Document:

EX-10.1

 EXHIBIT 10.1 

REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT (the “Agreement”) is dated as of April ___, 2021 and is made by and among FedNat Holding
Company, a Florida corporation (the “Company”), and the purchaser or purchasers identified on the signature page hereto (individually or collectively, the “Purchaser”). 

This Agreement is made pursuant to the Note Purchase Agreements, each dated April ___, 2021 (each, a “Purchase Agreement,”
and collectively, the “Purchase Agreements”) by and between the Company and the Purchaser, which provides for the sale by the Company to the Purchaser of an aggregate principal amount of the Company’s Convertible Senior
Unsecured Notes due 2026 (the “Notes”), to be issued on April ___, 2021 (the “Issue Date”). In order to induce the Purchaser to enter into the Purchase Agreement and in satisfaction of a condition to the
Purchaser’s obligations thereunder, the Company has agreed to provide to the Purchaser and its respective direct and indirect transferees and assigns the registration rights set forth in this Agreement. The execution and delivery of this
Agreement, and of other Registration Rights Agreements in form identical to this Agreement (the “Other Registration Rights Agreements”) with purchasers other than the Purchaser (the “Other Purchasers”), are
conditions to the closing under the Purchase Agreements. The rights of each Purchaser hereunder shall be pari passu with each Other Purchaser under the Other Registration Rights Agreements. 

In consideration of the foregoing, the parties hereto agree as follows: 

1. Definitions. As used in this Agreement, the following capitalized defined terms shall have the following meanings: 

“1933 Act” shall mean the Securities Act of 1933, as amended from time to time, and the rules and regulations
of the SEC promulgated thereunder. 
 “1934 Act” shall mean the Securities Exchange Act of 1934, as amended
from time to time, and the rules and regulations of the SEC promulgated thereunder. 
 “Agreement” shall
have the meaning set forth in the preamble to this Agreement. 
 “Common Stock” means the common stock, $.01
par value per share, of the Company. 
 “Company” shall have the meaning set forth in the preamble to this
Agreement and also includes the Company’s successors. 
 “Depositary” shall mean The Depository Trust
Company, or any other depositary appointed by the Company, including any agent thereof; provided, however, that any such depositary must at all times have an address in the Borough of Manhattan, The City of New York. 

“FINRA” shall mean the Financial Industry Regulatory Authority, Inc. 

“Holder” shall mean the Purchaser, for so long as it owns any Registrable Securities, and each of its
successors, assigns and direct and indirect transferees who become registered owners of Registrable Securities. 

 “Indenture” shall mean the indenture, dated as of
April 19, 2021, by and between the Company and the Bank of New York Mellon, as trustee, as the same may be amended or supplemented from time to time in accordance with the terms thereof. 

“Majority Holders” shall mean the Holders of a majority of the aggregate principal amount of Registrable
Securities outstanding; provided that whenever the consent or approval of Holders of a specified percentage of Registrable Securities is required hereunder, Registrable Securities held by the Company or any of its affiliates (as such
term is defined in Rule 405 under the 1933 Act) shall be disregarded in determining whether such consent or approval was given by the Holders of such required percentage. 

“Notes” shall have the meaning set forth in the preamble to this Agreement. 

“Person” shall mean an individual, partnership, joint venture, limited liability company, corporation, trust
or unincorporated organization, or a government or agency or political subdivision thereof. 
 “Prospectus”
shall mean the prospectus included in a Registration Statement, including any preliminary prospectus, and any such prospectus as amended or supplemented by any prospectus supplement, including a prospectus supplement with respect to the terms of the
offering of any portion of the Registrable Securities covered by a Shelf Registration Statement, and by all other amendments and supplements to a prospectus, including post-effective amendments, and in each case including all material incorporated
or deemed to be incorporated by reference therein. 
 “Purchase Agreement” shall have the meaning set forth
in the preamble to this Agreement. 
 “Purchaser” shall have the meaning set forth in the preamble of this
Agreement. 
 “Registrable Securities” shall mean the shares of Common Stock issuable upon conversion of the
Notes and any securities issued or issuable upon any stock split, dividend or other distribution, recapitalization or similar event with respect to such shares of Common Stock, in each case, pursuant to the terms of the Indenture, provided that
shares of Common Stock shall cease to be Registrable Securities upon the earliest to occur of the following: (A) a sale of all or a part of such shares of Common Stock pursuant to an effective Registration Statement or Rule 144 under the 1933
Act (in which case, only such shares of Common Stock that are sold shall cease to be a Registrable Security); (B) such shares of Common Stock become eligible for resale without the time, volume or manner of sale restrictions under Rule 144 and
without the current public information requirement set forth in Rule 144(c)(1); and (C) such shares of Common Stock have ceased to be outstanding. 

  
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 “Registration Expenses” shall mean any and all expenses
incident to performance of or compliance by the Company with this Agreement, including without limitation: (i) all SEC, stock exchange or FINRA registration and filing fees, (ii) all fees and expenses incurred in connection with compliance
with state or other securities or blue sky laws and compliance with the rules of FINRA (including reasonable fees and disbursements of counsel for any underwriters or Holders in connection with qualification of any of the Registrable Securities
under state or other securities or blue sky laws and any filing with and review by FINRA), (iii) all expenses of any Persons in preparing, printing and distributing any Registration Statement, any Prospectus, any amendments or supplements thereto,
any underwriting agreements, securities sales agreements, certificates representing the Registrable Securities and other documents relating to the performance of and compliance with this Agreement, (iv) all rating agency fees, (v) all fees
and expenses incurred in connection with the listing, if any, of any of the Registrable Securities on any securities exchange or exchanges or on any quotation system, (vi) all fees and disbursements relating to the qualification of the
Indenture under applicable securities laws, only to the extent required by such applicable securities laws, (vii) the fees and disbursements of counsel for the Company and the fees and expenses of independent public accountants for the Company
or for any other Person, business or assets whose financial statements are included in any Registration Statement or Prospectus, including the expenses of any special audits or “cold comfort” letters required by or incident to such
performance and compliance, (viii) the fees and expenses of a “qualified independent underwriter” as defined by FINRA Rule 5121 (if required by FINRA rules) and the fees and disbursements of its counsel, (ix) the fees and
expenses of the Trustee, any registrar, any depositary, any paying agent, any escrow agent or any custodian, in each case including fees and disbursements of their respective counsel, and (x) in the case of an underwritten offering, any fees
and disbursements of the underwriters customarily paid by issuers or sellers of securities and the fees and expenses of any special experts retained by the Company in connection with any Registration Statement but excluding (except as otherwise
provided herein) fees of counsel to the underwriters or the Holders and underwriting discounts and commissions and transfer taxes, if any, relating to the sale or disposition of Registrable Securities by a Holder. 

“Registration Statement” shall mean any registration statement of the Company relating to the offer and sale
by a Holder of Registrable Securities pursuant to the provisions of this Agreement (including, without limitation, any Shelf Registration Statement), and all amendments and supplements to any such Registration Statement, including post-effective
amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated or deemed to be incorporated by reference therein. 

“SEC” shall mean the United States Securities and Exchange Commission or any successor thereto. 

“Shelf Registration” shall mean a registration effected pursuant to Section 2(a)
hereof. 
 “Shelf Registration Statement” shall mean a “shelf” registration statement of the
Company pursuant to the provisions of Section 2(a) of this Agreement which covers all of the Registrable Securities, as the case may be, on an appropriate form under Rule 415 under the 1933 Act, or any similar rule that may
be adopted by the SEC, and all amendments and supplements to such Shelf Registration Statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated or
deemed to be incorporated by reference therein. 
 “Specified Date” shall mean the Issue Date. 

“TIA” shall mean the Trust Indenture Act of 1939, as amended from time to time, and the rules and regulations
of the SEC promulgated thereunder. 
 “Trustee” shall mean the trustee with respect to the Notes under the
Indenture. 
 “Underwriters” shall have the meaning set forth in Section 5(a).

  
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 For purposes of this Agreement, (i) all references in this Agreement to any
Registration Statement, preliminary prospectus or Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the copy filed with the SEC pursuant to its Electronic Data Gathering, Analysis and Retrieval system;
(ii) all references in this Agreement to financial statements and schedules and other information which is “contained,” “included” or “stated” in any Registration Statement, preliminary prospectus or Prospectus (or
other references of like import) shall be deemed to mean and include all such financial statements and schedules and other information which is incorporated or deemed to be incorporated by reference in such Registration Statement, preliminary
prospectus or Prospectus, as the case may be; (iii) all references in this Agreement to amendments or supplements to any Registration Statement, preliminary prospectus or Prospectus shall be deemed to mean and include the filing of any document
under the 1934 Act which is incorporated or deemed to be incorporated by reference in such Registration Statement, preliminary prospectus or Prospectus, as the case may be; (iv) all references in this Agreement to Rule 144, Rule 144A, Rule 405
or Rule 415 under the 1933 Act, and all references to any sections or subsections thereof or terms defined therein, shall in each case include any successor provisions thereto; and (v) all references in this Agreement to days (but not to
business days) shall mean calendar days. 
 2. Registration Under the 1933 Act. 

(a) Shelf Registration. 

(i) The Company shall, at its cost: 

(A) as promptly as practicable, but no later than the 90th day after the
Specified Date file with the SEC a Shelf Registration Statement relating to the offer and sale of the Registrable Securities by the Holders from time to time in accordance with the methods of distribution elected by the Majority Holders of such
Registrable Securities and set forth in such Shelf Registration Statement; 
 (B) use its reasonable best efforts to cause
such Shelf Registration Statement to be declared effective by the SEC as promptly as practicable, but in no event later than 20 business days after the date the Company is notified (orally or in writing, whichever is earlier) by the SEC that the
Registration Statement will not be “reviewed,” or will not be subject to further review;; 
 (C) use its reasonable
best efforts to keep the Shelf Registration Statement continuously effective, supplemented and amended as required, in order to permit the Prospectus forming part thereof to be usable by Holders for a period of two years after the Specified Date
(subject to extension pursuant to the last paragraph of Section 3) or, if earlier, when all of the Registrable Securities covered by such Shelf Registration Statement (i) have been sold pursuant to the Shelf
Registration Statement in accordance with the intended method of distribution thereunder, or (ii) cease to be Registrable Securities; and 

(D) notwithstanding any other provisions hereof, use its reasonable best efforts to ensure that (i) any Shelf Registration
Statement and any amendment thereto and any Prospectus forming a part thereof and any supplements thereto comply in all material respects with the 1933 Act, (ii) any Shelf Registration Statement and any amendment thereto does not, when it
becomes effective, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading and (iii) any Prospectus forming part of any Shelf
Registration Statement and any amendment or supplement to such Prospectus does not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading; provided, however, clauses (ii) and (iii) shall not apply to any statement in or omission from a Shelf Registration Statement or a Prospectus made in reliance upon and conformity with
information relating to any Holder or underwriter of Registrable Securities furnished to the Company in writing by such Holder or underwriter, respectively, expressly for use in such Shelf Registration Statement or Prospectus. 

  
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 The Company further agrees, if necessary, to supplement or amend the Shelf
Registration Statement if reasonably requested by the Majority Holders with respect to information relating to the Holders and otherwise as required by Section 3(b) below, to use its reasonable best efforts to cause any
such amendment to become effective and such Shelf Registration Statement to become usable as soon as practicable thereafter and to furnish to the Holders of Registrable Securities copies of any such supplement or amendment promptly after its being
used or filed with the SEC. 
 (b) Expenses. The Company shall pay all Registration Expenses in connection with the
registration pursuant to Section 2(a) and, in the case of any Shelf Registration Statement, will reimburse the Holders for the reasonable fees and disbursements of one counsel (in addition to any local counsel) designated
in writing by the Majority Holders to act as counsel for the Holders of the Registrable Securities in connection therewith. Each Holder shall pay all fees and disbursements of its counsel other than as set forth in the preceding sentence or in the
definition of Registration Expenses and all underwriting discounts and commissions and transfer taxes, if any, relating to the sale or disposition of such Holder’s Registrable Securities pursuant to a Shelf Registration Statement. 

(c) Effective Registration Statement. 

(i) The Company shall be deemed not to have used its reasonable best efforts to cause the Shelf Registration Statement to
become, or to remain, effective during the requisite periods set forth herein if the Company voluntarily takes any action that could reasonably be expected to result in any such Registration Statement not being declared effective or remaining
effective or in the Holders of Registrable Securities covered thereby not being able to offer and sell such Registrable Securities during that period unless (A) such action is required by applicable law or (B) such action is taken by the
Company in good faith and for valid business reasons (but not including avoidance of the Company’s obligations hereunder), including the acquisition or divestiture of assets or a material corporate transaction or event so long as the Company
promptly complies with the notification requirements of Section 3(k) hereof, if applicable. 
 (ii)
A Shelf Registration Statement pursuant to Section 2(a) hereof shall not be deemed to have become effective unless it has been declared effective by the SEC; provided, however, that if, after such Registration
Statement has been declared effective, the offering of Registrable Securities pursuant to a Registration Statement is interfered with by any stop order, injunction or other order or requirement of the SEC or any other governmental agency or court,
such Registration Statement shall be deemed not to have been effective during the period of such interference until the offering of Registrable Securities pursuant to such Registration Statement may legally resume. 

(iii) During any 365-day period, the Company may, by notice as described in
Section 3(e), suspend the availability of a Shelf Registration Statement and the use of the related Prospectus for up to two periods of up to 75 consecutive days each (except for the consecutive 75-day period immediately prior to final maturity of the Notes), but no more than an aggregate of 150 days during any 365-day period, upon the happening of any event or the
discovery of any fact referred to in Section 3(e)(vi), but subject to compliance by the Company with its obligations under the last paragraph of Section 3. 

(d) Specific Enforcement. Without limiting the remedies available to the Holders, the Company acknowledges that any failure by the
Company to comply with its obligations under Section 2(a) hereof may result in material irreparable injury to the Holders for which there is no adequate remedy at law, that it will not be possible to measure damages for
such injuries precisely and that, in the event of any such failure, any Holder may obtain such relief as may be required to specifically enforce the Company’s obligations under Section 2(a). 

  
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 3. Registration Procedures. In connection with the obligations of the
Company with respect to the Registration Statement pursuant to Section 2(a) hereof, the Company shall: 

(a) prepare and file with the SEC a Registration Statement within the time periods specified in
Section 2, on the appropriate form under the 1933 Act, which form (i) shall be selected by the Company, (ii) shall, in the case of a Shelf Registration Statement, be available for the sale of the Registrable
Securities by the selling Holders thereof and (iii) shall comply as to form in all material respects with the requirements of the applicable form and include or incorporate by reference all financial statements required by the SEC to be filed
therewith, and use its reasonable best efforts to cause such Registration Statement to become effective and remain effective in accordance with Section 2 hereof; 

(b) prepare and file with the SEC such amendments and post-effective amendments to each Registration Statement as may be
necessary under applicable law to keep such Registration Statement effective for the applicable period; cause each Prospectus to be supplemented by any required prospectus supplement, and as so supplemented to be filed pursuant to Rule 424(b) under
the 1933 Act; and comply with the provisions of the 1933 Act and the 1934 Act with respect to the disposition of all Registrable Securities covered by each Registration Statement during the applicable period in accordance with the intended method or
methods of distribution by the selling Holders thereof; 
 (c) (i) notify each Holder of Registrable Securities, at least ten
business days prior to filing, that a Shelf Registration Statement with respect to the Registrable Securities is being filed and advising such Holders that the distribution of Registrable Securities will be made in accordance with the method elected
by the Majority Holders; (ii) furnish to each Holder of Registrable Securities, to counsel for the Holders and to each underwriter of an underwritten offering of Registrable Securities, if any, without charge, as many copies of each Prospectus,
including each preliminary Prospectus, and any amendment or supplement thereto and such other documents as such Holder, counsel or underwriter may reasonably request, including financial statements and schedules and, if such Holder, counsel or
underwriter so requests, all exhibits (including those incorporated by reference) in order to facilitate the public sale or other disposition of the Registrable Securities; and (iii) subject to the penultimate paragraph of this
Section 3, the Company hereby consents to the use of the Prospectus, including each preliminary Prospectus, or any amendment or supplement thereto by each of the Holders and underwriters of Registrable Securities in
connection with the offering and sale of the Registrable Securities covered by any Prospectus or any amendment or supplement thereto; 

(d) use its reasonable best efforts to register or qualify the Registrable Securities under all applicable state securities or
“blue sky” laws of such jurisdictions as any Holder of Registrable Securities covered by a Registration Statement and each underwriter of an underwritten offering of Registrable Securities shall reasonably request, to cooperate with the
Holders and the underwriters of any Registrable Securities in connection with any filings required to be made with FINRA, to keep each such registration or qualification effective during the period such Registration Statement is required to be
effective and do any and all other acts and things which may be reasonably necessary or advisable to enable such Holder to consummate the disposition in each such jurisdiction of such Registrable Securities owned by such Holder; provided,
however, that the Company shall not be required to (i) qualify as a foreign corporation or as a dealer in securities in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(d)
or (ii) take any action which would subject it to general service of process or taxation in any such jurisdiction if it is not then so subject; 

  
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 (e) notify each Holder of Registrable Securities and counsel for such
Holders promptly and, if requested by such Holder or counsel, confirm such advice in writing promptly (i) when a Registration Statement has become effective and when any post-effective amendments and supplements thereto become effective,
(ii) of any request by the SEC or any state securities authority for post-effective amendments or supplements to a Registration Statement or Prospectus or for additional information after a Registration Statement has become effective,
(iii) of the issuance by the SEC or any state securities authority of any stop order suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose, (iv) if between the effective date of a
Registration Statement and the closing of any sale of Registrable Securities covered thereby the representations and warranties of the Company contained in any underwriting agreement, securities sales agreement or other similar agreement, if any,
relating to such offering cease to be true and correct, (v) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or
threatening of any proceeding for such purpose, (vi) of the happening of any event or the discovery of any facts during the period a Shelf Registration Statement is effective which is contemplated in Section 2(d)(i) or
which makes any statement made in such Shelf Registration Statement or the related Prospectus untrue in any material respect or which constitutes an omission to state a material fact in such Shelf Registration Statement or Prospectus and
(vii) of any determination by the Company that a post-effective amendment to a Registration Statement would be appropriate; 

(f) furnish counsel for the Holders of Registrable Securities and counsel for any underwriters of Registrable Securities copies
of any request by the SEC or any state securities authority for amendments or supplements to a Registration Statement or Prospectus or for additional information; 

(g) use its reasonable best effort to obtain the withdrawal of any order suspending the effectiveness of a Registration
Statement as soon as practicable and provide immediate notice to each Holder of the withdrawal of any such order; 
 (h) upon
request furnish to each Holder of Registrable Securities, without charge, at least one conformed copy of each Registration Statement and any post-effective amendments thereto (without documents incorporated or deemed to be incorporated therein by
reference or exhibits thereto, unless requested); 
 (i) cooperate with the selling Holders of Registrable Securities to
facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends; and cause such Registrable Securities to be in a form eligible for deposit with the Depositary and
registered in such names as the selling Holders or the underwriters, if any, may reasonably request in writing at least two business days prior to the closing of any sale of Registrable Securities; 

  
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 (j) upon the occurrence of any event or the discovery of any facts as
contemplated by Section 3(e)(vi) hereof, use its best efforts to prepare a supplement or post-effective amendment to a Registration Statement or the related Prospectus or any document incorporated or deemed to be
incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Securities, such Prospectus will not contain at the time of such delivery any untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The Company agrees to notify each Holder to suspend use of the Prospectus as
promptly as practicable after the occurrence of such an event, and each Holder hereby agrees to suspend use of the Prospectus until the Company has amended or supplemented the Prospectus to correct such misstatement or omission. At such time as such
public disclosure is otherwise made or the Company determines that such disclosure is not necessary, in each case to correct any misstatement of a material fact or to include any omitted material fact, the Company agrees promptly to notify each
Holder of such determination and to furnish each Holder such number of copies of the Prospectus, as amended or supplemented, as such Holder may reasonably request; 

(k) in the case of a Shelf Registration, the holders of a majority in principal amount of the Registrable Securities registered
pursuant to such Shelf Registration Statement shall have the right to direct the Company to effect not more than one underwritten registration and, in connection with such underwritten registration, the Company shall enter into agreements (including
underwriting agreements or similar agreements) and take all other customary and appropriate actions (including those reasonably requested by the holders of a majority in principal amount of the Registrable Securities being sold) in order to expedite
or facilitate the disposition of such Registrable Securities and in such connection, in a manner that is reasonable and customary: 

(i) make such representations and warranties to the Holders of such Registrable Securities and the underwriters, in form,
substance and scope as are customarily made by issuers to underwriters in similar underwritten offerings as may be reasonably requested by such Holders and underwriters; 

(ii) obtain opinions of counsel to the Company (which counsel and opinions (in form, scope and substance) shall be reasonably
satisfactory to the managing underwriters, and the Holders of a majority in principal amount of the Registrable Securities being sold) addressed to each selling Holder and the underwriters, covering the matters customarily covered in opinions
requested in sales of securities or underwritten offerings and such other matters as may be reasonably requested by such Holders and underwriters; 

(iii) obtain “cold comfort” letters and updates thereof with respect to such Shelf Registration Statement and the
Prospectus included therein, all amendments and supplements thereto and all documents incorporated or deemed to be incorporated by reference therein from the Company’s independent certified public accountants and from the independent certified
public accountants for any other Person or any business or assets whose financial statements are included or incorporated by reference in the Shelf Registration Statement, each addressed to the underwriters, and use reasonable best efforts to have
such letters addressed to the selling Holders of Registrable Securities, such letters to be in customary form and covering matters of the type customarily covered in “cold comfort” letters to underwriters in connection with similar
underwritten offerings and such letters to be delivered at the time of the pricing of such underwritten registration with an update to such letter to be delivered at the time of closing of such underwritten registration; 

(iv) if an underwriting agreement or other similar agreement is entered into, cause the same to set forth indemnification and
contributions provisions and procedures substantially equivalent to the indemnification and contributions provisions and procedures set forth in Section 5 hereof with respect to the underwriters and all other parties to be
indemnified pursuant to Section 5 hereof or such other indemnification and contributions as shall be satisfactory to the Company, the applicable underwriters and the Holders of the majority in principal amount of the
Registrable Securities being sold; and 

  
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 (v) deliver such other documents and certificates as may be reasonably
requested and as are customarily delivered in similar offerings. 
 The documents referred to in Sections 3(n)(ii) and 3(n)(v)
shall be delivered at the closing under any underwriting or similar agreement as and to the extent required thereunder. In the case of any such underwritten offering, the Company shall provide written notice to the Holders of all Registrable
Securities of such underwritten offering at least 30 days prior to the filing of a prospectus supplement for such underwritten offering. Such notice shall (x) offer each such Holder the right to participate in such underwritten offering,
(y) specify a date, which shall be no earlier than 15 days following the date of such notice, by which such Holder must inform the Company of its intent to participate in such underwritten offering and (z) include the instructions such
Holder must follow in order to participate in such underwritten offering; 
 (l) in the case of a Shelf Registration, upon
request make available for inspection by representatives of the Holders of the Registrable Securities and any underwriters participating in any disposition pursuant to a Shelf Registration Statement and any counsel or accountant retained by such
Holders or underwriters, all financial statements and other records, documents and properties of the Company reasonably requested by any such Persons, and cause the respective officers, directors, employees, and any other agents of the Company to
supply all information reasonably requested by any such Persons in connection with a Shelf Registration Statement; 
 (m) in
the case of a Shelf Registration, a reasonable time prior to filing any Shelf Registration Statement, any Prospectus forming a part thereof, any amendment to such Shelf Registration Statement or amendment or supplement to such Prospectus, provide
copies of such document to the Holders of Registrable Securities, to the underwriter or underwriters, of an underwritten offering of Registrable Securities, and to counsel for any such Holders, or underwriters, and make such changes in any such
document prior to the filing thereof as the Holders of Registrable Securities, any such underwriter or underwriters or any of their respective counsel may reasonably request; and cause the representatives of the Company to be available for
discussion of such documents as shall be reasonably requested by the Holders of Registrable Securities, or any underwriter, and shall not at any time make any filing of any such document of which such Holders, their counsel or any underwriter shall
not have previously been advised and furnished a copy or to which such Holders, their counsel or any underwriter shall reasonably object within a reasonable time period; 

(n) in the case of a Shelf Registration, use its reasonable best efforts to cause all Registrable Securities to be listed for
trading on any securities exchange on which the Common Stock is then listed; 
 (o) otherwise use its reasonable best efforts
to comply with all applicable rules and regulations of the SEC and, with respect to each Registration Statement and each post-effective amendment, if any, thereto and each filing by the Company of an Annual Report on Form 10-K, make available to its security holders, as soon as reasonably practicable, an earnings statement covering at least twelve months which shall satisfy the provisions of Section 11(a) of the 1933 Act and
Rule 158 thereunder; and 
 (p) cooperate and assist in any filings required to be made with FINRA and in the performance of
any due diligence investigation by any underwriter and its counsel. 

  
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 In the case of a Shelf Registration Statement, the Company may (as a
condition to such Holder’s participation in the Shelf Registration) require each Holder of Registrable Securities to furnish to the Company such information regarding such Holder and the proposed distribution by such Holder of such Registrable
Securities as the Company may from time to time reasonably request in writing and require such Holder to agree in writing to be bound by all provisions of this Agreement applicable to such Holder. 

Each Holder agrees that, upon receipt of any notice from the Company of the happening of any event or the discovery of any
facts of the kind described in Section 3(e)(ii), 3(e)(iii) or 3(e)(v) through 3(e)(vii) hereof, such Holder will forthwith discontinue disposition of Registrable Securities pursuant to a Registration
Statement until receipt by such Holder of (i) the copies of the supplemented or amended Prospectus contemplated by Section 3(k) hereof or (ii) written notice from the Company that the Shelf Registration Statement
is once again effective or that no supplement or amendment is required. If so directed by the Company, such Holder will deliver to the Company (at the Company’s expense) all copies in its possession, other than permanent file copies then in its
possession, of the Prospectus covering such Registrable Securities current at the time of receipt of such notice. 
 If the
Company shall give any such notice to suspend the disposition of Registrable Securities pursuant to the immediately preceding paragraph, the Company shall be deemed to have used its reasonable best efforts to keep the Shelf Registration Statement
effective during such period of suspension; provided that (i) such period of suspension shall not exceed the time periods provided in Section 2(d)(iii) hereof and (ii) the Company shall use its reasonable
best efforts to file and have declared effective (if an amendment) as soon as practicable thereafter an amendment or supplement to the Shelf Registration Statement or the Prospectus included therein and shall extend the period during which the Shelf
Registration Statement shall be maintained effective pursuant to this Agreement by the number of days during the period from and including the date of the giving of such notice to and including the earlier of the date when the Holders shall have
received copies of the supplemented or amended Prospectus necessary to resume such dispositions and the effective date of written notice from the Company to the Holders that the Shelf Registration Statement is once again effective or that no
supplement or amendment is required. 
 4. Underwritten Registrations. If any of the Registrable Securities covered by
any Shelf Registration are to be sold in an underwritten offering, the investment bank or investment banks and manager or managers that will manage the offering will be selected by the Majority Holders of such Registrable Securities included in such
offering and shall be reasonably acceptable to the Company. 
 No Holder of Registrable Securities may participate in any underwritten
registration hereunder unless such Holder (a) agrees to sell such Holder’s Registrable Securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and
(b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements. 

5. Indemnification and Contribution. 

(a) The Company agrees to indemnify and hold harmless each Holder, each underwriter who participates in an offering of
Registrable Securities (each, an “Underwriter”) and each Person, if any, who controls any Holder or Underwriter within the meaning of either Section 15 of the 1933 Act or Section 20 of the 1934 Act, as follows: 

(i) against any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of any untrue statement
or alleged untrue statement of a material fact contained in any Registration Statement (or any amendment thereto) pursuant to which Registrable Securities were registered under the 1933 Act, including all documents incorporated therein by reference,
or any omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading, or arising out of any untrue statement or alleged untrue statement of a material fact
contained in any preliminary prospectus or Prospectus (or any amendment or supplement thereto) or any omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading; 

  
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 (ii) against any and all loss, liability, claim, damage and expense
whatsoever, as incurred, to the extent of the aggregate amount paid in settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever based upon any such
untrue statement or omission, or any such alleged untrue statement or omission described in subparagraph (i) above; provided that (subject to Section 5(d) below) any such settlement is effected with the written
consent of the Company; and 
 (iii) against any and all expense whatsoever, as incurred (including, subject to
Section 5(c) below, the fees and disbursements of counsel chosen by any indemnified party), reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any
governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission described in subparagraph (i) above, to the extent that any such
expense is not paid under subparagraph (i) or (ii) above; 
 provided, however, that this indemnity agreement shall not
apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with written information furnished to the Company by
any Holder or Underwriter with respect to such Holder or Underwriter, as the case may be, expressly for use in the Registration Statement (or any amendment thereto) or the Prospectus (or any amendment or supplement thereto). 

(b) Each Holder, severally but not jointly, agrees to indemnify and hold harmless the Company, each director of the Company,
each officer of the Company who signed the Registration Statement, each Underwriter and each other selling Holder and each Person, if any, who controls the Company, any Underwriter, or any other selling Holder within the meaning of Section 15
of the 1933 Act or Section 20 of the 1934 Act against any and all loss, liability, claim, damage and expense described in the indemnity contained in Section 5(a) hereof, as incurred, but only with respect to untrue
statements or omissions, or alleged untrue statements or omissions, made in the Shelf Registration Statement (or any amendment thereto) or any Prospectus included therein (or any amendment or supplement thereto) in reliance upon and in conformity
with written information with respect to such Holder furnished to the Company by such Holder expressly for use in the Shelf Registration Statement (or any amendment thereto) or such Prospectus (or any amendment or supplement thereto);
provided, however, that no such Holder shall be liable for any claims hereunder in excess of the amount of net proceeds received by such Holder from the sale of Registrable Securities pursuant to such Shelf Registration Statement. 

  
 11 

 (c) Each indemnified party shall give notice as promptly as reasonably
practicable to each indemnifying party of any action commenced against it in respect of which indemnity may be sought hereunder, but failure so to notify an indemnifying party shall not relieve such indemnifying party from any liability hereunder to
the extent it is not materially prejudiced as a result thereof and in any event shall not relieve it from any liability which it may have otherwise than on account of this indemnity agreement. Counsel to the respective indemnified parties shall be
selected as follows: (i) counsel to the Company, its directors, each of its officers who signed the Registration Statement and all Persons, if any, who control the Company within the meaning of Section 15 of the 1933 Act or Section 20
of the 1934 Act shall be selected by the Company; (ii) counsel to the Holders and all Persons, if any, who control any Holders within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall be selected by the
Holders who held or hold, as the case may be, a majority in aggregate principal amount of the Registrable Securities held by all such Holders; and (iii) counsel to the Underwriters of any particular offering of Registrable Securities and all
Persons, if any, who control any such Underwriter within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall be selected by such Underwriters. An indemnifying party may participate at its own expense in the
defense of any such action; provided, however, that counsel to the indemnifying party shall not (except with the consent of the indemnified party) also be counsel to the indemnified party. In no event shall the indemnifying party or
parties be liable for (A) the fees and expenses of more than one counsel (in addition to any local counsel) separate from the indemnifying parties’ own counsel for the Company and all other Persons referred to in clause (i) of this
paragraph, (B) the fees and expenses of more than one counsel (in addition to any local counsel) separate from the indemnifying parties’ own counsel for all Holders and all other Persons referred to in clause (ii) of this paragraph,
(C) the fees and expenses of more than one counsel (in addition to any local counsel) separate from the indemnifying parties’ own counsel for all Underwriters of any particular offering of Registrable Securities and all other Persons
referred to in clause (iii) of this paragraph, and (D) the fees and expenses of more than one counsel (in addition to any local counsel) separate from the indemnifying parties’ own counsel for all other Persons referred to in clause
(iv) of this paragraph, in each case in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances. No indemnifying party shall, without the
prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any
claim whatsoever in respect of which indemnification or contribution could be sought under this Section 5 (whether or not the indemnified parties are actual or potential parties thereto), unless such settlement, compromise
or consent (i) includes an unconditional release of each indemnified party from all liability arising out of such litigation, investigation, proceeding or claim and (ii) does not include a statement as to or an admission of fault,
culpability or a failure to act by or on behalf of any indemnified party. 
 (d) If at any time an indemnified party shall
have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated by
Section 5(a)(ii) effected without its written consent if (i) such settlement is entered into more than 45 days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall
have received notice of the terms of such settlement at least 30 days prior to such settlement being entered into and (iii) such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the
date of such settlement. Notwithstanding the immediately preceding sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel, such indemnifying party
shall not be liable for any settlement of the nature contemplated by Section 5(a)(ii) effected without its written consent if such indemnifying party (x) reimburses such indemnified party in accordance with such
request to the extent that the indemnifying party in its judgment considers such request to be reasonable and (y) provides written notice to the indemnified party stating the reason it deems the unpaid balance unreasonable, in each case no
later than 45 days after receipt by such indemnifying party of the aforesaid request from the indemnified party. 

  
 12 

 (e) If the indemnification provided for in this
Section 5 is for any reason unavailable to or insufficient to hold harmless an indemnified party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying party shall
contribute to the aggregate amount of such losses, liabilities, claims, damages and expenses incurred by such indemnified party, as incurred, in such proportion as is appropriate to reflect the relative fault of the indemnifying party or parties on
the one hand and of the indemnified party or parties on the other hand in connection with the statements or omissions that resulted in such losses, liabilities, claims, damages or expenses, as well as any other relevant equitable considerations. The
relative fault of such indemnifying party or parties on the one hand and the indemnified party or parties on the other hand shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or
omission or alleged omission to state a material fact relates to information supplied by such indemnifying party or parties or such indemnified party or parties, and the parties’ relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission. 
 (f) The Company and the Holders agree that it would not be just or
equitable if contribution pursuant to this Section 5 were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in
Section 5(e) above. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred to above in this Section 5 shall be deemed to include any
legal or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim
whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission. 
 Notwithstanding the
provisions of this Section 5, no Holder or Underwriter shall be required to contribute any amount in excess of the amount by which the total price at which Registrable Securities sold by it were offered exceeds the amount
of any damages that such Holder or Underwriter has otherwise been required to pay by reason of any such untrue or alleged untrue statement or omission or alleged omission. 

No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled
to contribution from any Person who was not guilty of such fraudulent misrepresentation. 
 For purposes of this
Section 5, each Person, if any, who controls a Holder or Underwriter within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall have the same rights to contribution as such Holder or
Underwriter, as the case may be, and each director of the Company, each officer of the Company who signed the Registration Statement and each Person, if any, who controls the Company within the meaning of Section 15 of the 1933 Act or
Section 20 of the 1934 Act shall have the same rights to contribution as the Company. 
 The respective obligations of
the Holders and Underwriters to contribute pursuant to this Section 5 are several in proportion to the Registrable Securities received by them and not joint. 

The indemnity and contribution provisions contained in this Section 5 shall remain operative and in
full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of any Holder or Underwriter or any Person controlling any Holder or Underwriter, or by or on behalf of the Company, its
officers or directors or any Person controlling the Company, and (iii) any sale of Registrable Securities pursuant to a Shelf Registration Statement. 

  
 13 

 6. Miscellaneous. 

(a) Rule 144. For so long as the Company is subject to the reporting requirements of Section 13 or 15 of the 1934
Act, the Company covenants that it will file all reports required to be filed by it under Section 13(a) or 15(d) of the 1934 Act and the rules and regulations adopted by the SEC thereunder, that if it ceases to be so required to file such
reports, it will upon the request of any Holder or beneficial owner of Registrable Securities (i) make publicly available such information (including, without limitation, the information specified in Rule 144(c)(2) under the 1933 Act) as is
necessary to permit sales pursuant to Rule 144 under the 1933 Act, and (ii) take such further action that is reasonable in the circumstances, in each case to the extent required from time to time to enable such Holder to sell its Registrable
Securities without registration under the 1933 Act within the limitation of the exemptions provided by (x) Rule 144 under the 1933 Act, as such Rule may be amended from time to time, or (y) any similar rules or regulations hereafter
adopted by the SEC. Upon the request of any Holder or beneficial owner of Registrable Securities, the Company will deliver to such Holder a written statement as to whether it has complied with such requirements. 

(b) No Inconsistent Agreements. The Company has not entered into nor will the Company on or after the date of this
Agreement enter into any agreement which is inconsistent with the rights granted to the Holders of Registrable Securities in this Agreement or otherwise conflicts with the provisions hereof. The rights granted to the Holders hereunder do not and
will not in any way conflict with and are not and will not be inconsistent with the rights granted to the holders of any of the Company’s other issued and outstanding securities under any other agreements entered into by the Company or any of
its subsidiaries. 
 (c) Amendments and Waivers. The provisions of this Agreement, including the provisions of this
sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the Company has obtained the written consent of Holders of at least a majority in aggregate principal
amount of the outstanding Registrable Securities affected by such amendment, modification, supplement, waiver or departure. 

(d) Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by
hand-delivery, registered first-class mail, electronic mail, or any courier guaranteeing overnight delivery (i) if to a Holder, at the most current address set forth on the records of the Trustee under the Indenture, (ii) if to the
Company, initially at the address set forth in the Purchase Agreement and thereafter at such other address, notice of which is given in accordance with the provisions of this Section 6(d) and (iii) if to any
Underwriter, at the most current address given by such Underwriter to the Company by means of a notice given in accordance with the provisions of this Section 6(d), which address initially shall be the address set forth in
the applicable underwriting agreement. 
 All such notices and communications shall be deemed to have been duly given: at the
time delivered by hand, if personally delivered; five business days after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged, if sent via electronic mail; and on the next business day if timely delivered to an air
courier guaranteeing overnight delivery. 
 Copies of all such notices, demands or other communications shall be concurrently
delivered by the Person giving the same to the Trustee, at the address specified in the Indenture. 

  
 14 

 (e) Successors and Assigns. This Agreement shall inure to the benefit
of and be binding upon the successors, assigns and transferees of each of the parties, including, without limitation and without the need for an express assignment, subsequent Holders; provided that nothing herein shall be deemed to permit
any assignment, transfer or other disposition of Registrable Securities in violation of the terms hereof or of the Purchase Agreement . If any transferee of any Holder shall acquire Registrable Securities, in any manner, whether by operation of law
or otherwise, such Registrable Securities shall be held subject to all of the terms of this Agreement, and by taking and holding such Registrable Securities, such Person shall be conclusively deemed to have agreed to be bound by and to perform all
of the terms and provisions of this Agreement, including the restrictions on resale set forth in this Agreement and, if applicable, the Purchase Agreement, and such Person shall be entitled to receive the benefits hereof. 

(f) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

(g) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise
affect the meaning hereof. 
 (h) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY CONFLICTS OF LAW PROVISIONS. 
 (i)
Severability. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in
every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby. 
 [SIGNATURE PAGE
FOLLOWS] 

  
 15 

 IN WITNESS WHEREOF, Company has caused this Registration Rights Agreement to be
executed by its duly authorized representative as of the date first above written. 
  

			
	COMPANY:
	
	FEDNAT HOLDING COMPANY
		
	By:	 	 
		 	Name: Ronald A. Jordan
		 	Title:   Chief Financial Officer

 [Signature Page to Registration Rights Agreement] 

 IN WITNESS WHEREOF, the Purchaser has caused this Registration Rights Agreement to be
executed by its duly authorized representative as of the date first above written. 
  

			
	PURCHASER:
	
	[Purchaser ]
		
	By:	 	 
		 	Name:
		 	Title:

 [Signature Page to Registration Rights Agreement]EX-4.1

 Exhibit 4.1 
  

 
 QUÉBEC 

 
  
 1.900%
GLOBAL NOTES SERIES RB 
 DUE April 21, 2031 
  

 
  

 
 FISCAL AGENCY
AGREEMENT 
  
  

 

 FISCAL AGENCY AGREEMENT 

THIS AGREEMENT, dated as of April 21, 2021, 
  

	BETWEEN:	 QUÉBEC, as issuer 

(the “Issuer”), 
  

	AND:	 THE BANK OF NEW YORK MELLON, a New York banking corporation, as fiscal agent, registrar, principal paying agent
and transfer agent 

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

WHEREAS pursuant to a terms agreement (the “Terms Agreement”), dated April 14, 2021, among the Issuer, on the one
hand, and BMO Capital Markets Corp., HSBC Bank plc., J.P. Morgan Securities plc, RBC Capital Markets, LLC and Scotia Capital (USA) Inc., each acting on behalf of itself, on the other hand, which incorporates by reference all of the provisions of the
Québec Underwriting Agreement Standard Provisions (Debt Securities), dated April 14, 2021, the Issuer has agreed to create, issue and sell U.S.$1,000,000,000 aggregate principal amount of 1.900% Global Notes Series RB due April 21,
2031 (herein collectively called the “Notes” or, individually, a “Note”); 
 WHEREAS the sale of the Notes
pursuant to the Terms Agreement has taken place as described in a Prospectus Supplement, dated April 14, 2021, 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 The Bank of New York Mellon, as custodian for DTC (the “Custodian”), with beneficial interests in the
Notes represented, with limited exceptions, through book-entry accounts of financial institutions acting on behalf of owners of such beneficial interests as direct and indirect participants in DTC; 

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

WHEREAS all Notes are recorded in a register held by the Fiscal Agent (the “Register”), and are registered in the name
of Cede & Co., for the benefit of holders of Notes through DTC via its direct and indirect participants, including CDS Clearing and Depository Services Inc. (“CDS”), Euroclear SA/NV (“Euroclear”) and Clearstream 

 

 
Banking, S.A. (“Clearstream, Luxembourg”) (together, the “Clearing Systems”); 

NOW THEREFORE it is hereby agreed as follows: 

1.    Definitions 

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

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

The Issuer hereby appoints The Bank of New York Mellon 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 The Bank of New York Mellon hereby accepts such appointments. 

3.    Issue of the Notes 

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

  
 -2- 

 
circumstances described in Section 5 (Replacements, Exchange and Transfer of the Global Notes and the Certificated Notes), be entitled to receive Notes represented by Certificated
Notes or to have Notes registered in their names and will not be considered holders thereof under this Agreement or the Notes. The Certificated Notes, if any, will be substantially in the form of the Global Notes attached as Schedule A with the
appropriate changes thereto (and including a summary of terms and conditions of the Notes), consistent with the provisions of this Agreement, as may be agreed between the Issuer and the Fiscal Agent. 

(3)  The Global Notes shall be issued and delivered only to or to the order of Cede & Co., as nominee for DTC or its successor
appointed by the Issuer in accordance with Section 5 (Replacements, Exchange and Transfer of the Global Notes and the Certificated Notes). The Global Notes shall be in the principal amount from time to time endorsed thereon. The Fiscal
Agent shall cause DTC to establish on its book-entry Clearing System an account in the name of the Fiscal Agent, as registrar and transfer agent for the Notes (the “Fiscal Agent Segregated Account”), for the purpose of facilitating the
initial distribution of Notes in accordance with procedures previously agreed to by the Issuer, the Fiscal Agent and DTC. The Fiscal Agent Segregated Account is maintained exclusively for book-keeping purposes and for purposes of facilitating timely
transfers of Notes, and the Fiscal Agent shall not be deemed the owner or holder of the Notes recorded therein for any purpose under this Agreement or under the terms of the Notes. The Issuer acknowledges and agrees that the Fiscal Agent Segregated
Account will be subject to the agreements, rules and procedures from time to time governing DTC participant accounts. 
 (4)  So long as
Cede & Co., as nominee of DTC, is the registered owner of the Global Notes and subject to applicable law, DTC or its nominee, as the case may be, will be considered the sole owner or holder of the Notes represented by the Global Notes for
all purposes under this Fiscal Agency Agreement and the Notes, notwithstanding any notice to the contrary, and neither the Issuer nor the Fiscal Agent will have any responsibility or liability for any aspect of the records of the Clearing Systems
relating to or payments made by the Clearing Systems on account of beneficial ownership interests in the Global Notes or for maintaining, supervising or reviewing any records of the Clearing Systems relating to such beneficial ownership interests.

 (5)  The Global Notes and the Certificated Notes shall be signed (either manually or by facsimile signature) by the Minister of Finance
or the Deputy Minister of Finance or any other authorized representative of the Issuer, and shall be authenticated by the Fiscal Agent upon written authorization of the Issuer (or by such other person as the Fiscal Agent may appoint for such purpose
with the consent of the Issuer). 
 4.    The Register and Transfers 

(1)  The Fiscal Agent, as registrar and transfer agent of the Issuer, shall maintain at its principal office in New York, a Register for
(i) registering and maintaining a record of the holdings of Notes, (ii) registering transfers between holders of Notes, (iii) registering and maintaining a record of holders of Certificated Notes in the event any are issued in the
limited circumstances described in Section 5 (Replacements, Exchange and Transfer of the Global Notes and the Certificated Notes), (iv) registering transfers of Certificated Notes in the event any are issued in the limited circumstances
described in Section 5 

  
 -3- 

 
(Replacements, Exchange and Transfer of the Global Notes and the Certificated Notes) and (v) registering and maintaining a record of any further issues of Notes pursuant to
Section 19 (Further Issues) and any subsequent transfers thereof and shall be responsible for transmitting to the Issuer any notices from holders of Notes. 

(2)  In the event Certificated Notes are issued in exchange for the Global Notes under the limited circumstances described in Section 5
(Replacements, Exchange and Transfer of the Global Notes and the Certificated Notes), the Fiscal Agent shall (i) register and maintain a record of holders of Certificated Notes and (ii) register transfers of Notes among holders of
Certificated Notes and between holders of Certificated Notes and participants in DTC, in accordance with such procedures as the Fiscal Agent shall deem reasonable upon consultation with the Issuer. 

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

(4)  No service charge shall be payable by the presenter for any registration, registration of transfer or exchange of the Notes provided that
the Fiscal Agent may require payment by the transferee of a sum sufficient to cover any stamp or other tax or governmental charge in connection therewith. 

(5)  The Register shall at all reasonable times during regular business hours be open for inspection by the Issuer and any agent of the
Issuer. In the event of any discrepancy between the principal amount of the Global Notes and the aggregate principal amount of Notes held by Cede & Co. as shown on the Register, the aggregate principal amount of Notes as shown on the
Register shall prevail. 
 (6)  Neither the Issuer nor the Fiscal Agent shall be required (i) to register the transfer or exchange of
any Notes on any Interest Payment Date (as such term is defined in the Note) or during a period commencing at the close of business of the New York office of the Fiscal Agent on the 14th calendar day immediately preceding any such Interest
Payment Date and ending on such Interest Payment Date; (ii) to register the transfer or exchange of any Notes during the period commencing at the close of business of the New York office of the Fiscal Agent on the record date of any notice by
the Issuer of any Notes to be redeemed or purchased through the date the notice of redemption or purchase is given; or (iii) to register the transfer or exchange of any Notes called for redemption unless upon due presentation thereof such Notes
called for redemption shall not be redeemed. 

  
 -4- 

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

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

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

  
 -5- 

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

 (1)  The Fiscal Agent, or an agent duly authorized by the Fiscal Agent, is hereby authorized from time to time in accordance with the
provisions of the Notes and of this Section 5 to authenticate and deliver: 
 (a)        the Global Notes
or the Certificated Notes, as the case may be, in exchange for or in lieu of the Global Notes or the Certificated Notes, as the case may be, outstanding on the Register with the same maturity and of like form which have become mutilated, defaced,
destroyed, stolen or lost, provided that the applicant therefor shall have (i) paid such costs as may have been incurred in connection therewith; (ii) surrendered to the Fiscal Agent any mutilated or defaced Global Notes or Certificated
Notes, as the case may be, to be replaced; and (iii) in the case of lost, stolen or destroyed Global Notes or Certificated Notes, as the case may be, furnished the Fiscal Agent with such evidence (including evidence as to the serial number of
the Global Notes or the Certificated Notes in question) and indemnity in respect thereof as the Issuer and the Fiscal Agent may require; 

(b)        Certificated Notes in an authorized form and denomination in exchange for a like aggregate principal
amount of Certificated Notes; and 
 (c)        upon any registration of a transfer, a new Global Note or, as
the case may be, a new Certificated Note which shall be issued to the new holder in replacement of the existing Global Note or Certificated Note thus transferred. Such new Global Note or, as the case may be, new Certificated Note, shall be duly
authenticated by the Fiscal Agent. Each new Global Note or Certificated Note authenticated and delivered upon any registration of transfer or exchange for or in lieu of the whole or any part of any Global Note or Certificated Note shall carry all
the rights to interest, if any, accrued and unpaid and to accrue which were carried by the whole or such part of such latter Global Note or Certificated Note, and notwithstanding anything to the contrary herein contained, such new Global Note or
Certificated Note shall be dated the date of the authentication of such Global Note or Certificated Note. 
 (2)  The Issuer will issue or
cause to be issued Certificated Notes upon registration of transfer of, or in exchange for, Notes represented by the Global Notes (i) if DTC notifies the Issuer that it is unwilling or unable to continue as depository in connection with
the Global Notes or ceases to be a clearing agency registered under the United States Securities Exchange Act of 1934, as amended, at a time when it is required to be so registered and a successor depository is not appointed by the Issuer within
90 days after receiving such notice or becoming aware that DTC is no longer so registered; (ii) if the Issuer, in its sole discretion at any time, determines not to have any of the Notes represented by the Global Notes; or (iii) upon
request by DTC to the Fiscal Agent, acting on direct or indirect instructions of the registered holder of the Global Note or any owner of beneficial interests in the Global Note, but only after an event of default entitling the registered holders to
give the Issuer written notice that such holders elect to declare the principal amount of the Notes held by them and represented by the Global Note to be due and payable has occurred and is continuing, or, if DTC is unwilling or does not promptly
make that request to the Issuer, then any beneficial owner of an interest in such Global 

  
 -6- 

 
Note shall be entitled to make such request with respect to such interest. The Issuer shall bear the costs and expenses of printing or preparing any Certificated Notes. 

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

  
 -7- 

	6.	 Paying Agents and Transfer Agents 

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

 

	7.	 Payments by the Issuer to the Fiscal Agent 

(1)  The Issuer agrees to provide to the Fiscal Agent by 10:00 a.m., New York time, on each date on which a payment of principal or interest
(and any Additional Amounts) in respect of the Notes is due (each a “Payment Date”) pursuant to the terms and conditions of the Notes such amount as is required to be paid on such date in immediately available funds in U.S. dollars to an
account in New York designated by the Fiscal Agent. 
 (2)  All monies paid to the Fiscal Agent pursuant to and for the payment of the
amounts referred to in this Section 7 shall be received and held by the Fiscal Agent as agent for the Issuer and shall be applied to the payment of the appropriate U.S. dollar amounts at the time and in the manner provided in this Agreement and
the Notes. 
 (3)  All monies paid to the Fiscal Agent pursuant to this Agreement shall be held by the Fiscal Agent in a separate account
under arrangements agreed upon separately by the Issuer and the Fiscal Agent from the moment when such monies are received until the time of actual payment for the benefit of the holders of the Notes and the Fiscal Agent shall apply such amount for
payment of principal and interest (and any Additional Amounts) due in respect of the Notes. If for any reason, the amounts paid to the Fiscal Agent pursuant to this paragraph are insufficient to satisfy all such claims for interest payable in
respect of all Notes, the Fiscal Agent shall not be obliged to pay any such claims until the Fiscal Agent has received the full amount of the monies that are due and payable. Subject to any relevant unclaimed property laws, the Fiscal Agent shall,
to the extent permitted by law, return to the Issuer any funds transferred to it for payments with respect to the Notes that are not so paid by the Fiscal Agent at the expiration of three years after the due date for payment thereof; thereafter, the
holders of Notes shall look only to the Issuer for any payment of such funds. 
 (4)  The Fiscal Agent is authorized by the Issuer to open
an account for the purposes contemplated in this Section 7. Such account will not bear any interest or investment income on funds deposited unless otherwise agreed to in writing by the Fiscal Agent and the Issuer. The Fiscal Agent shall provide
to the Issuer monthly statements identifying transactions, transfers or holdings of the account and each such statement shall be deemed to be correct and final upon receipt thereof by the Issuer unless the Fiscal Agent is notified in writing by the
Issuer to the contrary within thirty (30) business days of the date of such statement. The requirements of this Section 7(4) shall be performed by the Fiscal Agent by granting the Issuer online read-only access to the account. 

  
 -8- 

	8.	 Payment of Notes 

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

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

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

  
 -9- 

 
shall not be bound to inquire into the title of such holder, save as ordered by a court of competent jurisdiction or as required by statute. 

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

	9.	 Cancellation of Notes 

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

	10.	 Maturity, Redemption and Purchase 

(1)  Unless previously redeemed for tax reasons as provided in the terms and conditions of the Notes, or purchased, the principal amount of
the Notes shall be due and payable on April 21, 2031. 
 (2)  In accordance with the terms and conditions of the Notes, upon receipt of
a notice of intention to redeem as contemplated in the provisions under “Maturity, Redemption and Purchases” in the terms and conditions of the Notes, not less than 30 days nor more than 60 days prior to the date fixed for redemption,
the Issuer shall cause to be given to the Holders (with a copy to the Fiscal Agent), in accordance with the provisions under “Notices” in the terms and conditions of the Notes, a notice of redemption stating: (i) the date fixed for
redemption,(ii) the CUSIP Number; (iii) the redemption price and (iv) if applicable, the place or places of surrender of the Notes to be redeemed. The Issuer may request the Fiscal Agent to deliver such notice of redemption to Holders on
its behalf provided that the Issuer has given such request to the Fiscal Agent at least five (5) Business Days prior to the last day on which notice of redemption may be given to the Holders. 

  
 -10- 

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

	11.	 Availability of Documents 

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

	12.	 Fees 

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

	13.	 Further Reports 

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

	14.	 Meetings of Holders of Notes 

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

  
 -11- 

 
Issuer or (ii) in the case of Notes being represented by the Global Notes, those persons recorded in the Register, shall be entitled to obtain voting certificates for appointing proxies, but
it shall not be necessary for any such notice to set out the terms of any resolution to be proposed at such meeting or any other provisions. 

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

(5)  At a meeting of holders of Notes, a quorum shall consist of two or more holders of Notes present in person or by proxy who represent at
least a majority in aggregate principal amount of the Notes at the time outstanding. If a quorum of the holders of Notes shall not be present within one-half hour after the time fixed for holding any meeting,
the meeting, if convened by or at the request of holders of Notes, shall be dissolved, but if otherwise convened, the meeting shall stand adjourned without notice to the same day in the next week (unless such day is not a business day in the place
where the meeting is to take place in which case it shall stand adjourned until the next such business day following thereafter) at the same time and place unless the chairman shall appoint some other place, day or time of which not less than seven
days’ notice shall be given in the manner provided above. At any adjourned meeting called by the Issuer or the Fiscal Agent, two or more holders of Notes present in person or by proxy shall constitute a quorum and may transact the business for
which the meeting was originally convened notwithstanding that they may not represent at least a majority in aggregate principal amount of the Notes then outstanding. 

(6)  The chairman of any meeting at which a quorum of the holders of Notes is present may, with the consent of the holder(s) of a majority in
aggregate principal amount of the Notes represented thereat, adjourn any such meeting and no notice of such adjournment need be given except such notice, if any, as the meeting may prescribe. 

  
 -12- 

 (7)  Every motion or question submitted to a meeting shall be decided by Extraordinary
Resolution (as hereinafter defined) and in the first place by the votes given on a show of hands. At any such meeting, unless a poll is duly demanded as herein provided, a declaration by the chairman that a resolution has been carried or carried
unanimously or by a particular majority or lost or not carried by a particular majority shall be conclusive of the fact. On any question submitted to a meeting when ordered by the chairman or demanded by a show of hands by one or more holders of
Notes acting in person or by proxy and holding at least 2% in aggregate principal amount of the Notes then outstanding, a poll shall be taken in such manner as the chairman shall direct. 

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

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

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

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

(d)            power to repeal, modify or amend any Extraordinary Resolution previously
passed by the holders of Notes; 
 provided, however, that no such modification nor amendment to this Agreement or to the terms and conditions of the
Notes or any other action taken may, (a) without the consent of the holder of each such Note affected thereby: (i) change the stated maturity or interest payment date(s) of any such Note; (ii) reduce the principal amount of or rate of
interest on 

  
 -13- 

 
any such Note; (iii) change the currency of payment of any such Note; (iv) impair the right to institute suit for the enforcement of any payment on or with respect to such Note;
(v) reduce the percentage of the holders of Notes necessary to modify or amend this Agreement or the terms and conditions of the Notes or reduce the percentage of votes required for the taking of action or the quorum required at any meeting of
holders of Notes; or (vi) reduce the percentage of outstanding Notes necessary to waive any future compliance or past default; or (b) without the consent of the Fiscal Agent, alter the rights, duties, protections, indemnities or immunities
of the Fiscal Agent. 
 (11)      All actions that may be taken and all powers that may be exercised by the holders of
Notes at a meeting held as hereinbefore provided may also be taken and exercised by the holders of not less than 66 2/3% of the aggregate principal amount of the Notes at the time outstanding by an instrument in writing signed in one or more
counterparts, and the expression “Extraordinary Resolution” when used in this Agreement shall include an instrument so signed. 

(12)      The term “Extraordinary Resolution” means a resolution proposed to be passed at a meeting of holders
of the Notes duly convened for the purpose and held in accordance with the provisions of this Agreement and passed by the affirmative vote of the holders of not less than 66 2/3% of the aggregate principal amount of the Notes represented at the
meeting in person or by proxy or as an instrument in writing signed by the holders of not less than 66 2/3% in principal amount of the outstanding Notes. 

(13)      Minutes of all resolutions and proceedings at every meeting of holders of Notes held in accordance with the
provisions of this Agreement shall be made and entered in books to be from time to time provided for that purpose by the Fiscal Agent at the expense of the Issuer and any such minutes, if signed by the chairman of the meeting at which such
resolutions were passed or proceedings taken, or by the chairman of the next succeeding meeting of the holders of Notes, shall be prima facie evidence of the matters therein stated and, until the contrary is proved, every such meeting, in
respect of the proceedings of which minutes shall have been made, shall be deemed to have been duly held and convened, and all resolutions passed and proceedings taken thereat to have been duly passed and taken. 

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

(15)      The Fiscal Agent, or the Issuer with the approval of the Fiscal Agent, may from time to time make and from time
to time vary such regulations as it shall from time to time deem fit: 

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

  
 -14- 

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

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

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

	15.	 Indemnities 

(1)  The Issuer agrees to indemnify and hold harmless the Fiscal Agent against all claims, actions, demands, damages, costs, liabilities,
expenses and losses arising out of or relating to the Fiscal Agent’s duties as fiscal agent, registrar, transfer agent and principal paying agent hereunder for the Issuer, except such as may result from the Fiscal Agent’s gross negligence
or willful misconduct (i.e., intentional or gross fault) or that of its directors, officers, employees or representatives. 
 (2)  This
Section 15 shall survive the termination of this agreement, payment in full of all obligations of the Notes and under this Agreement, whether by redemption, repayment or otherwise and the resignation or removal of the Fiscal Agent. 

 

	16.	 Amendments 

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

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

  
 -15- 

	17.	 The Fiscal Agent 

(1)  In acting under this Agreement and in connection with the Notes, the Fiscal Agent is acting solely as agent of the Issuer and does not
assume any obligation or relationship of agency or trust with any of the holders of Notes, except that all amounts received and held by the Fiscal Agent for payment in respect of the Notes shall be held by the Fiscal Agent as an agent (i.e.,
mandatary) in a separate account or accounts for the benefit of and payment to the holders of Notes. The Fiscal Agent shall not be liable to pay interest or investment income to the Issuer on any moneys received from the Issuer for the purposes of
payment pursuant to Section 7 (Payments by the Issuer to the Fiscal Agent). 
 (2)  The Fiscal Agent shall be protected and
shall incur no liability for action taken or not taken, or suffered to be taken or not taken, with respect to all legal matters upon which it has received advice from counsel in good faith and in accordance with the opinions and advice of such
counsel. 
 (3)  The Fiscal Agent and its officers, directors and employees may become the owners of, or acquire an interest in, any Notes,
with the same rights that they would have if the Fiscal Agent was not acting as agent hereunder, and may engage or be interested in any financial or other transaction with the Issuer, and may act on behalf of, or as a depository, trustee or agent
for, any committee or body of holders of Notes or holders of other obligations of the Issuer as freely as if the Fiscal Agent was not acting as agent hereunder. 

(4)  The Fiscal Agent may rely and shall be protected in acting upon any resolution, certificate, statement, instrument, opinion, report,
notice, request, consent, order, letter, telegram, telecopier or other paper or document believed by it to be genuine and to have been signed, sent or presented by or on behalf of the proper party or parties and, in particular, may rely and shall be
protected in acting on the basis of any such notice which is given in accordance with the provisions hereof. 
  

	18.	 Resignation or Replacement of Fiscal Agent 

(1)  The Issuer agrees that there shall at all times be a registrar, fiscal agent, transfer agent, and principal paying agent hereunder until
the earlier of (i) there being no Notes outstanding, or (ii) the Issuer having established to the satisfaction of the Fiscal Agent that the Issuer may avail itself of defenses under all relevant laws for the prescription of actions in
respect of any outstanding Notes. 
 (2)  The Fiscal Agent may resign at any time by sending at least ninety days’ written notice by
registered mail to the Issuer. Upon receipt of such notice, the Issuer shall appoint another financial institution or institutions as successor registrar, fiscal agent, transfer agent and principal paying agent under this Agreement. Subject to the
provisions hereof, the Issuer may terminate the appointment of the Fiscal Agent as registrar, fiscal agent, transfer agent and principal paying agent and appoint another financial institution or institutions as successor registrar, fiscal agent,
transfer agent and principal paying agent under this Agreement provided that it gives the Fiscal Agent not less than ninety days’ written notice of termination. Neither the resignation nor the termination of the appointment of the Fiscal Agent
as registrar, fiscal agent, transfer agent and principal paying agent shall take effect until the appointment of the successor registrar, fiscal agent, transfer 

  
 -16- 

 
agent and principal paying agent becomes effective. On the effective date of the resignation of the Fiscal Agent or of the termination of its appointment as registrar, fiscal agent, transfer
agent and principal paying agent, the Fiscal Agent shall deliver to the successor registrar, fiscal agent, transfer agent and principal paying agent all funds of the Issuer then held by it and the Issuer shall pay to the Fiscal Agent all amounts
owed by the Issuer to the Fiscal Agent, pursuant to this Agreement up to the said effective date. If within 30 days of receipt of the notice of such resignation by the Fiscal Agent, no successor registrar, fiscal agent, transfer agent and principal
paying agent shall have been appointed by the Issuer, then the Fiscal Agent may petition any court of competent jurisdiction for the appointment of a successor registrar, fiscal agent, transfer agent and principal paying agent at the expense of the
Issuer. 
 (3)  If the Fiscal Agent shall be adjudged a bankrupt or insolvent, or shall file a voluntary petition in bankruptcy or makes an
assignment for the benefit of its creditors or consents to the appointment of a receiver or custodian of all or any substantial part of its property, or shall admit in writing of its inability to pay or meet its debts as they mature, or if a
receiver or custodian of it or of all or any substantial part of its property shall be appointed or if any public officer shall have taken charge or control of it or of its property or affairs, for the purposes of rehabilitation, conservation or
liquidation, a successor registrar, fiscal agent, transfer agent and principal paying agent shall be appointed by the Issuer. Upon such an appointment of a successor registrar, fiscal agent, transfer agent and principal paying agent, the Fiscal
Agent shall cease to be a registrar, fiscal agent, transfer agent and principal paying agent, hereunder whether or not notice of such termination shall have been given. If no successor registrar, fiscal agent, transfer agent and principal paying
agent shall have been appointed by the Issuer, any holder of a Note, on behalf of itself and all other holders of Notes, or the Fiscal Agent, may petition any court of competent jurisdiction for the appointment of a successor registrar, fiscal
agent, transfer agent and principal paying agent. 
 (4)  Any appointment by the Issuer of a paying agent or transfer agent under this
Section 18 shall be subject to Section 6 hereof. 
  

	19.	 Further Issues 

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

 

	20.	 Rights and Limitations of Liability of Fiscal Agent 

(1)  In no event shall the Fiscal Agent be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind
whatsoever (including, but not limited to, loss of profit) irrespective of whether the Fiscal Agent has been advised of the likelihood of such loss or damage and regardless of the form of action (i.e., for greater certainty, any liability shall
be limited to direct and immediate damages). 

  
 -17- 

 (2)  The Fiscal Agent may not be relieved from liabilities for its own gross negligence or
willful misconduct (i.e., intentional or gross fault), except that: 
 (a)            the
Fiscal Agent will not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Fiscal Agent was negligent in ascertaining the pertinent facts; and 

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

(3)  The Fiscal Agent may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper
person. 
 (4)  The Fiscal Agent shall not be charged with knowledge of documents to which it is not a party and delivery of any reports or
information to the Fiscal Agent do not constitute actual knowledge of the Fiscal Agent of the information contained in such reports or information. 

(5)  The Fiscal Agent shall not be charged with any knowledge of any default alleged by a holder of any Note (or its proxy) until it has
received a written notice from the Issuer that any such default has occurred or notice of such default has been delivered to the Issuer by a holder. The Issuer shall deliver to the Fiscal Agent, forthwith upon receipt, any notice received from a
holder of any default under a Note. 

  
 -18- 

	21.	 General 

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

					
	 Issuer
	 	Address:	  	Ministère des Finances
		 		  	8, rue Cook, 2e étage
		 		  	Québec, Québec   G1R 0A4
		 		  	Canada
		 	Attention:	  	Direction générale des opérations bancaires
		 		  	et financières
		 	Fax No:	  	(418) 528-1240
		 	Telephone No:	  	 (418) 528-1479

		 		  	
		 	With a copy to:	  	
		 		  	
		 	Address:	  	Ministère des Finances
		 		  	390, Boulevard Charest Est, 7e étage
		 		  	Québec, Québec   G1K 3H4
		 	Attention:	  	Documentation financière et conformité
		 	Fax No:	  	(418) 528-0984
		 	Telephone No:	  	(418) 643-8141
		 		  	
	 Fiscal Agent
	 	Address:	  	The Bank of New York Mellon
		 		  	240 Greenwich Street, 7E,
		 		  	New York, New York 10286,
		 	Attention:	  	Corporate Trust Administration
		 	Fax No.:	  	(212) 815-5366

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

  
 -19- 

 
on the first date on which delivery is made) or, in the case of mailing, on the fourth weekday following such mailing and, in the case of publication, on the date of such publication or, if
published more than once or on different dates, on the first date on which publication is made. 
 (3)  The Fiscal Agent shall be entitled
to treat a facsimile, pdf or e-mail communication or communication by other similar electronic means in a form satisfactory to the Fiscal Agent (“Electronic Methods”) from a person purporting
to be (and whom the Fiscal Agent, acting reasonably, believes in good faith to be) an authorized signatory of the Issuer as sufficient instructions and authority of the Issuer to act and shall have no duty to verify or confirm that person is so
authorized. The Fiscal Agent shall have no liability for any losses, liabilities, costs or expenses incurred by it as a result of such reliance upon or compliance with such instructions or directions. 

(4)  The Issuer acknowledges and agrees that it is fully informed of the risks associated with Electronic Methods of transmitting instructions
to the Fiscal Agent and that there may be more secure methods of transmitting instructions than the method(s) selected by it, but that it is assuming all risks arising out of the use of Electronic Methods or other methods selected by it to submit
instructions and directions to the Fiscal Agent, including without limitation the risk of the Fiscal Agent acting on unauthorized instructions, and the risk of interception and misuse by third parties. The Issuer shall use all reasonable endeavors
to ensure that instructions transmitted to the Fiscal Agent pursuant to this Agreement are complete and correct. 
 (5)  This Agreement
shall be governed by and interpreted in accordance with the laws of Québec and the laws of Canada applicable therein. 
 (6)  This
Agreement shall extend to and inure to the benefit of and be binding upon the Issuer, the Fiscal Agent and their respective successors and assigns. 

(7)  This Agreement may be executed in separate counterparts, and each such counterpart, when so executed and delivered, shall be deemed to be
an original. Such counterparts shall together constitute one and the same agreement. 
 (8)  Facsimile, documents executed, scanned and
transmitted electronically and electronic signatures, including those created or transmitted through a software platform or application, shall be deemed original signatures for purposes of this Agreement and all other related documents and all
matters and agreements related thereto, with such facsimile, scanned and electronic signatures having the same legal effect as original signatures. The parties agree that this Agreement or any other related document or any instrument, agreement or
document necessary for the consummation of the transactions contemplated by this Agreement or the other related documents or related hereto or thereto (including, without limitation, addendums, amendments, notices, instructions, communications with
respect to the delivery of securities or the wire transfer of funds or other communications) (“Executed Documentation”) may be accepted, executed or agreed to through the use of an electronic signature in accordance with applicable laws,
rules and regulations in effect from time to time applicable to the effectiveness and enforceability of electronic signatures. Any Executed Documentation accepted, executed or agreed to in conformity with such laws, rules and regulations will be
binding on all 

  
 -20- 

 
parties hereto to the same extent as if it were physically executed and each party hereby consents to the use of any third party electronic signature capture service providers as may be
reasonably chosen by a signatory hereto or thereto. When the Fiscal Agent acts on any Executed Documentation sent by electronic transmission, the Fiscal Agent will not be responsible or liable for any losses, costs or expenses arising directly or
indirectly from its reliance upon and compliance with such Executed Documentation, notwithstanding that such Executed Documentation (a) may not be an authorized or authentic communication of the party involved or in the form such party sent or
intended to send (whether due to fraud, distortion or otherwise) or (b) may conflict with, or be inconsistent with, a subsequent written instruction or communication; it being understood and agreed that the Fiscal Agent shall conclusively
presume that Executed Documentation that purports to have been sent by an authorized officer of a Person has been sent by an authorized officer of such Person. The party providing Executed Documentation through electronic transmission or otherwise
with electronic signatures agrees to assume all risks arising out of such electronic methods, including, without limitation, the risk of the Fiscal Agent acting on unauthorized instructions and the risk of interception and misuse by third parties.

  

	22.	 Jurisdiction of Courts 

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

 

	23.	 Waiver of Jury Trial 

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

  
 -21- 

	24.	 Sanctions  

The Issuer covenants and represents to the Fiscal Agent that is (i) is not the target or subject of any sanctions enforced by the
Canadian Government, (collectively “Sanctions”); (ii) will not use any payments made pursuant to this Agreement or commit any action, or cause the Fiscal Agent to commit any action, under this Agreement: (a) to fund or
facilitate any activities of or business with any person who, at the time of such funding or facilitation, is the subject or target of Sanctions, (b) to fund or facilitate any activities of or business with any country or territory that is the
target or subject of Sanctions, or (c) in any other manner that will result in a violation of Sanctions by any person; and (iii) complies with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada) and regulations
thereunder and, to the best of its knowledge, it is in compliance with the Special Economic Measures Act (Canada), the Freezing of Assets of Corrupt Foreign Officials Act (Canada) the Justice for Victims of Corrupt Foreign Officials Act (Canada) and
any orders or regulations under the United Nations Act (Canada). 
 [signature page follows] 

 

  
 -22- 

 
			
	QUÉBEC
		
	By: 	 	   /s/ Catherine Loubier

		 	Name: Catherine Loubier
		 	Title: Delegate General
	
	THE BANK OF NEW YORK MELLON, as Fiscal Agent
		
	By:	 	   /s/ Teresa H. Wyszomierski

		 	Name: Teresa H. Wyszomierski
		 	Title: Vice President
		
	By:	 	  

		 	Name:
		 	Title:

 SCHEDULE A 

FORM OF GLOBAL NOTE 
 Unless this certificate
is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to Québec or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the
name of Cede & Co. or in such other name as requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 

Note No. [    ] 

CUSIP 748149AR2 / 
 ISIN US748149AR21

 QUÉBEC 
 1.900% Global Notes
Series RB due April 21, 2031 
 This global note, registered in the name of Cede & Co., as nominee of DTC (the “Global
Note”), is a permanent global note in respect of the duly authorized issue of securities referred to above (the “Notes”) of Québec, and which is issued pursuant to a Fiscal Agency Agreement, dated as of April 21, 2021,
between Québec and The Bank of New York Mellon as registrar, fiscal agent, transfer agent and principal paying agent (the “Fiscal Agent”, which term includes any successor registrar, fiscal agent, transfer agent and principal paying
agent under the Fiscal Agency Agreement), as such agreement may be supplemented or amended, as the case may be (the “Fiscal Agency Agreement”). This Global Note also represents any further notes which Québec may issue, from time to
time, pursuant to Section 19 (Further Issues) of the Fiscal Agency Agreement. In the event such further notes are issued, the word “Note” as defined above shall be deemed to also refer to such further notes. 

This Global Note and all the rights of the Holder hereof are expressly subject to the Fiscal Agency Agreement, and this Global Note and the Fiscal
Agency Agreement constitute a contract to all of the terms and conditions of which the holder by acceptance hereof assents, is bound by and is deemed to have notice. All defined terms unless defined herein have the meanings ascribed to them in the
Fiscal Agency Agreement. Copies of the Fiscal Agency Agreement are available for inspection during regular business hours and may be obtained free of charge at the principal office of the Fiscal Agent. This is a fully registered Global Note without
coupons attached. In certain limited circumstances, as described in Section 5 of the Fiscal Agency Agreement, it is exchangeable in whole or in part, at the office of the Fiscal Agent, for Certificated Notes. 

 

 FOR VALUE RECEIVED, Québec hereby promises to pay to Cede & Co. or its
registered assigns in the manner hereinafter mentioned on April 21, 2031 (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 1.900% per
annum, from April 21, 2021, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, in two equal semi-annual installments on April 21 and October 21 in each year (each an “Interest
Payment Date”), commencing on October 21, 2021, until the Principal Amount is paid in full or duly made available for payment, in each case together with such further sum, if any, as may be payable by way of Additional Amounts in
accordance with the provisions set forth herein, and should Québec at any time default in the payment of any of the Principal Amount or interest on this Global Note or any Additional Amounts, to pay interest on the amount in default (before
as well as after judgment) at the same rate, in like money, on the same dates. References herein to principal and interest in respect of this Global Note or the Notes shall be deemed also to refer to any Additional Amounts which may be payable
concurrently therewith, unless the context otherwise requires. Interest will cease to accrue on this Global Note on April 21, 2031 (or on such earlier date as the Principal Amount may become payable in accordance with the terms hereof) unless,
upon due presentation of this Global Note, payment of the Principal Amount or Additional Amounts, if any, is improperly withheld or refused. 
 This
Global Note shall not become valid and obligatory for any purpose unless and until this Global Note has been authenticated by the Fiscal Agent or its authorized representative. 

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

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

  
 -2- 

 
as a whole by DTC to a nominee of DTC or by a nominee of DTC to DTC or another nominee of DTC or by DTC or any such nominee to a successor of DTC or a nominee of such successor. 

Québec will issue or cause to be issued Certificated Notes upon registration of transfer of, or in exchange for, Notes represented by the
Global Notes (i) if DTC notifies Québec that it is unwilling or unable to continue as depository in connection with the Global Notes or ceases to be a clearing agency registered under the United States Securities Exchange Act of
1934, as amended, at a time when it is required to be so registered and a successor depository is not appointed by Québec within 90 days after receiving such notice or becoming aware that DTC is no longer so registered; (ii) if
Québec, in its sole discretion at any time, determines not to have any of the Notes represented by the Global Notes; or (iii) upon request by DTC to the Fiscal Agent, acting on direct or indirect instructions of any owner of a beneficial
interest in a Global Note, after an event of default entitling the holder to accelerate the stated maturity of the Global Note has occurred and is continuing, or, if DTC does not promptly make that request, then any owner of a beneficial interest in
such Global Note shall be entitled to make such request with respect to such interest. 
 Québec expressly acknowledges that if Certificated
Notes are not promptly issued to the owners of beneficial interests in a Global Note as described above, then an owner of a beneficial interest will be entitled to pursue any remedy under the Fiscal Agency Agreement, the Global Note or applicable
law with respect to the portion of the Global Note representing that owner’s interest in the Global Note as if Certificated Notes had been issued. 
 Interest

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

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

If any date for payment to the registered holder hereof is not a Business Day in the 

  
 -3- 

 
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. 

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

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

If as a result of any change in, or amendment to, or in the official application of, the laws of Canada or the regulations of any taxing authority
therein or thereof (other than Québec) or any change in, or in the official application of, or execution of, or amendment to, any treaty or treaties affecting taxation to which Canada is a party, which change or amendment shall have become
effective after April 14, 2021, it is determined by Québec that it would be required at, or at any time prior to, maturity of the Notes to pay Additional Amounts as hereinabove described, the Notes may be redeemed in whole but not in
part at the option of Québec on not less than 30 days’ nor more than 60 days’ published notice in accordance with the provisions set forth below under “Notices”, at the Principal Amount thereof together with accrued
interest. 

  
 -4- 

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

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

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

  
 -5- 

 
following such mailing. 
 Prescription 

Under current Québec law, an action to enforce a right to payment under the Notes may be prescribed if it is not exercised within three years of
the date the payment is due. 
 Modification 
 The Fiscal
Agency Agreement contains provisions with respect to modifying or amending said Agreement and the Notes either without notice to or the consent of the holder of any Note or by Extraordinary Resolution (as defined in the Fiscal Agency Agreement) of
the holders of Notes and with respect to convening meetings of registered holders of Notes for such purposes. 
 Governing Law 

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

  
 -6- 

 Executed in New York on behalf of Québec as of April 21, 2021. 

 

			
	QUÉBEC
		
	 By:  
	 	 
		 	 Name:

		 	 Title:

 Authenticated by: 

THE BANK OF NEW YORK MELLON (as Fiscal Agent) 
 Authentication
Date: April 21, 2021 
  

			
		
	 By:  
	 	 
		 	 Name:

		 	 Title:

  

  
 -7- 

 SCHEDULE TO THE GLOBAL NOTE 

NO. [    ] 

QUÉBEC 
 1.900% Global Notes Series
RB due April 21, 2031 
  

							
	 Initial Principal

Amount
	  	Additional
Principal Amount	  	Aggregate
Principal Amount	  	    Authorization    
				
		  	U.S.$                    	  	U.S.$                      	  	
				
		  	U.S.$                    	  	U.S.$                      	  	
				
		  	U.S.$                    	  	U.S.$                      	  	

 SCHEDULE B 

TERMS AND CONDITIONS OF THE NOTES 
 Status of the Notes

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

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

The Notes will only be sold in denominations of U.S.$5,000 and in multiples of U.S.$1,000 in excess thereof. 

The Fiscal Agent will be responsible for (i) maintaining a record of the aggregate holdings of Notes, (ii) ensuring that payments of principal
and interest in respect of the Notes received by the Fiscal Agent from Québec are duly credited to DTC; and (iii) transmitting to Québec any notices from owners of beneficial interests in the Notes. The Fiscal Agent will not
impose any fees in respect of the Notes, other than reasonable fees for the 
  

 
replacement of lost, stolen, mutilated or destroyed Notes. However, owners of beneficial interests in the Notes may incur fees payable in respect of the maintenance and operation of the
book-entry accounts in which such Notes are held with the Clearing Systems. 

  
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 Interest 

The Notes will bear interest from April 21, 2021 at a rate of 1.900% per annum, payable in two equal semi-annual installments, in arrears on
April 21 and October 21 of each year, commencing on October 21, 2021. Interest on the Notes will cease to accrue on the maturity date (or the date fixed for redemption or repayment) unless, upon due presentation of the Notes, payment
of principal is improperly withheld or refused. 
 Whenever it is necessary to compute any amount of interest in respect of the Notes, other than with
respect to regular semi-annual payments, such interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. The rate of interest
specified in the Notes is a nominal rate and all interest payments and computations are to be made without allowances or deductions for deemed reinvestment. 

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

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

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

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

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

Maturity, Redemption and Purchases 
 Unless previously
redeemed for tax reasons as provided below, or purchased, the principal amount of the Notes shall be due and payable on April 21, 2031. 
 If, as
a result of any change in, or amendment to, or in the official application of, the laws of Canada or the regulations of any taxing authority therein or thereof (other than Québec) or any change in, or in the official application of, or
execution of, or amendment to, any treaty or treaties affecting taxation to which Canada is a party, which change or amendment shall have become effective after April 14, 2021, it is determined by Québec that it would be required at, or
at any time prior to, maturity of the Notes to pay Additional Amounts as described under “Payment of Additional Amounts”, the Notes may be redeemed in whole but not in part at the option of Québec on not less than 30 days’ nor
more than 60 days’ published notice in accordance with “Notices” below, at the principal amount thereof together with accrued interest. 

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

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

  
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by DTC. 
 Certificated Notes 

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

  
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owners of beneficial interests in a Global Note as described above, then an owner of a beneficial interest will be entitled to pursue any remedy under the Fiscal Agency Agreement, the Global Note
or applicable law with respect to the portion of the Global Note representing that owner’s beneficial interest in the Global Note as if Certificated Notes had been issued. 

If Certificated Notes are issued and for so long as the Notes are listed on the Euro MTF Market of the Luxembourg Stock Exchange and if the rules of
such stock exchange so require, Québec will appoint and maintain a paying agent and transfer agent in Luxembourg (the “Luxembourg Paying Agent”) to act on its behalf. Certificated Notes may be surrendered at the office of the
Luxembourg Paying Agent for payment of principal at maturity or on the date fixed for redemption. 
 Modification 

The Fiscal Agency Agreement and the Notes may be amended by Québec and the Fiscal Agent without notice to, or the consent of, the holder of any
Note, for the purpose of (i) curing any ambiguity, (ii) curing, correcting or supplementing any defective provisions contained therein, (iii) effecting the issue of further notes as described below under “Further Issue”, or
(iv) in any other manner which Québec and the Fiscal Agent, acting on the advice of independent counsel, may deem necessary or desirable and which will not be inconsistent with the Fiscal Agency Agreement or the Notes and which, in the
reasonable opinion of Québec and the Fiscal Agent, will not adversely affect the interests of the holders of Notes. No amendment may be made to the Fiscal Agency Agreement or the Notes which would in any way alter, amend or change the duties,
responsibilities, obligations of or the protections afforded to the Luxembourg Paying Agent from those set out in the Fiscal Agency Agreement without the prior written consent of the Luxembourg Paying Agent. 

The Fiscal Agency Agreement contains provisions for convening meetings of registered holders of Notes to modify or amend by Extraordinary Resolution (as
defined below), the Fiscal Agency Agreement (except as provided in the immediately preceding paragraph) and the Notes (including the terms and conditions thereof) or waive future compliance therewith or past default thereon by Québec. An
Extraordinary Resolution duly passed at any such meeting shall be binding on all holders of Notes, whether present or not; provided, however, that no such modification or amendment to the Fiscal Agency Agreement or to the terms and conditions of the
Notes or any other action taken may, without the consent of the holder of each such Note affected thereby: (i) change the stated maturity or interest payment date(s) of any such Note; (ii) reduce the principal amount of or rate of interest
on any such Note; (iii) change the currency of payment of any such Note; (iv) impair the right to institute suit for the enforcement of any payment on or with respect to such Note; (v) reduce the percentage of the holders of Notes
necessary to modify or amend the Fiscal Agency Agreement or the terms and conditions of the Notes or reduce the percentage of votes required for the taking of action or the quorum required at any meeting of holders of Notes; or (vi) reduce the
percentage of outstanding Notes necessary to waive any future compliance or past default; and provided, further, that to the extent that such modification or amendment may affect the rights, duties, protections, indemnities and immunities of the
Fiscal Agent, the Issuer shall not propose such modification or amendment and such power shall not be exercised, without the prior written consent of the Fiscal Agent. 

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

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

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

  
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 Notices 

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

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

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

  
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