax No:
	  	 (732) 578-4635

			
		  	With a copy to:	  	
			
		  	 Address:
	  	 Deutsche Bank Trust Company Americas

c/o Deutsche Bank National Trust Company
 Trust and
Agency Services
 100 Plaza One – 6th Floor

MSJCY03-0699
 Jersey City, New Jersy
07311-3901

		  	 Attention:
	  	 Corporates Team, Quebec global issue

		  	 Fax No:
	  	(732) 578-4635

 or to any other address or number of which either of the parties shall have notified the

  
 -19- 

 
other in writing in accordance with this provision. 
 (2) All notices to the holders will be
valid (i) in the case of Certificated Notes, if sent by first class mail (or equivalent) or, if posted to an overseas address, by airmail, or if delivered, to each holder (or the first named of joint holders) at each such holder’s address
as it appears in the Register held by the Fiscal Agent; (ii) in the case of Notes represented by a Global Note, if delivered to DTC for communication by it to the persons shown in its records as having interests therein and (iii) in either
case, if and so long as the Notes are admitted to trading on, and listed on any stock exchange or are admitted to trading by another relevant authority, if in accordance with the rules and regulations of the relevant stock exchange or other relevant
authority. As long as the Notes are listed on the Luxembourg Stock Exchange, and the rules of the Luxembourg Stock Exchange so require, notices will be published in a leading newspaper having general circulation in Luxembourg (which is expected to
be the Luxemburger Wort) or on the Luxembourg Stock Exchange website at www.bourse.lu. Any such notice shall be deemed to have been given on the date of such delivery (or, if delivered more than once or on different dates, on the first date
on which delivery is made) or, in the case of mailing, on the fourth weekday following such mailing and, in the case of publication, on the date of such publication or, if published more than once or on different dates, on the first date on which
publication is made. 
 (3) The Fiscal Agent shall be entitled to treat a facsimile, pdf or e-mail
communication or communication by other similar electronic means in a form satisfactory to the Fiscal Agent (“Electronic Methods”) from a person purporting to be (and whom the Fiscal Agent, acting reasonably, believes in good faith
to be) an authorized signatory of the Issuer as sufficient instructions and authority of the Issuer to act and shall have no duty to verify or confirm that person is so authorized. The Fiscal Agent shall have no liability for any losses,
liabilities, costs or expenses incurred by it as a result of such reliance upon or compliance with such instructions or directions. 
 (4) The Issuer
acknowledges and agrees that it is fully informed of the risks associated with Electronic Methods of transmitting instructions to the Fiscal Agent and that there may be more secure methods of transmitting instructions than the method(s) selected by
it, but that it is assuming all risks arising out of the use of Electronic Methods or other methods selected by it to submit instructions and directions to the Fiscal Agent, including without limitation the risk of the Fiscal Agent acting on
unauthorized instructions, and the risk of interception and misuse by third parties. The Issuer shall use all reasonable endeavors to ensure that instructions transmitted to the Fiscal Agent pursuant to this Agreement are complete and correct. 

(5) This Agreement shall be governed by and interpreted in accordance with the laws of Québec and the laws of Canada applicable therein. 

  
 -20- 

 (6) This Agreement shall extend to and inure to the benefit of and be binding upon the Issuer, the Fiscal
Agent and their respective successors and assigns. 
 (7) This Agreement may be executed in separate counterparts, and each such counterpart, when so
executed and delivered, shall be deemed to be an original. Such counterparts shall together constitute one and the same agreement. 
  

	22.	 Jurisdiction of Courts 

The Issuer hereby appoints the person from time to time who holds the position of Delegate General of Québec in New York, One
Rockefeller Plaza, 26th Floor, New York, New York 10020-2102, as its authorized agent (the “Authorized Agent”) upon whom process may be served in any action arising from this Agreement which may be instituted in any State or Federal court
in The City of New York, and expressly accepts the non-exclusive jurisdiction of any such court in respect of such action. The Issuer hereby irrevocably waives any immunity to service of process in respect of
any such action to which the Authorized Agent might otherwise be entitled. Such appointment shall be irrevocable as long as any of the Notes remain outstanding, except that, if for any reason the Authorized Agent ceases to be able to act as agent or
no longer has an address in The City of New York, the Issuer will appoint another person or persons in The City of New York, selected in its discretion, as Authorized Agent(s) and will notify the Fiscal Agent in writing of such successor Authorized
Agent. The Issuer will take any and all action, including the filing of any and all documents and instruments that may be necessary to continue such appointment or appointments in full force and effect as aforesaid. Service of process upon the
Authorized Agent, together with written notice of such service mailed or delivered to the Issuer at its address set forth in Section 21, shall be deemed in every respect effective service of process upon the Issuer. Notwithstanding the
foregoing, any action arising from this Agreement may be instituted in any competent court in Québec. The Issuer hereby waives, to the fullest extent permitted by applicable law, any immunity to jurisdiction to which it might otherwise be
entitled in any action based on this Agreement which may be instituted as provided in this Section in any State or Federal court in The City of New York or in any competent court in Québec. 

 

	23.	 Waiver of Jury Trial 

Each of the Issuer and the Fiscal Agent hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right
to trial by jury in any legal proceeding arising out of or relating to this Agreement, the Notes or the transaction contemplated hereby. 

  
 -21- 

 
					
	QUÉBEC	 	
			
	By:	 	 /s/ François Gaudreau
	 	
		 	Name: François Gaudreau	 	
		 	 Title: Director, Economic Affairs

 
 DEUTSCHE BANK TRUST COMPANY AMERICAS 

 

					
			
	By:	 	 /s/ Carol Ng
	 	
		 	Name: Carol Ng	 	
		 	Title: Vice President	 	

 
					
			
	By:	 	 /s/ Nigel W. Luke
	 	
		 	Name: Nigel W. Luke	 	
		 	Title: Vice President	 	

 SCHEDULE A 

FORM OF GLOBAL NOTE 
 Unless this certificate
is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to Québec 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 requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as 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. 

Note No. [  ] 
 CUSIP
748149 AN1 
 QUÉBEC 
 2.750%
Global Notes Series QS due April 12, 2027 
 This global note, registered in the name of Cede & Co., as nominee of DTC (the
“Global Note”), is a permanent global note in respect of the duly authorized issue of securities referred to above (the “Notes”) of Québec, and which is issued pursuant to a Fiscal Agency Agreement, dated as of
April 12, 2017, between Québec and Deutsche Bank Trust Company Americas as registrar, fiscal agent, transfer agent and principal paying agent (the “Fiscal Agent”, which term includes any successor registrar, fiscal agent,
transfer agent and principal paying agent under the Fiscal Agency Agreement), as such agreement may be supplemented or amended, as the case may be (the “Fiscal Agency Agreement”). This Global Note also represents any further notes which
Québec may issue, from time to time, pursuant to Section 19 (Further Issues) of the Fiscal Agency Agreement. In the event such further notes are issued, the word “Note” as defined above shall be deemed to also refer to
such further notes. 
 This Global Note and all the rights of the Holder hereof are expressly subject to the Fiscal Agency Agreement, and this Global
Note and the Fiscal Agency Agreement constitute a contract to all of the terms and conditions of which the holder by acceptance hereof assents, is bound by and is deemed to have notice. All defined terms unless defined herein have the meanings
ascribed to them in the Fiscal Agency Agreement. Copies of the Fiscal Agency Agreement are available for inspection during regular business hours and may be obtained free of charge at the principal office of the Fiscal Agent. This is a fully
registered Global Note without coupons attached. In certain limited circumstances, as described in Section 5 of the Fiscal Agency Agreement, it is exchangeable in whole or in part, at the office of the Fiscal Agent, for Certificated Notes. 

 FOR VALUE RECEIVED, Québec hereby promises to pay to Cede & Co. or its registered
assigns in the manner hereinafter mentioned on April 12, 2027 (or on such earlier date as the Principal Amount (as hereinafter defined) may become payable in accordance with the terms hereof) the principal sum set forth in Schedule I hereto
from time to time (the “Principal Amount”) in lawful money of the United States of America, on presentation and surrender of this Global Note, and to pay interest in arrears on the said Principal Amount at the rate of 2.750% per annum,
from April 12, 2017, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, in two equal semi-annual installments on April 12 and October 12 in each year (each an “Interest Payment
Date”), commencing on October 12, 2017, until the Principal Amount is paid in full or duly made available for payment, in each case together with such further sum, if any, as may be payable by way of Additional Amounts in accordance with
the provisions set forth herein, and should Québec at any time default in the payment of any of the Principal Amount or interest on this Global Note or any Additional Amounts, to pay interest on the amount in default (before as well as after
judgment) at the same rate, in like money, on the same dates. References herein to principal and interest in respect of this Global Note or the Notes shall be deemed also to refer to any Additional Amounts which may be payable concurrently
therewith, unless the context otherwise requires. Interest will cease to accrue on this Global Note on April 12, 2027 (or on such earlier date as the Principal Amount may become payable in accordance with the terms hereof) unless, upon due
presentation of this Global Note, payment of the Principal Amount or Additional Amounts, if any, is improperly withheld or refused. 
 This Global
Note shall not become valid and obligatory for any purpose unless and until this Global Note has been authenticated by the Fiscal Agent or its authorized representative. 

SUMMARY OF TERMS AND CONDITIONS 
 The
following constitutes a summary of the terms and conditions of this Global Note and the Notes and is qualified in its entirety by the more detailed terms and conditions contained in Schedule B to the Fiscal Agency Agreement 

Form, Denomination and Registration 
 The Notes will be
issued in the form of one or more fully registered global notes and all Notes will be recorded in a Register held by a Fiscal Agent all as more fully set forth in the Fiscal Agency Agreement which also contains detailed provisions concerning
transfers of Notes. 
 This Global Note is registered in the name of a nominee of DTC. This Global Note is exchangeable for Notes registered in the
name of a person other than DTC or its nominee only in the limited circumstances hereinafter described. Unless and until it is exchanged in whole or in part for Certificated Notes, this Global Note may not be transferred except as a whole by DTC to
a nominee of DTC or by a nominee of DTC to DTC or another nominee of DTC or by DTC or any such nominee to a successor of DTC or a nominee of such successor. 

Québec will issue or cause to be issued Certificated Notes upon registration of transfer of, 

  
 -2- 

 
or in exchange for, Notes represented by the Global Notes (i) if DTC notifies Québec that it is unwilling or unable to continue as depository in connection with the Global Notes
or ceases to be a clearing agency registered under the United States Securities Exchange Act of 1934, as amended, at a time when it is required to be so registered and a successor depository is not appointed by Québec within 90 days
after receiving such notice or becoming aware that DTC is no longer so registered; (ii) if Québec, in its sole discretion at any time, determines not to have any of the Notes represented by the Global Notes; or (iii) upon request by
DTC to the Fiscal Agent, acting on direct or indirect instructions of any owner of a beneficial interest in a Global Note, after an event of default entitling the holder to accelerate the stated maturity of the Global Note has occurred and is
continuing, or, if DTC does not promptly make that request, then any owner of a beneficial interest in such Global Note shall be entitled to make such request with respect to such interest. 

Québec expressly acknowledges that if Certificated Notes are not promptly issued to the owners of beneficial interests in a Global Note as
described above, then an owner of a beneficial interest will be entitled to pursue any remedy under the Fiscal Agency Agreement, the Global Note or applicable law with respect to the portion of the Global Note representing that owner’s interest
in the Global Note as if Certificated Notes had been issued. 
 Interest 

Whenever it is necessary to compute any amount of interest in respect of the Notes, other than with respect to regular semi-annual payments, such
interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. The rate of interest specified in the Notes is a nominal rate and all
interest payments and computations are to be made without allowances or deductions for deemed reinvestment. 
 For purposes of disclosure pursuant to
the Interest Act (Canada), the rate of interest determined on the basis of a year of 360 days, when expressed as an annual rate, is equivalent to the applicable rate based on such period multiplied by a fraction the numerator of which is the actual
number of days in the calendar year in which the period for which such interest is payable ends and the denominator of which is 360. 
 Payments 

Principal of, and interest on the Notes and Additional Amounts, if any, are payable by Québec in lawful money of the United States of America
(“U.S.$”) to the person registered at the close of business on the relevant record date in the register held by the Fiscal Agent. With respect to Notes held by Cede & Co. for DTC participants, CDS, Euroclear and Clearstream,
Luxembourg, payment will be made to beneficial owners of the Notes in accordance with customary procedures established from time to time by DTC, CDS, Euroclear and Clearstream, Luxembourg. 

If any date for payment to the registered holder hereof is not a Business Day in the applicable place of payment, such registered holder shall not be
entitled to payment until 

  
 -3- 

 
the next following Business Day, and no further interest shall be paid in respect of the delay in such payment. In this paragraph, “Business Day” means a day on which banking
institutions in The City of New York and in any other applicable place of payment are not authorized or obligated by law or executive order to be closed. 

If Certificated Notes are issued and for so long as the Notes are listed on the Luxembourg Stock Exchange and the rules of such stock exchange so
require, Québec will appoint and maintain a paying and transfer agent in Luxembourg. 
 Payment of Additional Amounts 

All payments of principal and interest by Québec will be made without withholding or deduction for, or on account of, any present or future
taxes, duties, assessments or charges of whatever nature imposed or levied by or on behalf of the Government of Canada or any province, territory or political division thereof or any authority or agency therein or thereof having power to tax, unless
the withholding or deduction of such taxes, duties, assessments or charges is required by law or by the interpretation or administration thereof. In that event, Québec will, subject to its redemption rights pursuant to the Fiscal Agency
Agreement and the Notes, pay such additional amounts (the “Additional Amounts”) as may be necessary in order that the net amounts receivable by the beneficial holder after such withholding or deduction shall equal the respective amounts of
principal or interest which would have been receivable in respect of the Notes in the absence of such withholding or deduction; except that no such Additional Amount shall be payable with respect to any Note: (i) to, or to a third party on
behalf of, a beneficial holder who is liable to such taxes, duties, assessments or charges in respect of such Note by reason of that person having some connection with Canada other than the mere holding or use outside Canada, or ownership as a non-resident of Canada, of such Note; or (ii) presented for payment more than 30 days after the Relevant Date (as defined below) except to the extent that the beneficial holder thereof would have been entitled
to such Additional Amounts on presenting the same for payment on or before such thirtieth day. As used herein, “Relevant Date” means: (A) the date on which such payment first becomes due; or (B) if the full amount of the moneys
payable has not been received by the Fiscal Agent on or prior to such date, the date on which, the full amount of such moneys having been so received, notice to that effect is duly given to the holders of the Notes in accordance with the notice
procedures described under “Notices” below. 
 Redemption and Purchases 

If as a result of any change in, or amendment to, or in the official application of, the laws of Canada or the regulations of any taxing authority
therein or thereof (other than Québec) or any change in, or in the official application of, or execution of, or amendment to, any treaty or treaties affecting taxation to which Canada is a party, which change or amendment shall have become
effective after April 5, 2017, it is determined by Québec that it would be required at, or at any time prior to, maturity of the Notes to pay Additional Amounts as hereinabove described, the Notes may be redeemed in whole but not in part
at the option of Québec on not less than 30 days’ nor more than 60 days’ published notice in 

  
 -4- 

 
accordance with the provisions set forth below under “Notices”, at the Principal Amount thereof together with accrued interest. 

Québec may, if not in default under the Notes, purchase Notes at any time in any manner and at any price. If purchases are made by tender,
tenders must be available to all Noteholders alike. 
 Status of the Notes 

The Notes will be direct, unsecured and unconditional obligations of Québec for the payment and performance of which the full faith and credit of
Québec will be pledged and will not be secured. The Notes will rank equally among themselves and with all notes, debentures or other similar debt securities issued by Québec and outstanding at the date of the issue of the Notes or
issued in the future. 
 Events of Default 
 In the event
that (a) Québec shall default in the payment of the principal of, interest or Additional Amounts, if any, on the Notes, as the same shall become due and payable, and such default shall continue for a period of 45 days or (b) default
shall be made in the due performance or observance by Québec of any covenant or agreement contained in the Notes, other than the payment of principal, interest or Additional Amounts, or the Fiscal Agency Agreement and such default shall
continue for a period of 60 days or (c) Québec shall default in the payment of any principal of, or premium or interest, or additional amounts, if any, on any indebtedness (direct or under a guarantee) for borrowed money, other than the
Notes, as the same shall become due and payable, and such default shall continue for a period of 45 days, provided that the foregoing shall not be taken into account so long as the aggregate principal amount of all such indebtedness (direct or under
a guarantee) for borrowed money with respect to which the foregoing has occurred does not exceed U.S.$50,000,000 (or its equivalent in other currencies), then at any time thereafter and during continuance of such default, the registered holder of
any Note (or its proxy) may deliver or cause to be delivered to Québec a written notice that such registered holder elects to declare the principal amount of the Notes held by him (the serial number or numbers of the note or notes
representing such Notes and the principal amount of the Notes owned by him and the subject of such declaration being set forth in such notice) to be due and payable and, in the cases falling within either (a) or (c) above, on the 15th day after
delivery of such notice, or, in the cases falling within (b) above, on the 30th day after delivery of such notice, the principal of the Notes referred to in such notice plus accrued interest thereon shall become due and payable, unless prior to
that time all such defaults theretofore existing shall have been cured. 
 Notices 

All notices to the holders will be valid (i) in the case of Certificated Notes, if sent by first class mail (or equivalent) or (if posted to an
overseas address) by airmail, or if delivered, to each holder (or the first named of joint holders) at each such holder’s address as it 

  
 -5- 

 
appears in the Register held by the Fiscal Agent; (ii) in the case of Notes represented by a Global Note, if delivered to DTC for communication by it to the persons shown in its records as
having interests therein and (iii) in either case, if and so long as the Notes are admitted to trading on, and listed on any stock exchange or are admitted to trading by another relevant authority, if in accordance with the rules and
regulations of the relevant stock exchange or other relevant authority. Any such notice shall be deemed to have been given on the date of such delivery or, in the case of mailing, on the fourth weekday following such mailing. 

Prescription 
 Under current Québec law, an action to
enforce a right to payment under the Notes may be prescribed if it is not exercised within three years of the date the payment is due. 
 Modification 

The Fiscal Agency Agreement contains provisions with respect to modifying or amending said Agreement and the Notes either without notice to or the
consent of the holder of any Note or by Extraordinary Resolution (as defined in the Fiscal Agency Agreement) of the holders of Notes and with respect to convening meetings of registered holders of Notes for such purposes. 

Governing Law 
 The Fiscal Agency Agreement and the Notes
shall be construed in accordance with and governed by the laws of Québec and the laws of Canada applicable therein. 
 Québec
irrevocably consents to the fullest extent permitted by law to the giving of any relief (including, without limitation, the making, enforcement or execution against any property of any order or judgment) made or given in connection with any
proceedings arising out of or in connection with the Fiscal Agency Agreement and the Notes. 

  
 -6- 

 Executed in New York on behalf of Québec as of April 12, 2017. 

 

									
		 		 	    QUÉBEC	 	
					
		 		 	    By:	 	
                        
                            
	 	
		 		 		 	Name:	 	
	Authenticated by:	 		 	Title:	 	
	 DEUTSCHE BANK TRUST COMPANY
AMERICAS
 (as
Fiscal Agent)
 Authentication Date: April 12, 2017
	 		 		 	
					
	By:	 	
                           
                                 
	 		 		 	
		 	Name:	 		 		 	
		 	Title:	 		 		 	

  
 -7- 

 SCHEDULE TO THE GLOBAL NOTE 

NO. [  ] 
 QUÉBEC 

2.750% Global Notes Series QS due April 12, 2027 
  

											
		 	    Initial Principal     Amount	 	 Additional

    Principal Amount    
	 	 Aggregate

    Principal Amount    
	 	    Authorization	 	
						
		 		 	 U.S.$	 	 U.S.$	 		 	
						
		 		 	 U.S.$	 	 U.S.$	 		 	
						
		 		 	 U.S.$	 	 U.S.$	 		 	

 SCHEDULE B 

TERMS AND CONDITIONS OF THE NOTES 
 Status of the Notes

 The Notes will be direct and unconditional obligations of Québec for the payment and performance of which the full faith and credit of
Québec will be pledged and will not be secured. The Notes will rank equally among themselves and with all notes, debentures or other similar securities issued by Québec and outstanding at the date hereof or in the future. 

Form, Denomination and Registration 
 The Notes will be
issued in the form of one or more fully registered global notes (the “Global Notes”) registered in the name of Cede & Co., as nominee of The Depository Trust Company (“DTC”), and held by Deutsche Bank Trust Company
Americas, as custodian for DTC. Beneficial interests in the Notes will be represented through book-entry accounts of financial institutions acting on behalf of beneficial owners as direct and indirect
participants of DTC, CDS Clearing and Depository Services Inc. (“CDS”), Euroclear S.A./N.V. (“Euroclear”) or Clearstream Banking, société anonyme (“Clearstream, Luxembourg” and, collectively, the
“Clearing Systems”). The Clearing Systems will be responsible for establishing and maintaining book-entry accounts for their participants having interests in the Notes. Beneficial owners of Notes will not, except in limited circumstances
described herein, be entitled to receive Notes represented by physical certificates or to have Notes registered in their names, and will not be considered holders thereof under the Fiscal Agency Agreement. See “Certificated Notes”. Subject
to applicable law and the terms of the Fiscal Agency Agreement, Québec and the Fiscal Agent shall deem and treat the persons in whose name the Notes are registered, initially Cede & Co., as the absolute owners thereof for all
purposes whatsoever notwithstanding any notice to the contrary; and all payments to, or on the order of, the registered holders shall be valid and effectual to discharge the liability of Québec and the Fiscal Agent on the Notes to the extent
of the sum or sums so paid. 
 The Notes will only be sold in denominations of U.S.$5,000 and in multiples of U.S.$1,000 in excess thereof. 

The Fiscal Agent will be responsible for (i) maintaining a record of the aggregate holdings of Notes, (ii) ensuring that payments of principal
and interest in respect of the Notes received by the Fiscal Agent from Québec are duly credited to DTC; and (iii) transmitting to Québec any notices from owners of beneficial interests in the Notes. The Fiscal Agent will not
impose any fees in respect of the Notes, other than reasonable fees for the replacement of lost, stolen, mutilated or destroyed Notes. However, owners of beneficial interests in the Notes may incur fees payable in respect of the maintenance and
operation of the book-entry accounts in which such Notes are held with the Clearing Systems. 

 Interest 
 The
Notes will bear interest from April 12, 2017 at a rate of 2.750% per annum, payable in two equal semi-annual installments, in arrears on April 12 and October 12, commencing on October 12, 2017. Interest on the Notes will cease to
accrue on the maturity date (or the date fixed for redemption or repayment) unless, upon due presentation of the Notes, payment of principal is improperly withheld or refused. 

Whenever it is necessary to compute any amount of interest in respect of the Notes, other than with respect to regular semi-annual payments, such
interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. The rate of interest specified in the Notes is a nominal rate and all
interest payments and computations are to be made without allowances or deductions for deemed reinvestment. 
 Payments 

Principal of, and interest and Additional Amounts (as defined below under “Payment of Additional Amounts”), if any, on, the Notes are payable
by Québec in U.S. dollars to the person registered at the close of business on the relevant record date in the register held by the Fiscal Agent. With respect to Notes held by Cede & Co. for DTC participants, CDS, Euroclear and
Clearstream, Luxembourg, payment will be made to owners of beneficial interests in the Notes in accordance with customary procedures established from time to time by DTC and its direct and indirect participants, including CDS, Euroclear and
Clearstream, Luxembourg. The Fiscal Agent will act as Québec’s principal paying agent for the Notes pursuant to the Fiscal Agency Agreement. 

If any date for payment in respect of any Note is not a Business Day in the applicable place of payment, the holder thereof shall not be entitled to
payment until the next following Business Day, and no further interest shall be paid in respect of the delay in such payment. In this paragraph, “Business Day” means a day on which banking institutions in The City of New York and in any
other applicable place of payment are not authorized or obligated by law or executive order to be closed. 
 Record Date 

The record date for purposes of payments of principal and interest and Additional Amounts, if any, on the Notes will be as of 5:00 p.m., New York
City time, on the fourteenth calendar day preceding the maturity date or any interest payment date, as applicable. Ownership positions within each Clearing System will be determined in accordance with the normal conventions observed by such system.

 Payment of Additional Amounts 
 All payments of
principal and interest by Québec will be made without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or charges of whatever nature imposed or levied by or on behalf of the Government of
Canada, or any province, territory or political division thereof or any authority or agency therein or thereof having power to tax, unless the withholding or deduction of such taxes, 

  
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duties, assessments or charges is required by law or by the interpretation or administration thereof. In that event, Québec will, subject to its redemption rights pursuant to the Fiscal
Agency Agreement and the Notes, pay such additional amounts (the “Additional Amounts”) as may be necessary in order that the net amounts receivable by the beneficial holder after such withholding or deduction shall equal the respective
amounts of principal or interest which would have been receivable in respect of the Notes in the absence of such withholding or deduction; except that no such Additional Amount shall be payable with respect to any Note: (i) to, or to a third
party on behalf of, a beneficial holder who is liable to such taxes, duties, assessments or charges in respect of such Note by reason of that person having some connection with Canada other than the mere holding or use outside Canada, or ownership
as a non-resident of Canada, of such Note; or (ii) presented for payment more than 30 days after the Relevant Date (as defined below) except to the extent that the beneficial holder thereof would have
been entitled to such Additional Amounts on presenting the same for payment on or before such thirtieth day; or (iii) presented for payment by or on behalf of a beneficial holder who would have been able to avoid such withholding or deduction
by presenting the relevant Note to another paying agent in a Member State of the European Union. As used herein, “Relevant Date” means: (A) the date on which such payment first becomes due; or (B) if the full amount of the moneys
payable has not been received by the Fiscal Agent on or prior to such date, the date on which, the full amount of such moneys having been so received, notice to that effect is duly given to the holders of the Notes in accordance with the notice
procedures described under “Notices” below. 
 Maturity, Redemption and Purchases 

Unless previously redeemed for tax reasons as provided below, or purchased, the principal amount of the Notes shall be due and payable on April 12,
2027. 
 If, as a result of any change in, or amendment to, or in the official application of, the laws of Canada or the regulations of any taxing
authority therein or thereof (other than Québec) or any change in, or in the official application of, or execution of, or amendment to, any treaty or treaties affecting taxation to which Canada is a party, which change or amendment shall have
become effective after April 5, 2017, it is determined by Québec that it would be required at, or at any time prior to, maturity of the Notes to pay Additional Amounts as described under “Payment of Additional Amounts”, the
Notes may be redeemed in whole but not in part at the option of Québec on not less than 30 days’ nor more than 60 days’ published notice in accordance with “Notices” below, at the principal amount thereof together with
accrued interest. 
 Québec may, if not in default under the Notes, purchase Notes at any time, in any manner and at any price. If purchases
are made by tender, tenders must be available to all holders of Notes alike. 
 Transfers 

Transfers between participants within CDS, Euroclear and Clearstream, Luxembourg, and between CDS, Euroclear and Clearstream, Luxembourg participants,
will be effected in accordance with procedures established for this purpose from time to time by CDS, 

  
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Euroclear and Clearstream, Luxembourg. Notes may be transferred between DTC participants in accordance with procedures established for this purpose from time to time by DTC. 

Certificated Notes 
 Québec will issue or cause to be
issued Notes represented by fully registered physical certificates (“Certificated Notes”) upon registration of transfer of, or in exchange for, Notes represented by the Global Notes in denominations of U.S.$5,000 and in multiples of
U.S.$1,000 in excess thereof (i) if DTC notifies Québec that it is unwilling or unable to continue as depository in connection with the Global Notes or ceases to be a clearing agency registered under the United States Securities Exchange
Act of 1934, as amended, at a time when it is required to be so registered and a successor depository is not appointed by Québec within 90 days after receiving such notice or becoming aware that DTC is no longer so registered; (ii) if
Québec, in its sole discretion at any time, determines not to have any of the Notes represented by the Global Notes; or (iii) upon request by DTC to the Fiscal Agent, acting on direct or indirect instructions of the registered holder of
a Global Note or any owner of beneficial interests in the Global Note, but only after an event of default entitling the registered holders to give the Issuer written notice that such holders elect to declare the principal amount of the Notes held by
them and represented by the Global Note to be due and payable has occurred and is continuing, or, if DTC is unwilling or does not promptly make that request, then any beneficial owner of an interest in such Global Note shall be entitled to make such
request with respect to such interest. The Issuer shall bear the costs and expenses of printing or preparing any Certificated Notes. 
 Upon any such
issuance pursuant to the preceding paragraph of Certificated Notes in exchange for all the Notes represented by the Global Notes, (i) Québec shall promptly make available to the Fiscal Agent a reasonable supply of Certificated Notes in
blank form to proceed with such issuance, (ii) DTC shall cause the Global Notes to be delivered to the Fiscal Agent and provide the Fiscal Agent with the necessary registration information for such Certificated Notes, (iii) the Fiscal
Agent shall authenticate and deliver such Certificated Notes in an aggregate principal amount equal to the principal amount of the Global Notes to be exchanged for such Certificated Notes, (iv) the Fiscal Agent shall cancel the Global Notes
and, in the case of a partial exchange, issue and deliver to or to the order of DTC new Global Notes equal to the unexchanged portion of any such Global Notes partially exchanged for Certificated Notes and (v) the Fiscal Agent shall reduce
accordingly the holdings of Cede & Co. on the register held by the Fiscal Agent. The Fiscal Agent shall have at least 30 days from the date of its receipt of Certificated Notes and registration information to authenticate and deliver such
Certificated Notes. Such Certificated Notes shall be registered in such names and in such denominations as DTC, pursuant to instructions from direct or indirect participants, shall direct and shall be delivered as directed by the persons in whose
names such Certificated Notes are to be registered. All Notes represented by Certificated Notes issued upon any such issuance in exchange for the Notes represented by the Global Notes shall be a valid obligation of the Issuer, shall be entitled to
the same benefits under this Agreement as the Global Notes and shall be so exchanged without charge to the Fiscal Agent, DTC or the transferee. On or after any such exchange, the Fiscal Agent shall direct all payments in respect of such Certificated
Notes to the registered holders thereof, including when such exchange 

  
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occurred after the record dates for any payment and prior to the date of such payment. 

Québec expressly acknowledges that if Certificated Notes are not promptly issued to the owners of beneficial interests in a Global Note as
described above, then an owner of a beneficial interest will be entitled to pursue any remedy under the Fiscal Agency Agreement, the Global Note or applicable law with respect to the portion of the Global Note representing that owner’s
beneficial interest in the Global Note as if Certificated Notes had been issued. 
 If Certificated Notes are issued and for so long as the Notes are
listed on the Euro MTF Market of the Luxembourg Stock Exchange and if the rules of such stock exchange so require, Québec will appoint and maintain a paying agent and transfer agent in Luxembourg (the “Luxembourg Paying Agent”) to
act on its behalf. Certificated Notes may be surrendered at the office of the Luxembourg Paying Agent for payment of principal at maturity or on the date fixed for redemption. 

Modification 
 The Fiscal Agency Agreement and the Notes may
be amended by Québec and the Fiscal Agent without notice to, or the consent of, the holder of any Note, for the purpose of (i) curing any ambiguity, (ii) curing, correcting or supplementing any defective provisions contained
therein, (iii) effecting the issue of further notes as described below under “Further Issue”, or (iv) in any other manner which Québec and the Fiscal Agent, acting on the advice of independent counsel, may deem necessary
or desirable and which will not be inconsistent with the Fiscal Agency Agreement or the Notes and which, in the reasonable opinion of Québec and the Fiscal Agent, will not adversely affect the interests of the holders of Notes. No amendment
may be made to the Fiscal Agency Agreement or the Notes which would in any way alter, amend or change the duties, responsibilities, obligations of or the protections afforded to the Luxembourg Paying Agent from those set out in the Fiscal Agency
Agreement without the prior written consent of the Luxembourg Paying Agent. 
 The Fiscal Agency Agreement contains provisions for convening meetings
of registered holders of Notes to modify or amend by Extraordinary Resolution (as defined below), the Fiscal Agency Agreement (except as provided in the immediately preceding paragraph) and the Notes (including the terms and conditions thereof) or
waive future compliance therewith or past default thereon by Québec. An Extraordinary Resolution duly passed at any such meeting shall be binding on all holders of Notes, whether present or not; provided, however, that no such modification or
amendment to the Fiscal Agency Agreement or to the terms and conditions of the Notes or any other action taken may, without the consent of the holder of each such Note affected thereby: (i) change the stated maturity or interest payment date(s)
of any such Note; (ii) reduce the principal amount of or rate of interest on any such Note; (iii) change the currency of payment of any such Note; (iv) impair the right to institute suit for the enforcement of any payment on or with
respect to such Note; (v) reduce the percentage of the holders of Notes necessary to modify or amend the Fiscal Agency Agreement or the terms and conditions of the Notes or reduce the percentage of votes required for the taking of action or the
quorum required at any meeting of holders of Notes; or (vi) reduce the percentage of outstanding Notes necessary 

  
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to waive any future compliance or past default; and provided, further, that to the extent that such modification or amendment may affect the rights, duties, protections, indemnities and
immunities of the Fiscal Agent, the Issuer shall not propose such modification or amendment and such power shall not be exercised, without the prior written consent of the Fiscal Agent. 

The term “Extraordinary Resolution” is defined in the Fiscal Agency Agreement as a resolution passed at a meeting of holders of Notes by the
affirmative vote of the holders of not less than 66 2/3% of the principal amount of Notes represented at the meeting in person or by proxy or as an instrument in writing signed by the holders of not less than 66 2/3% in principal amount of
the outstanding Notes. The quorum at any such meeting for passing an Extraordinary Resolution will be two or more persons holding or representing at least a majority in principal amount of the Notes at the time outstanding, or at any adjourned
meeting called by Québec or the Fiscal Agent, two or more persons being or representing holders of Notes whatever the principal amount of the Notes so held or represented. 

Governing Law 
 The Fiscal Agency Agreement and the Notes
shall be construed in accordance with, and governed by, the laws of Québec and the laws of Canada applicable therein. 
 Québec will
irrevocably consent to the fullest extent permitted by law to the giving of any relief (including, without limitation, the making, enforcement or execution against any property of any order or judgment) made or given in connection with any
proceedings arising out of, or in connection with, the Fiscal Agency Agreement and the Notes. 
 Events of Default 

In the event that (a) Québec shall default in the payment of the principal of, interest or Additional Amounts, if any, on the Notes, as the
same shall become due and payable, and such default shall continue for a period of 45 days or (b) default shall be made in the due performance or observance by Québec of any covenant or agreement contained in the Notes, other than the
payment of principal, interest or Additional Amounts, or in the Fiscal Agency Agreement, and such default shall continue for a period of 60 days or (c) Québec shall default in the payment of any principal of, or premium or interest, or
Additional Amounts, if any, on, any indebtedness (direct or under a guarantee) for borrowed money, other than the Notes, as the same shall become due and payable, and such default shall continue for a period of 45 days, provided that the foregoing
shall not be taken into account so long as the aggregate principal amount of all such indebtedness (direct or under a guarantee) for borrowed money with respect to which the foregoing has occurred does not exceed U.S.$50,000,000 (or its equivalent
in other currencies), then at any time thereafter and during continuance of such default the registered holder of any Note (or its proxy) may deliver or cause to be delivered to Québec at Ministère des Finances, c/o Direction
générale des opérations bancaires et financières et des relations avec les agences de notation, 8, rue Cook, 2e étage, Québec, Québec, Canada G1R 0A4, a written notice that such registered holder
elects to declare the principal amount of the Notes held by him (the serial number or numbers of the note or notes representing such 

  
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Notes and the principal amount of the Notes owned by him and the subject of such declaration being set forth in such notice) to be due and payable and, in the cases falling within either
(a) or (c) above, on the 15th day after delivery of such notice, or, in the cases falling within (b) above, on the 30th day after delivery of such notice, the principal of the Notes referred to in such notice plus accrued interest thereon
shall become due and payable, unless prior to that time all such defaults theretofore existing shall have been cured. 
 Notices 

All notices to the holders will be valid (i) in the case of Certificated Notes, if sent by first class mail (or equivalent) or, if posted to an
overseas address, by airmail, or if delivered, to each holder (or the first named of joint holders) at each such holder’s address as it appears in the Register held by the Fiscal Agent; (ii) in the case of Notes represented by a Global
Note, if delivered to DTC for communication by it to the persons shown in its records as having interests therein and (iii) in either case, if and so long as the Notes are admitted to trading on, and listed on any stock exchange or are admitted
to trading by another relevant authority, if in accordance with the rules and regulations of the relevant stock exchange or other relevant authority. As long as the Notes are listed on the Luxembourg Stock Exchange, and the rules of the Luxembourg
Stock Exchange so require, notices will be published in a leading newspaper having general circulation in Luxembourg (which is expected to be the Luxemburger Wort) or on the Luxembourg Stock Exchange website at www.bourse.lu. Any such notice
shall be deemed to have been given on the date of such delivery (or, if delivered more than once or on different dates, on the first date on which delivery is made) or, in the case of mailing, on the fourth weekday following such mailing and, in the
case of publication, on the date of such publication or, if published more than once or on different dates, on the first date on which publication is made. 

Further Issue 
 Québec may from time to time, without
notice to or the consent of the holders of the Notes, create and issue further notes having the same terms and conditions as the Notes (or in all respects except for the payment of interest accruing prior to the issue date of such further notes or
except for the first payment of interest thereon), and, provided that such further notes are fungible with the outstanding Notes for United States federal income tax, such further notes shall be consolidated and form a single series with the
outstanding Notes. Any further notes forming a single series with the outstanding Notes shall be issued with the benefit of, and subject to, an agreement supplemental to, the Fiscal Agency Agreement. 

Prescription 
 Under current Québec law, an action to
enforce a right to payment under the Notes may be prescribed if it is not exercised within three years of the date the payment is due. 

  
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