Document:

Form of Fiscal Agency Agreement

 Exhibit 4.1 

 
  
  

QUÉBEC 
  

[            ]% GLOBAL NOTES SERIES
[            ] 
 DUE
[            ] 
  
  

 
 FISCAL AGENCY AGREEMENT

  
  

 FISCAL AGENCY AGREEMENT 

THIS AGREEMENT, dated as of [            ], 

 

			
	BETWEEN:	  	QUÉBEC, as issuer
		  	(the “Issuer”),
	AND:	  	[            ], as fiscal agent, registrar, principal paying agent and transfer agent
		  	(in all such capacities, the “Registrar”),
	AND:	  	[            ], as London paying agent and London transfer agent
		  	(in such capacity, the “London Paying Agent and London Transfer Agent”),

 WHEREAS pursuant to a terms agreement (the “Terms Agreement”), dated [            ], between the Issuer and
[            ], as Representative of the several Underwriters named therein, which incorporates by reference all of the provisions of the Québec Underwriting Agreement Standard
Provisions (Debt Securities), dated [            ], the Issuer has agreed to create, issue and sell [            ] aggregate
principal amount of [            ]% Global Notes Series [            ] due [ (herein collectively called the “Notes”
or, individually, a “Note”); 
 WHEREAS the sale of the Notes pursuant to the Terms Agreement has taken place
as described in a Prospectus Supplement, dated [            ], which contains a description of the Notes and the clearing and settlement procedures related thereto; 

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

 WHEREAS beneficial owners of Notes are not, except in limited circumstances described in Section 5, entitled to
receive Notes represented by physical certificates or to have Notes registered in their names; and 
 WHEREAS all Notes
are recorded in a register held by the Registrar (the “Register”), and are registered in the name of Cede & Co., for the benefit of holders of Notes through the Euroclear System (“Euroclear”), Clearstream Banking,
société anonyme (“Clearstream, Luxembourg”) and DTC (together, the “Clearing Systems”); 

  
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 NOW THEREFORE it is hereby agreed as follows: 

 

	1.	Definitions 

 Terms
and expressions defined in the terms and conditions of the Notes attached as Schedule B shall have the same meaning when used in this Agreement unless otherwise defined herein or unless the context otherwise requires. “Noteholders” or
“holders of Notes” or “holders” or “registered holders” refers to persons entered in the Register as registered holders of Notes. 
  

	2.	Appointment 

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

	3.	Issue of the Notes 

 (1) The Notes
shall be issued in the form of one or more fully registered Global Notes registered in the name of Cede & Co., as nominee of DTC, and shall be executed by the Issuer. The Global Notes will be substantially in the form attached as Schedule
A, with such changes as may be agreed between the Issuer and the Registrar. The aggregate principal amount of Notes to be issued and outstanding at any time in the form of the Global Notes or physical certificates (the “Certificated
Notes”) issued in accordance with Section 5 shall not exceed [            ] except to the extent that Notes are further issued in accordance with Section 19. Forthwith after
such execution, the Global Notes shall be delivered to the Registrar and shall be authenticated by the Registrar (or by such other person as the Registrar may appoint for such purpose with the consent of the Issuer), and delivered to or to the order
of the Issuer pursuant to a written direction of the Issuer. 
 (2) Beneficial owners of Notes will not, except in the limited circumstances
described in Section 5, be entitled to receive Notes represented by Certificated Notes or to have Notes registered in their names and will not be considered holders thereof under this Agreement. The Certificated Notes, if any, will be
substantially in the form attached as Schedule A with the appropriate changes thereto, consistent with the provisions of this Agreement, as may be agreed between the Issuer and the Registrar. 
 (3) The Global Notes shall be issued and delivered only to or to the order of DTC or its successor appointed by the Issuer in accordance with Section 5. The Global Notes shall be in the principal
amount from time to time endorsed thereon. The Registrar shall cause DTC to establish on its book-entry Clearing System an account in the name of the Registrar, as registrar and transfer agent for the Notes (the “Registrar Segregated
Account”), for the purpose of facilitating the initial distribution of Notes in accordance with procedures previously agreed to by the Issuer, the Registrar and DTC. The Registrar Segregated Account is maintained exclusively for book-keeping
purposes and for purposes of facilitating timely transfers of Notes, and the Registrar shall not be deemed 

  
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the owner or holder of the Notes recorded therein for any purpose under this Agreement or under the terms of the Notes. The Issuer acknowledges and agrees that the Registrar Segregated Account
will be subject to the agreements, rules and procedures from time to time governing DTC participant accounts (collectively, the “DTC Agreements”). 
 (4) So long as Cede & Co., as nominee of DTC, is the registered owner of the Global Notes and subject to applicable law, DTC or its nominee, as the case may be, will be considered the sole owner
or holder of the Notes represented by the Global Notes for all purposes under this Fiscal Agency Agreement and the Notes. Except as set forth below, owners of beneficial interests in the Global Notes will not be entitled to have the Notes
represented by the Global Notes registered in their names, will not receive or be entitled to receive Certificated Notes and will not be considered owners or holders thereof under this Fiscal Agency Agreement or the Notes. Neither the Issuer nor the
Registrar will have any responsibility or liability for any aspect of the records of the Clearing Systems relating to or payments made by the Clearing Systems on account of beneficial ownership interests in the Global Notes or for maintaining,
supervising or reviewing any records of the Clearing Systems relating to such beneficial ownership interests. 
 (5) All Notes shall be signed
(either manually or by facsimile signature) by the Minister of Finance or the Deputy Minister of Finance or any other authorized representative of the Issuer, and shall be authenticated by the Registrar (or by such other person as the Registrar may
appoint for such purpose with the consent of the Issuer). 
  

	4.	The Register and Transfers 

 (1)
The Registrar, as registrar and transfer agent of the Issuer, shall maintain at its principal office in New York, a Register for (i) registering and maintaining a record of the holdings of Notes, (ii) ensuring that payments of principal
and interest in respect of the Notes received by the Registrar from the Issuer are duly credited to Cede & Co., (iii) registering transfers between holders of Notes, (iv) registering and maintaining a record of holders of
Certificated Notes in the event any are issued in the limited circumstances described in Section 5, (v) registering transfers of Certificated Notes in the event any are issued in the limited circumstances described in Section 5 and
(vi) registering and maintaining a record of any further issues of Notes pursuant to Section 19 and any subsequent transfers thereof. 
 In the event Certificated Notes are issued in exchange for the Global Notes under the limited circumstances described in Section 5, the Registrar shall (i) register and maintain a record of
holders of Certificated Notes and (ii) register transfers of Notes among holders of Certificated Notes and between holders of Certificated Notes and participants in DTC, in accordance with such procedures as the Registrar shall deem reasonable
upon consultation with the Issuer. 
 (2) The Registrar shall not be required to inquire into, or take any action in respect of, transfers of
Notes (i) within Euroclear or Clearstream, Luxembourg or between Euroclear and Clearstream, Luxembourg participants, or (ii) between DTC participants. 

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

(5) Neither the Issuer nor the Registrar shall be required (i) to register the transfer or exchange of any Notes on any interest payment date or
during a period commencing at the close of business of the New York office of the Registrar on the 14th calendar day immediately preceding any such date and ending on such date; (ii) to register the transfer or exchange of any Notes during
the period commencing at the close of business of the New York office of the Registrar on the record date of any notice by the Issuer of any Notes to be redeemed or purchased through the date the notice of redemption or purchase is given; or
(iii) to register the transfer or exchange of any Notes called for redemption unless upon due presentation thereof such Notes called for redemption shall not be redeemed. 
 (6) Subject to applicable law, the Issuer, the Registrar or any other agents of the Issuer or the Registrar shall not be charged with notice of or be bound to see to the execution of any trust, whether
express, implied or constructive, in respect of any Notes and may register the transfer of any Notes on the direction of the holder thereof, whether named as trustee or otherwise, as though that person were the beneficial owner thereof. 

(7) The parties hereto acknowledge that in accordance with Section 326 of the USA Patriot Act the Registrar, like all financial institutions and in
order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with
[            ]. The parties to this Fiscal Agency Agreement agree that they will provide the Registrar with such information as it may request in order for the Registrar to satisfy the
requirements of the USA Patriot Act. 
 (8) The Registrar and the London Paying Agent and London Transfer Agent shall not incur any liability
for not performing any act or fulfilling any duty, obligation or responsibility hereunder by reason of any occurrence beyond the control of the Registrar and the London Paying Agent and London Transfer Agent (including but not limited to any act or
provision of any present or future law or regulation or governmental authority, any act of God or war, civil unrest, local or national disturbance or disaster, any act of terrorism, or the unavailability of the Federal Reserve Bank wire or facsimile
or other wire or communication facility). 

  
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	5.	Replacements, Exchange and Transfer of the Global Notes and the Certificated Notes 

 (1) The Registrar, or an agent duly authorized by the Registrar, is hereby authorized from time to time in accordance with the provisions of the Notes and of this section to authenticate and deliver:

  

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

  

	 	(b)	Certificated Notes in an authorized form and denomination in exchange for a like aggregate principal amount of Certificated Notes; and 

 

	 	(c)	upon any registration of a transfer, a new Global Note or, as the case may be, a new Certificated Note shall be issued to the new holder in replacement of the existing
Global Note or Certificated Note thus transferred. Such new Global Note or, as the case may be, new Certificated Note, shall be duly authenticated by the Registrar. 

Each new Global Note or Certificated Note authenticated and delivered upon any registration of transfer or exchange for or
in lieu of the whole or any part of any Global Note or Certificated Note shall carry all the rights to interest, if any, accrued and unpaid and to accrue which were carried by the whole or such part of such latter Global Note or Certificated Note,
and notwithstanding anything to the contrary herein contained, such new Global Note or Certificated Note shall be dated the date of the authentication of such Global Note or Certificated Note. 

(2) The Issuer will issue or cause to be issued Certificated Notes upon registration of transfer of, or in exchange for, Notes represented by the
Global Notes (i) if DTC notifies the Issuer that it is unwilling or unable to continue as depository in connection with the Global Notes or ceases to be a clearing agency registered under the United States Securities Exchange Act of 1934,
as amended, at a time when it is required to be so registered and a successor depository is not appointed by the Issuer within 90 days after 

  
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receiving such notice or becoming aware that DTC is no longer so registered; (ii) if the Issuer, in its sole discretion at any time, determines not to have any of the Notes represented by
the Global Notes and provides notice to the Registrar that such Notes are to be represented by Certificated Notes; or (iii) upon request by DTC to the Registrar, acting on direct or indirect instructions of a holder or any beneficial owner of
an interest in a Global Note, after an event of default entitling the holder to accelerate the stated maturity of the Global Note has occurred and is continuing, or, if DTC does not promptly make that request, then any beneficial owner of an
interest in such Global Note shall be entitled to make such request with respect to such interest. The Issuer shall bear the costs and expenses of printing or preparing any Certificated Notes. 

(3) Upon any such issuance pursuant to Section 5(2) of the Certificated Notes in exchange for all the Notes represented by the Global Notes,
(i) the Issuer shall promptly make available to the Registrar a reasonable supply of Certificated Notes, (ii) DTC shall cause the Global Notes to be delivered to the Registrar and provide the Registrar with the necessary registration
information for such Certificated Notes, (iii) the Registrar shall authenticate and deliver such Certificated Notes in an aggregate principal amount equal to the principal amount of the Global Notes to be exchanged for such Certificated Notes,
(iv) the Registrar shall cancel the Global Notes and, in the case of a partial exchange, issue and deliver to or to the order of DTC new Global Notes equal to the unexchanged portion of any such Global Notes partially exchanged for Certificated
Notes and (v) the Registrar shall reduce accordingly the holdings of Cede & Co. on the Register. The Registrar shall have at least 30 days from the date of its receipt of Certificated Notes and registration information to
authenticate and deliver such Certificated Notes. Such Certificated Notes shall be registered in such names and in such denominations as DTC, pursuant to instructions from direct or indirect participants, shall direct and shall be delivered as
directed by the persons in whose names such Certificated Notes are to be registered. All Notes represented by Certificated Notes issued upon any such issuance in exchange for the Notes represented by the Global Notes shall be a valid obligation of
the Issuer, shall be entitled to the same benefits under this Agreement as the Global Notes and shall be so exchanged without charge to DTC or the transferee. 
 (4) The Issuer expressly acknowledges that if Certificated Notes are not promptly issued to the owners of beneficial interests in a Global Note in accordance with this Section 5, then an owner of a
beneficial interest will be entitled to pursue any remedy under this Agreement, the Global Note or applicable law with respect to the portion of the Global Note representing that owner’s interest in the Global Note as if Certificated Notes had
been issued. 
 (5) Unless the Global Notes are presented by an authorized representative of DTC to the Issuer, the Registrar or their
respective agents for registration of transfer, exchange or payment, and any replacement Global Notes are registered in the name of a nominee of DTC and any payment is made to such nominee, any transfer, pledge or other use of the Global Notes for
value or otherwise shall be wrongful since the registered holders of the Global Notes have an interest in the Notes evidenced by the Global Notes. 

  
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	6.	Paying Agents and Transfer Agents 

(1) The Registrar shall act as the principal paying agent and transfer agent for the Issuer in connection with the Notes. The Issuer hereby appoints
[            ], as the London Paying Agent and London Transfer Agent and may appoint any additional paying agents or transfer agents or terminate the appointment of any paying agents or
transfer agents except that if Certificated Notes are issued and if and for so long as the Notes are admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange’s Regulated Market and the rules of the
London Stock Exchange so require, the Issuer will maintain a paying agent and transfer agent in London. The Issuer will ensure that, to the extent possible, it maintains a paying agent in a Member State of the European Union that is not obliged to
withhold or deduct tax pursuant to the European Council Directive 2003/48/EC or any law implementing or complying with, or introduced in order to conform to, such Directive. 

 

	7.	Payments by the Issuer to the Registrar 

 (1) The Issuer agrees to provide to the Registrar by 10:00 a.m., New York time, on each date on which a payment of principal or interest (and any Additional Amounts) in respect of the Notes is due (each a
“Payment Date”) pursuant to the terms and conditions of the Notes such amount as is required to be paid on such date in immediately available funds in U.S. dollars to an account in New York designated by the Registrar. 

(2) All monies paid to the Registrar pursuant to and for the payment of the amounts referred to in this Section 7 shall be received and held by the
Registrar as agent for the Issuer and shall be applied to the payment of the appropriate U.S. dollar amounts at the time and in the manner provided in this Agreement and the Notes. 
 (3) The Issuer hereby authorizes the Registrar from funds so provided to it to make or cause to be made payment of the principal or interest (and any Additional Amounts) on the Notes. The Registrar shall,
to the extent permitted by law, return to the Issuer any funds transferred to it for payments with respect to the Notes that are not so paid by the Registrar at the expiration of three years after the due date for payment thereof; thereafter, the
holders of Notes shall look only to the Issuer for any payment of such funds. 
  

	8.	Payment of Notes 

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

  
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regulation and shall be entitled to act in accordance with such determination. 
 (2)
Subject to applicable law and the terms hereof, the Issuer, the Registrar and any other agent of the Issuer or the Registrar shall deem and treat the person whose name appears in the Register as the registered holder of a Note as the absolute owner
thereof for all purposes whatsoever notwithstanding any notice to the contrary, and any payment in U.S. dollars of or on account of the principal of, and interest, and any Additional Amounts on such Note shall be made only to or to the order in
writing of such holder, and such payment shall be valid and shall discharge the liability of the Issuer or the Registrar and any other agent of the Issuer or the Registrar on such Note to the extent of the sum or sums so paid. 

(3) The registered holder of any Note shall be entitled to the payments of principal of, and interest, and any Additional Amounts on such Note, free from
all rights of set-off or counterclaim between the Issuer and the original or any intermediate holder thereof and all persons may act accordingly and a transferee of a Note shall, after the appropriate form of transfer is lodged with the Registrar or
other agent of the Issuer or the Registrar for the purpose and upon compliance with all other conditions relating thereto required by this Agreement or by any conditions contained in such Note or by law, be entitled to be entered on the Register as
the owner of such Note free from all rights of set-off or counterclaim between the Issuer and his transferor or any previous holder thereof, save in respect to rights of which the Issuer is required to take notice by statute or by order of a court
of competent jurisdiction. Delivery to the Issuer by a Noteholder of a Note or the receipt by such holder of the principal, interest and any Additional Amounts in respect of such Note shall be a valid discharge to the Issuer, which shall not be
bound to inquire into the title of such holder, save as ordered by a court of competent jurisdiction or as required by statute. 
 (4) Where a
Note is registered in more than one name, the principal and interest and any Additional Amounts from time to time payable in respect thereof shall be paid to or to the order of all the joint holders thereof, failing written instructions to the
contrary from all such joint holders, and such payment shall be a valid discharge to the Issuer, the Registrar and any other agent of the Issuer or the Registrar. 
 (5) In the case of the death of one or more joint holders, the principal of, and interest, and any Additional Amounts on any Notes registered in their names may, notwithstanding subsection (2) of
this Section 8, be paid to the survivor or survivors of such holders whose receipt therefor shall constitute a valid discharge to the Issuer, the Registrar and any other agent of the Issuer or the Registrar. 

 

	9.	Cancellation of Notes 

 All Certificated Notes that are presented for transfer pursuant to Section 4(1), all Notes that are presented for replacement, exchange or registration of transfer pursuant to Section 5 or
repaid on maturity or redeemed or purchased shall, upon such registration of transfer, replacement or exchange or upon payment being made, be cancelled by the Registrar. The Registrar shall, as soon as reasonably possible after the date of any such
registration of transfer, replacement, exchange, redemption, purchase or payment, furnish the Issuer with a certificate or certificates stating: (i) the serial numbers and total number of Notes so transferred, replaced, exchanged, redeemed,
purchased or repaid; and (ii) the 

  
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amount, if any, paid in respect of such Notes. Unless otherwise instructed by the Issuer, the Registrar shall destroy the cancelled Notes in its possession in accordance with its customary
procedure and provide the Issuer with a destruction certificate duly signed by a representative of the Registrar. 
  

	10.	Maturity, Redemption and Purchase 

 Unless previously redeemed for tax reasons as provided in the terms and conditions of the Notes, or purchased, the principal amount of the Notes shall be due and payable on
[            ]. 
 In accordance with the terms and conditions of
the Notes, upon receipt of a notice of intention to redeem and the certificate contemplated in the provisions under “Maturity, Redemption and Purchases” in the terms and conditions of the Notes, not less than 30 days nor more than 45
days prior to the date fixed for redemption, the Registrar shall cause to be given on behalf of the Issuer, in accordance with the provisions under “Notices” in the terms and conditions of the Notes, a notice of redemption stating:
(i) the date fixed for redemption; (ii) the redemption price and (iii) if applicable, the place or places of surrender of the Notes to be redeemed. 
 The Issuer may, if not in default under the Notes, at any time purchase Notes in the open market, or by tender or by private contract at any price. 

 

	11.	Financial Documents 

For so long as any of the Notes are outstanding, the Issuer agrees to supply the Registrar and the London Paying Agent and London Transfer
Agent with copies of all documents required to be available by any stock exchange on which the Notes are for the time being listed, with copies of the latest statements of consolidated revenues and expenditures and annual reports of the Issuer as
soon as practicable after publication thereof for inspection by Noteholders at the principal office of the Registrar in New York and of the London Paying Agent and London Transfer Agent in London. Notwithstanding anything herein contained, the
obligations of the Issuer under this Section 11 will terminate on such date as all amounts required to be paid to the Registrar by the Issuer under this Agreement and all amounts required to be paid to the Noteholders by the Issuer under the
Notes have been paid in full. Upon the written request of holders of Notes, the Registrar and the London Paying Agent and London Transfer Agent, subject to the London Paying Agent and London Transfer Agent in London being provided with copies of the
documents and reports referred to above, undertake to make such copies available to holders of Notes at their principal office, in the case of the Registrar, in New York, and, in the case of the London Paying Agent and London Transfer Agent, in
London during the term of the Notes. 

  
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	12.	Fees 

 The Issuer
shall pay to the Registrar and the London Paying Agent and London Transfer Agent such fees for their respective services hereunder as are agreed separately by the Issuer and the Registrar and by the Issuer and the London Paying Agent and London
Transfer Agent including any applicable value added or equivalent tax. 
  

	13.	Further Reports 

The Registrar shall provide the Issuer upon written request such information regarding the financial servicing of the Notes expressed in
such form as the Issuer may reasonably require. The Registrar shall transmit to the Issuer promptly any notices or other communications addressed to the Issuer in connection with the Notes, including any notice of any legal action or proceeding
which may be brought against the Issuer and of which the Registrar has knowledge. 
  

	14.	Meetings of Holders of Notes 

 (1)
The Registrar shall, on receipt of a written request of the Issuer or a written request signed in one or more counterparts by the holders of not less than 10% of the principal amount of the Notes then outstanding and upon being indemnified to its
reasonable satisfaction by the Issuer or the holders of Notes signing such request against the costs which may be incurred in connection with the calling and holding of such meeting, convene a meeting of the holders of Notes for any lawful purpose
affecting their interests. If the Registrar fails to give notice convening such meeting within 30 days after receipt of such request and indemnity, the Issuer or such holders of Notes, as the case may be, may convene such meeting. Every such meeting
shall be held in New York or such other place as may be approved or determined by the Registrar. 
 (2) At least 21 days’ notice of any
meeting shall be given to the holders of the Global Notes or Certificated Notes, as the case may be, in the manner provided pursuant to the provisions under “Notices” in the terms and conditions of the Notes, and a copy thereof shall be
sent by post to the Registrar unless the meeting has been called by it, and to the Issuer, unless the meeting has been called by the Issuer. Such notice shall state the day, time, place and purpose of the meeting and the general nature of the
business to be transacted thereat, and shall include a statement to the effect that, prior to 48 hours prior to the time fixed for the meeting, (i) in the limited circumstances in which Certificated Notes have been issued, those holders of
Certificated Notes who deposit such Notes with the Registrar, or any other person authorized for such purpose by the Registrar or the Issuer or (ii) in the case of Notes being represented by the Global Notes, those persons recorded in the
Register, shall be entitled to obtain voting certificates for appointing proxies, but it shall not be necessary for any such notice to set out the terms of any resolution to be proposed at such meeting or any other provisions. 

(3) A holder of Notes may appoint any person by instrument in writing as the holder’s proxy in respect of a meeting of the holders of Notes or any
adjournment of such meeting 

  
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and such proxy shall have all rights of the holder of Notes in respect of such meeting. All notices of meetings to the holder of a Global Note shall contain a requirement that the Clearing
Systems must notify Clearing Systems participants and, if known, beneficial owners of Notes of the meeting in accordance with procedures established from time to time by the Clearing Systems. The registered holders of Notes shall seek voting
instructions on the matters to be raised at such meeting from the Clearing Systems participants or, if known, from the beneficial owners of Notes in accordance with the applicable procedure of the Clearing Systems. For greater certainty, it is
acknowledged that none of the Issuer, the Registrar, any clearing agency or any intermediary or participant shall be required to comply with the time limits set out in the applicable procedure of the Clearing Systems but shall use all reasonable
efforts to otherwise comply with such procedure and attempt to provide non-registered holders of the Notes with meeting materials and voting rights as if such non-registered holders of Notes were registered holders thereof. 

(4) Some person, who need not be a holder of Notes, nominated in writing by the Registrar shall be chairman of the meeting and if no person is so
nominated or if the person so nominated is not present within 15 minutes from the time fixed for the holding of the meeting, the holders of the Notes present in person or by proxy shall choose some person present to be chairman, and, failing such
choice, the Issuer may appoint a chairman. 
 (5) At a meeting of holders of Notes, a quorum shall consist of two or more holders of Notes
present in person or by proxy who represent at least a majority in aggregate principal amount of the Notes at the time outstanding. If a quorum of the holders of Notes shall not be present within one-half hour after the time fixed for holding any
meeting, the meeting, if convened by or at the request of holders of Notes, shall be dissolved, but if otherwise convened the meeting shall stand adjourned without notice to the same day in the next week (unless such day is not a business day in the
place where the meeting is to take place in which case it shall stand adjourned until the next such business day following thereafter) at the same time and place unless the chairman shall appoint some other place, day or time of which not less than
seven days’ notice shall be given in the manner provided above. At any adjourned meeting called by the Issuer or the Registrar, two or more holders of Notes present in person or by proxy shall constitute a quorum and may transact the business
for which the meeting was originally convened notwithstanding that they may not represent at least a majority in aggregate principal amount of the Notes then outstanding. 
 (6) The chairman of any meeting at which a quorum of the holders of Notes is present may, with the consent of the holder(s) of a majority in aggregate principal amount of the Notes represented thereat,
adjourn any such meeting and no notice of such adjournment need be given except such notice, if any, as the meeting may prescribe. 
 (7) Every
motion or question submitted to a meeting shall be decided by Extraordinary Resolution (as hereinafter defined) and in the first place by the votes given on a show of hands. At any such meeting, unless a poll is duly demanded as herein provided, a
declaration by the chairman that a resolution has been carried or carried unanimously or by a particular majority or lost or not carried by a particular majority shall be conclusive of the fact. On any question submitted to a meeting when ordered by
the chairman or 

  
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demanded by a show of hands by one or more holders of Notes acting in person or by proxy and holding at least 2% in aggregate principal amount of the Notes then outstanding, a poll shall be taken
in such manner as the chairman shall direct. 
 (8) In a poll, each holder of Notes present in person or represented by a proxy duly appointed
by an instrument in writing shall be entitled to one vote in respect of each U.S.$1,000 principal amount of Notes then held by such holder. A proxy need not be a holder of Notes. In the case of Notes held jointly, any one of the joint holders
present in person or by proxy may vote in the absence of the other or others; but in case more than one of them is present in person or by proxy, only one of them may vote in respect of each U.S.$1,000 principal amount of Notes of which they are
joint holders. 
 (9) The Issuer and the Registrar by their respective officers, directors and representatives, and the legal advisors of the
Issuer and the Registrar may attend any meeting of the holders of Notes, but shall have no vote as such. 
 (10) Subject to Section 16, in
addition to all other powers conferred upon them by any other provision of this Agreement or by law, holders of Notes at a meeting shall have the following powers, any one or combination of which may be exercised from time to time by Extraordinary
Resolution: 
  

	 	(a)	power to confirm any modification or amendment of this Agreement or the terms and conditions of the Notes proposed by the Issuer; 

 

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

  

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

  

	 	(d)	power to repeal, modify or amend any Extraordinary Resolution previously passed by the holders of Notes; 

provided, however, that no such modification nor amendment to this Agreement or to the terms and conditions of the Notes or any other action taken may,
without the consent of the holder of each such Note affected thereby: (a) change the stated maturity or interest payment date(s) of any such Note; (b) reduce the principal amount of or rate of interest on any such Note; (c) change the
currency of payment of any such Note; (d) impair the right to institute suit for the enforcement of any payment on or with respect to such Note; (e) reduce the percentage of the holders of Notes necessary to modify or amend this Agreement
or the terms and conditions of the Notes or reduce the percentage of votes required for the taking of action or the quorum required at any meeting of holders of Notes; or (f) reduce the percentage of outstanding Notes necessary to waive any
future compliance or past default. 

  
 13 

 All actions that may be taken and all powers that may be exercised by the holders of Notes at a meeting held
as hereinbefore provided may also be taken and exercised by the holders of not less than 66 2/3% of the aggregate principal amount of the Notes at the time outstanding by an instrument in writing signed in one or more counterparts, and the
expression “Extraordinary Resolution” when used in this Agreement shall include an instrument so signed. 
 (11) The term
“Extraordinary Resolution” means a resolution proposed to be passed at a meeting of holders of the Notes duly convened for the purpose and held in accordance with the provisions of this Agreement and passed by the affirmative vote of the
holders of not less than 66 2/3% of the aggregate principal amount of the Notes represented at the meeting in person or by proxy or as an instrument in writing signed by the holders of not less than 66 2/3% in principal amount of the outstanding
Notes. 
 (12) Minutes of all resolutions and proceedings at every meeting of holders of Notes held in accordance with the provisions of this
Agreement shall be made and entered in books to be from time to time provided for that purpose by the Registrar at the expense of the Issuer and any such minutes, if signed by the chairman of the meeting at which such resolutions were passed or
proceedings taken, or by the chairman of the next succeeding meeting of the holders of Notes, shall be prima facie evidence of the matters therein stated and, until the contrary is proved, every such meeting, in respect of the proceedings of
which minutes shall have been made, shall be deemed to have been duly held and convened, and all resolutions passed and proceedings taken thereat to have been duly passed and taken. 
 (13) Every Extraordinary Resolution passed in accordance with the provisions of this Agreement at a meeting of holders of Notes shall be binding upon all the holders of Notes, whether present at or absent
from such meeting, and every instrument in writing signed by holders of Notes in accordance with Section 14(11) shall be binding upon all the holders of Notes (whether or not a signatory). Subject to the provisions for its indemnity herein
contained, the Registrar shall be bound to give effect accordingly to every such Extraordinary Resolution. 
 (14) The Registrar, or the Issuer
with the approval of the Registrar, may from time to time make and from time to time vary such regulations as it shall from time to time deem fit: 
  

	 	(a)	for the deposit of instruments appointing proxies at such place as the Registrar, the Issuer or the holders of Notes convening a meeting, as the case may be, may in the
notice convening such meeting direct; 

  

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

  
 14 

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

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

	15.	Indemnities 

 (1) The Issuer agrees
to indemnify and hold harmless the Registrar and the London Paying Agent and Transfer Agent against all claims, actions, demands, damages, costs and losses arising out of or relating to the Registrar’s duties as fiscal agent, registrar,
transfer agent and principal paying agent for the Issuer and the London Paying Agent and London Transfer Agent’s duties with respect to the Notes, except such as may result from the Registrar’s or the London Paying Agent and London
Transfer Agent’s, as applicable, gross negligence, willful misconduct or bad faith or that of its directors, officers, employees or representatives. 
 (2) This Section 15 shall survive the payment in full of all obligations of the Notes, whether by redemption, repayment or otherwise. 

 

	16.	Amendments 

 This
Agreement and the Notes may be amended by the Issuer and the Registrar without notice to or the consent of the holders of Notes, for any one or more of the following purposes: (i) curing any ambiguity; (ii) curing, correcting or
supplementing any defective provisions contained herein or therein; (iii) effecting the issue of further Notes of the Issuer pursuant to Section 19; or (iv) in any other manner in which the Issuer, on the one hand, and the Registrar,
on the other hand, acting on the advice of independent counsel, may deem necessary or desirable and which will not be inconsistent with this Agreement or the Notes and which in the reasonable opinion of the Issuer, on the one hand, and the
Registrar, on the other hand, will not adversely affect the interests of the holders of Notes. No amendment may be made to this Agreement which would in any way alter, amend or change the duties, responsibilities, obligations of or the protections
afforded to the London Paying Agent and London Transfer Agent from those set out in this Agreement as at the date of this Agreement without the prior written consent of the London Paying Agent and London Transfer Agent. 

  
 15 

	17.	The Registrar and the London Paying Agent and London Transfer Agent 

 (1) Subject to Section 7(3), in acting under this Agreement and in connection with the Notes, the Registrar and the London Paying Agent and London Transfer Agent are acting solely as agents of the
Issuer and do not assume any obligation or relationship of agency or trust with any of the holders of Notes, except that all amounts received and held by the Registrar or the London Paying Agent and London Transfer Agent for payment in respect of
the Notes shall be held in trust for the holders of the Notes in a separate account or accounts for payment to the holders of Notes. The Registrar and the London Paying Agent and London Transfer Agent, as the case may be, shall not be liable to pay
interest to the Issuer on any moneys received from the Issuer for the purposes of payment pursuant to Section 7. 
 (2) The Registrar and
the London Paying Agent and London Transfer Agent shall be protected and shall incur no liability for action taken or not taken, or suffered to be taken or not taken, with respect to all legal matters upon which it has received advice from counsel
in good faith and in accordance with the opinions and advice of such counsel. 
 (3) The Registrar and the London Paying Agent and London
Transfer Agent and their respective officers, directors and employees may become the owners of, or acquire an interest in, any Notes, with the same rights that they would have if the Registrar and the London Paying Agent and London Transfer Agent
were not acting as agents hereunder, and may engage or be interested in any financial or other transaction with the Issuer, and may act on behalf of, or as a depository, trustee or agent for, any committee or body of holders of Notes or holders of
other obligations of the Issuer as freely as if the Registrar or the London Paying Agent and London Transfer Agent were not acting as agents hereunder. 
 (4) The Registrar and the London Paying Agent and London Transfer Agent may rely and shall be protected in acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request,
consent, order, letter, telegram, facsimile or other paper or document believed by them to be genuine and to have been signed, sent or presented by or on behalf of the proper party or parties and, in particular, may rely and shall be protected in
acting on the basis of any such notice which is given in accordance with the provisions hereof. 
  

	18.	Resignation or Replacement of Registrar or London Paying Agent and London Transfer Agent 

(1) The Issuer agrees that there shall at all times be a registrar, fiscal agent, transfer agent, principal paying agent and London paying agent and
London transfer agent hereunder until the earlier of (i) there being no Notes outstanding, or (ii) the Issuer having established to the satisfaction of the Registrar and the London Paying Agent and London Transfer Agent that the Issuer may
avail itself of defenses under all relevant laws for the prescription of actions in respect of any outstanding Notes. 
 (2) The Registrar and
the London Paying Agent and London Transfer Agent may resign at 

  
 16 

 
any time by sending at least thirty days’ written notice by registered mail to the Issuer. Upon receipt of such notice, the Issuer shall appoint another financial institution or institutions
as successor registrar, fiscal agent, transfer agent and principal paying agent or successor London paying agent and London transfer agent, as applicable, under this Agreement. Subject to the provisions hereof, the Issuer may terminate the
appointment of the Registrar as registrar, fiscal agent, transfer agent and principal paying agent or the London Paying Agent and London Transfer Agent and appoint another financial institution or institutions as successor registrar, fiscal agent,
transfer agent and principal paying agent or successor London paying agent and London transfer agent under this Agreement provided that it give the Registrar or the London Paying Agent and London Transfer Agent, as applicable, not less than thirty
days’ written notice of termination. Neither the resignation nor the termination of the appointment of the Registrar as registrar, fiscal agent, transfer agent and principal paying agent or the London Paying Agent and London Transfer Agent
shall take effect until the appointment of the successor registrar, fiscal agent, transfer agent and principal paying agent or successor London paying agent and London transfer agent, as applicable, becomes effective. On the effective date of the
resignation of the Registrar or the London Paying Agent and London Transfer Agent or of the termination of its appointment as registrar, fiscal agent, transfer agent and principal paying agent or London paying agent and London transfer agent, as
applicable, the Registrar or the London Paying Agent and London Transfer Agent shall deliver to the successor registrar, fiscal agent, transfer agent and principal paying agent or successor London paying agent and London transfer agent, as
applicable, all funds of the Issuer then held by it and the Issuer shall pay to the Registrar or the London Paying Agent and London Transfer Agent all amounts owed by the Issuer to the Registrar or the London Paying Agent and London Transfer Agent,
as applicable, pursuant to this Agreement up to the said effective date. 
 (3) If the Registrar or the London Paying Agent and London Transfer
Agent shall be adjudged a bankrupt or insolvent, or shall file a voluntary petition in bankruptcy or makes an assignment for the benefit of its creditors or consents to the appointment of a receiver or custodian of all or any substantial part of its
property, or shall admit in writing of its inability to pay or meet its debts as they mature, or if a receiver or custodian of it or of all or any substantial part of its property shall be appointed or if any public officer shall have taken charge
or control of it or of its property or affairs, for the purposes of rehabilitation, conservation or liquidation, a successor registrar, fiscal agent, transfer agent and principal paying agent or successor London paying agent and London transfer
agent, as applicable, shall be appointed by the Issuer. Upon such an appointment of a successor registrar, fiscal agent, transfer agent and principal paying agent or successor London paying agent and London transfer agent, the Registrar or the
London Paying Agent and London Transfer Agent shall cease to be a registrar, fiscal agent, transfer agent and principal paying agent or London paying agent and London transfer agent, as applicable, hereunder whether or not notice of such termination
shall have been given. If no successor registrar, fiscal agent, transfer agent and principal paying agent or successor London paying agent and London transfer agent, as applicable, shall have been appointed by the Issuer, any holder of a Note, on
behalf of itself and all other holders of Notes, or the Registrar or the London Paying Agent and London Transfer Agent, as applicable, may petition any court of competent jurisdiction for the appointment of a successor registrar, fiscal agent,
transfer agent and principal paying agent or successor London paying agent and London transfer agent. 

  
 17 

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

	19.	Further Issues 

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

 

	20.	General 

 (1) Any notice pursuant
to this Agreement shall be in English and deemed to have been duly given upon the dispatch of such notice by registered mail or facsimile (to be confirmed in writing by registered mail), addressed to the Issuer, to the Registrar or to the London
Paying Agent and London Transfer Agent as follows: 
  

					
	Issuer	  	Address:	  	Ministère des Finances
		  		  	8, rue Cook, 2e étage
		  		  	Québec, Québec G1R 0A4
		  		  	Canada
		  	Attention:	  	Direction générale des opérations bancaires
		  		  	et financières
		  	Facsimile No:	  	(418) 528-1240
		  	Telephone No:	  	(418) 528-1479
			
		  	With a copy to:	  	
			
		  	Address:	  	Ministère des Finances
		  		  	12 rue St-Louis, bureau 2.27
		  		  	Québec, Québec G1R 5L3
		  	Attention:	  	Direction du financement des organismes publics
		  		  	et de la documentation financière
		  	Facsimile No:	  	(418) 643-8141
		  	Telephone No:	  	(418) 643-4700
			
	Registrar	  	Address:	  	
		  	Attention:	  	
		  	Facsimile No:	  	
		  	Telephone No:	  	

  
 18 

					
		  	copy to:	  	
			
		  	Address:	  	
		  	Attention:	  	
		  	Facsimile No:	  	
		  	Telephone No:	  	
			
	London Paying	  		  	
	Agent and	  		  	
	London Transfer	  		  	
	Agent	  	Address:	  	
		  	Attention:	  	
		  	Facsimile No:	  	
		  	Telephone No:	  	

 or to any other address or number of which either of the parties shall have notified the other in writing in
accordance with this provision. 
 (2) This Agreement shall be governed by and interpreted in accordance with the laws of Québec and the
laws of Canada applicable therein. 
 (3) This Agreement shall extend to and enure to the benefit of and be binding upon the Issuer, the
Registrar and the London Paying Agent and London Transfer Agent and their respective successors and assigns. 
 (4) This Agreement may be
executed in separate counterparts, and each such counterpart, when so executed and delivered, shall be deemed to be an original. Such counterparts shall together constitute one and the same agreement. 

 

	21.	Jurisdiction of Courts 

 Québec hereby appoints the person from time to time who holds the position of Delegate General of Québec in New York, One Rockefeller Plaza, 26th Floor, New York, New York 10020-2102, as its
authorized agent (the “Authorized Agent”) upon whom process may be served in any action arising from this Agreement which may be instituted in any State or Federal court in The City of New York, and expressly accepts the non-exclusive
jurisdiction of any such court in respect of such action. Québec hereby irrevocably waives any immunity to service of process in respect of any such action to which the Authorized Agent might otherwise be entitled. Such appointment shall be
irrevocable as long as any of the Notes remain outstanding, except that, if for any reason the Authorized Agent ceases to be able to act as agent or no longer has an address in The City of New York, Québec will appoint another person or
persons in The City of New York, selected in its discretion, as Authorized Agent(s). Québec will take any and all action, including the filing of any and all documents and instruments that may be necessary to continue such appointment or
appointments in full force and effect as aforesaid. Service of process upon the Authorized Agent, together with written notice of such service mailed or delivered to Québec at its address set forth in Section 20, shall be deemed in every

  
 19 

 
respect effective service of process upon Québec. Notwithstanding the foregoing, any action arising from this Agreement may be instituted in any competent court in Québec.
Québec hereby waives, to the fullest extent permitted by applicable law, any immunity to jurisdiction to which it might otherwise be entitled in any action based on this Agreement which may be instituted as provided in this Section in any
State or Federal court in The City of New York or in any competent court in Québec. 

  
 20 

 
			
	QUÉBEC
		
	by:	 	 
		 	Name:
		 	Title:

  

			
	[        ]
		
	by:	 	 
		 	Name:
		 	Title:

  

			
	[        ]
		
	by:	 	 
		 	Name:
		 	Title:

  
 21 

 SCHEDULE A 
 [ insert form of global note ] 

  
 22 

 SCHEDULE B 
 TERMS AND CONDITIONS OF THE NOTES 
 Status of the Notes 

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

Form, Denomination and Registration 
 The
Notes will be issued in the form of one or more fully registered global notes (the “Global Notes”) registered in the name of Cede & Co., as nominee of The Depository Trust Company (“DTC”), and held by [], as custodian
for DTC. Beneficial interests in the Notes will be represented through book-entry accounts of financial institutions acting on behalf of beneficial owners as direct and indirect participants of DTC, the Euroclear System (“Euroclear”) or
Clearstream Banking, société anonyme (“Clearstream, Luxembourg” and, collectively, the “Clearing Systems”). The Clearing Systems will be responsible for establishing and maintaining book-entry accounts for their
participants having interests in the Notes. Beneficial owners of Notes will not, except in limited circumstances described herein, be entitled to receive Notes represented by physical certificates or to have Notes registered in their names, and will
not be considered holders thereof under the Fiscal Agency Agreement. See “Certificated Notes”. Subject to applicable law and the terms of the Fiscal Agency Agreement, Québec and the Registrar shall deem and treat registered holders
of the Notes as the absolute owners thereof for all purposes whatsoever notwithstanding any notice to the contrary; and all payments to, or on the order of, the registered holders shall be valid and shall discharge the liability of Québec and
the Registrar on the Notes to the extent of the sum or sums so paid. 
 The Notes will only be sold in denominations of U.S.$1,000 or any
integral multiple thereof. 
 The Registrar will be responsible for (i) maintaining a record of the aggregate holdings of Notes,
(ii) ensuring that payments of principal and interest in respect of the Notes received by the Registrar from Québec are duly credited to DTC; and (iii) transmitting to Québec any notices from beneficial owners of Notes. The
Registrar will not impose any fees in respect of the Notes, other than reasonable fees for the replacement of lost, stolen, mutilated or destroyed Notes. However, beneficial owners of Notes may incur fees payable in respect of the maintenance and
operation of the book-entry accounts in which such Notes are held with the Clearing Systems. 

  
 23 

 Interest 
 The Notes will bear interest from [    ] at a rate of [    ] per annum, payable in two equal semi-annual instalments, in arrears on [and ], commencing on
[    ]. Interest on the Notes will cease to accrue on the date fixed for redemption or repayment unless, upon due presentation of the Notes, payment of principal is improperly withheld or refused. 

Whenever it is necessary to compute any amount of interest in respect of the Notes, other than with respect to regular semi-annual payments, such
interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. The rate of interest specified in the Notes is a nominal rate and all interest payments and computations are to be made without allowances or deductions
for deemed reinvestment. 
 Payments 
 Principal of, and interest and Additional Amounts (as defined below under “Payment of Additional Amounts”), if any, on, the Notes are payable by Québec in U.S. dollars to the person
registered at the close of business on the relevant record date in the register held by the Registrar. With respect to Notes held by Cede & Co. for DTC participants, Euroclear and Clearstream, Luxembourg, payment will be made to beneficial
owners in accordance with customary procedures established from time to time by DTC, Euroclear and Clearstream, Luxembourg. The Registrar will act as Québec’s principal paying agent for the Notes pursuant to the Fiscal Agency Agreement.

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

 The record date for purposes of payments of principal and interest and Additional Amounts, if any, on the Notes will be as of 5:00 p.m.,
New York City time, on the fourteenth calendar day preceding the maturity date or any interest payment date, as applicable. Ownership positions within each Clearing System will be determined in accordance with the normal conventions observed by such
system. 
 Payment of Additional Amounts 
 All payments of principal and interest on the Notes will be paid to any holder without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or charges of
whatever nature, imposed or levied by or on behalf of Canada, or any province, territory or political subdivision thereof or any authority therein or thereof having power to tax, unless the withholding or deduction of such taxes, duties, assessments
or charges is required by law or by interpretation or administration thereof. In the event that Québec shall be required to withhold any such taxes or duties from any payments due under the Notes, Québec, subject to its redemption
rights, will pay such additional amounts (the “Additional 

  
 24 

 
Amounts”) as may be necessary in order that the net amounts receivable by the holder after such withholding or deduction shall equal the respective amounts of principal or interest which
would have been receivable in respect of the Notes in the absence of such withholding or deduction. Québec shall not, however, be obliged to pay such Additional Amounts with respect to any Note (i) to, or to a third party on behalf of, a
holder who is liable to such taxes, duties, assessments or charges in respect of such Note by reason of that person having some connection with Canada other than the mere holding or use outside Canada, or ownership as a non-resident of Canada, of
such Note; or (ii) presented for payment more than thirty days after the Relevant Date (as defined below) except to the extent that the holder thereof would have been entitled to such Additional Amounts on presenting the same for payment on or
before such thirtieth day; or (iii) where such withholding or deduction is imposed on a payment to an individual and is required to be made pursuant to European Council Directive 2003/48/EC or any other law implementing or complying with, or
introduced in order to conform to, such Directive; or (iv) presented for payment by or on behalf of a holder who would have been able to avoid such withholding or deduction by presenting the relevant Note to another paying agent in a Member
State of the European Union. “Relevant Date” means (A) the date on which such payment first becomes due; or (B) if the full amount of the moneys payable has not been received by the Registrar on or prior to such date, the date on
which, the full amount of such moneys having been so received, notice to that effect is duly given to the holders of the Notes in accordance with the notice procedures described under “Notices” below. 

Maturity, Redemption and Purchases 

Unless previously redeemed for tax reasons as provided below, or purchased, the principal amount of the Notes shall be due and payable on
[    ]. 
 If as a result of any change in, or amendment to, or in the official application of, the laws of Canada or the
regulations of any taxing authority therein or thereof (other than Québec) or any change in, or in the official application of, or execution of, or amendment to, any treaty or treaties affecting taxation to which Canada is a party, which
change or amendment shall have become effective after [    ], it is determined by Québec that it would be required at, or at any time prior to, maturity of the Notes to pay Additional Amounts as described under
“Payment of Additional Amounts”, the Notes may be redeemed in whole but not in part at the option of Québec on not less than 30 days’ nor more than 45 days’ published notice in accordance with “Notices” below, at
the principal amount thereof together with accrued interest. 
 Québec may, if not in default under the Notes, purchase Notes at any
time, in any manner and at any price. If purchases are made by tender, tenders must be available to all holders of Notes alike. 

  
 25 

 Transfers 
 Transfers of beneficial interests in a Global Note between participants within Euroclear and Clearstream, Luxembourg, and between Euroclear and Clearstream, Luxembourg participants, will be effected in
accordance with procedures established for this purpose from time to time by Euroclear and Clearstream, Luxembourg. Such beneficial interests may be transferred between DTC participants in accordance with procedures established for this purpose from
time to time by DTC. 
 Certificated Notes 
 Québec will issue or cause to be issued Notes represented by fully registered physical certificates (“Certificated Notes”) upon registration of transfer of, or in exchange for, Notes
represented by the Global Notes (i) if DTC notifies Québec that it is unwilling or unable to continue as depository in connection with the Global Notes or ceases to be a clearing agency registered under the United States Securities
Exchange Act of 1934, as amended, at a time when it is required to be so registered and a successor depository is not appointed by Québec within 90 days after receiving such notice or becoming aware that DTC is no longer so registered;
(ii) if Québec, in its sole discretion at any time, determines not to have any of the Notes represented by the Global Notes and provides notice to the Registrar that such Notes are to be represented by Certificated Notes; or
(iii) upon request by DTC to the Registrar, acting on direct or indirect instructions of a holder or any beneficial owner of an interest in a Global Note, after an event of default entitling the holder to accelerate the stated maturity of the
Global Note has occurred and is continuing, or, if DTC does not promptly make that request, then any beneficial owner of an interest in such Global Note shall be entitled to make such request with respect to such interest. The Issuer shall bear the
costs and expenses of printing or preparing any Certificated Notes. 
 Upon any such issuance pursuant to the preceding paragraph of
Certificated Notes in exchange for all the Notes represented by the Global Notes, (i) Québec shall promptly make available to the Registrar a reasonable supply of Certificated Notes, (ii) DTC shall cause the Global Notes to be
delivered to the Registrar and provide the Registrar with the necessary registration information for such Certificated Notes, (iii) the Registrar shall authenticate and deliver such Certificated Notes in an aggregate principal amount equal to
the principal amount of the Global Notes to be exchanged for such Certificated Notes, (iv) the Registrar shall cancel the Global Notes and, in the case of a partial exchange, issue and deliver to or to the order of DTC new Global Notes equal to
the unexchanged portion of any such Global Notes partially exchanged for Certificated Notes and (v) the Registrar shall reduce accordingly the holdings of Cede & Co. on the register held by the Registrar. The Registrar shall have at
least 30 days from the date of its receipt of Certificated Notes and registration information to authenticate and deliver such Certificated Notes. Such Certificated Notes shall be registered in such names and in such denominations as DTC, pursuant
to instructions from direct or indirect participants, shall direct and shall be delivered as directed by the persons in whose names such Certificated Notes are to be registered. AII Notes represented by Certificated Notes issued upon any such
issuance in exchange for the Notes represented by the Global Notes shall be a valid obligation of the Issuer, shall be entitled to the same benefits under this Agreement as the Global Notes and shall be so exchanged without charge to DTC or the
transferee. 

  
 26 

 Québec expressly acknowledges that if Certificated Notes are not promptly issued to the owners of
beneficial interests in a Global Note as described above, then an owner of a beneficial interest will be entitled to pursue any remedy under the Fiscal Agency Agreement, the Global Note or applicable law with respect to the portion of the Global
Note representing that owner’s interest in the Global Note as if Certificated Notes had been issued. 
 If Certificated Notes are issued
and if and for so long as the Notes are admitted to the Official List of the UK Listing Authority and to trading on the regulated market of the London Stock Exchange, and the rules of the London Stock Exchange so require, Québec will maintain
a paying agent and transfer agent in London. Québec will also ensure that, to the extent possible, it maintains a paying agent in a Member State of the European Union that is not obliged to withhold or deduct tax pursuant to European Council
Directive 2003/48/EC or any other law implementing or complying with, or introduced in order to conform to, such Directive. A publication will be made in accordance with “Notices” below describing how payments on Certificated Notes will be
made. 
 Modification 
 The
Fiscal Agency Agreement and the Notes may be amended by Québec and the Registrar without notice to, or the consent of, the holder of any Note, for the purpose of (i) curing any ambiguity, (ii) curing, correcting or supplementing any
defective provisions contained therein, or (iii) effecting the issue of further notes as described below under “Further Issue”, or in any other manner which Québec and the Registrar acting on the advice of counsel may deem
necessary or desirable and which will not be inconsistent with the Fiscal Agency Agreement or the Notes and which, in the reasonable opinion of Québec and the Registrar, will not adversely affect the interests of the holders of Notes.

 The Fiscal Agency Agreement will contain provisions for convening meetings of registered holders of Notes to modify or amend by Extraordinary
Resolution (as defined below), the Fiscal Agency Agreement (except as provided in the immediately preceding paragraph) and the Notes (including the terms and conditions thereof) or waive future compliance therewith or past default thereon by
Québec. An Extraordinary Resolution duly passed at any such meeting shall be binding on all holders of Notes, whether present or not; provided, however, that no such modification or amendment to the Fiscal Agency Agreement or to the terms and
conditions of the Notes may, without the consent of the holder of each such Note affected thereby: (a) change the stated maturity or interest payment date(s) of any such Note; (b) reduce the principal amount of or rate of interest on any
such Note; (c) change the currency of payment of any such Note; (d) impair the right to institute suit for the enforcement of any payment on or with respect to such Note; (e) reduce the percentage of the holders of Notes necessary to
modify or amend the Fiscal Agency Agreement or the terms and conditions of the Notes or reduce the percentage of votes required for the taking of action or the quorum required at any meeting of holders of Notes; or (f) reduce the percentage of
outstanding Notes necessary to waive any future compliance or past default. 
 The term “Extraordinary Resolution” is defined in the
Fiscal Agency Agreement as a resolution passed at a meeting of holders of Notes by the affirmative vote of the holders of not less than 66 2/3% of the principal amount of Notes represented at the meeting in person or by proxy or as an instrument in
writing signed by the holders of not less than 

  
 27 

 
66 2/3% in principal amount of the outstanding Notes. The quorum at any such meeting for passing an Extraordinary Resolution will be two or more persons holding or representing at least a
majority in principal amount of the Notes at the time outstanding, or at any adjourned meeting called by Québec or the Registrar, two or more persons being or representing holders of Notes whatever the principal amount of the Notes so held or
represented. 
 Governing Law 

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

Events of Default 
 In the event that
(a) Québec shall default in the payment of the principal of, interest or Additional Amounts, if any, on the Notes, as the same shall become due and payable, and such default shall continue for a period of 45 days or (b) default
shall be made in the due performance or observance by Québec of any covenant or agreement contained in the Notes, other than the payment of principal, interest or Additional Amounts, or the Fiscal Agency Agreement and such default shall
continue for a period of 60 days or (c) Québec shall default in the payment of any principal of, interest or additional amounts, if any, on, any indebtedness (direct or under a guarantee) for borrowed money, other than the Notes, as the
same shall become due and payable, and such default shall continue for a period of 45 days, provided that the foregoing shall not be taken into account so long as the aggregate principal amount of all such indebtedness (direct or under a guarantee)
for borrowed money with respect to which the foregoing has occurred does not exceed U.S.$50,000,000 (or its equivalent in other currencies), then at any time thereafter and during continuance of such default the registered holder of any Note (or its
proxy) may deliver or cause to be delivered to Québec at Ministère des Finances, c/o Direction générale des opérations bancaires et financières, 8, rue Cook, 2e étage, Québec, Québec,
G1R 0A4, Canada, a written notice that such registered holder elects to declare the principal amount of the Notes held by him (the serial number or numbers of the note or notes representing such Notes and the principal amount of the Notes owned by
him and the subject of such declaration being set forth in such notice) to be due and payable and, in the cases falling within either (a) or (c) above, on the 15th day after delivery of such notice, or, in the cases falling within
(b) above, on the 30th day after delivery of such notice, the principal of the Notes referred to in such notice plus accrued interest thereon shall become due and payable, unless prior to that time all such defaults theretofore existing shall
have been cured. 

  
 28 

 Notices 
 All notices to the holders will be valid (i) in the case of Certificated Notes, if sent by first class mail (or equivalent) or (if posted to an overseas address) by airmail, or if delivered, to each
holder (or the first named of joint holders) at each such holder’s address as it appears in the Register held by the Registrar; (ii) in the case of Notes represented by a Global Note, if delivered to DTC for communication by it to the
persons shown in its records as having interests therein and (iii) in either case, if and so long as the Notes are admitted to trading on, and listed on any stock exchange or are admitted to trading by another relevant authority, if in
accordance with the rules and regulations of the relevant stock exchange or other relevant authority. Any such notice shall be deemed to have been given on the date of such delivery or, in the case of mailing, on the fourth weekday following such
mailing. 
 Further Issue 

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

Prescription 
 Under current
Québec law, each Note will become void unless presented for payment of principal or interest within three years of the due date for payment. 

  
 29Form of Global Debt Security

 Exhibit 4.3 
 FORM OF GLOBAL NOTE 
 Unless this certificate is presented by an authorized representative
of The Depository Trust Company, a New York corporation (“DTC”), to Québec or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other
name as requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
 Note
No. [            ] 
 CUSIP
[            ] 
 QUÉBEC 

[            ]% Global Notes Series
[            ] due [            ] 
 This global note, registered in the name of Cede & Co., as nominee of DTC (the “Global Note”), is a permanent global note in respect of the duly authorized issue of securities referred
to above (the “Notes”) of Québec, and which is issued pursuant to a Fiscal Agency Agreement, dated as of [            ], among Québec,
[            ], as registrar, fiscal agent, transfer agent and principal paying agent (the “Registrar” which term includes any successor registrar, fiscal agent, transfer agent
and principal paying agent under the Fiscal Agency Agreement) and [            ], as London Paying Agent and London Transfer Agent, as such agreement may be supplemented or amended, as the
case may be (the “Fiscal Agency Agreement”). This Global Note also represents any further notes which Québec may issue, from time to time, pursuant to Section 19 of the Fiscal Agency Agreement. In the event such further notes
are issued, the word “Note” as defined above shall be deemed to also refer to such further notes. 
 This Global Note and all the
rights of the holder hereof are expressly subject to the Fiscal Agency Agreement, and this Global Note and the Fiscal Agency Agreement constitute a contract to all of the terms and conditions of which the holder by acceptance hereof assents, is
bound by and is deemed to have notice. All defined terms unless defined herein have the meanings ascribed to them in the Fiscal Agency Agreement. Copies of the Fiscal Agency Agreement are available for inspection and may be obtained free of charge
at the principal offices of the Registrar and of the London Paying Agent and London Transfer Agent. 
 This is a fully registered Global Note
without coupons attached. In certain limited circumstances, as described in Section 5 of the Fiscal Agency Agreement, it is exchangeable in whole or in part, at the office of the Registrar, for Certificated Notes. 

 FOR VALUE RECEIVED, Québec hereby promises to pay to Cede & Co. or its registered
assigns in the manner hereinafter mentioned on [            ] (or on such earlier date as the Principal Amount (as hereinafter defined) may become payable in accordance with the terms
hereof) the principal sum set forth in Schedule I hereto from time to time (the “Principal Amount”) in lawful money of the United States of America, on presentation and surrender of this Global Note, and to pay interest in arrears on the
said Principal Amount at the rate of [            ]% per annum, from [            ], or from the most recent Interest Payment
Date to which interest has been paid or duly provided for, in two equal semi-annual installments on [            ] and
[            ] in each year (each an “Interest Payment Date”), commencing on [            ], until the Principal Amount
is paid in full or duly made available for payment, in each case together with such further sum, if any, as may be payable by way of Additional Amounts in accordance with the provisions set forth herein, and should Québec at any time default
in the payment of any of the Principal Amount or interest on this Global Note or any Additional Amounts, to pay interest on the amount in default (before as well as after judgment) at the same rate, in like money, on the same dates. References
herein to principal and interest in respect of this Global Note or the Notes shall be deemed also to refer to any Additional Amounts which may be payable concurrently therewith, unless the context otherwise requires. Interest will cease to accrue on
this Global Note on [            ] (or on such earlier date as the Principal Amount may become payable in accordance with the terms hereof) unless, upon due presentation of this Global
Note, payment of the Principal Amount or Additional Amounts, if any, is improperly withheld or refused. 
 This Global Note shall not become
valid and obligatory for any purpose unless and until this Global Note has been authenticated by the Registrar or its authorized representative. 
 SUMMARY OF TERMS AND CONDITIONS 
 The following constitutes a summary of the terms and
conditions of this Global Note and the Notes and is qualified in its entirety by the more detailed terms and conditions contained in Schedule B to the Fiscal Agency Agreement 
 Form, Denomination and Registration 
 The Notes will be issued in the form of one or more
fully registered global notes and all Notes will be recorded in a register held by a Registrar all as more fully set forth in the Fiscal Agency Agreement which also contains detailed provisions concerning transfers of Notes. 

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

  
 2 

 Québec will issue or cause to be issued Certificated Notes upon registration of transfer of, or in
exchange for, Notes represented by the Global Notes (i) if DTC notifies Québec that it is unwilling or unable to continue as depository in connection with the Global Notes or ceases to be a clearing agency registered under the
United States Securities Exchange Act of 1934, as amended, at a time when it is required to be so registered and a successor depository is not appointed by Québec within 90 days after receiving such notice or becoming aware that DTC is
no longer so registered; (ii) if Québec, in its sole discretion at any time, determines not to have any of the Notes represented by the Global Notes; or (iii) upon request by DTC to the Registrar, acting on direct or indirect
instructions of a holder or any beneficial owner of an interest in a Global Note, after an event of default entitling the holder to accelerate the stated maturity of the Global Note has occurred and is continuing, or, if DTC does not promptly make
that request, then any beneficial owner of an interest in such Global Note shall be entitled to make such request with respect to such interest. 
 Québec expressly acknowledges that if Certificated Notes are not promptly issued to the owners of beneficial interests in a Global Note as described above, then an owner of a beneficial interest
will be entitled to pursue any remedy under the Fiscal Agency Agreement, the Global Note or applicable law with respect to the portion of the Global Note representing that owner’s interest in the Global Note as if Certificated Notes had been
issued. 
 Interest 
 Whenever
it is necessary to compute any amount of interest in respect of the Notes, other than with respect to regular semi-annual payments, such interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. The rate of
interest specified in the Notes is a nominal rate and all interest payments and computations are to be made without allowances or deductions for deemed reinvestment. 
 For purposes of disclosure pursuant to the Interest Act (Canada), the rate of interest payable on any basis other than a full calendar year may be determined by multiplying the applicable annual interest
rate by a fraction the numerator of which is the actual number of days in the period for which interest is payable and the denominator of which is 365 days or 366 days, as the case may be. 
 [ If the Security is denominated in a currency other than United States dollars, insert applicable provisions. ] 
 Payments 
 Principal of and interest on the Notes and Additional Amounts, if any, are
payable by Québec in lawful money of the United States of America (“US dollars”) to the person registered on the relevant record date in the register held by the Registrar. With respect to Notes held by Cede & Co. for DTC
participants, Euroclear and Clearstream, Luxembourg, payment will be made to beneficial owners in accordance with customary procedures established from time to time by DTC, Euroclear and Clearstream, Luxembourg. 

  
 3 

 If any date for payment to the registered holder hereof is not a Business Day in the applicable place of
payment, such registered holder shall not be entitled to payment until the next following Business Day, and no further interest shall be paid in respect of the delay in such payment. In this paragraph, “Business Day” means a day on which
banking institutions in The City of New York and in any other applicable place of payment are not authorized or obligated by law or executive order to be closed. 
 Payment of Additional Amounts 
 All payments of principal and interest on the Notes will be
paid to any holder without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or charges of whatever nature, imposed or levied by or on behalf of Canada, or any province, territory or political
subdivision thereof or any authority therein or thereof having power to tax, unless the withholding or deduction of such taxes, duties, assessments or charges is required by law or by interpretation or administration thereof. In the event that
Québec shall be required to withhold any such taxes or duties from any payments due under the Notes, Québec, subject to its redemption rights, will pay such additional amounts (the “Additional Amounts”) as may be necessary in
order that the net amounts receivable by the holder after such withholding or deduction shall equal the respective amounts of principal or interest which would have been receivable in respect of the Notes in the absence of such withholding or
deduction. Québec shall not, however, be obliged to pay such Additional Amounts with respect to any Note (i) to, or to a third party on behalf of, a holder who is liable to such taxes, duties, assessments or charges in respect of such
Note by reason of that person having some connection with Canada other than the mere holding or use outside Canada, or ownership as a non-resident of Canada, of such Note; or (ii) presented for payment more than thirty days after the Relevant
Date (as defined below) except to the extent that the holder thereof would have been entitled to such Additional Amounts on presenting the same for payment on or before such thirtieth day; or (iii) where such withholding or deduction is imposed
on a payment to an individual and is required to be made pursuant to European Council Directive 2003/48/EC or any other law implementing or complying with, or introduced in order to conform to, such Directive; or (iv) presented for payment by
or on behalf of a holder who would have been able to avoid such withholding or deduction by presenting the relevant Note to another paying agent in a Member State of the European Union. “Relevant Date” means (A) the date on which such
payment first becomes due; or (B) if the full amount of the moneys payable has not been received by the Registrar on or prior to such date, the date on which, the full amount of such moneys having been so received, notice to that effect is duly
given to the holders of the Notes in accordance with the notice procedures described under “Notices” below. 
 Redemption and
Purchases 
 If as a result of any change in, or amendment to, or in the official application of, the laws of Canada or the regulations of
any taxing authority therein or thereof (other than Québec) or any change in, or in the official application of, or execution of, or amendment to, any treaty or treaties affecting taxation to which Canada is a party, which change or amendment
shall have become effective after [            ], it is determined by Québec that it would be required at, or at any time prior to, maturity of the Notes to pay Additional Amounts as
hereinabove described, the Notes may be redeemed in whole but not in part 

  
 4 

 
at the option of Québec on not less than 30 days’ nor more than 45 days’ published notice in accordance with the provisions set forth below under “Notices”, at the
Principal Amount thereof together with accrued interest. 
 Québec may at any time purchase Notes in any manner and at any price. If
purchases are made by tender, tenders must be available to all Noteholders alike. 
 Status of the Notes 

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

  
 5 

 
records as having interests therein and (iii) in either case, if and so long as the Notes are admitted to trading on, and listed on any stock exchange or are admitted to trading by another
relevant authority, if in accordance with the rules and regulations of the relevant stock exchange or other relevant authority. Any such notice shall be deemed to have been given on the date of such delivery or, in the case of mailing, on the fourth
weekday following such mailing. 
 Prescription 
 Under current Québec law, this Global Note will become void unless presented for payment of principal or interest within three years of the due date for payment. 

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

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

Executed in New York on behalf of Québec as of [            ]. 

 

											
	Authenticated by:	 		 		 	QUÉBEC
					
	[            ]	 		 		 		 	
	(as Registrar)	 		 		 		 	By:                           
                     
		 		 		 	      Authorized Representative

					
	Authentication Date:	 		 		 		 	
					
	By:                           
                                         
     	 		 		 		 	
	 Authorized Officer
	 		 		 		 	

  
 6 

 SCHEDULE TO THE GLOBAL NOTE 

NO. 

QUÉBEC 
 [            ]% Global Notes Series [            ] due
[            ] 
  

											
	 Initial Principal

Amount
	  	Additional 
Principal Amount	 	  	Aggregate 
Principal Amount	 	  	 Authorization

				
	US$                    	  	US$	                    	  	  	US$	                    	  	  	
				
		  	US$	                    	  	  	US$	                    	  	  	
				
		  	US$	                    	  	  	US$	                    	  	  	

  
 7

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