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Exhibit 4.1  

 
 
 

FISCAL AGENCY AGREEMENT  
    

THIS AGREEMENT is entered into as of the 30th day of May, 2002. 

	 
	 	 

	BETWEEN:	 	QUÉBEC

(the "Issuer")
	
AND:	
 	
CITIBANK, N.A.

(the "Bank")

RECITALS:  

	(A)
	A
Fiscal Agency Agreement, dated as of March 1, 1988, has been entered into between the Issuer and Bank of Montreal Trust Company, whereby the Issuer is entitled to appoint
Bank of Montreal Trust Company as fiscal agent and principal paying agent, or agent bank, or transfer agent or registrar at its specified office in New York in respect of any issue by the
Issuer, from time to time, of bonds, notes, debentures or other similar securities (the "1988 Agreement");

	(B)
	A
Fiscal Agency Agreement, dated as of January 18, 1991, has been entered into between the Issuer and Bank of Montreal Trust Company, whereby the Issuer has appointed Bank of
Montreal Trust Company as fiscal agent at its office in New York in connection with the issuance by the Issuer, from time to time, of Medium-Term Notes, Series A, Due Nine
Months or More from Date of Issue (the "1991 Agreement");

	(C)
	Bonds
(as such term is defined hereinafter) have been issued by the Issuer and remain outstanding, to which the 1988 Agreement applies;

	(D)
	Notes
(as such term is defined hereinafter) have been issued by the Issuer and remain outstanding, to which the 1991 Agreement applies;

	(E)
	The
Issuer wishes to terminate the appointment of Bank of Montreal Trust Company (now The Bank of New York) under the 1988 Agreement and the 1991 Agreement and to appoint the
Bank as successor fiscal agent, principal paying agent, transfer agent and registrar to Bank of Montreal Trust Company (now The Bank of New York); 

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	(F)
	The
Bank wishes to accept the appointment set forth in paragraph (E) above, upon the termination of the 1988 Agreement and the 1991 Agreement and the execution and delivery by
the Issuer and the Bank of this Agreement providing the terms and conditions of such appointment;

	(G)
	The
Issuer proposes from time to time hereafter to issue long-term securities (including bonds, notes, debentures or other similar securities, but excluding securities
being part of global issues) and medium-term notes under the medium-term note program referred to hereinafter;

	(H)
	The
Issuer wishes furthermore to appoint the Bank as fiscal agent and principal paying agent, or agent bank, or registrar at its specified office in New York in respect of any
issue of securities referred to in paragraph (G) above, and therefore covenants to enter into this Agreement to provide for the terms and conditions of such appointment; 

NOW IT IS HEREBY AGREED AS FOLLOWS:  

1.     DEFINITIONS  

        Unless the context otherwise requires, the following terms shall have the following meanings when used herein: 

	(1)
	"Agent Bank" shall mean the Bank or any other Corporation in its capacity as Agent Bank in respect of any Floating Rate Issue in
relation to which it is appointed as Agent Bank;

	(2)
	"Agents" shall mean, in relation to any Issue, the Agent Bank, the Fiscal Agent and the Registrar or some of them, as the case may be;

	(3)
	"Bond" shall mean a bond, note, debenture or other similar long-term security being part of an Issue, including a Temporary
Global Bond, a Permanent Global Bond, a Registered Bond and a Global Bond Certificate; unless otherwise specifically provided herein to the contrary,
"Bond" shall also include a Note;

	(4)
	"Bondholder" shall mean a holder for the time being of a Bond; 

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	(5)
	"Business Day" shall mean a day upon which commercial banks and foreign exchange markets are open for business in both New York
City and in such major financial center of the country of the currency of the Issue as is elected by the Issuer;

	(6)
	"Clearing System" shall mean anyone of the clearing systems operated by Clearstream Banking, société
anonyme, DTC or Euroclear Bank S.A./N.V.;

	(7)
	"Common Depositary" shall mean any Corporation in its capacity as Common Depositary for any Clearing System in respect of any Issue in
relation to which it is appointed as Common Depositary;

	(8)
	"Conditions" shall mean, in relation to any Issue, the terms and conditions thereof or applicable thereto as set forth on the Bonds
representing the Issue;

	(9)
	"Corporation" shall mean a financial firm or institution which the Issuer deems responsible;

	(10)
	"DTC" shall mean The Depository Trust Company, New York;

	(11)
	"Fiscal Agent" shall mean the Bank or any other Corporation in its capacity as Fiscal Agent and paying agent or, as the case may be,
principal paying agent in respect of any Issue in relation to which it is appointed as Fiscal Agent;

	(12)
	"Floating Rate Issue" shall mean an Issue bearing interest at a floating rate to be determined in accordance with the Conditions;

	(13)
	"Global Bond Certificate" shall mean a fully registered global bond certificate in respect of any Issue registered in the name of a
Common Depositary, or of a nominee for a Common Depositary, with beneficial interests in such Global Bond Certificate represented, with exceptions set forth in the Conditions, if any, through
book-entry accounts of financial institutions acting on behalf of beneficial owners thereof as direct and indirect participants of a Clearing System;

	(14)
	"Issue" shall mean an issue by the Issuer of Bonds (excluding Bonds being part of global issues); 

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	(15)
	"Note" shall mean a note of the Issuer issued under its U.S.$3,000,000,000 Medium-Term Note Program related to
Medium-Term Notes, Series A due nine months or more from the date of issue, as such program is more fully described in the Prospectus Supplement with respect thereto dated
June 19, 2001, and as such program may be amended or supplemented from time to time hereafter;

	(16)
	"Outstanding" shall mean, in relation to the Bonds, all the Bonds issued other than:

	(i)
	those
Bonds which have been redeemed and cancelled in accordance with the Conditions;

	(ii)
	those
Bonds in respect of which the date for redemption under the Conditions has occurred and the redemption moneys wherefor (including all interest payable thereon)
have been duly paid to the Fiscal Agent in the manner provided in Clause 5 (and, where appropriate, notice to that effect has been given to the Bondholders in accordance with the Conditions)
and remain available for payment;

	(iii)
	those
Bonds which have been purchased and cancelled in accordance with the Conditions;

	(iv)
	those
Bonds which have become void in accordance with the Conditions;

	(v)
	those
mutilated or defaced Bonds which have been surrendered and cancelled and in respect of which replacements have been issued in accordance with the Conditions;

	(vi)
	(for
the purpose only of ascertaining the principal amount of the Bonds outstanding and without prejudice to the status for any other purpose of the relevant Bonds)
those Bonds which are alleged to have been lost, stolen or destroyed and in respect of which replacements have been issued in accordance with the Conditions;

	(vii)
	the
Temporary Global Bond to the extent that it has been exchanged for the relative Permanent Global Bond or, as the case may be, Physical Certificates in accordance
with its provisions; and 

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	(viii)
	as
the case may be, the Permanent Global Bond to the extent that it has been exchanged for the relative Physical Certificates in accordance with its provisions;

	(17)
	"Permanent Global Bond" shall mean an instrument evidencing an Issue in permanent global form in accordance with the Conditions which
is issued in exchange for a Temporary Global Bond and, upon and in accordance with the terms thereof, exchangeable for Physical Certificates;

	(18)
	"Physical Certificate" shall mean a Registered Bond issued in a form of physical certificate delivered to the holder of beneficial
interests therein in accordance with the Conditions;

	(19)
	"Register" shall mean a register held by the Registrar in which all Registered Bonds of a series are recorded and are registered in
the name of a Common Depository, or of a nominee for a Common Depository, for the benefit of the holders of the Registered Bonds of such series through any Clearing System;

	(20)
	"Registered Bond" shall mean a Bond issued in registered form;

	(21)
	"Registrar" shall mean the Bank or any other Corporation at its specified office in New York in its capacity as registrar and
transfer agent in respect of an Issue in relation to which it is appointed as Registrar;

	(22)
	"Temporary Global Bond" shall mean an instrument evidencing an Issue in temporary global form in accordance with the Conditions and,
upon and in accordance with the term thereof, exchangeable for a Permanent Global Bond or for Physical Certificates; and

	(23)
	"this Agreement" shall mean and include this Agreement, the Recitals herein, the Schedules and Exhibits hereto, any agreement
supplemental hereto and the schedules and exhibits thereto and any special conditions hereto or thereto. 

2.     INTERPRETATION  

(A)  The
singular number shall include the plural, and vice versa. 

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(B)  Words
and expressions defined in the Conditions and not otherwise defined in this Agreement shall have the same meanings when used in this Agreement, and references to the Conditions
or a particular Condition shall be construed accordingly. 

(C)  References
in this Agreement to principal and/or interest shall include any additional amounts payable pursuant to the Conditions. 

3.     NOTIFICATION OF ISSUES  

(A)  Notification of Outstanding Issues.    The Bank hereby recognizes having been notified by the
Issuer of the Outstanding Issues (the details whereof have been inserted in the First Schedule to this Agreement) to which this Agreement will apply initially, and the Bank hereby accepts its
respective capacities specified in such First Schedule to this Agreement in respect of each such Outstanding Issue. 

(B)  Notification of Subsequent Issues.    The Issuer will notify the Bank as early as practicable of
any proposed Issue, specifying in respect thereof the details indicated by the column headings in the First Schedule to this Agreement and the capacity or capacities in which the Issuer wishes the
Bank to act in relation to such Issue. 

(C)  Capacity of the Bank.    The Issuer may request the Bank to act in relation to any Issue in the
capacity of: 

	(a)
	Fiscal
Agent and Paying Agent or, as the case may be, Principal Paying Agent;

	(b)
	Agent
Bank in the case of a Floating Rate Issue (as defined hereinafter); and/or

	(c)
	at
its specified office in New York, Registrar in the case of an Issue which is or may be represented by Registered Bonds. 

        If
the Bank is requested to act in only one or some of such capacities, this Agreement (insofar as it relates to the other Agents, if any) may be construed by the Bank as an undertaking
of the Issuer to confer upon, and contract in favor of, the other Agents the same rights and obligations as those specifically stipulated herein in connection with their respective capacities, in
order to enable the Bank to evaluate its rights and obligations hereunder when acting in the capacities in which it is so requested to act. 

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(D)  Information.    If the Bank, in accordance with this Clause 3, accepts the Issuer's
request to act hereunder in relation to any Issue, the Issuer will, as soon as practicable, provide to the Bank all relevant information in relation to such Issue and copies of all relevant documents
pertaining thereto, including copies of any prospectus, prospectus supplement, extel card, information memorandum, offering circular or similar document and specimen. 

4.     APPOINTMENT OF THE BANK  

        Each notification by the Issuer pursuant to Clause 3 (B) hereof shall constitute its request to the Bank to act in relation to the Issue concerned
in the capacity or capacities so specified, which may be accepted by the Bank by so notifying the Issuer within 24 hours of the receipt of the request or such shorter time as may be agreed by
the Issuer and the Bank, and shall constitute the Issuer's authorization to the Bank to enter details of the Issue and of the appointment in the First Schedule to this Agreement, whereupon such
appointment shall be deemed to have become effective subject only to the Issue taking place. Each such appointment shall be made upon the terms and conditions set forth in this Agreement, subject
however to any special conditions which may be set forth in a supplement to this Agreement signed by both the Issuer and the Bank, which special conditions (if any) shall be deemed, in relation to the
Issue concerned, to supersede the provisions of this Agreement to the extent that the same are inconsistent with such conditions. 

5.     DUTIES OF AGENTS  

(A)  Payments.    The Fiscal Agent in relation to any Issue shall act as the sole or, as the case may
be, principal paying agent of the Issuer for the purpose of making all payments in respect thereto to the holders of Bonds in accordance with the Conditions and the provisions of this Agreement. 

(B)  Interest Rate.    The Agent Bank in relation to any Floating Rate Issue shall act as an agent of
the Issuer for the purpose of determining the interest rate applicable thereto in accordance with the Conditions and the provisions of this Agreement. 

(C)  Registration.    The Registrar, in relation to any Issue, shall act as the Registrar of the
Issuer for the purpose of maintaining a Register in respect of the Bonds, including effecting transfers of Bonds, making notations of registration thereof and, as the case may be, discharging the
Bonds from registry in accordance with the Conditions and the provisions of this Agreement. 

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        The
Registrar shall not be required to inquire into, or take any action in respect of, transfers of Bonds within any Clearing Systems or between Clearing System participants. 

(D)  Additional Duties.    In relation to each Issue in respect of which an appointment is made
pursuant hereto, the Fiscal Agent, the Agent Bank and the Registrar shall perform such duties as are herein set forth together with such additional duties, if any, as may be set forth in the
Conditions and such other duties as are reasonably incidental thereto. 

(E)  Manner of Payment.    All sums payable to the Fiscal Agent hereunder shall be paid in the
currency or currencies in which payments are required to be made to the Bondholders to such account at such bank as the Fiscal Agent may from time to time indicate to the Issuer. All payments in
U.S. dollars shall be made in the City of New York and all payments in any other currency shall be made in the City of New York or, as agreed between the Fiscal Agent and the
Issuer, in an important financial center in the country of such currency, in each case in immediately available and freely convertible funds, except that payments in U.S. dollars may be made in
New York same-day funds. 

        In
order to provide for the payment of principal on, and interest in respect of, the Bonds as the same shall become due: 

	(a)
	the
Issuer shall pay, not later than noon (12:00) (New York time) on each date upon which such payment of interest is payable in accordance with the Conditions or such other
date and time as may be agreed by the Issuer and the Bank if the currency of the Issue is other than U.S. or Canadian dollars, an amount sufficient to pay the interest (including accrued interest) due
in respect of all the Bonds Outstanding on such date;

	(b)
	at
maturity or whenever any of the Bonds then Outstanding in accordance with the Conditions shall be required to be redeemed, the Issuer shall pay, not later than noon (12:00)
(New York time) on the maturity date or relevant redemption date or such other date and time as may be agreed by the Issuer and the Bank if the currency of the Issue is other than U.S. or
Canadian dollars, an amount sufficient to pay the principal or the redemption amount (including premium, if any) of such Bonds, in all cases with accrued interest (if any) to the date of such payment;
and

	(c)
	the
Issuer shall pay, whenever the Issuer shall elect to redeem all (but not part of) the Bonds of any Issue then Outstanding in accordance with the Conditions, not later than noon
(12:00) (New York time) on the relevant redemption date or such other date and time as may be agreed by the Issuer and the Bank if the currency of the Issue is other than U.S. or Canadian
dollars, an amount sufficient to pay the redemption amount (including premium, if any) of such Bonds, in all cases with accrued interest (if any) to the date of such payment. 

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        All
payments to be made under sub-paragraphs (a) to (c) inclusive above shall be made to such account with such bank (including the Bank) as the Fiscal Agent
has, by notice to the Issuer, specified for this purpose no less than 2 Business Days prior to the payment date. 

        The
Issuer shall confirm to the Bank, by facsimile, no less than 1 Business Day prior to the date any payment is due to be made to the Fiscal Agent that the Issuer has issued irrevocable
payment instructions for the transfer of the relevant sum to such account with such bank (including the Bank) as the Fiscal Agent has so notified the Issuer. 

        Subject
to any agreement existing from time to time between the Issuer and the Bank, the Fiscal Agent will notify the Issuer and the Paying Agents forthwith by facsimile as soon as it
becomes aware of any non-receipt of funds which it expected to receive under this sub-clause (E). The Fiscal Agent will, subject to the fulfillment by the Issuer of its
obligations under the following paragraph, credit or transfer to the account of each of the Paying Agents the amount of any payments made by such Paying Agent upon receipt of notification from such
Paying Agent of any such amount. 

        If
the Fiscal Agent or any Paying Agent makes payment of principal, interest or premium, if any, in respect of the Bonds at a time when the Fiscal Agent has not received the full amount
of any payment due to it under this sub-clause (E) and the Fiscal Agent is not able out of the funds received by it thereunder to appropriate the full amount of such payment
for its own account or reimburse such Paying Agent therefor, as the case may be, the Issuer shall from time to time on demand pay to the Fiscal Agent for account of the Fiscal Agent or such Paying
Agent the amount so paid out by the Fiscal Agent or such Paying Agent and not so appropriated for or reimbursed to it. 

        All
payments made by the Issuer to such account with such bank (including the Bank) in the manner set forth hereinabove shall discharge the liability of the Issuer for all sums due to
the holders of the Bonds, but only to the extent of the sums paid by the Issuer to such payee. 

        Unless
otherwise agreed between the Issuer and the Fiscal Agent or the Paying Agent, nothing in this Agreement shall be interpreted to obligate the Fiscal Agent or the Paying Agent, as
the case may be, to advance funds in connection with any Issue other than to the extent of sums actually received by such agent from the Issuer, directly or indirectly. 

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(F)  Holding of Funds.    The Fiscal Agent, so long as it acts in such capacity, shall deal with
moneys paid to it hereunder in relation to any Issue in the manner set forth in this Agreement and it shall not be entitled to exercise any lien, right of set-off or similar claim in
respect thereof. Notwithstanding the foregoing provisions, payment by the Fiscal Agent in respect of any Issue shall only be made out of funds made available hereunder by or for the Issuer in respect
of that Issue; in the event of the Issuer failing on any occasion to appropriate funds made available hereunder to any particular Issue, the Fiscal Agent shall forthwith make such appropriation on the
basis that funds shall be appropriated to Issues in the order in which payments in respect thereof respectively fell or fall due. 

6.     DETERMINATION OF INTEREST RATES  

(A)  Calculation.    On each date on which an interest rate applicable to any Floating Rate Issue is
to be determined in accordance with the Conditions of such Issue, the Agent Bank shall, at or as soon as practicable after the specified time on such date, establish the period by reference to which
interest is to be calculated and payable (the "Interest Period") and determine such interest rate (the "Interest
Rate") and, if so required in accordance with the Conditions, the amount of interest payable on the next interest payment date per specified unit amount of Registered Bonds
(the "Interest Amount") in the manner set out in the Conditions and shall, as soon as practicable thereafter, notify the Interest Period, Interest Rate
and Interest Amount to the Issuer and the Fiscal Agent and to each stock exchange on which the Issue may be quoted or listed. 

(B)  Notice of Inability to Act.    Without prejudice to the Agent Bank's foregoing obligations, if
the Agent Bank does not or cannot at any material time for any reason determine the Interest Rate in respect of any Issue, it shall forthwith give notice of such failure or inability to each such
aforesaid person and in addition take such further action, if any, consequential thereon as may be specified in accordance with the Conditions. 

(C)  Publication.    The Agent Bank shall cause each Interest Rate determined by the Agent Bank as
aforesaid, together with the relative interest payment date, Interest Amount and any further information required to be published in respect thereof, to be published in accordance with the Conditions
as soon as practicable after their determination and in no event later than the final time or date specified for such publication in accordance with the Conditions. 

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(D)  Reference Banks.    Where, in accordance with the Conditions of any Floating Rate Issue, the
Interest Rate is to be determined in accordance with rates quoted or provided by specified banks (the "Reference Banks"), the Issuer will, so long as
the Issue is Outstanding, maintain Reference Banks in accordance with the Conditions. The Issuer shall notify the Agent Bank forthwith upon any change in the identity of any of the Reference Banks and
the Agent Bank shall in all cases be entitled to assume that the Reference Banks are those named in the Conditions as modified by changes of which notification has already been received by the Agent
Bank. 

7.     EARLY REDEMPTION OF BONDS  

(A)  Notice to Agent.    If the Issuer intends or is required to redeem all or any of the Bonds
representing any Issue prior to their stated maturity date (other than as the result of an event of default), the Issuer shall, not less than 15 days, for Bonds in book-entry form,
and not less than 30 days, for Bonds in definitive form, prior to the date of publication of the first notice of redemption required to be given to the Bondholders, give notice of such
intention or requirement to the Fiscal Agent, stating the date on which such Bonds are to be redeemed and the principal amount of the Bonds so to be redeemed. The Issuer will, when notifying the
Fiscal Agent of the principal amount of the Bonds the Issuer is obligated to redeem, specify the principal amount of purchased Bonds (if any) which the Issuer intends to deliver to the Fiscal Agent
for surrender to the sinking fund and cancellation in lieu of making any part of the next sinking fund payment in cash. 

(B)  Drawings.    If only some of the Bonds representing an Issue are to be redeemed, the Fiscal
Agent shall make the required drawing on behalf of the Issuer and in such manner as the Fiscal Agent and the Issuer shall deem fair and appropriate. The Fiscal Agent shall give to the Issuer
reasonable notice of the time and place proposed for such drawing and the Issuer shall be entitled to send representatives to attend such drawing. 

(C)  Notice to Bondholders.    The Fiscal Agent shall, on written request of the Issuer, cause to be
given or published, in the manner provided for in the Conditions, notice of any redemption proposed to be made by the Issuer and shall promptly notify the Paying Agents thereof. 

8.     CANCELLATION, DESTRUCTION AND RECORDS  

(A)  Cancellation.    All Bonds of any Issue which are redeemed shall, unless otherwise permitted in
accordance with the Conditions, be cancelled forthwith by the Fiscal Agent in accordance with the instructions of the Issuer. When applicable, in the event of a redemption in whole of an Issue, the
Fiscal Agent shall cancel any unissued and unauthenticated Physical Certificates related to the Bonds so redeemed. 

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(B)  Purchase by the Issuer.    Forthwith upon the Issuer purchasing any Bonds of any Issue, it
shall, unless permitted in accordance with the Conditions, cancel or procure the cancellation of such Bonds and, in that event, shall forthwith send to the Fiscal Agent a certificate stating the
principal amount of Bonds purchased and, as the case may be, cancelled. 

(C)  Certificate.    The Fiscal Agent shall, as soon as possible and in any event within
2 months after the date of any such redemption (or purchase and, as the case may be, cancellation) or payment, furnish to the Issuer a certificate stating the aggregate principal amount of the
Bonds of any Issue which have been redeemed (or purchased) and, as the case may be, cancelled. 

(D)  Destruction.    The Fiscal Agent shall, upon receipt from the Issuer of instructions to that
effect, destroy forthwith the cancelled Bonds of any Issue in its possession and furnish the Issuer with a destruction certificate duly signed by a representative of the Fiscal Agent. 

(E)  Records.    The Registrar shall keep a full and complete record of all Bonds of each Issue and
of their redemption, purchase, cancellation, payment or destruction, as the case may be, and of all replacement Bonds issued in substitution for lost, stolen, mutilated or destroyed Bonds and shall
make such record available upon request of the Issuer at all reasonable times. 

9.     ISSUE OR REPLACEMENT OF BONDS  

(A)  Supply of Bonds.    Where, in accordance with the Conditions of any Issue, replacement Bonds are
to be issued on behalf of the Issuer by the Fiscal Agent or the Registrar, the Issuer shall cause a sufficient quantity of additional forms of Bonds of such Issue to be made available, upon request,
to the Fiscal Agent and the Registrar, as the case may be, for the purpose of issuing replacement Bonds and the following further provisions of this Clause 9 shall apply in relation thereto. 

(B)  Issue.    The Fiscal Agent and the Registrar, as the case may be, shall, subject to and in
accordance with the Conditions and the following provisions of this Clause 9, on behalf of the Issuer, and after prior notification thereto, issue replacement Bonds in place of Bonds which have
been mutilated, destroyed, stolen or lost. 

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(C)  Costs, Indemnity.    Neither the Fiscal Agent nor the Registrar shall issue any replacement Bond
unless and until the applicant thereof shall have: 

	(a)
	paid
such reasonable costs as may be incurred in connection therewith;

	(b)
	in
the case of a lost, stolen or destroyed Bond, furnished the Fiscal Agent or the Registrar with such evidence (including evidence as to the serial number of the Bond in question)
and indemnity in respect thereof as the Issuer may reasonably require; and

	(c)
	surrendered
to the Fiscal Agent or the Registrar any mutilated Bond to be replaced. 

(D)  Cancellation.    The Fiscal Agent or the Registrar shall cancel any mutilated Bond replaced
pursuant to this Clause 9 and shall furnish the Issuer with a certificate stating the serial number of the Bond so cancelled and shall, with the prior authorization of the Issuer,
destroy such cancelled Bond and furnish the Issuer with a destruction certificate containing the information specified in Clause 8 (C). 

(E)  Notice to other Agents.    The Fiscal Agent or the Registrar shall, on issuing any replacement
Bond, forthwith inform the paying agents and the Registrar (where relevant) of the serial number of such replacement Bond issued and the serial number of the Bond in place of which such replacement
Bond has been issued. 

(F)  Subsequent Payment.    Whenever the Fiscal Agent shall pay or shall have presented to it for
payment any Bond alleged to have been lost, stolen or destroyed in replacement for which a new Bond has been issued, such Agent shall immediately send notice thereof to the Issuer. 

10.   NOTICES TO BONDHOLDERS  

        At the request and expense of the Issuer, the Fiscal Agent shall arrange for the publication or dispatch of all notices to the Bondholders in respect of any Issue
in accordance with the Conditions and in the form approved by the Issuer. 

11.   AUTHENTICATION  

        The Issuer may instruct the Fiscal Agent or the Registrar in relation to any Issue: 

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	(A)
	to
authenticate (either itself or by some other person duly authorized for this purpose by the Fiscal Agent) the Temporary Global Bond and/or the Permanent Global Bond and/or the
Physical Certificates (both upon the initial issue thereof and upon the issue of any replacement Bonds) in accordance with the Conditions;

	(B)
	in
the case of any Issue in respect of which one or more Temporary Global Bonds are issued, to act as the agent of the Issuer for the purpose of exchanging such Temporary Global Bonds
for Permanent Global Bonds or, as the case may be, Physical Certificates; and/or

	(C)
	in
the case of any Issue in respect of which one or more Permanent Global Bonds are issued, to act as the agent of the Issuer for the purpose of exchanging such Permanent Global Bonds
for Physical Certificates; 

and
the Fiscal Agent and the Registrar, as the case may be, agree to carry out such duties in accordance with the Conditions. 

12.   DUTIES OF THE REGISTRAR  

        The Registrar shall, in relation to an Issue which is or may be represented in whole or in part by Registered Bonds, so long as any Bond is Outstanding: 

	(A)
	maintain
a Register at its aforesaid office of the holders of the Registered Bonds which Register shall show (a) the principal amounts and the serial numbers of such Bonds,
(b) the dates of issue thereof, (c) all subsequent transfers and changes of ownership thereof, (d) the names and addresses of the holders thereof, (e) all redemptions
thereof, (f) all cancellations of such Bonds, whether by reason of their purchase and surrender for cancellation by the Issuer, their replacement, their transfer or otherwise, and
(g) all replacements of such Bonds (subject, where appropriate in the case of (e), (f) and (g) above, to notification thereof to the Registrar as provided herein);

	(B)
	maintain
records at its aforesaid office of all unissued and unauthenticated Registered Bonds;

	(C)
	register
all transfers of Registered Bonds; 

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	(D)
	receive
any document in relation to or affecting the title to any of the Registered Bonds including all forms of transfer, probates, letters of administration and powers of attorney;

	(E)
	maintain
proper records of the details of all documents as aforesaid received by the Registrar or the Transfer Agent and issue Registered Bonds;

	(F)
	prepare
all such lists of holders of the Registered Bonds as may be required by the Issuer and the Fiscal Agent or any person authorized in that behalf by any of them;

	(G)
	at
all reasonable times during office hours, make the Register available to the Issuer or any person authorized by the Issuer or any Bondholder for inspection and for the taking of
copies thereof or extracts therefrom;

	(H)
	notify
the Fiscal Agent upon its request not less than 7 days before each interest payment date or the due date for redemption of the Bonds of the names and addresses of all
registered holders of the Registered Bonds and the amounts of their holdings in order to enable the Fiscal Agent to make or arrange for due payment to such holders of the amounts of interest payable
in respect of the Registered Bonds;

	(I)
	comply
with the proper and reasonable requests of the Issuer with respect to the maintenance of the Register in respect of the Registered Bonds and give to the Fiscal Agent and the
Transfer Agent such information with respect thereto as may be reasonably required by them for the proper performance of their respective duties;

	(J)
	insert
in each Registered Bond issued the name of the registered holder thereof and the principal amount thereof; and

	(K)
	carry
out such other acts as may be necessary to give effect to the Conditions. 

13.   ADDITIONAL BOND  

(A)  Supply to Registrar.    The Issuer will deliver to the Registrar for the performance of its
duties hereunder from time to time so long as any Bond is Outstanding, sufficient additional duly executed Registered Bonds as may be required for the performance of the Registrar's duties. 

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(B)  Safe Custody.    The Registrar shall maintain in safe custody all additional Bonds delivered to
and held by it hereunder and shall ensure that such Bonds are issued only in accordance with the Conditions and the provisions of this Agreement. Such safe custody shall meet the standards applied by
the Registrar for the keeping of its own securities in comparable amounts and forms. 

14.   REGULATIONS CONCERNING TRANSFERS  

        The Issuer may from time to time agree with the Fiscal Agent and, as the case may be, the Registrar, on reasonable regulations to govern the transfer and
registration of Registered Bonds and the forms and evidence to be provided in connection therewith. The initial regulations which shall apply until amended in accordance with this Clause 14 are
set forth in the Second Schedule to this Agreement. The Agents agree to comply with such regulations as agreed between the relevant parties hereto and amended from time to time. 

15.   DOCUMENTS AND FORMS  

        When applicable, the Issuer shall provide specimen Bonds to the Fiscal Agent for distribution to the Registrar in relation to any Issue. 

16.   INDEMNITY  

(A)  By the Issuer.    The Issuer shall indemnify each of the Agents against any loss, liability,
cost, claim, action, demand or expense (a "Loss") which any Agent may incur or which may be made against it as a result of, or in connection with, its appointment or the exercise of its powers and
performance of its duties hereunder, except such as may result from the material breach by it of the terms of this Agreement or from its own material default, negligence, misconduct or bad faith or
that of its directors, officers, employees or representatives. 

(B)  By the Agents.    Each Agent shall indemnify the Issuer against any Loss which the Issuer may
incur or which may be made against the Issuer as a result of the material breach by such Agent of the terms of this Agreement or of its own material default, negligence, misconduct or bad faith or
that of its directors, officers, employees or representatives. 

(C)  Deemed Material Breach.    Without limiting Clause 16 (A) and Clause 16
(B), any Loss incurred or made as a result of, or in connection with, any matter set forth in Clause 5 (E), Clause 6 (A) or Clause 7 (A) shall be deemed to be a Loss
incurred or made as a result of, or in connection with, (i) a material breach of the terms of this Agreement by the Issuer or the Agent, as the case may be, or (ii) a material default,
negligence, misconduct or bad faith of the Issuer or the Agent, as the case may be, or that of its directors, officers, employees or representatives. 

16

 

17.   GENERAL  

(A)  Agents of the Issuer.    In acting under this Agreement, the Agents are acting solely as agents
of the Issuer and do not assume any obligation to, or relationship of agency or trust for or with, any of the Bondholders, except that all funds held by the Fiscal Agent in relation to such Issue for
payment to the Bondholders shall be held in trust, without liability for interest thereon (unless otherwise agreed by the parties), to be applied as set forth herein, but need not be segregated from
other funds of the Fiscal Agent except as required by law. 

(B)  Legal Advice.    Each of the Fiscal Agent, the Agent Bank and the Registrar may consult on any
legal matter in relation to any Issue any legal counsel upon prior written notice to the Issuer, and each of them shall be protected and shall incur no liability for action taken, or suffered to be
taken, with respect to such matter in good faith and in accordance with the opinion of such counsel. 

(C)  Reliance.    The Agents shall be protected and shall incur no liability for, or in respect of,
any action taken or thing suffered by it in relation to any Issue in reliance upon any Bond, notice, direction, consent, certificate, affidavit, statement or other paper or document, whether in
original or facsimile form, reasonably believed by it to be genuine and to have been passed or signed by the relevant parties. 

(D)  Freedom to deal with Bonds.    Each of the Agents and their respective officers, directors and
employees may become the owner of, or acquire any interest in, any Bond of any Issue, with the same rights that they would have if such Agent were not an Agent hereunder, and may engage or be
interested in any financial or other transaction with the Issuer and may act on, or as depositary, trustee or agent for, any committee or body of holders of Bonds of any Issue or other obligations of
the Issuer as freely as if such Agent were not an Agent hereunder. 

(E)  Communications from Bondholders.    Each of the Agents will forthwith deliver to the Issuer a
copy of any notice or other document which require a direct action by the Issuer and delivered to it by any Bondholder in its capacity as an Agent hereunder. 

(F)  Default by the Issuer.    None of the Agents shall have any duty or responsibility in case of
any default by the Issuer in the performance of its obligations under the Conditions of any Issue (including, without limiting the generality of the foregoing, any duty or responsibility to accelerate
all or any of the Bonds of the Issue or to initiate or to attempt to initiate any proceedings at law or otherwise or to make any demand for the payment thereof upon the Issuer). 

17

 

(G)  Absolute Owner.    The Issuer, the Fiscal Agent, the Registrar and the Transfer Agent may (to
the fullest extent permitted by law) treat the registered holder of any Registered Bond as the absolute owner thereof (whether or not such Bond shall be overdue and notwithstanding any notice of
ownership or writing thereon or any notice of previous loss or theft or of trust or other interest therein) for the purpose of making payments and for all other purposes. 

(H)  No right of set-off.    No Agent shall exercise any right of set-off or
lien or any other similar procedure against any holder of Bond in respect of moneys payable by it hereunder, except as ordered by a court of competent jurisdiction or as required by law. 

18.   CHANGES IN AGENTS  

(A)  Maintenance.    The Issuer undertakes that, unless otherwise provided by the Conditions of any
Issue, (a) there shall at all times be a fiscal agent and principal paying agent in relation to an Issue, (b) there shall at all times be an agent bank in relation to a Floating Rate
Issue and, (c) there shall at all times be a registrar in relation to an Issue of Registered Bonds. Each such fiscal agent and principal paying agent and agent bank shall be a responsible
financial firm or institution with a place of business in the City of New York or such other financial center as may be specified in accordance with the Conditions, and the registrar shall be a
responsible financial firm or institution or other appropriate body corporate. 

(B)  Resignation and Removal.    The Fiscal Agent, the Agent Bank or the Registrar may at any time
resign its appointment in relation to any Issue by giving the Issuer not less than 90 days' prior written notice (or such shorter period of notice as the Issuer may agree) to that effect and
the Issuer may at any time terminate the appointment of the Fiscal Agent, the Agent Bank or the Registrar in relation to any Issue by giving to such Agent or the Registrar not less than
90 days' prior written notice to that effect. 

(C)  Termination on Bankruptcy.    The appointment of the Fiscal Agent, the Agent Bank or the
Registrar hereunder in relation to any Issue shall forthwith terminate if at any time such Agent becomes incapable of acting, or is adjudged bankrupt or insolvent, or consents to the filing of a
petition in bankruptcy against it, or makes an assignment for the benefit of its creditors in general, or consents to the appointment of a liquidator or receiver of all or substantially all of its
property, or admits in writing its inability to pay or meet its debts as they mature or suspends payment thereof, or if a resolution is passed or an order made for the winding-up,
dissolution or filing for statutory protection against executions on the assets of such Agent, or if a liquidator or receiver of such Agent or of all or substantially all part of its property is
appointed, or if any order of any court is entered approving any petition filed by or against it under the provisions of any applicable bankruptcy or insolvency law, or if any public officer takes
charge or control of such Agent or the Registrar or its property or affairs for the purpose of rehabilitation, conservation or liquidation. 

18

 

(D)  Merger.    Any corporation into which any Agent in relation to any Issue may be merged or
converted or any corporation with which such Agent or the Registrar may be consolidated or any corporation resulting from any merger, conversion or consolidation to which such Agent shall be a party
shall (and such Agent hereby irrevocably undertakes to use all its reasonable endeavours in order to procure such result to the Issuer), to the extent permitted by applicable law and provided that it
shall be qualified as aforesaid, be the successor Fiscal Agent, Agent Bank or Registrar, as the case may be, under this Agreement in relation to such Issue without the execution or delivery of any
paper or any further act on the part of the parties hereto. Notice of any such merger, conversion or consolidation shall forthwith be given to the Issuer. 

(E)  Paying Agents.    The Issuer may at any time with the consent of the Fiscal Agent (which consent
shall not be unreasonably withheld): 

	(a)
	appoint
additional Paying Agents in relation to any Issue; and/or

	(b)
	subject
as provided in Clause 18 (C) above insofar as any Paying Agent is also the Registrar, Fiscal Agent or Agent Bank, and as hereinafter provided, terminate the
appointment of any Paying Agent by giving to the Fiscal Agent and to the Paying Agent whose appointment is to be terminated not less than 60 days' prior written notice to that effect, which
notice shall expire not less than 30 days before or after any due date for any payment in respect of the Issue concerned. 

(F)  Resignation by a Paying Agent.    Subject as aforesaid, any Paying Agent other than the Fiscal
Agent may resign its appointment hereunder in relation to any Issue at any time by giving to the Issuer and the Fiscal Agent not less than 60 days' prior written notice to that effect, which
notice shall expire not less than 30 days before or after any due date for any payment in respect of such Issue. 

(G)  Appointment of New Agents, Limitation on Removal, etc.    Upon the resignation by or
termination of the appointment of the Fiscal Agent, the Agent Bank or the Registrar in relation to any Issue, so long as such Issue remains Outstanding, the Issuer will forthwith appoint a new fiscal
agent and principal paying agent, agent bank or registrar, as the case may be, and notwithstanding the foregoing sub-clauses, no such resignation or termination of the appointment of the
Fiscal Agent, the Agent Bank or the Registrar in relation to any Issue shall take effect until a new fiscal agent and principal paying agent, agent bank or registrar, as the case may be, has been so
appointed, provided that, in the case of termination pursuant to Clause 18 (C) if no successor registrar, fiscal agent or agent bank shall have been appointed by the Issuer, any holder
of a Bond, on behalf of itself and all holders of the Bonds of a particular Issue, or the Registrar, Fiscal Agent or Agent Bank, as the case may be, may petition any court of competent jurisdiction
for the appointment of a successor registrar, fiscal agent or agent bank, as the case may be. 

19

 

(H)  Change of Address.    Any Agent may change the address of its office within a particular city,
in which event it shall give to the Issuer and the Fiscal Agent not less than 30 days' prior written notice to that effect, giving the address of the new office and the date upon which such
change is to take effect. 

(I)   Notice.    The Fiscal Agent shall give the Bondholders of any Issue (if required by the
Conditions) not less than 15 days' prior written notice of any such proposed appointment, termination, resignation or change in relation to that Issue of which it is aware. 

(J)   Payment of Successor.    If the appointment of the Fiscal Agent hereunder terminates in relation
to any Issue, it shall, by the date on which such termination takes effect, transfer to the successor fiscal agent any amount held by it for repayment of principal or payment of interest and, if any,
premium in respect of such Issue and shall deliver to the successor fiscal agent and principal paying agent all records maintained by it in relation to such Issue pursuant to this Agreement and all
Bonds held by it. 

(K)  Delivery of Records to Successor.    If the appointment of the Registrar hereunder terminates in
relation to any Issue, the Registrar shall, by the date on which such termination takes effect, deliver to the successor registrar all records maintained by it in respect of such Issue pursuant to
this Agreement and all Registered Bonds and all unissued and unauthenticated Bonds of such Issue held by it. 

19.   COMMISSIONS, FEES AND EXPENSES  

(A)  Payment.    The Issuer shall, in respect of the services to be performed by such Agent under
this Agreement in relation to any Issue, pay to the Fiscal Agent or the Agent Bank reasonable remuneration, fees and out-of-pocket expenses (including the reasonable legal fees
of its counsel), as separately agreed upon by the Issuer and the Fiscal Agent or the Agent Bank. 

20

 

(B)  Payment to other Agents.    The Fiscal Agent shall arrange for payment of the commissions due to
the Paying Agent and the Registrar in relation to any Issue and arrange the reimbursement of their expenses promptly upon receipt by it of a demand therefore, supported by evidence of such
expenditure, as separately agreed upon by the Issuer and the relevant Agent. 

20.   NOTICES AND COMMUNICATIONS  

(A)  Manner.    All notices and communications hereunder shall be communicated to the following
addresses: 

	 	 	The Issuer:	 	Ministère des Finances

8, rue Cook

Québec, Québec

Canada G1R 5P4
	

 	
 	

 	
 	

Attention: Direction des services post-marchés

Facsimile No.: (418) 528-9704
	

 	
 	

The Fiscal Agent:	
 	

Citibank, N.A.

111 Wall Street

14th Floor, Zone 3

New York, N.Y. 100043
	

 	
 	

 	
 	

Attention: Agency & Trust Services

Facsimile No.: (212) 657-4009

or
any other address of which notice in writing has been given to the parties hereto in accordance with the provisions of this sub-clause. 

        Any
notice or communication shall be sufficiently given or served: 

	(i)
	if
sent by post, if posted first class postage prepaid (airmail, if international), addressed as above, whereupon it shall be deemed to have been delivered 5 days
later;

	(ii)
	if
delivered in person, it shall be deemed to have been delivered at time of receipt; 

21

 

	(iii)
	if
sent by facsimile, it shall be deemed to have been delivered at the time of transmission provided that, if transmission occurs on a day
which is not a business day in the country of the recipient, the same be treated as delivered on the next such business day. 

(B)  Through Fiscal Agent.    All communications relating to this Agreement between the Issuer and
any of the Agents or between the Agents themselves shall be made through the Fiscal Agent, at the address indicated in Clause 20 (A). 

21.   AMENDMENTS  

        This Agreement may be amended in relation to any Issue by agreement in writing between the Fiscal Agent and/or the Agent Bank and/or the other Agents and the
Issuer: 

	(A)
	without
the consent of the holders of the Bonds of such Issue, for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provisions contained
herein, or in any manner which the parties may mutually deem necessary or desirable and which they shall deem not to adversely affect the interests of the holders of the Bonds of such Issue;

	(B)
	in
any other respect, only with the consent of the Bondholders of such Issue, but subject as may be otherwise provided in accordance with the Conditions or by applicable law. 

22.   GOVERNING LAW AND JURISDICTION  

	(A)
	Except
the matters relating to the capacity to enter into this Agreement and the authorization and execution thereof by the Issuer which shall be governed by the laws of
Québec and except as otherwise provided by applicable mandatory provisions of law, this Agreement will be governed by, and construed in accordance with, the laws of the State of
New York without reference to choice of law doctrine.

	(B)
	Each
party hereto agrees that any suit, action or legal proceeding arising out of this Agreement or in connection with the issuance, offering or sale of the Bonds may be brought in
any New York State or United States Federal court of competent jurisdiction sitting in the City of New York and, for that purpose, hereby submits to the non-exclusive
jurisdiction of such courts. 

22

 
	(C)
	The
Issuer agrees that the process by which any suit, action or legal proceeding in the State of New York is begun may be served on the Issuer by being delivered to the
Déléguée général du Québec in New York City, at the office of the
Délégation générale du Québec à New York presently located at One Rockefeller Plaza, 26th
Floor, New York, N.Y. 10020-2102.

	(D)
	The
Issuer irrevocably waives any objection which it may have now or hereafter to such courts as are referred to in Clause 23 (B) being nominated as the forum to hear
and determine any suit, action or legal proceeding, and to settle any dispute, which may arise out of, or in connection with, this Agreement and any claim that any such court is not a convenient or
appropriate forum.

	(E)
	Nothing
in this Clause 22 limits the right of the Bank to take legal proceedings against the Issuer in connection with this Agreement (i) in any other court of competent
jurisdiction, or (ii) concurrently in more than one jurisdiction. 

23.   WAIVER OF IMMUNITY  

        The Issuer irrevocably and unconditionally, to the fullest extent permitted by law: 

	(a)
	agrees
that should the Bank take legal proceedings against it or its assets in relation to this Agreement, no immunity from such legal proceedings (which shall be deemed to include
without limitation, suit, attachment prior to judgment, other attachment, the obtaining of judgment, execution or other enforcement) shall be claimed by or on behalf of the Issuer or with respect to
its assets;

	(b)
	waives
any such right of immunity which the Issuer or its assets now has or may hereafter acquire; and

	(c)
	consents
generally in respect of any such legal proceedings to the giving of any relief or the issue of any process in connection with such proceedings including, without limitation,
the making, enforcement or execution against any property whatsoever (irrespective of its use or intended use) of any order or judgment which may be made or given in such proceedings. 

23

 

24.   TERM  

        This Agreement shall remain in force until the termination date set forth in a written notice given by either the Issuer or the Bank not less than 90 days
prior to such termination date. 

        THE PARTIES have executed this Agreement as of the date first set forth above. 

	 	 	QUÉBEC
	

 	
 	

By:	

/s/  Diane Wilhelmy      
 Name: Diane Wilhelmy

Title: Déléguée Générale du Québec à New York
	

 	
 	
CITIBANK, N.A.
	

 	
 	

By:	

/s/  John J. Byrnes, Jr.      
 Name: John J. Byrnes, Jr.

Title: Vice President

Agency & Trust Services

24

 
 
 

THE FIRST SCHEDULE  
    

Details of Issues in respect of which appointments

are made hereunder in accordance with Clauses 3 (A) and 3 (B)

of this Agreement  

FIRST SCHEDULE

Details of Issues in respect of which appointments are made hereunder  

	Closing Date
 
	 	Principal Amount
	 	Title
	 	Bearer or Registered
	 	Denom.
	 	Maturity Date
	 	Fixed/ Floating Rate
	 	Interest Payment Date(s)
	 	Fiscal Agent
	 	Registrar
	 	Paying Agent(s)
	 	Agent Bank

SECOND SCHEDULE  

 Regulations concerning the transfer  

 and registration of Bonds  

 
SECOND SCHEDULE  

 Regulations concerning the transfer and registration of Bonds  

	1.
	Each
Registered Bond shall represent a unit or units in the denomination of principal amount of one Bond of the lowest denomination of the Bonds of the relevant Issue or an integral
multiple thereof (the "Amount").

	2.
	The
Registered Bonds are transferable in units and integral multiples of the Amount by execution of the form of transfer endorsed thereon under the hand of the transferor or, where the
transferor is a corporation, under the hand of any or all of its officers duly authorized in writing. In this Schedule, "transferor" shall, where the context permits or requires, include joint
transferors and be construed accordingly.

	3.
	The
Registered Bonds to be transferred must be delivered to the office of the Registrar accompanied by such other evidence as the Issuer and the Registrar may reasonably require or as
required by applicable law to prove the title of the transferor's right to transfer the Registered Bonds.

	4.
	The
executors or administrators of a deceased holder of Registered Bonds (not being one of several joint holders) and in the case of the death of one or more of several joint holders,
the survivor or survivors of such joint holders, shall be the only persons recognized by the Issuer as having any title to such Registered Bonds.

	5.
	Unless
otherwise requested by the holder of Bonds and agreed by the Issuer, the holder of Bonds in registered form shall be entitled to receive only one Registered Bond certificate in
respect of this holding.

	6.
	The
joint holders of a Registered Bond shall be entitled to one Registered Bond only in respect of their joint holdings which shall, except where they otherwise direct, be delivered to
the joint holder whose name appears first in the register of the holders of Registered Bonds in respect of the joint holdings.

	7.
	Where
a holder of a Registered Bond has transferred part only of such holder's holding comprised therein, there shall be delivered to such holder a Registered Bond certificate in
respect of the balance of such holding. 

1

 
	8.
	The
Issuer and the Registrar shall, save in the case of the issue of replacement Bonds, make no charge to the holders for the registration of any holding of Registered Bonds or any
transfer thereof or for the issue of any Registered Bonds or for the delivery thereof at the specified office of the Registrar or by uninsured post to the address specified by the holder. If any
holder entitled to receive a Registered Bond wishes to have the same delivered to such holder otherwise than at the specified office of the Registrar, such delivery shall be made, upon such holder's
written request to the Registrar, at his (her) (its) risk and expense.

	9.
	The
Registrar will, subject to the Conditions of any Issue, within 3 Business Days of receipt of a request from the holder, along with any other documents reasonably required by the
Registrar, to effect a transfer, make available for delivery at its specified office to the transferee or the person entitled to the Registered Bond or dispatch by mail (at the risk of the transferee
or such person) to such address as the transferee or such person may request, a new Registered Bond in respect of the Registered Bonds transferred. In the case of a transfer of part only of a
Registered Bond, a new Registered Bond in respect of the balance of the Registered Bond transferred will be so made available to the transferor. 

2

THIRD SCHEDULE  

 Form of Supplemental Agreement adding an additional  

 paying agent as a party hereto in relation to any Issue  

 
THIRD SCHEDULE  

 Form of Supplemental Agreement adding an additional paying agent

as a party hereto in relation to any Issue  

        THIS SUPPLEMENTAL AGREEMENT is made the    •    day of    •    
20    •    

BETWEEN:  

	(1)
	QUÉBEC (hereinafter called the "Issuer");

	(2)
	CITIBANK, N.A.    (hereinafter called the "Fiscal Agent") acting for itself and as agent for the Paying Agents hereinafter
mentioned; and

	(3)
	
[                                         
       ]
(hereinafter called "[                        ]").

(Where relevant) 

WHEREAS:  

	(1)
	The
Issuer proposes to issue bonds, notes, debentures or other securities described in the First Schedule to this Agreement (hereinafter called the "Issue").

	(2)
	Pursuant
to a Fiscal Agency Agreement (hereinafter called the "Fiscal Agency Agreement") made as of May 30, 2002, the Issuer has appointed the Fiscal Agent as its principal
paying agent [and the paying agents specified in the Second Schedule to this Agreement (hereinafter called the "Paying Agent(s)") have been thereafter appointed as its paying
agent(s)] for the Issue.

	(3)
	This
Agreement is supplemental to the Fiscal Agency Agreement and has been entered into by the parties hereto for the purpose of joining    •    as a
party to the Fiscal Agency Agreement so for as it relates to the Issue. 

NOW IT IS HEREBY AGREED AS FOLLOWS:  

	1.
	The
Issuer, the Fiscal Agent (for itself and the Paying Agent(s)) and    •    hereby agree that    •    shall be
joined as a party to the Fiscal Agency Agreement so far as it relates to the Issue, so that the Fiscal Agency Agreement shall have effect with relation to the Issue as if
    •    were named as a party therein in the capacity of a    •    and shall have in relation to the Issue the rights and duties
specified therein. 

1

 
	2.
	This
Agreement shall be read as one with the Fiscal Agency Agreement so that all references therein to "this Agreement" shall be deemed, in relation to the Issue, to refer also to this
Supplemental Agreement.

	3.
	
(    •                            )'s
address for notices is: 

            •    

        Subject
to amendment as specified in the Fiscal Agency Agreement. 

IN
WITNESS whereof this Supplemental Agreement has been entered into the day and year first before written. 

2

   FIRST SCHEDULE  

 Description of the Issue  

SECOND SCHEDULE  

 The Paying Agent(s)  

and/or
such other or further paying agent(s) as may be appointed in accordance with the terms of the Fiscal Agency Agreement. 

SIGNED
for and on behalf of

the Issuer by: 

SIGNED
for and on behalf of

CITIBANK,
                                         
       N.A.                                   
             by:
 

1

  

 
 

SUPPLEMENTAL AGREEMENT    
    

THIS SUPPLEMENTAL AGREEMENT is made as of the 11th day of December 2003 

BETWEEN:  

	(4)
	QUÉBEC (the "Issuer"); and

	(5)
	CITIBANK, N.A.    (the "Fiscal Agent"). 

WHEREAS:  

	(4)
	The
Issuer proposes to issue and sell up to U.S. $3,000,000,000 (or the equivalent thereof in other currencies or currency units) aggregate initial offering price of its
Medium-Term Notes, Series A, due nine months or more from date of issue (the "Notes") (such issuance is hereinafter called the "Issue") pursuant to a Fiscal Agency Agreement, dated
May 30, 2002, between the Issuer and the Fiscal Agent (the "Fiscal Agency Agreement");

	(5)
	The
Issuer wishes to appoint the Fiscal Agent as Agent Bank, as defined in the Fiscal Agency Agreement, with respect to the Issue, for the purpose of determining the interest rate on
Notes bearing interest at a rate calculated with reference to an interest rate basis ("Floating Rate Notes");

	(6)
	The
Issuer has appointed the Fiscal Agent as Calculation Agent, as defined in the Calculation Agency Agreement, dated December 11, 2003, between the Issuer and the Fiscal Agent
(the "Calculation Agency Agreement"), with respect to Floating Rate Notes, also for the purpose of determining the interest rate on Floating Rate Notes; and

	(7)
	The
Issuer has appointed the Fiscal Agent as Exchange Agent, as defined in the Exchange Agency Agreement, dated December 11, 2003, between the Issuer and the Fiscal Agent (the
"Exchange Agency Agreement"), with respect to Notes denominated in currencies other than U.S. Dollars ("Foreign Currency Notes") for the purpose of providing the rate of exchange for payments
in U.S. Dollars to holders of Foreign Currency Notes. 

1

 

NOW IT IS HEREBY AGREED AS FOLLOWS:  

	1.
	The
Issuer hereby appoints the Fiscal Agent as Agent Bank, as defined in the Fiscal Agency Agreement, with respect to the Issue, and the Fiscal Agent hereby accepts this appointment.

	2.
	The
rights and obligations of the Fiscal Agent as Agent Bank with respect to the Issue will be set forth in and governed by the Fiscal Agency Agreement and the Calculation Agency
Agreement, and to the extent the provisions of the Calculation Agency Agreement are inconsistent with the provisions of the Fiscal Agency Agreement, the provisions of the Calculation Agency Agreement
will supersede the provisions of the Fiscal Agency Agreement.

	3.
	The
rights and obligations of the Fiscal Agent with respect to Foreign Currency Notes will be set forth in and governed by the Fiscal Agency Agreement and the Exchange Agency
Agreement, and to the extent the provisions of the Exchange Agency Agreement are inconsistent with the provisions of the Fiscal Agency Agreement, the provisions of the Exchange Agency Agreement will
supersede the provisions of the Fiscal Agency Agreement

	4.
	This
Supplemental Agreement is supplemental to the Fiscal Agency Agreement and shall be read as one with the Fiscal Agency Agreement so that all references therein to "this Agreement"
shall be deemed, with respect to the Issue, to refer also to this Supplemental Agreement.

	5.
	This
Supplemental Agreement is subject to amendment as specified in the Fiscal Agency Agreement. 

2

 

IN
WITNESS WHEREOF this Supplemental Agreement has been entered into as of the day and year first written above. 

	 	Signed for and on behalf of QUÉBEC	 
	

 	

by:	

/s/  Michel Robitaille      
 Name: Michel Robitaille

Title: Delegate General of Québec in New York	

 
	

 	

Signed for and on behalf of CITIBANK, N.A.	

 
	

 	

by:	

/s/  Citibank, N.A.      
 Name:

Title:

	

 

3

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Exhibit 4.2  

December 11, 2003 

Citibank,
N.A.,

111 Wall Street,

14th Floor, Zone 3,

New York, New York 10043. 

Dear
Sirs: 

        We
are addressing this letter to you in your capacity as Fiscal Agent under the Fiscal Agency Agreement dated May 30, 2002, between Québec and yourselves, as may be
amended or supplemented from time to time (the "Fiscal Agency Agreement"). 

        Pursuant
to the Fiscal Agency Agreement, you are authorized to authenticate and deliver Medium-Term Notes, Series A, Due Nine Months or More from Date of Issue of
Québec (the "Notes") up to U.S. $3,000,000,000 (or the equivalent thereof in other currencies or currency units) aggregate initial offering price at any one time outstanding
(including medium-term notes, Series A, issued by Québec pursuant to its Order in Council No. 691-99 dated June 16, 1999) upon receipt from
Québec of a telecopy of settlement information as set forth in the Amended and Restated Public Medium-Term Note Administrative Procedures for Fixed and Floating Rate Notes,
dated as of December 11, 2003. The Notes shall be substantially in the form as set forth in Exhibits A ("Fixed Rate Notes"), B ("Floating Rate Notes"), C ("Global Security representing
Fixed Rate Notes") and D ("Global Security representing Floating Rate Notes") hereto. The Notes shall be duly executed by the proper representatives of Québec and delivered to you from
time to time, as provided in the Fiscal Agency Agreement. The Notes shall be delivered outside Québec. The Notes to be authenticated and delivered by you shall be in such denominations
and contain such other terms as are specified in said settlement information. 

 

        Please
acknowledge your receipt of this Order by signature below. By such acknowledgement, you undertake to perform such duties and only such duties as are specifically set forth in the
Fiscal Agency Agreement and in the aforesaid Administrative Procedures. 

	 	 	 	 	Yours truly,

QUÉBEC

	 	 	By:	 	/s/  MICHEL ROBITAILLE      
 Name: Michel Robitaille

Title: Delegate General of Québec in New York

Acknowledged: 

	CITIBANK, N.A.

	 	 
	By:	 	/s/  CITIBANK, N.A.      
 Name:

Title:	 	 

2

  

EXHIBIT A

	REGISTERED	 	REGISTERED
	No. FXR	 	$

 
 

QUÉBEC
  MEDIUM-TERM NOTE
  SERIES A
  (Fixed Rate)    
    

        Issue of up to U.S.$3,000,000,000 Medium-Term Notes, Series A (or the equivalent thereof in other currencies), Due Nine Months or More
from Date of Issue. 

        The
following summary of terms is subject to the information set forth on the reverse hereof. 

PRINCIPAL AMOUNT:

SPECIFIED CURRENCY:

ISSUE DATE:

INTEREST RATE:

INTEREST PAYMENT DATE(S):

RECORD DATE(S):

STATED MATURITY:

EXCHANGE RATE AGENT:

REDEMPTION DATE(S):

MINIMUM DENOMINATION TO BE REDEEMED (IF OTHER THAN U.S.$1,000):

INITIAL REDEMPTION PERCENTAGE:

ANNUAL REDEMPTION PERCENTAGE REDUCTION:

OPTIONAL REPAYMENT DATE(S):

MINIMUM DENOMINATION TO BE REPAID (IF OTHER THAN U.S.$1,000):

ORIGINAL ISSUE DISCOUNT SECURITY:

        TOTAL AMOUNT OF OID:

        YIELD TO MATURITY:

        INITIAL ACCRUAL PERIOD OID:

OTHER PROVISIONS:

        QUÉBEC, for value received, hereby promises to pay to
                                         
        or
registered assigns, the Principal Amount specified above (any currency other than U.S. dollars being hereinafter referred to as a "Foreign Currency") at the Stated Maturity specified above and
to pay interest thereon at a rate per annum equal to the Interest Rate specified above until the principal hereof is paid or duly made available for payment. Interest on this Note will accrue from,
and including, the immediately preceding Interest Payment Date specified above in respect of which interest has been paid or duly provided for or, if no interest has been paid, from the Issue Date
specified above to, but excluding, the next succeeding Interest Payment Date or, in respect of any part of the Principal Amount due on a Maturity Date (as defined below), such Maturity Date, as the
case may be. Except as provided herein, Québec will pay interest on the Interest Payment Date(s) specified above and in respect of any part of the Principal Amount due on a Maturity
Date, on such Maturity Date commencing on the first Interest Payment Date next succeeding the Issue Date, unless the Issue Date occurs between a Record Date (as defined below) and the Interest Payment
Date to which such Record Date pertains, in which case commencing on the Interest Payment Date following the next succeeding Record Date to the Holder (as defined below) on such next succeeding Record
Date. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will be paid to the person in whose name this Note (or one or more predecessor Notes) is
registered (the "Holder") in the register of the names and addresses of Holders of Notes (the "Note Register") maintained by Québec at the corporate trust office of the Fiscal Agent (as
defined on the reverse hereof) at the close of business on the date fifteen calendar days prior to an Interest Payment Date (whether or not a Business Day (as defined on the reverse hereof)) (a
"Record Date"); provided, however, that interest payable on a Maturity Date will be payable to the person to whom the part of the Principal Amount due
on such Maturity Date shall be payable. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Record Date and may either be paid to the
person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on a special record date for the payment of such defaulted interest to be fixed by the Fiscal
Agent, notice whereof shall be given to Holders of Notes of this series not less than ten days prior to such special record date, or be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which this Note may be listed, and upon such notice as may be required by such exchange. 

A-1

 

        Upon
presentation of this Note on a Maturity Date at the corporate trust office of the Fiscal Agent maintained for that purpose in The City of New York, or at such other office or
agency of Québec maintained by it in The City of New York for the purpose of making such payments, payment of the principal of this Note and premium, if any, and interest due on
such Maturity Date will be made to the Holder of this Note on such Maturity Date in immediately available funds or, if such payment is to be made in a Foreign Currency, by wire transfer to a bank
account maintained by the Holder hereof, as designated by the Holder of this Note as provided on the reverse hereof. Payments of interest, other than on a Maturity Date, on this Note are to be made by
wire transfer to the Holder's bank account, as designated by the Holder of this Note as provided on the reverse hereof. A Holder of U.S.$10,000,000 or more in aggregate principal amount of Notes
(whether having identical or different terms and provisions) shall be entitled to receive payments of interest, other than on a Maturity Date, by wire transfer of immediately available funds if
appropriate wire transfer instructions have been received by the Fiscal Agent not less than ten days prior to the applicable Interest Payment Date. As more fully provided on the reverse hereof,
payment of the principal of and premium, if any, and interest on this Note will be made in such coin or currency of the United States of America as at the time of payment is legal tender for
payment of public or private debts, unless the Specified Currency indicated above is a Foreign Currency (a "Foreign Currency Note"), in which case payment shall be made in such Foreign Currency. 

A-2

 

        REFERENCE
IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT
THIS PLACE. 

        Unless
the certificate of authentication hereon has been executed by the Fiscal Agent by manual signature, this Note shall not be entitled to any benefit under the Fiscal Agency
Agreement or be valid or obligatory for any purpose. 

A-3

 

SIGNED
ON BEHALF OF QUÉBEC. 

	 	 	 
	Dated:
                                         
       	 	 
	 	 	 
	 	 	 
	 	 	
 Authorized Official

FISCAL AGENT'S CERTIFICATE

OF AUTHENTICATION

This
is one of the Notes referred to in the

within-mentioned Fiscal Agency Agreement. 

CITIBANK, N.A., as Fiscal Agent 

	 	 	 
	 	 	 
	
 Authorized Officer	 	 

A-4

 
 
 

QUÉBEC
  MEDIUM-TERM NOTE
  SERIES A
  FIXED RATE    
    

General  

This
Note is one of a duly authorized issue of Medium-Term Notes, Series A (the "Notes"), Due Nine Months or More from Date of Issue, as selected by the purchaser and agreed to by
Québec. The Notes are issuable in a single series under a fiscal agency agreement, dated as of May 30, 2002, as may be amended or supplemented from time to time (the "Fiscal
Agency Agreement"), among Québec and Citibank, N.A., as fiscal agent (the "Fiscal Agent", which term shall include, unless the context otherwise requires, its successors and assigns),
in an aggregate initial offering price of up to U.S.$3,000,000,000 at any one time outstanding, or the equivalent thereof in other currencies at the Market Exchange Rate (as defined below) on the
applicable settlement dates in the case of Notes denominated in a Foreign Currency. The foregoing limit, however, may be increased by Québec if in the future it determines that it may
wish to sell additional Notes. The Fiscal Agency Agreement may be amended or supplemented from time to time in accordance with the terms thereof, but any such amendment or supplement will not affect
the rights of the Holder hereunder. 

As
used herein, "Maturity Date", when used with respect to this Note, means the date on which the Principal Amount of this Note or any part thereof becomes due and payable, whether at the Stated
Maturity or by declaration of acceleration, call for redemption or otherwise. 

Payments  

 General  

Interest
payments for this Note will be computed and paid on the basis of a 360-day year of twelve 30-day months. For purposes of disclosure under the Interest Act (Canada),
the yearly rate of interest which is equivalent to the rate of interest payable on this Note is the Interest Rate specified on the face hereof multiplied by the number of days in the year and divided
by 360. 

In
the case where an Interest Payment Date or a Maturity Date does not fall on a Business Day, any payment of principal, premium or interest otherwise payable on such day need not be made on such day,
but may be made on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date or Maturity Date and no interest shall accrue for the period from and after
such Interest Payment Date or Maturity Date to such next succeeding Business Day. As used herein, "Business Day" means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a
day on which banking institutions are authorized or required by law or executive order to close in The City of New York; provided, however, that (i) with respect to Foreign Currency
Notes the payment of which is to be made in a Foreign Currency other than euros, such day is also a day on which banking institutions are not authorized or required by law or executive order to close
in the Principal Financial Center of the country of the Foreign Currency; and (ii) with respect to Foreign Currency Notes the payment of which is to be made in euros, such day is also a day on
which the Trans-European Automated Real-Time Gross Settlement Express Transfer (TARGET) system, or any successor system, is open for business. 

A-5

 

"Principal
Financial Center", as used for the purpose of the definition of "Business Day", shall be the capital city of the county of the applicable Foreign Currency, except that with respect to
Canadian dollars, euros and Swiss francs, the Principal Financial Center shall be Montréal, Brussels and Zurich, respectively. 

 Original Issue Discount Note  

If
this Note is designated on the face hereof as an Original Issue Discount Note, then, notwithstanding anything to the contrary contained in this Note, upon the redemption, repayment or acceleration
of the Stated Maturity of this Note there shall be payable, in lieu of the Principal Amount due at the Stated Maturity hereof, an amount equal to the Amortized Face Amount of this Note. The "Amortized
Face Amount" shall be the amount equal to (i) the Issue Price (as defined below) of this Note, plus (ii) that portion of the difference between the Issue Price and the Principal Amount
of this Note that has been amortized at the Stated Yield (as defined below) of this Note (computed in accordance with generally accepted United States bond yield computation principles) at the
date as of which the Amortized Face Amount is calculated, but in no event shall the Amortized Face Amount exceed the Principal Amount of this Note. As used in the previous sentence "Issue Price" means
the Principal Amount of this Note less the Total Amount of OID of this Note specified on the face hereof and the "Stated Yield" of this Note means the Yield to Maturity specified on the face hereof
(or if not so specified, the Yield to Maturity compounded semi-annually and computed in accordance with generally accepted United States bond yield computation principles) for the
period from the Issue Date of this Note to the Stated Maturity hereof on the basis of its Issue Price and Principal Amount. 

 Foreign Currency Payments  

If
this Note is a Foreign Currency Note, the principal and premium, if any, and interest on this Note are payable by Québec in the Foreign Currency shown on the face hereof. 

A-6

 

Payment
of principal and premium, if any, and interest will be made in the Foreign Currency by wire transfer to the Holder's bank account and the Holder will not have the option to elect payment in
U.S. dollars. 

If
the Foreign Currency is not available for the payment of principal and premium, if any, and interest with respect to this Note due to the imposition of exchange controls or other circumstances
beyond the control of Québec, Québec will be entitled to satisfy its obligations to the Holder of this Note by making such payment in U.S. dollars (i) on
the basis of the Market Exchange Rate on the date of the payment, or (ii) if the Market Exchange Rate is not then available, on the basis of the most recently available Market Exchange Rate, or
(iii) as the case may be, as otherwise specified in "Other Provisions" on the face hereof. 

A-7

 

In
order for any Holder of this Note to receive payments of principal and premium, if any, and interest in the Foreign Currency by wire transfer, such Holder shall designate an appropriate bank
account by filing the appropriate information with the Fiscal Agent at its corporate trust office in The City of New York on or prior to the applicable Record Date or at least sixteen days
prior to the applicable Maturity Date, as the case may be. The Fiscal Agent will, subject to applicable laws and regulations and until it receives notice to the contrary, make such payment and all
succeeding payments to such Holder by wire transfer to the designated account. If a payment cannot be made by wire transfer because the required information has not been received by the Fiscal Agent
on or before the requisite date, a notice will be mailed to the Holder of this Note at its registered address requesting such information and until such information has been received, no additional
interest will accrue. 

Québec
will pay all administrative costs imposed by banks in connection with making payments by wire transfer, but any tax, assessment or governmental charge imposed upon such payments
will be borne by the Holder of this Note. 

The
"Market Exchange Rate" with respect to any Foreign Currency shall be the noon dollar buying rate in The City of New York for cable transfers for such Foreign Currency as certified for
customs purposes by the Federal Reserve Bank of New York. 

 Redemption at the Option of Québec  

If
one or more Redemption Dates (or ranges of such dates) is specified on the face hereof, this Note is subject to redemption upon not less than thirty days' and not more than sixty days' prior notice
by mail, on any such date (or during any such range) as a whole, or from time to time in part, in increments of U.S.$1,000 or such other minimum denomination specified on the face hereof (provided
that any remaining Principal Amount hereof shall be at least U.S.$1,000 or such other minimum denomination), at the election of Québec, at the Redemption Price (as defined below)
together with accrued interest to the Redemption Date; but any interest payment due on an Interest Payment Date falling on or prior to the Redemption Date will be payable to the Holder hereof (or one
or more predecessor Notes) of record at the close of business on the Record Date pertaining to such Interest Payment Date. If applicable, the "Redemption Price" for any such redemption shall be equal
to the Initial Redemption Percentage specified on the face hereof (as adjusted by the Annual Redemption Percentage Reduction specified on the face hereof, if applicable) multiplied by the portion of
the Principal Amount hereof (or, if this Note is an Original Issue Discount Note, the portion of the Amortized Face Amount hereof) to be redeemed; provided,
however, that in no event shall the Redemption Price be less than 100% of the portion of the Principal Amount hereof (or, if this Note is an Original Issue Discount Note, the
portion of the Amortized Face Amount hereof) to be redeemed. 

A-8

 

Notice
of redemption having been given as aforesaid, this Note (or the portion of the Principal Amount hereof so to be redeemed) shall, on the Redemption Date, become due and payable at the Redemption
Price herein specified, and from and after such date (unless Québec shall default in the payment of the Redemption Price and accrued interest) shall cease to bear interest. 

In
the case of any partial redemption at the election of Québec of Notes, the Notes of a particular tenor to be redeemed shall be selected by the Fiscal Agent not more than sixty days
prior to the Redemption Date by such method as the Fiscal Agent shall deem fair and appropriate and which may provide for the selection for redemption of portions of the Principal Amount of Notes. In
the event of any redemption of this Note in part only, a new Note or Notes of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof,
provided that such unredeemed portion shall be an authorized denomination for Notes of this series. 

 Repayment at the Option of Holder  

If
one or more Optional Repayment Dates (or ranges of such dates) is specified on the face hereof, this Note is subject to repayment on any such date (or during any such range) or, if such date is not
a Business Day, on the first Business Day following such date, as a whole or from time to time in part, in increments of U.S.$1,000 or such other minimum denomination specified on the face hereof
(provided that any remaining Principal Amount hereof shall be at least U.S.$1,000 or such other minimum denomination), at the election of the Holder hereof at the Repayment Price (as defined below)
together with accrued interest thereon to the Optional Repayment Date, but any interest payment due on an Interest Payment Date falling on or prior to the Optional Repayment Date will be payable to
the Holder hereof of record at the close of business on the Record Date pertaining to such Interest Payment Date. Such election shall be effected by the Holder hereof delivering to
Québec at the corporate trust office of the Fiscal Agent in The City of New York not less than thirty nor more than sixty days prior to the date on which this Note is to be
repaid, or during such other notice period specified on the face hereof, a notice requesting such repayment in the form prescribed below and specifying the date upon which this Note is to be repaid.
Any notice given by a Holder pursuant to this paragraph shall
consist of this Note with the form entitled "Option to Elect Repayment" set forth of the end of this Note duly completed. Exercise of the repayment option by the Holder hereof will be irrevocable.
Unless otherwise specified on the face hereof, the "Repayment Price" for any such repayment shall be 100% of the portion of the Principal Amount hereof (or, if this Note is an Original Issue Discount
Note, the portion of the Amortized Face Amount hereof) to be repaid. 

A-9

 

Status of the Notes  

The
Notes shall rank equally among themselves and with the other debt securities of Québec outstanding on the date of this Note or issued hereafter. 

Form, Denomination and Registration  

The
Notes are fully registered, without coupons, in authorized denominations of U.S.$1,000 and any integral multiple of U.S.$1,000 in excess thereof, or, in the case of Notes denominated in a Foreign
Currency, the equivalent in the Foreign Currency (rounded down to an integral multiple of 10,000 units of such Foreign Currency) or such larger amount in integral multiples of 10,000 units of such
Foreign Currency. The Fiscal Agent has been appointed registrar for the Notes, and Québec will cause the Fiscal Agent to maintain at its corporate trust office in The City of
New York a Note Register for the registration and transfer of Notes. 

This
Note may be transferred at the aforesaid office of the Fiscal Agent by surrendering this Note for cancellation, accompanied by a written instrument of transfer in form approved by
Québec and duly executed by the Holder hereof in person or by the Holder's attorney duly authorized in writing, and thereupon the Fiscal Agent shall issue in the name of the transferee
or transferees, in exchange herefor, a new Note or Notes in an equal aggregate Principal Amount and in authorized denominations, subject to the terms and conditions set forth herein. 

The
Notes are exchangeable at said office for other Notes of like tenor in other authorized denominations and in an equal aggregate Principal Amount. All such exchanges of Notes will be free of
charge, but Québec may require payment of a sum sufficient to cover any tax or other governmental charge in connection therewith. The date of registration of any Note delivered upon any
exchange or transfer of Notes shall be such that no gain or loss of interest results from such exchange or transfer. The Fiscal Agent shall not be required to make any transfers, registrations or
exchanges of Notes for a period of fifteen days preceding any Interest Payment Date. 

In
the event of any redemption of Notes at the election of Québec, the Fiscal Agent shall not be required to (i) issue, register the transfer of or exchange Notes of like tenor
during a period beginning at the opening of business fifteen days before any selection of Notes to be redeemed and ending at the close of business on the day of mailing of the relevant notice of
redemption, or (ii) register the transfer of or exchange any Note, or portion thereof, called for redemption, except the unredeemed portion of any Note being redeemed in part. Following the
exercise of any repayment option by the Holder hereof, the Fiscal Agent shall not be required to issue, register the transfer of or exchange that portion of this Note with respect to which such option
has been exercised. 

A-10

 

Events of Default  

In
the event that (i) Québec shall default in the payment of principal of or premium or interest on this Note as and when the same shall be due and payable, and such default
shall continue for a period of 45 days, or (ii) 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, premium or interest, or in the Fiscal Agency Agreement, and such default shall continue for a period of 60 days, or (iii) Québec shall
default in the payment of any principal of or premium or interest on any indebtedness (direct or under a guarantee) for borrowed money, other than the Notes, as and when the same shall be 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 the continuance of such default the Holder of this Note (or its proxy) may deliver or cause to be delivered to Québec (with
a copy to the Fiscal Agent) a written notice that such Holder elects to declare the principal of the Note or Notes held by him (the serial number or numbers and the denomination or denominations of
which shall be set forth in such notice) to be due and payable and, in the cases falling within either (i) or (iii) above, on the 15th day after delivery of such notice, or, in the cases
falling within (ii) above, on the 30th day after delivery of such notice, the principal of the Note or Notes referred to in such notice plus any premium and accrued interest thereon shall
become due and payable at the places for payment herein specified, unless prior to that time all such defaults theretofore existing shall have been cured. 

Modification  

The
Fiscal Agency Agreement contains provisions with respect to modifying or amending said Agreement either without notice to, or the consent of, the holder of any Note or with the approval of the
holders of Notes. 

Future Holders  

Any
action by the Holder of this Note shall bind all future Holders of this Note, and of any Note issued in exchange or substitution herefor or in place hereof, in respect of anything done or
permitted by Québec or by the Fiscal Agent in pursuance of such action. 

A-11

 

Notices  

All
notices to the holders of Notes will be published in English in New York, New York in The Wall Street Journal and in Toronto, Ontario
in The Globe & Mail and in French in Montréal, Québec in La Presse.
If at any time publication in any such newspaper is not practicable, notices will be valid if published in an English language newspaper, or, if in Québec, a French language newspaper,
with general circulation in the respective market regions as Québec, with the approval of the Fiscal Agent, shall determine. Any such notice shall be deemed to have been given 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. 

Office or Agency of Québec  

So
long as this Note shall be outstanding, Québec will maintain an office or agency for the payment of the principal of and premium, if any, and interest on this Note as herein provided
in The City of New York, and an office or agency in The City of New York for the registration, transfer and exchange as aforesaid of the Notes. Québec may designate other
agencies for the payment of said principal and premium, if any, and interest at such place or places (subject to applicable laws and regulations) as Québec may decide. So long as there
shall be a Fiscal Agent, Québec shall keep the Fiscal Agent advised of the names and locations of such agencies, if any are so designated. 

No
recourse under or upon any covenant contained in this Note or because of the creation of the indebtedness represented hereby shall be had against any official or other representative, past, present
or future, as such, of Québec whether by virtue of any statute or rule of law or by the enforcement of any assessment or penalty or otherwise, it being expressly agreed and understood
that this Note is solely the obligation of Québec and that no personal liability whatsoever shall attach to or be incurred by any such officials or other representatives, as such,
because of the execution of this Note. 

Prescription  

Under
current Québec law, Québec's obligation to make any payment on the Notes shall be extinguished three years after the date such payment is due unless the right to
such payment is judicially exercised prior to the expiration of such three-year period. 

A-12

 

Governing Law  

The
Notes shall be construed in accordance 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. 

U.S. Dollars  

Reference
in this Note to "U.S. dollars" is to the currency of the United States of America. 

A-13

 
 
 

OPTION TO ELECT REPAYMENT    
    

The
undersigned hereby irrevocably requests and instructs Québec to repay the within Note (or portion thereof specified below) pursuant to its terms at the Repayment Price, to the
undersigned at: 

(PLEASE
PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF THE UNDERSIGNED) 

If
less than the entire Principal Amount of the within Note is to be repaid, specify he portion thereof which the Holder elects to have repaid: 

	
	;

and
specify the denomination or denominations (which shall not be less than the minimum authorized denomination) of the Notes to be issued to the Holder for the portion of the within Note not being
repaid (in the absence of any such specification, one such Note will be issued for the portion not being repaid): 

	
	;

	Dated:
                                         
       	 	 
	 	 	 
	 	 	
 NOTICE: This signature on this Option to Elect Repayment must correspond with the name as written upon the face of the within instrument in every particular without alteration or enlargement.

A-14

  

        EXHIBIT B 

	REGISTERED

No. FLR	 	REGISTERED

$                        

 
 

QUÉBEC
  MEDIUM-TERM NOTE
  SERIES A
  (Floating Rate)    
    

        Issue of up to U.S.$3,000,000,000 Medium-Term Notes, Series A (or the equivalent thereof in other currencies), Due Nine Months or More
from Date of Issue. 

        The
following summary of terms is subject to the information set forth on the reverse hereof. 

PRINCIPAL AMOUNT:

SPECIFIED CURRENCY:

ISSUE DATE:

INTEREST RATE BASIS:

SPREAD:

SPREAD MULTIPLIER:

INITIAL INTEREST RATE:

MAXIMUM INTEREST RATE:

MINIMUM INTEREST RATE:

INTEREST PAYMENT DATE(S):

INTEREST PAYMENT PERIOD:

INTEREST RESET DATE(S):

INTEREST RATE RESET PERIOD:

INTEREST DETERMINATION DATE(S):

CALCULATION DATE(S):

INDEX MATURITY:

CALCULATION AGENT:

RECORD DATE(S):

STATED MATURITY:

REDEMPTION DATE(S):

MINIMUM DENOMINATION TO BE REDEEMED (IF OTHER THAN U.S.$1,000):

INITIAL REDEMPTION PERCENTAGE:

ANNUAL REDEMPTION PERCENTAGE REDUCTION:

OPTIONAL REPAYMENT DATE(S):

MINIMUM DENOMINATION TO BE REPAID (IF OTHER THAN U.S.$1,000):

EXCHANGE RATE AGENT:

ORIGINAL ISSUE DISCOUNT SECURITY:

TOTAL AMOUNT OF OID:

YIELD TO MATURITY:

INITIAL ACCRUAL PERIOD OID:

OTHER PROVISIONS:  

B-1

 

        QUÉBEC, for value received, hereby promises to pay
to                                         
  or registered assigns, the
Principal Amount specified above (any currency other than U.S. dollars being hereinafter referred to as a "Foreign Currency") at the Stated Maturity specified above and to pay interest thereon
at a rate per annum equal to the Initial Interest Rate specified above until the first Interest Reset Date specified above following the Issue Date specified above and thereafter at a rate determined
in accordance with the provisions on the reverse hereof under the heading "Determination of CD Rate", "Determination of CMT Rate", "Determination of Commercial Paper Rate", "Determination of Federal
Funds Rate", "Determination of LIBOR", "Determination of EURIBOR", "Determination of Prime Rate" or "Determination of Treasury Rate", depending upon whether the Interest Rate Basis specified above is
CD Rate, CMT Rate, Commercial Paper Rate, Federal Funds Rate, LIBOR, EURIBOR, Prime Rate or Treasury Rate, until the principal hereof is paid or duly made available for payment. Interest on this Note
will accrue from, and including, the immediately preceding Interest Payment Date specified above in respect of which interest has been paid or duly provided for or, if no interest has been paid, from
the Issue Date specified above to, but excluding, the next succeeding Interest Payment Date or, in respect of any part of the Principal Amount due on a Maturity Date (as defined below), such Maturity
Date, as the case may be, except that the interest payment on a Maturity Date will include interest accrued to but excluding such date. Except as provided herein, Québec will pay
interest monthly, quarterly, semi-annually or annually as specified above under "Interest Payment Period", commencing with the first Interest Payment Date specified above next succeeding
the Issue Date, unless the Issue Date occurs between a Record Date and the Interest Payment Date to which such Record Date pertains, in which case commencing on the Interest Payment Date following the
next succeeding Record Date and in respect of any part of the Principal Amount due on a Maturity Date, on such Maturity Date. The interest so payable, and punctually paid or duly provided for, on any
Interest Payment Date will be paid to the person in whose name this Note (or one or more predecessor Notes) is registered (the "Holder") in the register of the names and addresses of Holders of Notes
(the "Note Register") maintained by Québec at the corporate trust office of the Fiscal Agent (as defined on the reverse hereof) at the close of business on the date fifteen calendar
days prior to an Interest Payment Date (whether or not a Business Day (as defined on the reverse hereof)) (a "Record Date"); provided,  however, that
interest payable on a Maturity Date will be payable to the person to whom the part of the Principal Amount due on such Maturity Date shall
be payable. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Record Date and may either be paid to the person in whose name this
Note (or one or more predecessor Notes) is registered at the close of business on a special record date for the payment of such defaulted interest to be fixed by the Fiscal Agent, notice whereof shall
be given to Holders of Notes of this series not less than ten days prior to such special record date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which this Note may be listed, and upon such notice as may be required by such exchange. 

B-2

 

        Upon
presentation of this Note on a Maturity Date at the corporate trust office of the Fiscal Agent maintained for that purpose in The City of New York, or at such other office or
agency of Québec maintained by it in The City of New York for the purpose of making such payments, payment of the principal of this Note and premium, if any, and interest due on
such Maturity Date will be made to the Holder of this Note on such Maturity Date in immediately available funds or, if such payment is to be made in a Foreign Currency, by wire transfer to a bank
account maintained by the Holder hereof, as designated by the Holder of this Note as provided on the reverse hereof. Payments of interest, other than on a Maturity Date, on this Note are to be made by
wire transfer to the Holder's bank account, as designated by the Holder of this Note as provided on the reverse hereof. A Holder of U.S.$10,000,000 or more in aggregate principal amount of Notes
(whether having identical or different terms and provisions) shall be entitled to receive payments of interest, other than on a Maturity Date, by wire transfer of immediately available funds if
appropriate wire transfer instructions have been received by the Fiscal Agent not less than ten days prior to the applicable Interest Payment Date. As more fully provided on the reverse hereof,
payment of the principal of and premium, if any, and interest on this Note will be made in such coin or currency of the United States of America as at the time of payment is legal tender for
payment of public or private debts, unless the Specified Currency indicated above is a Foreign Currency (a "Foreign Currency Note"), in which case payment shall be made in such Foreign Currency. 

        REFERENCE
IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT
THIS PLACE. 

B-3

 

        Unless
the certificate of authentication hereon has been executed by the Fiscal Agent by manual signature, this Note shall not be entitled to any benefit under the Fiscal Agency
Agreement or be valid or obligatory for any purpose. 

B-4

 

	SIGNED ON BEHALF OF QUÉBEC.	 	 
	

Dated:
                                         
                 	
 	

 
	 	 	                                        
                  
	 	 	Authorized Official

FISCAL AGENT'S CERTIFICATE

OF AUTHENTICATION

This
is one of the Notes referred to in the

within-mentioned Fiscal Agency Agreement. 

CITIBANK, N.A., as Fiscal Agent 

                                        
                  

Authorized Officer 

B-5

  

 
 

QUÉBEC
  MEDIUM-TERM NOTE
  SERIES A
  FLOATING RATE    
    

General  

        This Note is one of a duly authorized issue of Medium-Term Notes, Series A (the "Notes"), Due Nine Months or More from Date of Issue, as
selected by the purchaser and agreed to by Québec. The Notes are issuable in a single series under a fiscal agency agreement, dated as of May 30, 2002, as may be amended or
supplemented from time to time (the "Fiscal Agency Agreement"), among Québec and Citibank, N.A., as fiscal agent (the "Fiscal Agent", which term shall include, unless the context
otherwise requires, its successors and assigns), in an aggregate initial offering price of up to U.S.$3,000,000,000 at any one time outstanding, or the equivalent thereof in other currencies at the
Market Exchange Rate (as defined below) on the applicable settlement dates in the case of Notes denominated in a Foreign Currency. The foregoing limit, however, may be increased by
Québec if in the future it determines that it may wish to sell additional Notes. The Fiscal Agency Agreement may be amended or supplemented from time to time in accordance with the
terms thereof, but any such amendment or supplement will not affect the rights of the Holder hereunder. 

        As
used herein, "Maturity Date", when used with respect to this Note, means the date on which the Principal Amount of this Note or any part thereof becomes due and payable, whether at
the Stated Maturity or by declaration of acceleration, call for redemption or otherwise. 

Interest  

 General  

        Commencing with the first Interest Reset Date specified on the face hereof following the Issue Date, the rate at which interest on this Note is payable shall be
adjusted daily, weekly, monthly, quarterly, semi-annually or annually as specified on the face hereof under "Interest Rate Reset Period";  provided, however,
 that the interest rate in effect for the period from the Issue Date to the first
Interest Reset Date will be the Initial Interest Rate. If any Interest Reset Date would otherwise be a day that is not a Business Day (as defined below), such Interest Reset Date shall be postponed to
the next succeeding day that is a Business Day, except that in the case the Interest Rate Basis is LIBOR or EURIBOR, as specified on the face hereof, if such Business Day is in the next succeeding
calendar month, such Interest Reset Date shall be the immediately preceding Business Day. Subject to applicable provisions of law and except as specified herein, on each Interest Reset Date, the rate
of interest on this Note shall be the rate determined in accordance with the provisions of the applicable heading below. 

B-6

 

        Determination of CD Rate.    If the Interest Rate Basis is CD Rate, the interest rate payable with
respect to this Note shall equal the CD Rate determined as specified herein, plus or minus the Spread, if any, specified on the face hereof or multiplied by the Spread Multiplier, if any, specified on
the face hereof. The CD Rate shall equal the rate as of the second Business Day prior to the Interest Reset Date specified on the face hereof (a "CD Interest Determination Date") for negotiable
certificates of deposit for the period of the Index Maturity specified on the face hereof as published by the Board of Governors of the Federal Reserve System in "Statistical Release H.15(519),
Selected Interest Rates", or any successor publication ("H.15(519)") under the heading "CDs (Secondary Market)" or any replacement heading on that service. If such rate is not published in
H.15(519) by 3:00 p.m., New York City time, on the Calculation Date (as defined below) pertaining to such CD Interest Determination Date, then the CD Rate shall be the rate on
such CD Interest Determination Date set forth in the daily update of H.15(519), available through the world-wide-web site of the Board of Governors of the Federal Reserve
System at http://www.federalreserve.gov/releases/h15/update, or any successor site or publication ("H.15 Daily Update") for that day in respect of certificates of deposit having the Index Maturity
specified above under the heading "CD(s) (Secondary Market)" or any replacement heading on that service. If such rate is not published in either H.15(519) or H.15 Daily Update by
3:00 p.m., New York City time, on the Calculation Date pertaining to such CD Interest Determination Rate, then the CD Rate shall be calculated by the Calculation Agent and shall be the
arithmetic mean of the secondary market offered rates, as of 10:00 a.m., New York City time, on such CD Interest Determination Date, of three leading non-bank dealers of
negotiable U.S. dollar certificates of deposit in The City of New York selected by the Calculation Agent, after consultation with Québec (and which may include the agents
appointed by Québec for the purpose of soliciting purchases of the Notes by others from Québec (the "Agents") and affiliates of the Agents) for negotiable certificates of
deposit of major United States money center banks with a remaining maturity closest to the specified Index Maturity and in an amount that is representative for a single transaction in such
market at such time, provided, however, that if the dealers selected as aforesaid by the Calculation
Agent are not quoting as mentioned in this sentence, the CD Rate will be the CD Rate in effect on such CD Interest Determination Date. 

B-7

 

        Determination of CMT Rate.    If the Interest Rate Basis is CMT Rate, the interest rate payable
with respect to this Note shall equal the CMT Rate determined as specified herein, plus or minus the Spread, if any, or multiplied by the Spread Multiplier, if any. The CMT Rate shall equal the rate
as of the second Business Day prior to the Interest Reset Date specified on the face hereof (a "CMT Rate Interest Determination Date") displayed on the Designated CMT Telerate Page (as defined below)
under the caption "...Treasury Constant Maturities...Federal Reserve Board Release H.15...Mondays Approximately 3:45 p.m.," under the column for the Designated CMT Maturity Index (as defined
below) for (i) if the Designated CMT Telerate Page is 7051, such CMT Rate Interest Determination Date or (ii) if the Designated CMT Telerate Page is 7052, the week or the month, as
applicable, ended immediately preceding the week in which the related CMT Rate Interest Determination Date occurs. If such rate is no longer displayed on the relevant page, or is not displayed by
3:00 p.m., New York City time, on the Calculation Date pertaining to such CMT Rate Interest Determination Date, then the CMT Rate for such CMT Rate Interest Determination Date shall be
such treasury constant maturity rate for the Designated CMT Maturity Index as may then be published in the relevant H.15(519). If such rate is no longer published, or is not published by
3:00 p.m., New York City time, on such Calculation Date, then the CMT Rate for such CMT Rate Interest Determination Date shall be such treasury constant maturity rate for the Designated
CMT Maturity Index (or other United States Treasury rate for the Designated CMT Maturity Index) for such CMT Rate Interest Determination Date as may then be published by either the Board of
Governors of the Federal Reserve System or the United States Department of the Treasury that the Calculation Agent determines to be comparable to the rate formerly displayed on the Designated
CMT Telerate Page and published in the relevant H.15(519). If such information is not published by 3:00 p.m., New York City time, on such Calculation Date, then the CMT Rate for such CMT
Rate Interest Determination Date shall be calculated by the Calculation Agent and shall be the yield to maturity, based on the arithmetic mean of the secondary market bid prices as of approximately
3:30 p.m., New York City time, on such CMT Rate Interest Determination Date reported by three leading primary United States government securities dealers (each, a "Reference
Dealer") in The City of New York (which may include the Agents or their affiliates) selected by the Calculation Agent (from five Reference Dealers selected by the Calculation Agent and
eliminating the highest quotation (or, in the event of equality, one of the highest) and the lowest quotation (or, in the event of equality, one of the lowest)) for obligations of the
United States ("Treasury Notes") with an original maturity of approximately the Designated CMT Maturity Index and a remaining term to maturity of not less than such Designated CMT Maturity
Index minus one year and in an amount that is representative for a single transaction in such market at such time. If three or four (and not five) of such Reference Dealers are quoting as described in
the immediately preceding sentence, then the CMT Rate will be based on the arithmetic mean of the Treasury Note quotations obtained and neither the highest nor the lowest of such quotations will be
eliminated. If the Calculation Agent cannot obtain three such Treasury Note quotations, the CMT Rate for such CMT Rate Interest Determination Date shall be calculated by the Calculation Agent and
shall be the yield to maturity based on the arithmetic mean of the secondary market bid prices as of approximately 3:30 p.m., New York City time, on such CMT Rate Interest Determination
Date of three Reference Dealers in The City of New York (from five such Reference Dealers selected by the Calculation Agent (and which may include the Agents and their affiliates), and
eliminating the highest quotation (or, in the event of equality, one of the highest) and the lowest quotation (or, in the event of equality, one of the lowest)) for Treasury Notes with an original
maturity of the number of years that is greater than the Designated CMT Maturity Index and a remaining term to maturity closest to the Designated CMT Maturity Index and in an amount that is
representative for a single transaction in such market at such time. If three or four (and not five) of such Reference Dealers are quoting as described in the immediately preceding sentence, then the
CMT Rate shall be based on the arithmetic mean of the Treasury Note quotations obtained and neither the highest nor the lowest of such quotations will be eliminated;  provided, however, that if fewer than three Reference Dealers selected by the Calculation Agent are
quoting as described in the immediately preceding sentence, the CMT Rate shall be the CMT Rate in effect on such CMT Rate Interest Determination Date. If two Treasury Notes with an original maturity
as described in the second preceding sentence have remaining terms to maturity equally close to the Designated CMT Maturity Index, the quotations for the Treasury Note with the shorter remaining term
to maturity will be used. 

B-8

 

        "Designated
CMT Telerate Page" means the display on the Moneyline Telerate Service Inc., or any successor, on the page designated on the face hereof (or any other page as may
replace such page on that service for the purpose of displaying Treasury Constant Maturities as reported in H.15(519)), for the purpose of displaying Treasury Constant Maturities as reported in
H.15(519). If no such page is so specified, the Designated CMT Telerate Page shall be 7052, for the most recent week. 

        "Designated
CMT Maturity Index" means the original period to maturity of the U.S. Treasury securities (either 1, 2, 3, 5, 7, 10, 20 or 30 years) specified on the face
hereof with respect to which the CMT Rate will be calculated. If no such maturity is specified on the face hereof, the Designated CMT Maturity Index shall be two years. 

        Determination of Commercial Paper Rate.    If the Interest Rate Basis is Commercial Paper Rate, the
interest rate payable with respect to this Note shall equal the Commercial Paper Rate determined as specified herein, plus or minus the Spread, if any, or multiplied by the Spread Multiplier, if any.
The Commercial Paper Rate shall equal the Money Market Yield (as defined herein) as of the Business Day prior to the Interest Reset Date ("Commercial Paper Interest Determination Date") for commercial
paper for the period of the Index Maturity specified on the face hereof, as published in H.15(519) under the heading "Commercial Paper—Non Financial" or any replacement heading on
that service. If such rate is not published by 3:00 p.m., New York City time, on the Calculation Date pertaining to such Commercial Paper Interest Determination Date, then the Commercial
Paper Rate shall be the Money Market Yield (as defined below), on such Commercial Paper Interest Determination Date, for commercial paper for the period of the Index Maturity as published in H.15
Daily Update or any other recognized electronic source used for displaying that rate, under the heading "Commercial Paper—Non Financial" or any replacement heading on that service (with an
Index Maturity of one month or three months being deemed to be an Index Maturity of thirty days or ninety days respectively). If such rate is not published in either H.15(519), H.15 Daily Update or
another recognized electronic source by 3:00 p.m., New York City time, on such Calculation Date, then the Commercial Paper Rate shall be calculated by the Calculation Agent and shall be
the Money Market Yield of the arithmetic mean of the offered rates as of 11:00 a.m., New York City time, on such Commercial Paper Interest Determination Date of three leading dealers of
commercial paper in The City of New York selected by the Calculation Agent, after consultation with Québec (and which may include the Agents and their affiliates), for commercial
paper for the period of the Index Maturity placed for an industrial issuer whose bond rating from a nationally recognized rating agency is at least "AA" or the equivalent,  provided, however, that if such dealers selected as aforesaid by the Calculation Agent are not quoting
as mentioned in this sentence, the Commercial Paper Rate shall be the Commercial Paper Rate in effect on such Commercial Paper Interest Determination Date. 

B-9

 

        "Money
Market Yield" shall be the yield calculated in accordance with the following formula: 

	 	 	D × 360
 360 - (D × M)	 	× 100	 	 

where "D" refers to the applicable per annum rate for commercial paper quoted on a bank discount basis and expressed as a decimal and "M" refers to the actual number of days in
the Interest Payment Period for which interest is being calculated.

        Determination of Federal Funds Rate.    If the Interest Rate Basis is Federal Funds Rate, the
interest rate payable with respect to this Note shall equal the Federal Funds Rate determined as specified herein, plus or minus the Spread, if any, or multiplied by the Spread Multiplier, if any. The
Federal Funds Rate shall equal the rate as of the Business Day prior to the Interest Reset Date (a "Federal Funds Interest Determination Date") for U.S. dollar Federal Funds as published in
H.15(519) under the heading "Federal Funds (Effective)" as that rate is displayed on Telerate page 120. If such rate is not displayed on Telerate page 120 by 3:00 p.m.,
New York City time, on the Calculation Date pertaining to such Federal Funds Interest Determination Date, then the Federal Funds Rate shall be the rate on such Federal Funds Interest
Determination Date as published in H.15 Daily Update or another recognized electronic source for displaying that rate under the heading "Federal Funds (Effective)" or any replacement heading on that
service. If by 3:00 p.m., New York City time, on such Calculation Date, such rate is not published in either H.15(519) or H.15 Daily Update or another recognized electronic
source, then the Federal Funds Rate shall be calculated by the Calculation Agent and shall be the arithmetic mean of the rates, for the last transaction in overnight Federal Funds arranged by three
leading brokers of Federal Funds transactions in The City of New York selected by the Calculation Agent, after consultation with Québec (and which may include the Agents and
their affiliates) by 9:00 a.m., New York City time, on such Federal Funds Rate Interest Determination Date, provided, however, that if the
brokers selected as aforesaid by the Calculation Agent are not quoting as mentioned in this sentence, the Federal Funds Rate shall be the Federal Funds Rate in effect on such Federal Funds Interest
Determination Date. 

B-10

 

        "Telerate
page" means the display on Moneyline Telerate Service, Inc. or any successor, on the page or pages specified on the face hereof, or any replacement page or pages on that
service. 

        Determination of LIBOR.    If the Interest Rate Basis is LIBOR, the interest rate payable with
respect to this Note shall equal LIBOR as determined as of the second London Business Day prior to the Interest Reset Date (a "LIBOR Interest Determination Date") in accordance with the following
provisions, in each case plus or minus the Spread, if any, or multiplied by the Spread Multiplier, if any: 

	(i)
	With
respect to a LIBOR Interest Determination Date, LIBOR shall be either (a) if "LIBOR Reuters" is specified on the face hereof, the arithmetic mean of the
offered rates (unless the specified Designated LIBOR Page by its terms provides only for a single rate, in which case such single rate shall be used) for deposits in the Index Currency for the period
of the Index Maturity and commencing on the second London Business Day immediately following such LIBOR Interest Determination Date, that appear on the Designated LIBOR Page (as defined below) as of
11:00 a.m. London time, on such LIBOR Interest Determination Date, if at least two such offered rates appear (unless, as aforesaid, only a single rate is required) on such Designated LIBOR
Page, or (b) if "LIBOR Telerate" is specified on the face hereof or if neither "LIBOR Reuters" nor "LIBOR Telerate" is specified as the method for calculating LIBOR, the rate for deposits in
the Index Currency for the period of the Index Maturity and commencing on the second London Business Day immediately following such LIBOR Interest Determination Date that appears on the Designated
LIBOR Page specified on the face hereof as of 11:00 a.m., London time, on such LIBOR Interest Determination Date. If fewer than two such offered rates appear, or if no such rate appears, as
applicable, LIBOR in respect of such LIBOR Interest Determination Date shall be determined in accordance with the provisions described in clause (ii) below. 

B-11

 

	(ii)
	With
respect to a LIBOR Interest Determination Date for which fewer than two offered rates appear, or no rate appears, as the case may be, on the applicable Designated
LIBOR Page as specified in clause (i) above, the Calculation Agent will request the principal London office of each of four major reference banks in the London interbank market (which may
include affiliates of the Agents), as selected by the Calculation Agent, to provide the Calculation Agent with its offered quotation for deposits in the Index Currency for the period of the Index
Maturity and commencing on the second London Business Day immediately following such LIBOR Interest Determination Date, to prime banks in the London interbank market at approximately
11:00 a.m., London time, on such LIBOR Interest Determination Date and in a principal amount that is representative for a single transaction in such Index Currency in such market at such time.
If at least two such quotations are provided, LIBOR determined on such LIBOR Interest Determination Date shall be the arithmetic mean of such quotations. If fewer than two quotations are provided,
LIBOR determined on such LIBOR Interest Determination Date shall be the arithmetic mean of the rates quoted at approximately 11:00 a.m., in the applicable Principal Financial Center (as defined
below) on such LIBOR Interest Determination Date by three major banks in such Principal Financial Center (which may include affiliates of the Agents) selected by the Calculation Agent for loans in the
Index Currency specified on the face hereof to leading European banks, for the period of the Index Maturity specified on the face hereof and in a principal amount that is representative for a single
transaction in such Index Currency in such market at such time; provided, however, that if the banks so
selected by the Calculation Agent are not quoting as mentioned in this sentence, LIBOR determined as of such LIBOR Interest Determination Date shall be LIBOR in effect on such LIBOR Interest
Determination Date. 

        "Designated
LIBOR Page" means either (i) if "LIBOR Reuters" is specified on the face hereof, the display on the Reuters Monitor Money Rates Service for the purpose of displaying
the London interbank rates of major banks for the applicable Index Currency, or (ii) if "LIBOR Telerate" is specified on the face hereof or if neither "LIBOR Reuters" nor "LIBOR Telerate" is
specified as the method for calculating LIBOR, the display on the Moneyline Telerate Service Inc., or any successor, for the purpose of displaying the London interbank rates of major banks for
the applicable Index Currency. 

B-12

 

        "Index
Currency" means the currency specified on the face hereof as the currency for which LIBOR shall be calculated. If no such currency is specified on the face hereof, the Index
Currency shall be United States dollars. 

        "Principal
Financial Center" as used herein will be the capital city of the country of the Index Currency specified on the face hereof, except that with respect to Canadian dollars,
euros, Swiss francs and United States dollars, the Principal Financial Center shall be Montréal, Brussels, Zurich and The City of New York, respectively. 

        Determination of EURIBOR.    If the Interest Rate Basis is EURIBOR, the interest rate payable with
respect to this Note shall equal EURIBOR determined as specified herein, plus or minus the Spread, if any, or multiplied by the Spread Multiplier, if any. EURIBOR for each Interest Reset Date shall
equal the offered rate, as of the second TARGET Settlement Day (as defined below) prior to the Interest Reset Date (a "EURIBOR Interest Determination Date"), for deposits in euros for the period of
the Index Maturity and commencing on the second TARGET Settlement Day immediately following such EURIBOR Interest Determination Date, as that rate appears on Telerate page 248 as of
11:00 a.m., Brussels time, on such EURIBOR Interest Determination Date. With respect to a EURIBOR Interest Determination Date for which no rate appears on Telerate page 248, the
Calculation Agent will select the principal Euro-Zone (as defined below) office of each of four major reference banks in that market (which may include affiliates of the Agents) and
request them to provide their offered quotation for euro deposits for the period of such Index Maturity, commencing on the second TARGET Settlement Day immediately following such EURIBOR Interest
Determination Date, to prime banks in the Euro-Zone inter-bank market at approximately 11:00 a.m., Brussels time, on such EURIBOR Interest Determination Date and in a
principal amount that is representative for a single transaction in euros in such market at such time. If at least two such quotations are provided, EURIBOR shall be calculated by the Calculation
Agent and shall be the arithmetic mean of such quotations. If fewer than two quotations are provided, EURIBOR shall be calculated by the Calculation Agent and shall be the arithmetic mean of the rates
quoted at approximately 11:00 a.m., Brussels time, on such EURIBOR Interest Determination Date by three major banks in the Euro-Zone inter-bank market selected by the
Calculation Agent (which may include affiliates of the Agents) for loans in euros to leading European banks, for the period of such Index Maturity and in a principal amount that is representative for
a single transaction in euros in such market at such time. If the banks so selected by the Calculation Agent are not quoting, EURIBOR shall be EURIBOR in effect on such EURIBOR Interest Determination
Date. 

B-13

 

        "Euro-Zone"
means, at any time, the region comprised of the member states of the European Economic and Monetary Union that, as of that time, have adopted a single currency in
accordance with the Treaty on European Union of February 1992. 

        "TARGET
Settlement Day" means a day on which the Trans-European Automated Real-Time Gross Settlement Express Transfer (TARGET) system, or any successor system, is open for
business. 

        Determination of Prime Rate.    If the Interest Rate Basis is Prime Rate, the interest rate payable
with respect to this Note shall equal the Prime Rate determined as specified herein, plus or minus the Spread, if any, or multiplied by the Spread Multiplier, if any. The Prime Rate shall equal the
rate as of the Business Day prior to the Interest Reset Date (a "Prime Rate Interest Determination Date") that appears in H.15(519) under the heading "Bank Prime Loan" or any replacement
heading on that service. 

        If
such rate is not published by 3:00 p.m., New York City time, on the Calculation Date pertaining to such Prime Rate Interest Determination Date, then the Prime Rate will
be the rate on such Prime Rate Interest Determination Date as published in H.15 Daily Update under the heading "Bank Prime Loan" or any replacement heading on that service. 

        If
by 3:00 p.m., New York City time, on such Calculation Date such rate is not published in either H.15(519) or H.15 Daily Update or such other recognized electronic
source, then the Prime Rate will be the arithmetic mean of the rates of interest publicly announced by each bank that appears on the display designated as page "US PRIME 1" on the Reuters Monitor
Money Rates Service, or such other page as may replace the US PRIME 1 page on that service for the purpose of displaying prime rates or base lending rates of major United States banks ("Reuters
Screen US PRIME 1 Page"), as such bank's prime rate or base lending rate as of 11:00 a.m., New York City time, on such Prime Rate Interest Determination Date. 

        If
fewer than four such rates appear on the Reuters Screen US PRIME 1 Page on such Prime Rate Interest Determination Date, the Calculation Agent shall calculate the Prime Rate for such
Prime Rate Interest Determination Date. Such rate shall be the arithmetic mean of the prime rates or base lending rates quoted on the basis of the actual number of days in the year divided by 360, as
of the close of business on such Prime Rate Interest Determination Date by three major banks in The City of New York selected by the Calculation Agent after consultation with
Québec (and which may be affiliates of the Agents). 

B-14

 

        However,
if the selected banks are not quoting, the Prime Rate for such Prime Rate Interest Determination Date shall be the Prime Rate in effect on such Prime Rate Interest Determination
Date. 

        Determination of Treasury Rate.    If the Interest Rate Basis is Treasury Rate, the interest rate
payable with respect to this Note shall equal the Treasury Rate determined as specified herein, plus or minus the Spread, if any, or multiplied by the Spread Multiplier, if any. The Treasury Rate
shall equal the rate for the auction of direct obligations of the United States ("Treasury Bills") sold at the auction on the applicable Treasury Rate Interest Determination Date for the period
of the Index Maturity as such rate appears on Telerate page 56 or 57 under the heading "MONEYLINE INVESTMENT RATE" or any replacement heading on that service (the day of the week in
which such Interest Reset Date falls on which Treasury bills would normally be auctioned, is a "Treasury Rate Interest Determination Date"). 

        If
an auction is held on the Friday of the week preceding the applicable Interest Reset Date, the Treasury Rate Interest Determination Date will be such preceding Friday. 

        If
the rate described above does not appear on Telerate page 56 or 57 at 3:00 p.m., New York City time, on the Calculation Date pertaining to such Treasury
Rate Interest Determination Date, the Treasury Rate shall be the Bond Equivalent Yield of the rate, for such Treasury Rate Interest Determination Date, for the type of Treasury Bills described above,
as published in H. 15(519) Daily Update, or another recognized electronic source used for displaying that rate, under the heading "U.S. Government Securities/Treasury Bills/Auction
High". 

        If
the results of the auction of Treasury Bills for the period of the Index Maturity are not published or reported as provided above by 3:00 p.m., New York City time, on
such Calculation Date, then the Treasury Rate shall be the Bond Equivalent Yield (as defined below) of the auction rate, for such Treasury Interest Determination Date and for Treasury Bills of the
kind described above, as announced by the United States Department of the Treasury. 

        If
the auction rate described in the immediately preceding paragraph is not so announced by 3:00 p.m., New York City time, on such Calculation Date, or if no such auction
is held for the relevant week, then the Treasury Rate shall be the Bond Equivalent Yield of the rate, for such Treasury Interest Rate Determination Date and for Treasury Bills having a remaining
maturity closest to the period of the Index Maturity, as published in H.15(519) under the heading "U.S. Government Securities/Treasury Bills/ Secondary Market". 

B-15

 

        If
the rate described in the immediately preceding paragraph does not appear in H.15(519) at 3:00 p.m., New York City time, on such Calculation Date, then the
Treasury Rate shall be the rate, for such Interest Determination Date and for Treasury Bills having a remaining maturity closest to the period of the Index Maturity, as published in
H.15(519) Daily Update, or another recognized electronic source used for displaying that rate, under the heading "U.S. Government Securities/Treasury Bills/Secondary Market". 

        If
the rate described in the immediately preceding paragraph does not appear in H.15(519) Daily Update or another recognized electronic source at 3:00 p.m., New York
City time, on such Calculation Date, the Calculation Agent shall calculate the Treasury Rate for such Treasury Rate Interest Determination Date. Such rate shall be the Bond Equivalent Yield of the
arithmetic mean of the secondary market bid rates, as of approximately 3:30 p.m., New York City time, on such Treasury Rate Interest Determination Date, of three primary
United States government securities dealers, as selected by the Calculation Agent after consultation with Québec (and which may be the Agents or their affiliates) for the issue
of Treasury bills with a remaining maturity closest to the period of the Index Maturity. 

        If
the selected dealers are not quoting, the Treasury Rate for such Treasury Rate Interest Determination Date shall be the Treasury Rate in effect on such Treasury Rate Interest
Determination Date. 

        "Bond
Equivalent Yield" shall be the yield calculated in accordance with the following formula: 

	 	 	D × N × 100
 360 - (D × M)	 	 

where "D" refers to the applicable per annum rate for Treasury Bills quoted on a bank discount basis and expressed as a decimal, "N" refers to 365 or 366, as the case may be,
and "M" refers to the actual number of days in the Interest Payment Period for which interest is being calculated. 

 Maximum/Minimum Interest Rate  

        Notwithstanding the foregoing, the interest rate hereon shall not be greater than the Maximum Interest Rate, if any, or less than the Minimum Interest Rate, if
any, specified on the face hereof. The Calculation Agent shall calculate the interest rate hereon in accordance with the foregoing on or before each Calculation Date. The interest rate on this Note
will in no event be higher than the maximum rate permitted by New York law, as the same may be modified by United States law of general application. 

B-16

 

 Interest Calculations  

        The Calculation Date, if applicable, pertaining to any Interest Determination Date is the earlier of (i) the tenth calendar day after such Interest
Determination Date or if any such day is not a Business Day, the next succeeding Business Day or (ii) the Business Day immediately preceding the applicable Interest Payment Date or the Maturity
Date, as the case may be. 

        At
the request of the Holder hereof, the Calculation Agent will provide to the Holder hereof the interest rate hereon then in effect and, if determined, the interest rate which will
become effective as of the next Interest Reset Date. 

        Accrued
interest hereon shall be an amount calculated by multiplying the Principal Amount as specified on the face hereof by an accrued interest factor. Such accrued interest factor is
computed by adding the interest factor calculated for each day from the Issue Date, or from the last date to which interest has been paid or duly provided for, to but excluding the date for which
accrued interest is being calculated. The interest factor for each such day is computed by dividing the interest rate applicable to such day by 360 if the Interest Rate Basis is CD Rate, Commercial
Paper Rate, Federal Funds Rate, LIBOR, EURIBOR or Prime Rate, as specified on the face hereof, or by the actual number of days in the year if the Interest Rate Basis is CMT Rate or Treasury Rate, as
specified on the face hereof. For purposes of disclosure under the Interest Act (Canada), the yearly rate of interest which is equivalent to the rate of interest payable on this Note, except if the
Interest Rate Basis of this Note is the CMT Rate or Treasury Rate, is the interest rate payable from time to time multiplied by the number of days in the year and divided by 360. 

Rounding  

        All percentages resulting from any calculation on this Note will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with five
one-millionths of a percentage point rounded upwards (e.g., 9.876545% (or .09876545) being rounded to 9.87655% (or .0987655)), and all
dollar amounts used in or resulting from such calculation on this Note will be rounded to the nearest cent or, if this Note is denominated in a Foreign Currency, the nearest unit (with one half cent
or unit being rounded upwards). 

B-17

  

Payments  

 General  

        In the case where an Interest Payment Date or a Maturity Date does not fall on a Business Day, any payment of principal, premium or interest otherwise payable on
such day need not be made on such day, but may be made on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date or Maturity Date and no interest
shall accrue for the period from and after such Interest Payment Date or Maturity Date to such next succeeding Business Day, except that, in the case of payments of interest other than on the Maturity
Date, if the Interest Rate Basis of this Note is LIBOR or EURIBOR, as specified above and such next Business Day falls in the next calendar month, such payment shall be made on the immediately
preceding Business Day with the same force and effect as if made on such Interest Payment Date. As used herein, "Business Day" means any day, other than a Saturday or Sunday, that is neither a legal
holiday nor a day on which banking institutions are authorized or required by law or executive order to close in The City of New York; provided, however, that (i) with respect to Notes
as to which LIBOR is the applicable Interest Rate Basis, such day is also a "London Business Day"; (ii) with respect to Foreign Currency Notes the payment of which is to be made in a Foreign
Currency other than euros, such day is also a day on which banking institutions are not authorized or required by law or executive order to close in the Principal Financial Center of the country of
the Foreign Currency; and (iii) with respect to Foreign Currency Notes the payment of which is to be made in euros, such day is also a TARGET Settlement Day. 

        "London
Business Day" means a day on which commercial banks are open for business (including dealings in the Foreign Currencies) in London, England. 

 Original Issue Discount Note  

        If this Note is designated on the face hereof as an Original Issue Discount Note, then, notwithstanding anything to the contrary contained in this Note, upon the
redemption, repayment or acceleration of the Stated Maturity of this Note there shall be payable, in lieu of the Principal Amount due at the Stated Maturity hereof, an amount equal to the Amortized
Face Amount of this Note. The "Amortized Face Amount" shall be the amount equal to (i) the Issue Price (as defined below) of this Note, plus (ii) that portion of the difference between
the Issue Price and the Principal Amount of this Note
that has been amortized at the Stated Yield (as defined below) of this Note (computed in accordance with generally accepted United States bond yield computation principles) at the date as of
which the Amortized Face Amount is calculated, but in no event shall the Amortized Face Amount exceed the Principal Amount of this Note. As used in the previous sentence "Issue Price" means the
Principal Amount of this Note less the Total Amount of OID of this Note specified on the face hereof and the "Stated Yield" of this Note means the Yield to Maturity specified on the face hereof (or if
not so specified, the Yield to Maturity compounded semi-annually and computed in accordance with generally accepted United States bond yield computation principles) for the period
from the Issue Date of this Note to the Stated Maturity hereof on the basis of its Issue Price and Principal Amount. 

B-18

 

 Foreign Currency Payments  

        If this Note is a Foreign Currency Note, the principal and premium, if any, and interest on this Note are payable by Québec in the Foreign Currency
shown on the face hereof. 

B-19

 

        Payment
of principal and premium, if any, and interest will be made in the Foreign Currency by wire transfer to the Holder's bank account and the Holder will not have the option to elect
payment in U.S. dollars. 

        If
the Foreign Currency is not available for the payment of principal and premium, if any, and interest with respect to this Note due to the imposition of exchange controls or other
circumstances beyond the control of Québec, Québec will be entitled to satisfy its obligations to the Holder of this Note by making such payment in U.S. dollars
(i) on the basis of the Market Exchange Rate on the date of the payment, or (ii) if the Market Exchange Rate is not then available, on the basis of the most recently available Market
Exchange Rate, or (iii) as the case may be, as otherwise specified in "Other Provisions" on the face hereof. 

        In
order for any Holder of this Note to receive payments of principal and premium, if any, and interest in the Foreign Currency payments by wire transfer, such Holder shall designate an
appropriate bank account by filing the appropriate information with the Fiscal Agent at its corporate trust office in The City of New York on or prior to the applicable Record Date or at least
sixteen days prior to the applicable Maturity Date, as the case may be. The Fiscal Agent will, subject to applicable laws and regulations and until it receives notice to the contrary, make such
payment and all succeeding payments to such Holder by wire transfer to the designated account. If a payment cannot be made by wire transfer because the required information has not been received by
the Fiscal Agent on or before the requisite date, a notice will be mailed to the Holder of this Note at its registered address requesting such information and until such information has been received,
no additional interest will accrue. 

        Québec
will pay all administrative costs imposed by banks in connection with making payments by wire transfer, but any tax, assessment or governmental charge imposed upon
such payments will be borne by the Holder of this Note. 

        The
"Market Exchange Rate" with respect to any Foreign Currency shall be the noon dollar buying rate in The City of New York for cable transfers for such Foreign Currency as
certified for customs purposes by the Federal Reserve Bank of New York. 

B-20

 

 Redemption at the Option of Québec  

        If one or more Redemption Dates (or ranges of such dates) is specified on the face hereof, this Note is subject to redemption upon not less than thirty days' and
not more than sixty days' prior notice by mail, on any such date (or during any such range) as a whole, or from time to time in part, in increments of U.S.$1,000 or such other minimum denomination
specified on the face hereof (provided that any remaining Principal Amount hereof shall be at least U.S.$1,000 or such other minimum denomination), at the election of Québec, at the
Redemption Price (as defined below) together with accrued interest to the Redemption Date; but any interest payment due on an Interest Payment Date falling on or prior to the Redemption Date will be
payable to the Holder hereof (or one or more predecessor Notes) of record at the close of business on the Record Date pertaining to such Interest Payment Date. If applicable, the "Redemption Price"
for any such redemption shall be equal to the Initial Redemption Percentage specified on the face hereof (as adjusted by the Annual Redemption Percentage Reduction specified on the face hereof, if
applicable) multiplied by the portion of the Principal Amount hereof (or, if this Note is an Original Issue Discount Note, the portion of the Amortized Face Amount hereof) to be redeemed;  provided, however, that in no event shall the Redemption Price be less than 100% of the portion of the Principal Amount hereof (or, if this Note is an
Original Issue Discount Note, the portion of the Amortized Face Amount hereof) to be redeemed. 

        Notice
of redemption having been given as aforesaid, this Note (or the portion of the Principal Amount hereof so to be redeemed) shall, on the Redemption Date, become due and payable at
the Redemption Price herein specified, and from and after such date (unless Québec shall default in the payment of the Redemption Price and accrued interest) shall cease to bear
interest. 

        In
the case of any partial redemption at the election of Québec of Notes, the Notes of a particular tenor to be redeemed shall be selected by the Fiscal Agent not more
than sixty days prior to the Redemption Date by such method as the Fiscal Agent shall deem fair and appropriate and which may provide for the selection for redemption of portions of the Principal
Amount of Notes. In the event of any redemption of this Note in part only, a new Note or Notes of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the
cancellation hereof, provided that such unredeemed portion shall be an authorized denomination for Notes of this series. 

 Repayment at the Option of Holder  

        If one or more Optional Repayment Dates (or ranges of such dates) is specified on the face hereof, this Note is subject to repayment on any such date (or during
any such range) or, if such date is not a Business Day, on the first Business Day following such date, as a whole or from time to time in part, in increments of U.S.$1,000 or such other minimum
denomination specified on the face hereof (provided that any remaining Principal Amount hereof shall be at least U.S.$1,000 or such other minimum denomination), at the election of the Holder hereof at
the Repayment Price (as defined below) together with accrued interest thereon to the Optional Repayment Date, but any interest payment due on an Interest Payment Date falling on or prior to the
Optional Repayment Date will be payable to the Holder hereof of record at the close of business on the Record Date pertaining to such Interest Payment Date. Such election shall be effected by the
Holder hereof delivering to Québec at the corporate trust office of the Fiscal Agent in The City of New York not less than thirty nor more than sixty days prior to the date on
which this Note is to be repaid, or during such other notice period specified on the face hereof, a notice requesting such repayment in the form prescribed below and specifying the date upon which
this Note is to be repaid. Any notice given by a Holder pursuant to this paragraph shall consist of this Note with the form entitled "Option to Elect Repayment" set forth of the end of this Note duly
completed. Exercise of the repayment option by the Holder hereof will be irrevocable. Unless otherwise specified on the face hereof, the "Repayment Price" for any such repayment shall be 100% of the
portion of the Principal Amount hereof (or, if this Note is an Original Issue Discount Note, the portion of the Amortized Face Amount hereof) to be repaid. 

B-21

 

Status of the Notes  

        The Notes shall rank equally among themselves and with the other debt securities of Québec outstanding on the date of this Note or issued
hereafter. 

Form, Denomination and Registration  

        The Notes are fully registered, without coupons, in authorized denominations of U.S.$1,000 and any integral multiple of U.S.$1,000 in excess thereof, or, in the
case of Notes denominated in a Foreign Currency, the equivalent in the Foreign Currency (rounded down to an integral multiple of 10,000 units of such Foreign Currency) or such larger amount in
integral multiples of 10,000 units of such Foreign Currency. The Fiscal Agent has been appointed registrar for the Notes, and Québec will cause the Fiscal Agent to maintain at its
corporate trust office in The City of New York a Note Register for the registration and transfer of Notes. 

        This
Note may be transferred at the aforesaid office of the Fiscal Agent by surrendering this Note for cancellation, accompanied by a written instrument of transfer in form approved by
Québec and duly executed by the Holder hereof in person or by the Holder's attorney duly authorized in writing, and thereupon the Fiscal Agent shall issue in the name of the transferee
or transferees, in exchange herefor, a new Note or Notes in an equal aggregate Principal Amount and in authorized denominations, subject to the terms and conditions set forth herein. 

        The
Notes are exchangeable at said office for other Notes of like tenor in other authorized denominations and in an equal aggregate Principal Amount. All such exchanges of Notes will be
free of charge, but Québec may require payment of a sum sufficient to cover any tax or other governmental charge in connection therewith. The date of registration of any Note delivered
upon any exchange or transfer of Notes shall be such that no gain or loss of interest results from such exchange or transfer. The Fiscal Agent shall not be required to make any transfers,
registrations or exchanges of Notes for a period of fifteen days preceding any Interest Payment Date. 

B-22

 

        In
the event of any redemption of Notes at the election of Québec, the Fiscal Agent shall not be required to (i) issue, register the transfer of or exchange Notes
of like tenor during a period beginning at the opening of business fifteen days before any selection of Notes to be redeemed and ending at the close of business on the day of mailing of the relevant
notice of redemption, or (ii) register the transfer of or exchange any Note, or portion thereof, called for redemption, except the unredeemed portion of any Note being redeemed in part.
Following the exercise of any repayment option by the Holder hereof, the Fiscal Agent shall not be required to issue, register the transfer of or exchange that portion of this Note with respect to
which such option has been exercised. 

Events of Default  

        In the event that (i) Québec shall default in the payment of principal of or premium or interest on this Note as and when the same shall be
due and payable, and such default shall continue for a period of 45 days, or (ii) 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, premium or interest, or in the Fiscal Agency Agreement, and such default shall continue for a period of 60 days, or
(iii) Québec shall default in the payment of any principal of or premium or interest on any indebtedness (direct or under a guarantee) for borrowed money, other than the Notes,
as and when the same shall be 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 the continuance of such default the Holder of this Note (or its proxy) may deliver or cause to be
delivered to Québec (with a copy to the Fiscal Agent) a written notice that such Holder elects to declare the principal of the Note or Notes held by him (the serial number or numbers
and the denomination or denominations of which shall be set forth in such notice) to be due and payable and, in the cases falling within either (i) or (iii) above, on the 15th day after
delivery of such notice, or, in the cases falling within (ii) above, on the 30th day after delivery of such notice, the principal of the Note or Notes referred to in such notice plus any
premium and accrued interest thereon shall become due and payable at the places for payment herein specified, unless prior to that time all such defaults theretofore existing shall have been cured. 

B-23

 

Modification  

        The Fiscal Agency Agreement contains provisions with respect to modifying or amending said Agreement either without notice to, or the consent of, the holder of
any Note or with the approval of the holders of Notes. 

Future Holders  

        Any action by the Holder of this Note shall bind all future Holders of this Note, and of any Note issued in exchange or substitution herefor or in place hereof,
in respect of anything done or permitted by Québec or by the Fiscal Agent in pursuance of such action. 

Notices  

        All notices to the holders of Notes will be published in English in New York, New York in The Wall Street
Journal and in Toronto, Ontario in The Globe & Mail and in French in Montréal, Québec in  La Presse. If at
any time publication in any such newspaper is not practicable, notices will be valid if published in an English language newspaper, or,
if in Québec, a French language newspaper, with general circulation in the respective market regions as Québec, with the approval of the Fiscal Agent, shall determine.
Any such notice shall be deemed to have been given 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. 

Office or Agency of Québec  

        So long as this Note shall be outstanding, Québec will maintain an office or agency for the payment of the principal of and premium, if any, and
interest on this Note as herein provided in The City of New York, and an office or agency in The City of New York for the registration, transfer and exchange as aforesaid of the Notes.
Québec may designate other agencies for the payment of said principal and premium, if any, and interest at such place or places (subject to applicable laws and regulations) as
Québec may decide. So long as there shall be a Fiscal Agent, Québec shall keep the Fiscal Agent advised of the names and locations of such agencies, if any are so
designated. 

        No
recourse under or upon any covenant contained in this Note or because of the creation of the indebtedness represented hereby shall be had against any official or other representative,
past, present or future, as such, of Québec whether by virtue of any statute or rule of law or by the enforcement of any assessment or penalty or otherwise, it being expressly agreed
and understood that this Note is solely the obligation of Québec and that no personal liability whatsoever shall attach to or be incurred by any such officials or other representatives,
as such, because of the execution of this Note. 

B-24

 

Prescription  

        Under current Québec law, Québec's obligation to make any payment on the Notes shall be extinguished three years after the date such
payment is due unless the right to such payment is judicially exercised prior to the expiration of such three-year period. 

Governing Law  

        The Notes shall be construed in accordance 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. 

U.S. Dollars  

        Reference in this Note to "U.S. dollars" is to the currency of the United States of America. 

B-25

 
 
 

OPTION TO ELECT REPAYMENT  
    

The
undersigned hereby irrevocably requests and instructs Québec to repay the within Note (or portion thereof specified below) pursuant to its terms at the Repayment Price, to the
undersigned at: 

(PLEASE
PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF THE UNDERSIGNED) 

If
less than the entire Principal Amount of the within Note is to be repaid, specify the portion thereof which the Holder elects to have repaid: 

	
	;

and
specify the denomination or denominations (which shall not be less than the minimum authorized denomination) of the Notes to be issued to the Holder for the portion of the within Note not being
repaid (in the absence of any such specification, one such Note will be issued for the portion not being repaid): 

	
	.

	Dated:
                                         
       	 	 
	 	 	 
	 	 	
 NOTICE: This signature on this Option to Elect Repayment must correspond with the name as written upon the face of the within instrument in every particular without alteration or enlargement.

B-26

  

EXHIBIT C 

        This
Note is a Global Note within the meaning of the Fiscal Agency Agreement hereinafter referred to and is registered in the name of a Depositary or a nominee thereof. This Global Note
may not be exchanged in whole or in part for a Note registered, and no transfer of this Global Note in whole or in part may be registered, in the name of any Person other than such Depositary or a
nominee thereof except in the limited circumstances described in the Fiscal Agency Agreement. 

        Unless
this certificate is presented by an authorized representative of The Depositry 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 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 is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 

	REGISTERED	 	REGISTERED
	No. GFXR	 	$
	CUSIP	 	 

 
 

QUÉBEC
  GLOBAL MEDIUM-TERM NOTE
  SERIES A
  (Fixed Rate)    
    

        Issue of up to U.S.$3,000,000,000 Medium-Term Notes, Series A (or the equivalent thereof in other currencies), Due Nine Months or More
from Date of Issue. 

        The
following summary of terms is subject to the information set forth on the reverse hereof. 

PRINCIPAL AMOUNT:

SPECIFIED CURRENCY:

ISSUE DATE:

INTEREST RATE:

INTEREST PAYMENT DATE(S):

RECORD DATE(S):

STATED MATURITY:

PAYMENTS OF PRINCIPAL AND PREMIUM, IF ANY, AND INTEREST:

        o U.S. dollars (if held by Cede & Co.)

        o Foreign Currency (if not held by Cede & Co.):

EXCHANGE RATE AGENT:

REDEMPTION DATE(S):

MINIMUM DENOMINATION TO BE REDEEMED (IF OTHER THAN U.S.$1,000):

INITIAL REDEMPTION PERCENTAGE:

ANNUAL REDEMPTION PERCENTAGE REDUCTION:

OPTIONAL REPAYMENT DATE(S):

MINIMUM DENOMINATION TO BE REPAID (IF OTHER THAN U.S.$1,000):

ORIGINAL ISSUE DISCOUNT SECURITY:

        TOTAL AMOUNT OF OID:

        YIELD TO MATURITY:

        INITIAL ACCRUAL PERIOD OID:

OTHER PROVISIONS:  

C-1

 

        QUÉBEC, for value received, hereby promises to pay to Cede & Co., as nominee of The
Depository Trust Company ("DTC" or the "Depositary") or registered assigns, or in accordance with the instructions of the Depositary as provided on the reverse hereof, the Principal Amount specified
above (any currency other than U.S. dollars being hereinafter referred to as a "Foreign Currency") at the Stated Maturity specified above and to pay interest thereon at a rate per annum equal
to the Interest Rate specified above until the principal hereof is paid or duly made available for payment. Interest on this Global Note will accrue from, and including, the immediately preceding
Interest Payment Date specified above in respect of which interest has been paid or duly provided for or, if no interest has been paid, from the Issue Date specified above to, but excluding, the next
succeeding Interest Payment Date or, in respect of any part of the Principal Amount due on a Maturity Date (as defined below), such Maturity Date, as the case may be. Except as provided herein,
Québec will pay interest on the Interest Payment Date(s) specified above and in respect of any part of the Principal Amount due on a Maturity Date, on such Maturity Date commencing on
the first Interest Payment Date next succeeding the Issue Date, unless the Issue Date occurs between a Record Date (as defined below) and the Interest Payment Date to which such Record Date pertains,
in which case commencing on the Interest Payment Date following the next succeeding Record Date to the Holder (as defined below) on such next succeeding Record Date. The interest so payable, and
punctually paid or duly provided for, on any Interest Payment Date will be paid to the person in whose name this Global Note (or one or more predecessor Global Notes) is registered (the "Holder") in
the register of the names and addresses of Holders of Notes (the "Note Register") maintained by Québec at the corporate trust office of the Fiscal Agent (as defined on the reverse
hereof) at the close of business on the date fifteen calendar days prior to an Interest Payment Date (whether or not a Business Day (as defined on the reverse hereof)) (a "Record Date") or in
accordance with the instructions of the Depositary as provided on the reverse hereof; provided, however,
that interest payable on a Maturity Date will be payable to the person to whom the part of the Principal Amount due on such Maturity Date shall be payable. Any such interest not so punctually paid or
duly provided for will forthwith cease to be payable to the Holder on such Record Date and may either be paid to the person in whose name this Global Note (or one or more predecessor Global Notes) is
registered at the close of business on a special record date for the payment of such defaulted interest to be fixed by the Fiscal Agent, notice whereof shall be given to Holders of Notes of this
series not less than ten days prior to such special record date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which this
Global Note may be listed, and upon such notice as may be required by such exchange. 

C-2

 

        Upon
presentation of this Global Note on a Maturity Date at the corporate trust office of the Fiscal Agent maintained for that purpose in The City of New York, or at such other
office or agency of Québec maintained by it in The City of New York for the purpose of making such payments, payment of the principal of this Global Note and premium, if any, and
interest due on such Maturity Date will be made to the Holder of this Global Note on such Maturity Date in immediately available funds or, if such payment is to be made in a Foreign Currency, by wire
transfer to the bank account or accounts designated by the Depositary as provided on the reverse hereof. If payments of interest, other than on a Maturity Date, on this Global Note are to be made in
U.S. dollars, such payments will be made by check mailed to the address of such Holder as it appears in the Note Register, or, if such payments are to be made in a Foreign Currency as provided
on the reverse hereof, by wire transfer to the Holder's bank account, as designated by the Holder of this Global Note by written notice to the Fiscal Agent on or prior to the applicable Record Date. A
Holder of U.S.$10,000,000 or more in aggregate principal amount of Notes (whether having identical or different terms and provisions) shall be entitled to receive payments of interest, other than on a
Maturity Date, by wire transfer of immediately available funds if appropriate wire transfer instructions have been received by the Fiscal Agent not less than ten days prior to the applicable Interest
Payment Date. As more fully provided on the reverse hereof, payment of the principal of and premium, if any, and interest on this Global Note will be made in such coin or currency of the
United States of America as at the time of payment is legal tender for payment of public or private debts, unless the Specified Currency indicated above is a Foreign Currency (a "Foreign
Currency Note") and payment is to be made in such Foreign Currency as provided on the reverse hereof, in which case payment shall be made in such Foreign Currency. 

        REFERENCE
IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS GLOBAL NOTE SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET
FORTH AT THIS PLACE. 

C-3

 

        Unless
the certificate of authentication hereon has been executed by the Fiscal Agent by manual signature, this Global Note shall not be entitled to any benefit under the Fiscal Agency
Agreement or be valid or obligatory for any purpose. 

C-4

 

SIGNED
ON BEHALF OF QUÉBEC. 

	 	 	 
	Dated:
                                         
       	 	 
	 	 	 
	 	 	 
	 	 	
 Authorized Official

FISCAL AGENT'S CERTIFICATE

OF AUTHENTICATION

This
is one of the Notes referred to in the

within-mentioned Fiscal Agency Agreement. 

CITIBANK, N.A., as Fiscal Agent 

	 	 	 
	 	 	 
	
 Authorized Officer	 	 

C-5

  

 
 

QUÉBEC
  GLOBAL MEDIUM-TERM NOTE
  SERIES A
  FIXED RATE    
    

General  

This
Global Note is one of a duly authorized issue of Medium-Term Notes, Series A (the "Notes"), Due Nine Months or More from Date of Issue, as selected by the purchaser and agreed
to by Québec. The Notes are issuable in a single series under a fiscal agency agreement, dated as of May 30, 2002, as may be amended or supplemented from time to time (the
"Fiscal Agency Agreement"), among Québec and Citibank, N.A., as fiscal agent (the "Fiscal Agent", which term shall include, unless the context otherwise requires, its successors and
assigns), in an aggregate initial offering price of up to U.S.$3,000,000,000 at any one time outstanding, or the equivalent thereof in other currencies at the Market Exchange Rate (as defined below)
on the applicable settlement dates in the case of Notes denominated in a Foreign Currency. The foregoing limit, however, may be increased by Québec if in the future it determines that
it may wish to sell additional Notes. The Fiscal Agency Agreement may be amended or supplemented from time to time in accordance with the terms thereof, but any such amendment or supplement will not
affect the rights of the Holder hereunder. 

As
used herein, "Maturity Date", when used with respect to this Global Note, means the date on which the Principal Amount of this Note or any part thereof becomes due and payable, whether at the
Stated Maturity or by declaration of acceleration, call for redemption or otherwise. 

Payments  

 General  

Interest
payments for this Global Note will be computed and paid on the basis of a 360-day year of twelve 30-day months. For purposes of disclosure under the Interest Act
(Canada), the yearly rate of interest which is equivalent to the rate of interest payable on this Global Note is the Interest Rate specified on the face hereof multiplied by the number of days in the
year and divided by 360. 

In
the case where an Interest Payment Date or a Maturity Date does not fall on a Business Day, any payment of principal, premium or interest otherwise payable on such day need not be made on such day,
but may be made on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date or Maturity Date and no interest shall accrue for the period from and after
such Interest Payment Date or Maturity Date to such next succeeding Business Day. As used herein, "Business Day" means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a
day on which banking institutions are authorized or required by law or executive order to close in The City of New York; provided,  however, that
(i) with respect to Foreign Currency Notes the payment of which is to be made in a Foreign Currency other than euros, such day is
also a day on which banking institutions are not authorized or required by law or executive order to close in the Principal Financial Center of the country of the Foreign Currency; and
(ii) with respect to Foreign Currency Notes the payment of which is to be made in euros, such day is also a day on which the Trans-European Automated Real-Time Gross Settlement
Express Transfer (TARGET) system, or any successor system, is open for business. 

C-6

 

"Principal
Financial Center", as used for the purpose of the definition of "Business Day", shall be the capital city of the country of the applicable Foreign Currency, except that with respect to
Canadian dollars, euros and Swiss francs, the Principal Financial Center shall be Montréal, Brussels and Zurich, respectively. 

 Original Issue Discount Note  

If
this Global Note is designated on the face hereof as an Original Issue Discount Note, then, notwithstanding anything to the contrary contained in this Global Note, upon the redemption, repayment or
acceleration of the Stated Maturity of this Global Note there shall be payable, in lieu of the Principal Amount due at the Stated Maturity hereof, an amount equal to the Amortized Face Amount of this
Global Note. The "Amortized Face Amount" shall be the amount equal to (i) the Issue Price (as defined below) of this Global Note, plus (ii) that portion of the difference between the
Issue Price and the Principal Amount of this Global Note that has been amortized at the Stated Yield (as defined below) of this Global Note (computed in accordance with generally accepted
United States bond yield computation principles) at the date as of which the Amortized Face Amount is calculated, but in no event shall the Amortized Face Amount exceed the Principal Amount of
this Global Note. As used in the previous sentence "Issue Price" means the Principal Amount of this Global Note less the Total Amount of OID of this Global Note specified on the face hereof and the
"Stated Yield" of this Global Note means the Yield to Maturity specified on the face hereof (or if not so specified, the Yield to Maturity compounded semi-annually and computed in
accordance with generally accepted United States bond yield computation principles) for the period from the Issue Date of this Global Note to the Stated Maturity hereof on the basis of its
Issue Price and Principal Amount. 

 Foreign Currency Note  

If
this Global Note is a Foreign Currency Note, the principal and premium, if any, and interest on this Global Note are payable by Québec in the Foreign Currency shown on the face
hereof. If the box under the heading "Payments of Principal and Premium, if any, and Interest" shown on the face hereof marked "U.S. dollars" has been checked, Citibank, N.A., in its capacity
as exchange rate agent, or such other person as shall be appointed by Québec (the "Exchange Rate Agent", which term shall include, unless the context otherwise requires, its successors
and assigns), will convert all payments of principal and premium, if any, and interest on this Global Note to U.S. dollars, unless a beneficial owner of an interest in this Global Note elects
to receive such payments in the Foreign Currency as described below. Any U.S. dollar amount to be received by a Holder of this Global Note will be based on either a bid quotation that the
Exchange Rate Agent or any of its affiliates quotes, which shall be a competitive quotation in the market at that time for such a transaction, or a bid quotation from a leading foreign exchange bank
in The City of New York selected by the Exchange Rate Agent, at 11:00 a.m., New York City time, on the second Business Day preceding the applicable payment date for purchase by
the Exchange Rate Agent of the Foreign Currency for U.S. dollars for settlement on such payment date in the aggregate amount of the Foreign Currency due to all Holders of Notes scheduled to
receive U.S. dollar payments. All currency exchange risks and costs will be borne by the Holder of this Global Note by deductions from such payments. Notwithstanding the above, the beneficial
owner of an interest in this Global Note may elect to receive payment of the principal of and premium, if any, and interest on this Global Note in the Foreign Currency by transmitting a written
request for such payment (and designating at the same time the appropriate bank account to which the payment will be made) to the participant through which its interest is held on or prior to the
applicable Record Date or at least fifteen days prior to the applicable Maturity Date, as the case may be. Such participant must notify the Depositary of such election and designated bank account on
or prior to the third Business Days after the applicable Record Date or at least ten days prior to the applicable Maturity Date, as the case may be. Such Depositary must notify the Fiscal Agent of
such election and designated bank account on or prior to the fifth Business Day after the applicable Record Date or at least ten days prior to the applicable Maturity Date, as the case may be. Such
request may be mailed or hand delivered or sent by facsimile transmission. The beneficial owner of an interest in this Global Note may elect to receive payment in the Foreign Currency for all
principal, premium and interest payments and need not file a separate election for each payment. Such election will remain in effect until revoked by written notice to the Fiscal Agent, but
written notice of any such revocation must be received by the Fiscal Agent on or prior to the applicable Record Date or at least sixteen days prior to the applicable Maturity Date, as the case may be. 

C-7

 

If
the box under the heading "Payments of Principal and Premium, if any, and Interest" shown on the face hereof marked "Foreign Currency" has been checked, payment of principal and premium, if any,
and interest will be made in the Foreign Currency and a beneficial owner of an interest in this Global Note will not have the option to elect payment in U.S. dollars. 

C-8

 

If
the Foreign Currency is not available for the payment of principal and premium, if any, and interest with respect to this Global Note due to the imposition of exchange controls or other
circumstances beyond the control of Québec, Québec will be entitled to satisfy its obligations to the Holder of this Global Note by making such payment in
U.S. dollars (i) on the basis of the Market Exchange Rate on the date of the payment, or (ii) if the Market Exchange Rate is not then available, on the basis of the most recently
available Market Exchange Rate, or (iii) as the case may be, as otherwise specified in "Other Provisions" on the face hereof. 

The
Fiscal Agent will, subject to applicable laws and regulations, make all payments in the Foreign Currrency with respect to this Global Note by wire transfers to the appropriate bank accounts
of which DTC or any other depositary through which this Global Note is held, as the case may be, notifies the Fiscal Agent which shall be, where such payment is made as a result of an election by a
beneficial owner of an interest in this Global Note as provided above, the accounts designated as provided above. 

In
order for any Holder of this Global Note entitled to receive payments of principal and premium, if any, and interest in the Foreign Currency to receive such payments by wire transfer, such Holder
shall designate an appropriate bank account. Such designation shall be made by filing the appropriate information with the Fiscal Agent at its corporate trust office in The City of New York on
or prior to the applicable Record Date or at least sixteen days prior to the applicable Maturity Date, as the case may be. The Fiscal Agent will, subject to applicable laws and regulations and until
it receives notice to the contrary, make such payment and all succeeding payments to such Holder by wire transfer to the designated account. If a payment cannot be made by wire transfer because the
required information has not been received by the Fiscal Agent on or before the requisite date, a notice will be mailed to the Holder of this Global Note at its registered address requesting such
information and until such information has been received, no additional interest will accrue. 

Québec
will pay all administrative costs imposed by banks in connection with making payments by wire transfer, but any tax, assessment or governmental charge imposed upon such payments
will be borne by the Holder of this Global Note. 

The
"Market Exchange Rate" with respect to any Foreign Currency shall be the noon dollar buying rate in The City of New York for cable transfers for such Foreign Currency as certified for
customs purposes by the Federal Reserve Bank of New York. 

 Redemption at the Option of Québec  

If
one or more Redemption Dates (or ranges of such dates) is specified on the face hereof, this Global Note is subject to redemption upon not less than thirty days' and not more than sixty days' prior
notice by mail, on any such date (or during any such range) as a whole, or from time to time in part, in increments of U.S.$1,000 or such other minimum denomination specified on the face hereof
(provided that any remaining Principal Amount hereof shall be at least U.S.$1,000 or such other minimum denomination), at the election of Québec, at the Redemption Price (as defined
below) together with accrued interest to the Redemption Date; but any interest payment due on an Interest Payment Date falling on or prior to the Redemption Date will be payable to the Holder hereof
(or one or more predecessor Notes) of record at the close of business on the Record Date pertaining to such Interest Payment Date. If applicable, the "Redemption Price" for any such redemption shall
be equal to the Initial Redemption Percentage specified on the face hereof (as adjusted by the Annual Redemption Percentage Reduction specified on the face hereof, if applicable) multiplied by the
portion of the Principal Amount hereof (or, if this Global Note is an Original Issue Discount Note, the portion of the Amortized Face Amount hereof) to be redeemed; provided, however, that in no event
shall the Redemption Price be less than 100% of the portion of the Principal Amount hereof (or, if this Global Note is an Original Issue Discount Note, the portion of the Amortized Face Amount hereof)
to be redeemed. 

C-9

 

Notice
of redemption having been given as aforesaid, this Global Note (or the portion of the Principal Amount hereof so to be redeemed) shall, on the Redemption Date, become due and payable at the
Redemption Price herein specified, and from and after such date (unless Québec shall default in the payment of the Redemption Price and accrued interest) shall cease to bear interest. 

In
the case of any partial redemption at the election of Québec of Notes, the Notes of a particular tenor to be redeemed shall be selected by the Fiscal Agent not more than sixty days
prior to the Redemption Date by such method as the Fiscal Agent shall deem fair and appropriate and which may provide for the selection for redemption of portions of the Principal Amount of Notes. In
the event of any redemption of this Global Note in part only, a new Note or Notes of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation
hereof, provided that such unredeemed portion shall be an authorized denomination for Notes of this series. 

 Repayment at the Option of Holder  

If
one or more Optional Repayment Dates (or ranges of such dates) is specified on the face hereof, this Global Note is subject to repayment on any such date (or during any such range) or, if such date
is not a Business Day, on the first Business Day following such date, as a whole or from time to time in part, in increments of U.S.$1,000 or such other minimum denomination specified on the face
hereof (provided that any remaining Principal Amount hereof shall be at least U.S.$1,000 or such other minimum denomination), at the election of the Holder hereof at the Repayment Price (as defined
below) together with accrued interest thereon to the Optional Repayment Date, but any interest payment due on an Interest Payment Date falling on or prior to the Optional Repayment Date will be
payable to the Holder hereof of record at the close of business on the Record Date pertaining to such Interest Payment Date. Such election shall be effected by the Holder hereof delivering to
Québec at the corporate trust office of the Fiscal Agent in The City of New York not less than thirty nor more than sixty days prior to the date on which this Global Note is to
be repaid, or during such other notice period specified on the face hereof, a notice requesting such repayment in the form prescribed below and specifying the date upon which this Global Note is to be
repaid. Any notice given by a Holder pursuant to this paragraph shall consist of this Global Note with the form entitled "Option to Elect Repayment" set forth of the end of this Global Note duly
completed. Exercise of the repayment option by the Holder hereof will be irrevocable. Unless otherwise specified on the face hereof, the "Repayment Price" for any such repayment shall be 100% of the
portion of the Principal Amount hereof (or, if this Global Note is an Original Issue Discount Note, the portion of the Amortized Face Amount hereof) to be repaid. 

C-10

 

Status of the Notes  

The
Notes shall rank equally among themselves and with the other debt securities of Québec outstanding on the date of this Global Note or issued hereafter. 

Form, Denomination and Registration  

The
Notes are fully registered, without coupons, in authorized denominations of U.S.$1,000 and any integral multiple of U.S.$1,000 in excess thereof, or, in the case of Notes denominated in a Foreign
Currency, the equivalent in the Foreign Currency (rounded down to an integral multiple of 10,000 units of such Foreign Currency) or such larger amount in integral multiples of 10,000 units of such
Foreign Currency. The Fiscal Agent has been appointed registrar for the Notes, and Québec will cause the Fiscal Agent to maintain at its corporate trust office in The City of
New York a Note Register for the registration and transfer of Notes. 

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

C-11

 

The
Notes represented by this Global Note are exchangeable for Certificated Notes of like tenor as such Notes in denominations of U.S.$1,000 and integral multiples thereof only (i) if the
Depositary notifies Québec that it is unwilling or unable to continue as Depositary for this Global Note or if at any time the Depositary ceases to be a clearing agency registered under
the Securities Exchange Act of 1934, as amended, and a successor Depositary is not appointed by Québec within 90 days after receiving the notice or becoming aware that the
Depositary is no longer registered as the Depositary, or (ii) if Québec executes and delivers to the Fiscal Agent a written notice that all Global Notes representing Notes shall
be exchangeable, or (iii) upon request to the Fiscal Agent by the Depositary, acting on direct or indirect instructions of a Holder or any beneficial owner of interests in this Global Note,
after an event of default entitling the Holders to accelerate the Stated Maturity of the Notes represented by this Global Note has occurred and is continuing,  provided that if the Depositary is
unwilling or does not promptly make such request to the Fiscal Agent, then any beneficial owner of interests in this
Global Note shall be entitled to make such request with respect to such interest. If the exchange is made pursuant to clause (iii), then the Notes represented by this Global Note may be
exchangeable for Certificated Notes in whole or in part. If the Notes represented by this Global Note become exchangeable as provided above, Québec shall issue or cause to be issued
Certificated Notes upon registration of transfer of, or in exchange for, Notes represented by this Global Note. All such exchanges will be free of charge, but Québec may require payment
of a sum sufficient to cover any tax or other governmental charge in connection therewith. The date of registration of any Certificated Note delivered upon any exchange or transfer of a Global Note
shall be such that no gain or loss of interest results from such exchange or transfer. The Fiscal Agent shall not be required to make any transfers, registrations or exchanges of Global Notes for a
period of fifteen days preceding any Interest Payment Date. 

In
respect of any such issuance of Certificated Notes, (i) Québec shall promptly provide the Fiscal Agent with a sufficient number of Certificated Notes in blank form to proceed
with such issuance, (ii) the Depositary shall cause this Global Note 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 this Global Note to be
exchanged for such Certificated Notes, (iv) the Fiscal Agent shall cancel this Global Note and, in the case of a partial exchange, issue and deliver to or to the order of the Depositary a new
Global Note in an aggregate principal amount equal to the unexchanged portion of this Global Note and (v) the Fiscal Agent shall reduce accordingly the holdings of the Holder 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 its 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
this Global Note shall be valid obligations of Québec and shall be entitled to the same benefits under the Fiscal Agency Agreement as the Global Notes. 

C-12

 

Québec
expressly acknowledges that if Certificated Notes are not promptly issued to a beneficial owner of an interest in a Global Note as contemplated herein, then such beneficial owner
shall be entitled to pursue any remedy under the Fiscal Agency Agreement, the Note or applicable law with respect to the portion of this Global Note that represents such beneficial owner's interest as
if such Certificated Notes had been issued. 

In
the event of any redemption of Notes represented by this Global Note at the election of Québec, the Fiscal Agent shall not be required to (i) issue, register the transfer of
or exchange Global Notes of like tenor during a period beginning at the opening of business fifteen days before any selection of such Notes to be redeemed and ending at the close of business on the
day of mailing of the relevant notice of redemption, or (ii) register the transfer of or exchange this Global Note, or, except in the case of a partial redemption, the unredeemed portion of
this Global Note. Following the exercise of any repayment option by the Holder hereof, the Fiscal Agent shall not be required to issue, register the transfer of or exchange that portion of this Global
Note with respect to which such option has been exercised. 

Subject
to the foregoing, this Global Note is not exchangeable, except for a Global Note or Global Notes in an equal aggregate Principal Amount to be registered in the name of the Depositary or its
nominee. 

Events of Default  

In
the event that (i) Québec shall default in the payment of principal of or premium or interest on this Global Note as and when the same shall be due and payable, and such
default shall continue for a period of 45 days, or (ii) default shall be made in the due performance or observance by Québec of any covenant or agreement contained in the
Global Notes, other than the payment of principal, premium or interest, or in the Fiscal Agency Agreement, and such default shall continue for a period of 60 days, or
(iii) Québec shall default in the payment of any principal of or premium or interest on any indebtedness (direct or under a guarantee) for borrowed money, other than the Global
Notes, as and when the same shall be 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 the continuance of such default the Holder of this Global Note (or its proxy) may deliver or
cause to be delivered to Québec (with a copy to the Fiscal Agent) a written notice that such Holder elects to declare the principal of the Note or Notes held by him (the serial number
or numbers of the Global Note 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 (i) or (iii) above, on the 15th day after delivery of such notice, or, in the cases falling within (ii) above, on the 30th day after delivery of
such notice, the principal of the Note or Notes referred to in such notice plus any premium and accrued interest thereon shall become due and payable at the places for payment herein specified, unless
prior to that time all such defaults theretofore existing shall have been cured. 

C-13

 

Modification  

The
Fiscal Agency Agreement contains provisions with respect to modifying or amending said Agreement either without notice to, or the consent of, the holder of any Note or with the approval of the
holders of Notes. 

Future Holders  

Any
action by the Holder of this Global Note shall bind all future Holders of this Global Note, and of any Note issued in exchange or substitution herefor or in place hereof, in respect of anything
done or permitted by Québec or by the Fiscal Agent in pursuance of such action. 

Notices  

All
notices to the Holders of Global Notes will be given in writing mailed, first-class postage prepaid, to each Holder at each Holder's address as it appears in the Note Register. Any such notice
shall be deemed to have been given on the date of such mailing. 

However,
when Certificated Notes are outstanding, all notices to the Holders of Notes will be published in English in New York, New York in The Wall Street
Journal and in Toronto, Ontario in The Globe & Mail and in French in Montréal, Québec in  La Presse. If at
any time publication in any such newspaper is not practicable, notices will be valid if published in an English language newspaper, or,
if in Québec, a French language newspaper, with general circulation in the respective market regions as Québec, with the approval of the Fiscal Agent, shall determine.
Any such notice shall be deemed to have been given 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. 

C-14

 

Office or Agency of Québec  

So
long as this Global Note shall be outstanding, Québec will maintain an office or agency for the payment of the principal of and premium, if any, and interest on this Global Note as
herein provided in The City of New York, and an office or agency in The City of New York for the registration, transfer and exchange as aforesaid of the Notes. Québec may
designate other agencies for the payment of said principal and premium, if any, and interest at such place or places (subject to applicable laws and regulations) as Québec may decide.
So long as there shall be a Fiscal Agent, Québec shall keep the Fiscal Agent advised of the names and locations of such agencies, if any are so designated. 

No
recourse under or upon any covenant contained in this Global Note or because of the creation of the indebtedness represented hereby shall be had against any official or other representative, past,
present or future, as such, of Québec whether by virtue of any statute or rule of law or by the enforcement of any assessment or penalty or otherwise, it being expressly agreed and
understood that this Global Note is solely the obligation of Québec and that no personal liability whatever shall attach to or be incurred by any such officials or other
representatives, as such, because of the execution of this Global Note. 

Prescription  

Under
current Québec law, Québec's obligation to make any payment on the Notes shall be extinguished three years after the date such payment is due unless the right to
such payment is judicially exercised prior to the expiration of such three-year period. 

Governing Law  

The
Notes shall be construed in accordance 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. 

C-15

 

U.S. Dollars  

Reference
in this Global Note to "U.S. dollars" is to the currency of the United States of America. 

C-16

 
 
 

OPTION TO ELECT REPAYMENT    
    

        The undersigned hereby irrevocably requests and instructs Québec to repay the within Global Note (or portion thereof specified below) pursuant to
its terms at the Repayment Price, to the undersigned at: 

(PLEASE
PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF THE UNDERSIGNED) 

If
less than the entire Principal Amount of the within Global Note is to be repaid, specify the portion thereof which the Holder elects to have repaid: 

	
	;

and
specify the denomination or denominations (which shall not be less than the minimum authorized denomination) of the Notes to be issued to the Holder for the portion of the within Global Note not
being repaid (in the absence of any such specification, one such Global Note will be issued for the portion not being repaid): 

	
	;

	Dated:
                                         
       	 	 
	 	 	 
	 	 	
 NOTICE: This signature on this Option to Elect Repayment must correspond with the name as written upon the face of the within instrument in every particular without alteration or enlargement.

C-17

  

EXHIBIT D  

        This
Note is a Global Note within the meaning of the Fiscal Agency Agreement hereinafter referred to and is registered in the name of a Depositary or a nominee thereof. This Global Note
may not be exchanged in whole or in part for a Note registered, and no transfer of this Global Note in whole or in part may be registered, in the name of any Person other than such Depositary or a
nominee thereof except in the limited circumstances described in the Fiscal Agency Agreement. 

        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 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 is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 

	REGISTERED	 	REGISTERED
	No. GFLR	 	$
	CUSIP	 	 

 
 

QUÉBEC
  GLOBAL MEDIUM-TERM NOTE
  SERIES A
  (Floating Rate)    
    

        Issue of up to U.S.$3,000,000,000 Medium-Term Notes, Series A (or the equivalent thereof in other currencies), Due Nine Months or More
from Date of Issue. 

        The
following summary of terms is subject to the information set forth on the reverse hereof. 

	 	 	PRINCIPAL AMOUNT:
	 	 	SPECIFIED CURRENCY:
	 	 	ISSUE DATE:
	 	 	INTEREST RATE BASIS:
	 	 	SPREAD:
	 	 	SPREAD MULTIPLIER:
	 	 	INITIAL INTEREST RATE:
	 	 	MAXIMUM INTEREST RATE:
	 	 	MINIMUM INTEREST RATE:
	 	 	INTEREST PAYMENT DATE(S):

D-1

 

	 	 	INTEREST PAYMENT PERIOD:
	 	 	INTEREST RESET DATE(S):
	 	 	INTEREST RATE RESET PERIOD:
	 	 	INTEREST DETERMINATION DATE(S):
	 	 	CALCULATION DATE(S):
	 	 	INDEX MATURITY:
	 	 	CALCULATION AGENT:
	 	 	RECORD DATE(S):
	 	 	STATED MATURITY:
	 	 	REDEMPTION DATE(S):
	 	 	MINIMUM DENOMINATION TO BE REDEEMED (IF OTHER

    THAN U.S.$1,000):
	 	 	INITIAL REDEMPTION PERCENTAGE:
	 	 	ANNUAL REDEMPTION PERCENTAGE REDUCTION:
	 	 	OPTIONAL REPAYMENT DATE(S):
	 	 	MINIMUM DENOMINATION TO BE REPAID (IF OTHER THAN

    U.S.$1,000):
	 	 	PAYMENTS OF PRINCIPAL AND PREMIUM, IF ANY, AND INTEREST:
	 	 	    o U.S. dollars (if held by Cede & Co.)
	 	 	    o Foreign Currency (if not held by Cede & Co.):
	 	 	EXCHANGE RATE AGENT:
	 	 	ORIGINAL ISSUE DISCOUNT SECURITY:
	 	 	    TOTAL AMOUNT OF OID:
	 	 	    YIELD TO MATURITY:
	 	 	    INITIAL ACCRUAL PERIOD OID:
	 	 	OTHER PROVISIONS:

        QUÉBEC, for value received, hereby promises to pay to Cede & Co., as nominee of The
Depository Trust Company ("DTC" or the "Depositary") or registered assigns, or in accordance with the instructions of the Depositary as provided on the reverse hereof, the Principal Amount specified
above (any currency other than U.S. dollars being hereinafter referred to as a "Foreign Currency") at the Stated Maturity specified above and to pay interest thereon at a rate per annum equal
to the Initial Interest Rate specified above until the first Interest Reset Date specified above following the Issue Date specified above and thereafter at a rate determined in accordance with the
provisions on the reverse hereof under the heading "Determination of CD Rate", "Determination of CMT Rate", "Determination of Commercial Paper Rate", "Determination of Federal Funds Rate",
"Determination of LIBOR", "Determination of EURIBOR", "Determination of Prime Rate" or "Determination of Treasury Rate", depending upon whether the Interest Rate Basis specified above is CD Rate, CMT
Rate, Commercial Paper Rate, Federal Funds Rate, LIBOR, EURIBOR, Prime Rate or Treasury Rate, until the principal hereof is paid or duly made available for payment. Interest on this Global Note will
accrue from, and including, the immediately preceding Interest Payment Date specified above in respect of which interest has been paid or duly 

D-2

 

provided
for or, if no interest has been paid, from the Issue Date specified above to, but excluding, the next succeeding Interest Payment Date or, in respect of any part of the Principal Amount due
on a Maturity Date (as defined below), such Maturity Date, as the case may be, except that the interest payment on a Maturity Date will include interest accrued to but excluding such date. Except as
provided herein, Québec will pay interest monthly, quarterly, semi-annually or annually as specified above under "Interest Payment Period", commencing with the first
Interest Payment Date specified above next succeeding the Issue Date, unless the Issue Date occurs between a Record Date and the Interest Payment Date to which such Record Date pertains, in which case
commencing on the Interest Payment Date following the next succeeding Record Date and in respect of any part of the Principal Amount due on a Maturity Date, on such Maturity Date. The interest so
payable, and punctually paid or duly provided for, on any Interest Payment Date will be paid to the person in whose name this Global Note (or one or more predecessor Global Notes) is registered (the
"Holder") in the register of the names and addresses of Holders of Notes (the "Note Register") maintained by Québec at the corporate trust office of the Fiscal Agent (as defined on the
reverse hereof) at the close of business on the date fifteen calendar days prior to an Interest Payment Date (whether or not a Business Day (as defined on the reverse hereof)) (a "Record Date"), or in
accordance with the instructions of the Depositary as provided on the reverse hereof; provided, however,
that interest payable on a Maturity Date will be payable to the person to whom the part of the Principal Amount due on such Maturity Date shall be payable. Any such interest not so punctually paid or
duly provided for will forthwith cease to be payable to the Holder on such Record Date and may either be paid to the person in whose name this Global Note (or one or more predecessor Global Notes) is
registered at the close of business on a special record date for the payment of such defaulted interest to be fixed by the Fiscal Agent, notice whereof shall be given to Holders of Notes of this
series not less than ten days prior to such special record date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which this
Global Note may be listed, and upon such notice as may be required by such exchange. 

D-3

 

        Upon
presentation of this Global Note on a Maturity Date at the corporate trust office of the Fiscal Agent maintained for that purpose in The City of New York, or at such other
office or agency of Québec maintained by it in The City of New York for the purpose of making such payments, payment of the principal of this Global Note and premium, if any, and
interest due on such Maturity Date will be made to the Holder of this Global Note on such Maturity Date in immediately available funds or, if such payment is to be made in a Foreign Currency, by wire
transfer to the bank account or accounts designated by the Depositary as provided on the reverse hereof. If payments of interest, other than on a Maturity Date, on this Global Note are to be made in
U.S. dollars, such payments will be made by check mailed to the address of such Holder as it appears in the Note Register, or, if such payments are to be made in a Foreign Currency as provided
on the reverse hereof, by wire transfer to the Holder's bank account, as designated by the Holder of this Global Note by written notice to the Fiscal Agent on or prior to the applicable Record Date. A
Holder of U.S.$10,000,000 or more in aggregate principal amount of Notes (whether having identical or different terms and provisions) shall be entitled to receive payments of interest, other than on a
Maturity Date, by wire transfer of immediately available funds if appropriate wire transfer instructions have been received by the Fiscal Agent not less than ten days prior to the applicable Interest
Payment Date. As more fully provided on the reverse hereof, payment of the principal of and premium, if any, and interest on this Global Note will be made in such coin or currency of the
United States of America as at the time of payment is legal tender for payment of public or private debts, unless the Specified Currency indicated above is a Foreign Currency (a "Foreign
Currency Note") and payment is to be made in such Foreign Currency as provided on the reverse hereof in which case payment shall be made in such Foreign Currency. 

        REFERENCE
IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS GLOBAL NOTE SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET
FORTH AT THIS PLACE. 

        Unless
the certificate of authentication hereon has been executed by the Fiscal Agent by manual signature, this Global Note shall not be entitled to any benefit under the Fiscal Agency
Agreement or be valid or obligatory for any purpose. 

D-4

 

SIGNED
ON BEHALF OF QUÉBEC. 

	 	 	 
	Dated:
                                         
       	 	 
	 	 	 
	 	 	 
	 	 	
 Authorized Official

FISCAL AGENT'S CERTIFICATE

OF AUTHENTICATION

This
is one of the Notes referred to in the

within-mentioned Fiscal Agency Agreement. 

CITIBANK, N.A., as Fiscal Agent 

	 	 	 
	 	 	 
	
 Authorized Officer	 	 

D-5

  

 
 

QUÉBEC
  GLOBAL MEDIUM-TERM NOTE
  SERIES A
  FLOATING RATE    
    

General  

        This Global Note is one of a duly authorized issue of Medium-Term Notes, Series A (the "Notes"), Due Nine Months or More from Date of Issue, as
selected by the purchaser and agreed to by Québec. The Notes are issuable in a single series under a fiscal agency agreement, dated as of May 30, 2002, as may be amended or
supplemented from time to time (the "Fiscal Agency Agreement"), among Québec and Citibank, N.A., as fiscal agent (the "Fiscal Agent", which term shall include, unless the context
otherwise requires, its successors and assigns), in an aggregate initial offering price of up to U.S.$3,000,000,000 at any one time outstanding, or the equivalent thereof in other currencies at the
Market Exchange Rate (as defined below) on the applicable settlement dates in the case of Notes denominated in a Foreign Currency. The foregoing limit, however, may be increased by
Québec if in the future it determines that it may wish to sell additional Notes. The Fiscal Agency Agreement may be amended or supplemented from time to time in accordance with the
terms thereof, but any such amendment or supplement will not affect the rights of the Holder hereunder. 

        As
used herein, "Maturity Date", when used with respect to this Global Note, means the date on which the Principal Amount of this Note or any part thereof becomes due and payable,
whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise. 

Interest  

 General  

        Commencing with the first Interest Reset Date specified on the face hereof following the Issue Date, the rate at which interest on this Global Note is payable
shall be adjusted daily, weekly, monthly, quarterly, semi-annually or annually as specified on the face hereof under "Interest Rate Reset Period";  provided, however, that the interest rate in effect for the period from the Issue Date to the first
Interest Reset Date will be the Initial Interest Rate. If any Interest Reset Date would otherwise be a day that is not a Business Day (as defined below), such Interest Reset Date shall be postponed to
the next succeeding day that is a Business Day, except that in the case the Interest Rate Basis is LIBOR or EURIBOR, if such Business Day is in the next succeeding calendar month, such Interest Reset
Date shall be the immediately preceding Business Day. Subject to applicable provisions of law and except as specified herein, on each Interest Reset Date, the rate of interest on this Global Note
shall be the rate determined in accordance with the provisions of the applicable heading below. 

D-6

 

        Determination of CD Rate.    If the Interest Rate Basis is CD Rate, the interest rate payable with respect to this Global Note
shall equal the CD Rate determined as specified herein, plus or minus the Spread, if any, specified on the face hereof or multiplied by the Spread Multiplier, if any, specified on the face hereof. The
CD Rate shall equal the rate as of the second Business Day prior to the Interest Reset Date specified on the face hereof (a "CD Interest Determination Date") for negotiable certificates of deposit for
the period of the Index Maturity specified on the face hereof as published by the Board of Governors of the Federal Reserve System in "Statistical Release H.15(519), Selected Interest Rates", or any
successor publication ("H.15(519)") under the heading "CDs (Secondary Market)" or any replacement heading on that service. If such rate is not published in H.15(519) by 3:00 p.m.,
New York City time, on the Calculation Date (as defined below) pertaining to such CD Interest Determination Date, then the CD Rate shall be the rate on such CD Interest Determination Date set
forth in the daily update of H.15(519), available through the world-wide-web site of the Board of Governors of the Federal Reserve System at
http://www.federalreserve.gov/releases/h15/update, or any successor site or publication ("H.15 Daily Update") for that day in respect of certificates of deposit having the Index Maturity specified
above under the heading "CD(s) (Secondary Market)" or any replacement heading on that service. If such rate is not published in either H.15(519) or H.15 Daily Update by 3:00 p.m.,
New York City time, on the Calculation Date pertaining to such CD Interest Determination Rate, then the CD Rate shall be calculated by the Calculation Agent and shall be the arithmetic mean of
the secondary market offered rates, as of 10:00 a.m., New York City time, on such CD Interest Determination Date, of three leading non-bank dealers of negotiable
U.S. dollar certificates of deposit in The City of New York selected by the Calculation Agent, after consultation with Québec (and which may include the agents appointed
by Québec for the purpose of soliciting purchases of the Notes by others from Québec (the "Agents") and affiliates of the Agents) for negotiable certificates of deposit
of major United States money center banks with a remaining maturity closest to the specified Index Maturity and in an amount that is representative for a single transaction in such market at
such time, provided, however, that if the dealers selected as aforesaid by the Calculation Agent are not
quoting as mentioned in this sentence, the CD Rate will be the CD Rate in effect on such CD Interest Determination Date. 

D-7

 

        Determination of CMT Rate.    If the Interest Rate Basis is CMT Rate, the interest rate payable with respect to this Global Note
shall equal the CMT Rate determined as specified herein, plus or minus the Spread, if any, or multiplied by the Spread Multiplier, if any. The CMT Rate shall equal the rate as of the second Business
Day prior to the Interest Reset Date specified on the face hereof (a "CMT Rate Interest Determination Date") displayed on the Designated CMT Telerate Page (as defined below) under the caption
"...Treasury Constant Maturities...Federal Reserve Board Release H.15...Mondays Approximately 3:45 p.m.," under the column for the Designated CMT Maturity Index (as defined below) for
(i) if the Designated CMT Telerate Page is 7051, such CMT Rate Interest Determination Date or (ii) if the Designated CMT Telerate Page is 7052, the week or the month, as applicable,
ended immediately preceding the week in which the related CMT Rate Interest Determination Date occurs. If such rate is no longer displayed on the relevant page, or is not displayed by
3:00 p.m., New York City time, on the Calculation Date pertaining to such CMT Rate Interest Determination Date, then the CMT Rate for such CMT Rate Interest Determination Date shall be
such treasury constant maturity rate for the Designated CMT Maturity Index as may then be published in the relevant H.15(519). If such rate is no longer published, or is not published by
3:00 p.m., New York City time, on such Calculation Date, then the CMT Rate for such CMT Rate Interest Determination Date shall be such treasury constant maturity rate for the Designated
CMT Maturity Index (or other United States Treasury rate for the Designated CMT Maturity Index) for such CMT Rate Interest Determination Date as may then be published by either the Board of
Governors of the Federal Reserve System or the United States Department of the Treasury that the Calculation Agent determines to be comparable to the rate formerly displayed on the Designated
CMT Telerate Page and published in the relevant H.15(519). If such information is not published by 3:00 p.m., New York City time, on such Calculation Date, then the CMT Rate for such CMT
Rate Interest Determination Date shall be calculated by the Calculation Agent and shall be the yield to maturity, based on the arithmetic mean of the secondary market bid prices as of approximately
3:30 p.m., New York City time, on such CMT Rate Interest Determination Date reported by three leading primary United States government securities dealers (each, a "Reference
Dealer") in The City of New York (which may include the Agents or their affiliates) selected by the Calculation Agent (from five Reference Dealers selected by the Calculation Agent and
eliminating the highest quotation (or, in the event of equality, one of the highest) and the lowest quotation (or, in the event of equality, one of the lowest)) for obligations of the
United States ("Treasury Notes") with an original maturity of approximately the Designated CMT Maturity Index and a remaining term to maturity of not less than such Designated CMT Maturity
Index minus one year and in an amount that is representative for a single transaction in such market at such time. If three or four (and not five) of such Reference Dealers are quoting as described in
the immediately preceding sentence, then the CMT Rate will be based on the arithmetic mean of the Treasury Note quotations obtained and neither the highest nor the lowest of such quotations will be
eliminated. If the Calculation Agent cannot obtain three such Treasury Note quotations, the CMT Rate for such CMT Rate Interest Determination Date shall be calculated by the Calculation Agent and
shall be the yield to maturity based on the arithmetic mean of the secondary market bid prices as of approximately 3:30 p.m., New York City time, on such CMT Rate Interest Determination
Date of three Reference Dealers in The City of New York (from five such Reference Dealers selected by the Calculation Agent (and which may include the Agents and their affiliates), and
eliminating the highest quotation (or, in the event of equality, one of the highest) and the lowest quotation (or, in the event of equality, one of the lowest)) for Treasury Notes with an original
maturity of a number of years that is greater than the Designated CMT Maturity Index and a remaining term to maturity closest to the Designated CMT Maturity Index and in an amount that is
representative for a single transaction in such market at such time. If three or four (and not five) of such Reference Dealers are quoting as described in the immediately preceding sentence, then the
CMT Rate shall be based on the arithmetic mean of the Treasury Note quotations obtained and neither the highest nor the lowest of such quotations will be eliminated;  provided, however, that if fewer than three Reference Dealers selected by the Calculation Agent are
quoting as described in the immediately preceding sentence, the CMT Rate shall be the CMT Rate in effect on such CMT Rate Interest Determination Date. If two Treasury Notes with an original maturity
as described in the second preceding sentence have remaining terms to maturity equally close to the Designated CMT Maturity Index, the quotations for the Treasury Note with the shorter remaining term
to maturity will be used. 

D-8

 

        "Designated
CMT Telerate Page" means the display on the Moneyline Telerate Service Inc., or any successor, on the page designated on the face hereof (or any other page as may
replace such page on that service for the purpose of displaying Treasury Constant Maturities as reported in H.15(519)), for the purpose of displaying Treasury Constant Maturities as reported in
H.15(519). If no such page is so specified, the Designated CMT Telerate Page shall be 7052, for the most recent week. 

        "Designated
CMT Maturity Index" means the original period to maturity of the U.S. Treasury securities (either 1, 2, 3, 5, 7, 10, 20 or 30 years) specified on the face
hereof with respect to which the CMT Rate will be calculated. If no such maturity is specified on the face hereof, the Designated CMT Maturity Index shall be two years. 

        Determination of Commercial Paper Rate.    If the Interest Rate Basis is Commercial Paper Rate, the interest rate payable with
respect to this Global Note shall equal the Commercial Paper Rate determined as specified herein, plus or minus the Spread, if any, or multiplied by the Spread Multiplier, if any. The Commercial Paper
Rate shall equal the Money Market Yield (as defined herein) as of the Business Day prior to the Interest Reset Date ("Commercial Paper Interest Determination Date") for commercial paper for the period
of the Index Maturity specified on the face hereof, as published in H.15(519) under the heading "Commercial Paper—Non Financial" or any replacement heading on that service. If such
rate is not published by 3:00 p.m., New York City time, on the Calculation Date pertaining to such Commercial Paper Interest Determination Date, then the Commercial Paper Rate shall be
the Money Market Yield (as defined below), on such Commercial Paper Interest Determination Date, for commercial paper for the period of the Index Maturity as published in H.15 Daily Update or any
other recognized electronic source used for displaying that rate, under the heading "Commercial Paper—Non Financial" or any replacement heading on that service (with an Index Maturity of
one month or three months being deemed to be an Index Maturity of thirty days or ninety days respectively). If such rate is not published in either H.15(519), H.15 Daily Update or another recognized
electronic source by 3:00 p.m., New York City time, on such Calculation Date, then the Commercial Paper Rate shall be calculated by the Calculation Agent and shall be the Money Market
Yield of the arithmetic mean of the offered rates as of 11:00 a.m., New York City time, on such Commercial Paper Interest Determination Date of three leading dealers of commercial paper
in The City of New York selected by the Calculation Agent, after consultation with Québec (and which may include the Agents and their affiliates), for commercial paper for the
period of the Index Maturity placed for an industrial issuer whose bond rating from a nationally recognized rating agency is at least "AA" or the equivalent,  provided, however, that if such dealers selected as aforesaid by the Calculation Agent are not quoting
as mentioned in this sentence, the Commercial Paper Rate shall be the Commercial Paper Rate in effect on such Commercial Paper Interest Determination Date. 

D-9

 

        "Money
Market Yield" shall be the yield calculated in accordance with the following formula: 

	 	 	D x 360

360 – (D x M)	 	x 100

where "D" refers to the applicable per annum rate for commercial paper quoted on a bank discount basis and expressed as a decimal and "M" refers to the actual number of days in
the Interest Payment Period for which interest is being calculated.

        Determination of Federal Funds Rate.    If the Interest Rate Basis is Federal Funds Rate, the interest rate payable with respect
to this Global Note shall equal the Federal Funds Rate determined as specified herein, plus or minus the Spread, if any, or multiplied by the Spread Multiplier, if any. The Federal Funds Rate shall
equal the rate as of the Business Day prior to the Interest Reset Date (a "Federal Funds Interest Determination Date") for U.S. dollar Federal Funds as published in H.15(519) under the
heading "Federal Funds (Effective)" as that rate is displayed on Telerate page 120. If such rate is not displayed on Telerate page 120 by 3:00 p.m., New York City time, on
the Calculation Date pertaining to such Federal Funds Interest Determination Date, then the Federal Funds Rate shall be the rate on such Federal Funds Interest Determination Date as published in H.15
Daily Update or another recognized electronic source for displaying that rate under the heading "Federal Funds (Effective)" or any replacement heading on that service. If by 3:00 p.m.,
New York City time, on such Calculation Date, such rate is not published in either H.15(519) or H.15 Daily Update or another recognized electronic source, then the Federal Funds Rate
shall be calculated by the Calculation Agent and shall be the arithmetic mean of the rates, for the last transaction in overnight Federal Funds arranged by three leading brokers of Federal Funds
transactions in The City of New York selected by the Calculation Agent, after consultation with Québec (and which may include the Agents and their affiliates) by
9:00 a.m., New York City time, on such Federal Funds Rate Interest Determination Date, provided, however, that if the brokers selected as
aforesaid by the Calculation Agent are not quoting as mentioned in this sentence, the Federal Funds Rate shall be the Federal Funds Rate in effect on such Federal Funds Interest Determination Date. 

D-10

 

        "Telerate
page" means the display on Moneyline Telerate Service, Inc. or any successor, on the page or pages specified on the face hereof, or any replacement page or pages on that
service. 

        Determination of LIBOR.    If the Interest Rate Basis is LIBOR, the interest rate payable with respect to this Global Note shall
equal LIBOR as determined as of the second London Business Day prior to the Interest Reset Date (a "LIBOR Interest Determination Date") in accordance with the following provisions, in each case plus
or minus the Spread, if any, or multiplied by the Spread Multiplier, if any: 

	(i)
	With
respect to a LIBOR Interest Determination Date, LIBOR shall be either (a) if "LIBOR Reuters" is specified on the face hereof, the arithmetic mean of the
offered rates (unless the specified Designated LIBOR Page by its terms provides only for a single rate, in which case such single rate shall be used) for deposits in the Index Currency for the period
of the Index Maturity and commencing on the second London Business Day immediately following such LIBOR Interest Determination Date, that appear on the Designated LIBOR Page (as defined below) as of
11:00 a.m. London time, on such LIBOR Interest Determination Date, if at least two such offered rates appear (unless, as aforesaid, only a single rate is required) on such Designated LIBOR
Page, or (b) if "LIBOR Telerate" is specified on the face hereof or if neither "LIBOR Reuters" nor "LIBOR Telerate" is specified as the method for calculating LIBOR, the rate for deposits in
the Index Currency for the period of the Index Maturity and commencing on the second London Business Day immediately following such LIBOR Interest Determination Date that appears on the Designated
LIBOR Page specified on the face hereof as of 11:00 a.m., London time, on such LIBOR Interest Determination Date. If fewer than two such offered rates appear, or if no such rate appears, as
applicable, LIBOR in respect of such LIBOR Interest Determination Date shall be determined in accordance with the provisions described in clause (ii) below. 

D-11

 

	(ii)
	With
respect to a LIBOR Interest Determination Date for which fewer than two offered rates appear, or no rate appears, as the case may be, on the applicable Designated
LIBOR Page as specified in clause (i) above, the Calculation Agent will request the principal London office of each of four major reference banks in the London interbank market (which may
include affiliates of the Agents), as selected by the Calculation Agent, to provide the Calculation Agent with its offered quotation for deposits in the Index Currency for the period of the Index
Maturity and commencing on the second London Business Day immediately following such LIBOR Interest Determination Date, to prime banks in the London interbank market at approximately
11:00 a.m., London time, on such LIBOR Interest Determination Date and in a principal amount that is representative for a single transaction in such Index Currency in such market at such time.
If at least two such quotations are provided, LIBOR determined on such LIBOR Interest Determination Date shall be the arithmetic mean of such quotations. If fewer than two quotations are provided,
LIBOR determined on such LIBOR Interest Determination Date shall be the arithmetic mean of the rates quoted at approximately 11:00 a.m., in the applicable Principal Financial Center (as defined
below) on such LIBOR Interest Determination Date by three major banks in such Principal Financial Center (which may include affiliates of the Agents) selected by the Calculation Agent for loans in the
Index Currency specified on the face hereof to leading European banks, for the period of the Index Maturity specified on the face hereof and in a principal amount that is representative for a single
transaction in such Index Currency in such market at such time; provided, however, that if the banks so
selected by the Calculation Agent are not quoting as mentioned in this sentence, LIBOR determined as of such LIBOR Interest Determination Date shall be LIBOR in effect on such LIBOR Interest
Determination Date. 

        "Designated
LIBOR Page" means either (i) if "LIBOR Reuters" is specified on the face hereof, the display on the Reuters Monitor Money Rates Service for the purpose of displaying
the London interbank rates of major banks for the applicable Index Currency, or (ii) if "LIBOR Telerate" is specified on the face hereof or if neither "LIBOR Reuters" nor "LIBOR Telerate" is
specified as the method for calculating LIBOR, the display on the Moneyline Telerate Service Inc., or any successor, for the purpose of displaying the London interbank rates of major banks for
the applicable Index Currency. 

D-12

 

        "Index
Currency" means the currency specified on the face hereof as the currency for which LIBOR shall be calculated. If no such currency is specified on the face hereof, the Index
Currency shall be United States dollars. 

        "Principal
Financial Center" as used herein will be the capital city of the country of the Index Currency specified on the face hereof, except that with respect to Canadian dollars,
euros, Swiss francs and United States dollars, the Principal Financial Center shall be Montréal, Brussels, Zurich and The City of New York, respectively. 

        Determination of EURIBOR.    If the Interest Rate Basis is EURIBOR, the interest rate payable with respect to this Global Note
shall equal EURIBOR determined as specified herein, plus or minus the Spread, if any, or multiplied by the Spread Multiplier, if any. EURIBOR for each Interest Reset Date shall equal the offered rate,
as of the second TARGET Settlement Day (as defined below) prior to the Interest Reset Date (a "EURIBOR Interest Determination Date"), for deposits in euros for the period of the Index Maturity and
commencing on the second TARGET Settlement Day immediately following such EURIBOR Interest Determination Date, as that rate appears on Telerate page 248 as of 11:00 a.m., Brussels time,
on such EURIBOR Interest Determination Date. With respect to a EURIBOR Interest Determination Date for which no rate appears on Telerate page 248, the Calculation Agent will select the
principal Euro-Zone (as defined below) office of each of four major reference banks in that market (which may include affiliates of the Agents) and request them to provide their offered
quotation for euro deposits for the period of such Index Maturity, commencing on the second TARGET Settlement Day immediately following such EURIBOR Interest Determination Date, to prime banks in the
Euro-Zone inter-bank market at approximately 11:00 a.m., Brussels time, on such EURIBOR Interest Determination Date and in a principal amount that is representative for
a single transaction in euros in such market at such time. If at least two such quotations are provided, EURIBOR shall be calculated by the Calculation Agent and shall be the arithmetic mean of such
quotations. If fewer than two quotations are provided, EURIBOR shall be calculated by the Calculation Agent and shall be the arithmetic mean of the rates quoted at approximately 11:00 a.m.,
Brussels time, on such EURIBOR Interest Determination Date by three major banks in the Euro-Zone inter-bank market selected by the Calculation Agent (which may include
affiliates of the Agents) for loans in euros to leading European banks, for the period of such Index Maturity and in a principal amount that is representative for a single transaction in euros in such
market at such time. If the banks so selected by the Calculation Agent are not quoting, EURIBOR shall be EURIBOR in effect on such EURIBOR Interest Determination Date. 

D-13

 

        "Euro-Zone"
means, at any time, the region comprised of the member states of the European Economic and Monetary Union that, as of that time, have adopted a single currency in
accordance with the Treaty on European Union of February 1992. 

        "TARGET
Settlement Day" means a day on which the Trans-European Automated Real-Time Gross Settlement Express Transfer (TARGET) system, or any successor system, is open for
business. 

        Determination of Prime Rate.    If the Interest Rate Basis is Prime Rate, the interest rate payable with respect to this Global
Note shall equal the Prime Rate determined as specified herein, plus or minus the Spread, if any, or multiplied by the Spread Multiplier, if any. The Prime Rate shall equal the rate as of the Business
Day prior to the Interest Reset Date (a "Prime Rate Interest Determination Date") that appears in H.15(519) under the heading "Bank Prime Loan" or any replacement heading on that service. 

        If
such rate is not published by 3:00 p.m., New York City time, on the Calculation Date pertaining to such Prime Rate Interest Determination Date, then the Prime Rate will
be the rate on such Prime Rate Interest Determination Date as published in H.15 Daily Update under the heading "Bank Prime Loan" or any replacement heading on that service. 

        If
by 3:00 p.m., New York City time, on such Calculation Date such rate is not published in either H.15(519) or H.15 Daily Update or such other recognized electronic
source, then the Prime Rate will be the arithmetic mean of the rates of interest publicly announced by each bank that appears on the display designated as page "US PRIME 1" on the Reuters Monitor
Money Rates Service, or such other page as may replace the US PRIME 1 page on that service for the purpose of displaying prime rates or base lending rates of major United States banks ("Reuters
Screen US PRIME 1 Page"), as such bank's prime rate or base lending rate as of 11:00 a.m., New York City time, on such Prime Rate Interest Determination Date. 

        If
fewer than four such rates appear on the Reuters Screen US PRIME 1 Page on such Prime Rate Interest Determination Date, the Calculation Agent shall calculate the Prime Rate for such
Prime Rate Interest Determination Date. Such rate shall be the arithmetic mean of the prime rates or base lending rates quoted on the basis of the actual number of days in the year divided by 360, as
of the close of business on such Prime Rate Interest Determination Date by three major banks in The City of New York selected by the Calculation Agent after consultation with
Québec (and which may be affiliates of the Agents). 

D-14

 

        However,
if the selected banks are not quoting, the Prime Rate for such Prime Rate Interest Determination Date shall be the Prime Rate in effect on such Prime Rate Interest Determination
Date. 

        Determination of Treasury Rate.    If the Interest Rate Basis is Treasury Rate, the interest rate payable with respect to this
Global Note shall equal the Treasury Rate determined as specified herein, plus or minus the Spread, if any, or multiplied by the Spread Multiplier, if any. The Treasury Rate shall equal the rate for
the auction of direct obligations of the United States ("Treasury Bills") sold at the auction on the applicable Treasury Rate Interest Determination Date for the period of the Index Maturity as
such rate appears on Telerate page 56 or 57 under the heading "MONEYLINE INVESTMENT RATE" or any replacement heading on that service (the day of the week in which such Interest Reset
Date falls on which Treasury bills would normally be auctioned, is a "Treasury Rate Interest Determination Date"). 

        If
an auction is held on the Friday of the week preceding the applicable Interest Reset Date, the Treasury Rate Interest Determination Date will be such preceding Friday. 

        If
the rate described above does not appear on Telerate page 56 or 57 at 3:00 p.m., New York City time, on the Calculation Date pertaining to such Treasury
Rate Interest Determination Date, the Treasury Rate shall be the Bond Equivalent Yield of the rate, for such Treasury Rate Interest Determination Date, for the type of Treasury Bills described above,
as published in H. 15(519) Daily Update, or another recognized electronic source used for displaying that rate, under the heading "U.S. Government Securities/Treasury Bills/Auction
High". 

        If
the results of the auction of Treasury Bills for the period of the Index Maturity are not published or reported as provided above by 3:00 p.m., New York City time, on
such Calculation Date, then the Treasury Rate shall be the Bond Equivalent Yield (as defined below) of the auction rate, for such Treasury Interest Determination Date and for Treasury Bills of the
kind described above, as announced by the United States Department of the Treasury. 

        If
the auction rate described in the immediately preceding paragraph is not so announced by 3:00 p.m., New York City time, on such Calculation Date, or if no such auction
is held for the relevant week, then the Treasury Rate shall be the Bond Equivalent Yield of the rate, for such Treasury Interest Rate Determination Date and for Treasury Bills having a remaining
maturity closest to the period of the Index Maturity, as published in H.15(519) under the heading "U.S. Government Securities/Treasury Bills/ Secondary Market". 

D-15

 

        If
the rate described in the immediately preceding paragraph does not appear in H.15(519) at 3:00 p.m., New York City time, on such Calculation Date, then the
Treasury Rate shall be the rate, for such Interest Determination Date and for Treasury Bills having a remaining maturity closest to the period of the Index Maturity, as published in
H.15(519) Daily Update, or another recognized electronic source used for displaying that rate, under the heading "U.S. Government Securities/Treasury Bills/Secondary Market". 

        If
the rate described in the immediately preceding paragraph does not appear in H.15(519) Daily Update or another recognized electronic source at 3:00 p.m., New York
City time, on such Calculation Date, the Calculation Agent shall calculate the Treasury Rate for such Treasury Rate Interest Determination Date. Such rate shall be the Bond Equivalent Yield of the
arithmetic mean of the secondary market bid rates, as of approximately 3:30 p.m., New York City time, on such Treasury Rate Interest Determination Date, of three primary
United States government securities dealers, as selected by the Calculation Agent after consultation with Québec (and which may be the Agents or their affiliates) for the issue
of Treasury bills with a remaining maturity closest to the period of the Index Maturity. 

        If
the selected dealers are not quoting, the Treasury Rate for such Treasury Rate Interest Determination Date shall be the Treasury Rate in effect on such Treasury Rate Interest
Determination Date. 

        "Bond
Equivalent Yield" shall be the yield calculated in accordance with the following formula: 

  D  x  N  x 100  

360 – (D  x  M)

where
"D" refers to the applicable per annum rate for Treasury Bills quoted on a bank discount basis and expressed as a decimal, "N" refers to 365 or 366, as the case may be, and "M" refers to the
actual number of days in the Interest Payment Period for which interest is being calculated. 

 Maximum/Minimum Interest Rate  

        Notwithstanding the foregoing, the interest rate hereon shall not be greater than the Maximum Interest Rate, if any, or less than the Minimum Interest Rate, if
any, specified on the face hereof. The Calculation Agent shall calculate the interest rate hereon in accordance with the foregoing on or before each Calculation Date. The interest rate on this Global
Note will in no event be higher than the maximum rate permitted by New York law, as the same may be modified by United States law of general application. 

D-16

 

 Interest Calculations  

        The Calculation Date, if applicable, pertaining to any Interest Determination Date is the earlier of (i) the tenth calendar day after such Interest
Determination Date or if any such day is not a Business Day, the next succeeding Business Day or (ii) the Business Day immediately preceding the applicable Interest Payment Date or the Maturity
Date, as the case may be. 

        At
the request of the Holder hereof, the Calculation Agent will provide to the Holder hereof the interest rate hereon then in effect and, if determined, the interest rate which will
become effective as of the next Interest Reset Date. 

        Accrued
interest hereon shall be an amount calculated by multiplying the Principal Amount as specified on the face hereof by an accrued interest factor. Such accrued interest factor is
computed by adding the interest factor calculated for each day from the Issue Date, or from the last date to which interest has been paid or duly provided for, to but excluding the date for which
accrued interest is being calculated. The interest factor for each such day is computed by dividing the interest rate applicable to such day by 360 if the Interest Rate Basis is CD Rate, Commercial
Paper Rate, Federal Funds Rate, LIBOR, EURIBOR or Prime Rate, as specified on the face hereof, or by the actual number of days in the year if the Interest Rate Basis is CMT Rate or Treasury Rate, as
specified on the face hereof. For purposes of disclosure under the Interest Act (Canada), the yearly rate of interest which is equivalent to the rate of interest payable on this Global Note, except if
the Interest Rate Basis of this Global Note is the CMT Rate or Treasury Rate, is the interest rate payable from time to time multiplied by the number of days in the year and divided by 360. 

Rounding  

        All percentages resulting from any calculation on this Global Note will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point,
with five one-millionths of a percentage point rounded upwards (e.g., 9.876545% (or .09876545) being rounded to 9.87655% (or .0987655)), and
all dollar amounts used in or resulting from such calculation on this Note will be rounded to the nearest cent or, if this Note is denominated in a Foreign Currency, the nearest unit (with one half
cent or unit being rounded upwards). 

D-17

 

Payments  

 General  

        In the case where an Interest Payment Date or a Maturity Date does not fall on a Business Day, any payment of principal, premium or interest otherwise payable on
such day need not be made on such day, but may be made on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date or Maturity Date and no interest
shall accrue for the period from and after such Interest Payment Date or Maturity Date to such next succeeding Business Day, except that, in the case of payments of interest other than on the Maturity
Date, if the Interest Rate Basis of this Note is LIBOR or EURIBOR, as specified above and such next Business Day falls in the next calendar month, such payment shall be made on the immediately
preceding Business Day with the same force and effect as if made on such Interest Payment Date. As used herein, "Business Day" means any day, other than a Saturday or Sunday, that is neither a legal
holiday nor a day on which banking institutions are authorized or required by law or executive order to close in The City of New York; provided,  however, that (i) with respect to Notes as to which LIBOR is the applicable Interest Rate Basis, such day is also a "London Business Day";
(ii) with respect to Foreign Currency Notes the payment of which is to be made in a Foreign Currency other than euros, such day is also a day on which banking institutions are not authorized or
required by law or executive order to close in the Principal Financial Center of the country of the Foreign Currency; and (iii) with respect to Foreign Currency Notes the payment of which is to
be made in euros, such day is also a TARGET Settlement Day. 

        "London
Business Day" means a day on which commercial banks are open for business (including dealings in the Foreign Currencies) in London, England. 

 Original Issue Discount Note  

        If this Global Note is designated on the face hereof as an Original Issue Discount Note, then, notwithstanding anything to the contrary contained in this Global
Note, upon the redemption, repayment or acceleration of the Stated Maturity of this Global Note there shall be payable, in lieu of the Principal Amount due at the Stated Maturity hereof, an amount
equal to the Amortized Face Amount of this Global Note. The "Amortized Face Amount" shall be the amount equal to (i) the Issue Price (as defined below) of this Global Note, plus
(ii) that portion of the difference between the Issue Price and the Principal Amount of this Global Note that has been amortized at the Stated Yield (as defined below) of this Global Note
(computed in accordance with generally accepted United States bond yield computation principles) at the date as of which the Amortized Face Amount is calculated, but in no event shall the
Amortized Face Amount exceed the Principal Amount of this Global Note. As used in the previous sentence "Issue Price" means the Principal Amount of this Global Note less the Total Amount of OID of
this Global Note specified on the face hereof and the "Stated Yield" of this Global Note means the Yield to Maturity specified on the face hereof (or if not so specified, the Yield to Maturity
compounded semi-annually and computed in accordance with generally accepted United States bond yield computation principles) for the period from the Issue Date of this Global Note
to the Stated Maturity hereof on the basis of its Issue Price and Principal Amount. 

D-18

 

 Foreign Currency Note  

        If this Global Note is a Foreign Currency Note, the principal and premium, if any, and interest on this Global Note are payable by Québec in the
Foreign Currency shown on the face hereof. If the box under the heading "Payments of Principal and Premium, if any, and Interest" shown on the face hereof marked "U.S. dollars" has been
checked, Citibank, N.A., in its capacity as exchange rate agent, or such other person as shall be appointed by Québec (the "Exchange Rate Agent", which term shall include, unless the
context otherwise requires, its successors and assigns), will convert all payments of
principal and premium, if any, and interest on this Global Note to U.S. dollars, unless a beneficial owner of an interest in this Global Note elects to receive such payments in the Foreign
Currency as described below. Any U.S. dollar amount to be received by a Holder of this Global Note will be based on either a bid quotation that the Exchange Rate Agent or any of its affiliates
quotes, which shall be a competitive quotation in the market at that time for such a transaction, or a bid quotation from a leading foreign exchange bank in The City of New York selected by the
Exchange Rate Agent, at 11:00 a.m., New York City time, on the second Business Day preceding the applicable payment date for purchase by the Exchange Rate Agent of the Foreign Currency
for U.S. dollars for settlement on such payment date in the aggregate amount of the Foreign Currency due to all Holders of Notes scheduled to receive U.S. dollar payments. All currency
exchange risks and costs will be borne by the Holder of this Global Note by deductions from such payments. Notwithstanding the above, the beneficial owner of an interest in this Global Note may elect
to receive payment of the principal of and premium, if any, and interest on this Global Note in the Foreign Currency by transmitting a written request for such payment (and designating at the same
time the appropriate bank account to which the payment will be made) to the participant through which its interest is held on or prior to the applicable Record Date or at least fifteen days prior to
the applicable Maturity Date, as the case may be. Such participant must notify the Depositary of such election and designated bank account on or prior to the third Business Days after the applicable
Record Date or at least ten days prior to the applicable Maturity Date, as the case may be. Such Depositary must notify the Fiscal Agent of such election and designated bank account on or prior to the
fifth Business Day after the applicable Record Date or at least ten days prior to the applicable Maturity Date, as the case may be. Such request may be mailed or hand delivered or sent by facsimile
transmission. The beneficial owner of an interest in this Global Note may elect to receive payment in the Foreign Currency for all principal, premium and interest payments and need not file a
separate election for each payment. Such election will remain in effect until revoked by written notice to the Fiscal Agent, but written notice of any such revocation must be received by the Fiscal
Agent on or prior to the applicable Record Date or at least sixteen days prior to the applicable Maturity Date, as the case may be. 

D-19

 

        If
the box under the heading "Payments of Principal and Premium, if any, and Interest" shown on the face hereof marked "Foreign Currency" has been checked, payment of principal and
premium, if any, and interest will be made in the Foreign Currency and a beneficial owner of an interest in this Global Note will not have the option to elect payment in U.S. dollars. 

        If
the Foreign Currency is not available for the payment of principal and premium, if any, and interest with respect to this Global Note due to the imposition of exchange controls or
other circumstances beyond the control of Québec, Québec will be entitled to satisfy its obligations to the Holder of this Global Note by making such payment in
U.S. dollars (i) on the basis of the Market Exchange Rate on the date of the payment, or (ii) if the Market Exchange Rate is not then available, on the basis of the most recently
available Market Exchange Rate, or (iii) as the case may be, as otherwise specified in "Other Provisions" on the face hereof. 

        The
Fiscal Agent will, subject to applicable laws and regulations, make all payments in the Foreign Currency with respect to this Global Note by wire transfers to the appropriate bank
accounts of which DTC or any other depositary through which this Global Note is held, as the case may be, notifies the Fiscal Agent which shall be, where such payment is made as a result of an
election by a beneficial owner of an interest in this Global Note as provided above, the accounts designated as provided above. 

        In
order for any Holder of this Global Note entitled to receive payments of principal and premium, if any, and interest in the Foreign Currency to receive such payments by wire transfer,
such Holder shall designate an appropriate bank account. Such designation shall be made by filing the appropriate information with the Fiscal Agent at its corporate trust office in The City of
New York on or prior to the applicable Record Date or at least sixteen days prior to the applicable Maturity Date, as the case may be. The Fiscal Agent will, subject to applicable laws and
regulations and until it receives notice to the contrary, make such payment and all succeeding payments to such Holder by wire transfer to the designated account. If a payment cannot be made by wire
transfer because the required information has not been received by the Fiscal Agent on or before the requisite date, a notice will be mailed to the Holder of this Global Note at its registered address
requesting such information and until such information has been received, no additional interest will accrue. 

        Québec
will pay all administrative costs imposed by banks in connection with making payments by wire transfer, but any tax, assessment or governmental charge imposed upon
such payments will be borne by the Holder of this Global Note. 

D-20

  

The "Market Exchange Rate" with respect to any Foreign Currency shall be the noon dollar buying rate in The City of New York for cable transfers for such Foreign Currency as certified for
customs purposes by the Federal Reserve Bank of New York. 

 Redemption at the Option of Québec  

If
one or more Redemption Dates (or ranges of such dates) is specified on the face hereof, this Global Note is subject to redemption upon not less than thirty days' and not more than sixty days' prior
notice by mail, on any such date (or during any such range) as a whole, or from time to time in part, in increments of U.S.$1,000 or such other minimum denomination specified on the face hereof
(provided that any remaining Principal Amount hereof shall be at least U.S.$1,000 or such other minimum denomination), at the election of Québec, at the Redemption Price (as defined
below) together with accrued interest to the Redemption Date; but any interest payment due on an Interest Payment Date falling on or prior to the Redemption Date will be payable to the Holder hereof
(or one or more predecessor Notes) of record at the close of business on the Record Date pertaining to such Interest Payment Date. If applicable, the "Redemption Price" for any such redemption shall
be equal to the Initial Redemption Percentage specified on the face hereof (as adjusted by the Annual Redemption Percentage Reduction specified on the face hereof, if applicable) multiplied by the
portion of the Principal Amount hereof (or, if this Global Note is an Original Issue Discount Note, the portion of the Amortized Face Amount hereof) to be redeemed; provided, however, that in no event
shall the Redemption Price be less than 100% of the portion of the Principal Amount hereof (or, if this Global Note is an Original Issue Discount Note, the portion of the Amortized Face Amount hereof)
to be redeemed. 

Notice
of redemption having been given as aforesaid, this Global Note (or the portion of the Principal Amount hereof so to be redeemed) shall, on the Redemption Date, become due and payable at the
Redemption Price herein specified, and from and after such date (unless Québec shall default in the payment of the Redemption Price and accrued interest) shall cease to bear interest. 

In
the case of any partial redemption at the election of Québec of Notes, the Notes of a particular tenor to be redeemed shall be selected by the Fiscal Agent not more than sixty days
prior to the Redemption Date by such method as the Fiscal Agent shall deem fair and appropriate and which may provide for the selection for redemption of portions of the Principal Amount of Notes. In
the event of any redemption of this Global Note in part only, a new Note or Notes of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation
hereof, provided that such unredeemed portion shall be an authorized denomination for Notes of this series. 

D-21

 

 Repayment at the Option of Holder  

If
one or more Optional Repayment Dates (or ranges of such dates) is specified on the face hereof, this Global Note is subject to repayment on any such date (or during any such range) or, if such date
is not a Business Day, on the first Business Day following such date, as a whole or from time to time in part, in increments of U.S.$1,000 or such other minimum denomination specified on the face
hereof (provided that any remaining Principal Amount hereof shall be at least U.S.$1,000 or such other minimum denomination), at the election of the Holder hereof at the Repayment Price (as defined
below) together with accrued interest thereon to the Optional Repayment Date, but any interest payment due on an Interest Payment Date falling on or prior to the Optional Repayment Date will be
payable to the Holder hereof of record at the close of business on the Record Date pertaining to such Interest Payment Date. Such election shall be effected by the Holder hereof delivering to
Québec at the corporate trust office of the Fiscal Agent in The City of New York not less than thirty nor more than sixty days prior to the date on which this Global Note is to
be repaid, or during such other notice period specified on the face hereof, a notice requesting such repayment in the form prescribed below and specifying the date upon which this Global Note is to be
repaid. Any notice given by a Holder pursuant to this paragraph shall consist of this Global Note with the form entitled "Option to Elect Repayment" set forth of the end of this Global Note duly
completed. Exercise of the repayment option by the Holder hereof will be irrevocable. Unless otherwise specified on the face hereof, the "Repayment Price" for any such repayment shall be 100% of the
portion of the Principal Amount hereof (or, if this Global Note is an Original Issue Discount Note, the portion of the Amortized Face Amount hereof) to be repaid. 

Status of the Notes  

The
Notes shall rank equally among themselves and with the other debt securities of Québec outstanding on the date of this Global Note or issued hereafter. 

Form, Denomination and Registration  

The
Notes are fully registered, without coupons, in authorized denominations of U.S.$1,000 and any integral multiple of U.S.$1,000 in excess thereof, or, in the case of Notes denominated in a Foreign
Currency, the equivalent in the Foreign Currency (rounded down to an integral multiple of 10,000 units of such Foreign Currency) or such larger amount in integral multiples of 10,000 units of such
Foreign Currency. The Fiscal Agent has been appointed registrar for the Notes, and Québec will cause the Fiscal Agent to maintain at its corporate trust office in The City of
New York a Note Register for the registration and transfer of Notes. 

D-22

 

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

The
Notes represented by this Global Note are exchangeable for Certificated Notes of like tenor as such Notes in denominations of U.S.$1,000 and integral multiples thereof only (i) if the
Depositary notifies Québec that it is unwilling or unable to continue as Depositary for this Global Note or if at any time the Depositary ceases to be a clearing agency registered under
the Securities Exchange Act of 1934, as amended, and a successor Depositary is not appointed by Québec within 90 days after receiving the notice or becoming aware that the
Depositary is no longer registered as the Depositary, or (ii) if Québec executes and delivers to the Fiscal Agent a written notice that all Global Notes representing Notes shall
be exchangeable, or (iii) upon request to the Fiscal Agent by the Depositary, acting on direct or indirect instructions of a Holder or any beneficial owner of interests in this Global Note,
after an event of default entitling the Holders to accelerate the Stated Maturity of the Notes represented by this Global Note has occurred and is continuing,  provided that if the Depositary is
unwilling or does not promptly make such request to the Fiscal Agent, then any beneficial owner of interests in this
Global Note shall be entitled to make such request with respect to such interest. If the exchange is made pursuant to clause (iii), then the Notes represented by this Global Note may be
exchangeable for Certificated Notes in whole or in part. If the Notes represented by this Global Note become exchangeable as provided above, Québec shall issue or cause to be issued
Certificated Notes upon registration of transfer of, or in exchange for, Notes represented by this Global Note. Such Certificated Notes shall be registered in such names as the Depositary shall
direct. All such exchanges will be free of charge, but Québec may require payment of a sum sufficient to cover any tax or other governmental charge in connection therewith. The date of
registration of any Certificated Note delivered upon any exchange or transfer of a Global Note shall be such that no gain or loss of interest results from such exchange or transfer. The Fiscal Agent
shall not be required to make any transfers, registrations or exchanges of Global Notes for a period of fifteen days preceding any Interest Payment Date. 

D-23

 

In
respect of any such issuance of Certificated Notes, (i) Québec shall promptly provide the Fiscal Agent with a sufficient number of Certificated Notes in blank form to proceed
with such issuance, (ii) the Depositary shall cause this Global Note 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 this Global Note to be
exchanged for such Certificated Notes, (iv) the Fiscal Agent shall cancel this Global Note and, in the case of a partial exchange, issue and deliver to or to the order of the Depositary a new
Global Note in an aggregate principal amount equal to the unexchanged portion of this Global Note and (v) the Fiscal Agent shall reduce accordingly the holdings of the Holder 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 its 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
this Global Note shall be valid obligations of Québec and shall be entitled to the same benefits under the Fiscal Agency Agreement as the Global Notes. 

Québec
expressly acknowledges that if Certificated Notes are not promptly issued to a beneficial owner of an interest in a Global Note as contemplated herein, then such beneficial owner
shall be entitled to pursue any remedy under the Fiscal Agency Agreement, the Note or applicable law with respect to the portion of this Global Note that represents such beneficial owner's interest as
if such Certificated Notes had been issued. 

In
the event of any redemption of Notes represented by this Global Note at the election of Québec, the Fiscal Agent shall not be required to (i) issue, register the transfer of
or exchange Global Notes of like tenor during a period beginning at the opening of business fifteen days before any selection of such Notes to be redeemed and ending at the close of business on the
day of mailing of the relevant notice of redemption, or (ii) register the transfer of or exchange this Global Note, or, except in the case of a partial redemption, the unredeemed portion of
this Global Note. Following the exercise of any repayment option by the Holder hereof, the Fiscal Agent shall not be required to issue, register the transfer of or exchange that portion of this Global
Note with respect to which such option has been exercised. 

D-24

 

Subject
to the foregoing, this Global Note is not exchangeable, except for a Global Note or Global Notes in an equal aggregate Principal Amount to be registered in the name of the Depositary or its
nominee. 

Events of Default  

In
the event that (i) Québec shall default in the payment of principal of or premium or interest on this Global Note as and when the same shall be due and payable, and such
default shall continue for a period of 45 days, or (ii) default shall be made in the due performance or observance by Québec of any covenant or agreement contained in the
Global Notes, other than the payment of principal, premium or interest, or in the Fiscal Agency Agreement, and such default shall continue for a period of 60 days, or
(iii) Québec shall default in the payment of any principal of or premium or interest on any indebtedness (direct or under a guarantee) for borrowed money, other than the Global
Notes, as and when the same shall be 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 the continuance of such default the Holder of this Global Note (or its proxy) may deliver or
cause to be delivered to Québec (with a copy to the Fiscal Agent) a written notice that such Holder elects to declare the principal of the Note or Notes held by him (the serial number
or numbers of the Global Note 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 (i) or (iii) above, on the 15th day after delivery of such notice, or, in the cases falling within (ii) above, on the 30th day after delivery of
such notice, the principal of the Note or Notes referred to in such notice plus any premium and accrued interest thereon shall become due and payable at the places for payment herein specified, unless
prior to that time all such defaults theretofore existing shall have been cured. 

Modification  

The
Fiscal Agency Agreement contains provisions with respect to modifying or amending said Agreement either without notice to, or the consent of, the holder of any Note or with the approval of the
holders of Notes. 

Future Holders  

Any
action by the Holder of this Global Note shall bind all future Holders of this Global Note, and of any Note issued in exchange or substitution herefor or in place hereof, in respect of anything
done or permitted by Québec or by the Fiscal Agent in pursuance of such action. 

D-25

 

Notices  

All
notices to the Holders of Global Notes will be given in writing mailed, first-class postage prepaid, to each Holder at each Holder's address as it appears in the Note Register. Any such notice
shall be deemed to have been given on the date of such mailing. 

However,
when Certificated Notes are outstanding, all notices to the Holders of Notes will be published in English in New York, New York in The Wall Street
Journal and in Toronto, Ontario in The Globe & Mail and in French in Montréal, Québec in  La Presse. If at
any time publication in any such newspaper is not practicable, notices will be valid if published in an English language newspaper, or,
if in Québec, a French language newspaper, with general circulation in the respective market regions as Québec, with the approval of the Fiscal Agent, shall determine.
Any such notice shall be deemed to have been given 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. 

Office or Agency of Québec  

So
long as this Global Note shall be outstanding, Québec will maintain an office or agency for the payment of the principal of and premium, if any, and interest on this Global Note as
herein provided in The City of New York, and an office or agency in The City of New York for the registration, transfer and exchange as aforesaid of the Notes. Québec may
designate other agencies for the payment of said principal and premium, if any, and interest at such place or places (subject to applicable laws and regulations) as Québec may decide.
So long as there shall be a Fiscal Agent, Québec shall keep the Fiscal Agent advised of the names and locations of such agencies, if any are so designated. 

No
recourse under or upon any covenant contained in this Global Note or because of the creation of the indebtedness represented hereby shall be had against any official or other representative, past,
present or future, as such, of Québec whether by virtue of any statute or rule of law or by the enforcement of any assessment or penalty or otherwise, it being expressly agreed and
understood that this Global Note is solely the obligation of Québec and that no personal liability whatever shall attach to or be incurred by any such officials or other
representatives, as such, because of the execution of this Global Note. 

D-26

 

Prescription  

Under
current Québec law, Québec's obligation to make any payment on the Notes shall be extinguished three years after the date such payment is due unless the right to
such payment is judicially exercised prior to the expiration of such three-year period. 

Governing Law  

The
Notes shall be construed in accordance 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. 

U.S. Dollars  

Reference
in this Global Note to "U.S. dollars" is to the currency of the United States of America. 

D-27

 
 
 

OPTION TO ELECT REPAYMENT    
    

        The undersigned hereby irrevocably requests and instructs Québec to repay the within Global Note (or portion thereof specified below) pursuant to
its terms at the Repayment Price, to the undersigned at: 

(PLEASE
PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF THE UNDERSIGNED) 

If
less than the entire Principal Amount of the within Global Note is to be repaid, specify the portion thereof which the Holder elects to have repaid: 

	
	;

and
specify the denomination or denominations (which shall not be less than the minimum authorized denomination) of the Notes to be issued to the Holder for the portion of the within Global Note not
being repaid (in the absence of any such specification, one such Global Note will be issued for the portion not being repaid): 

	
	;

	Dated:
                                         
       	 	 
	 	 	 
	 	 	
 NOTICE: This signature on this Option to Elect Repayment must correspond with the name as written upon the face of the within instrument in every particular without alteration or enlargement.

D-28

QuickLinks

QUÉBEC MEDIUM-TERM NOTE SERIES A (Fixed Rate)

QUÉBEC MEDIUM-TERM NOTE SERIES A FIXED RATE

OPTION TO ELECT REPAYMENT

QUÉBEC MEDIUM-TERM NOTE SERIES A (Floating Rate)

QUÉBEC MEDIUM-TERM NOTE SERIES A FLOATING RATE

OPTION TO ELECT REPAYMENT

QUÉBEC GLOBAL MEDIUM-TERM NOTE SERIES A (Fixed Rate)

QUÉBEC GLOBAL MEDIUM-TERM NOTE SERIES A FIXED RATE

OPTION TO ELECT REPAYMENT

QUÉBEC GLOBAL MEDIUM-TERM NOTE SERIES A (Floating Rate)

QUÉBEC GLOBAL MEDIUM-TERM NOTE SERIES A FLOATING RATE

OPTION TO ELECT REPAYMENT

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