Obligation Québécor 1.125% ( XS1311586967 ) en EUR

Québécor

100 % ⇌

Canada

XS1311586967 ( en EUR )

1.125% par an ( paiement annuel )

28/10/2025 - Obligation échue

Prospectus brochure de l'obligation Quebec XS1311586967 en EUR 1.125%, échue

Le Québec est une province du Canada située dans le nord-est de l'Amérique du Nord, caractérisée par sa culture francophone, son histoire riche et sa beauté naturelle variée.

L'Obligation émise par Québécor ( Canada ) , en EUR, avec le code ISIN XS1311586967, paye un coupon de 1.125% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 28/10/2025

OFFERING CIRCULAR
Dated 29 May 2020

U.S.$ 22,000,000,000
Euro Medium Term Note Programme
for the issue of Notes with maturities of one month or longer

LEI: 549300WN65YFEQH74Y36

On 16th April 1992, Québec established a Euro Medium Term Note Programme (the "Programme"). This Offering Circular supersedes any
previous offering circular, prospectus and any supplements thereto related to the Programme. Any Notes (as defined below) is sued under the
Programme on or after the date of this Offering Circular are issued subject to the provisions described herein. This Offering Circular does not affect
any Notes already issued and currently outstanding.
Under this U.S.$ 22,000,000,000 Programme, Québec may from time to time issue Notes (the "Notes") denominated in any currency agreed by
Québec and the relevant Purchaser(s) (as defined below). The Notes will have maturities of one month or longer or such other maturity as may be
allowed or required from time to time by the relevant central bank (or equivalent body (however called)) or any laws or regulations applicable to the
relevant currency and, subject as set out herein, the maximum aggregate nominal amount of all Notes from time to time ou tstanding issued under
the Programme will not exceed U.S.$ 22,000,000,000 (or its equivalent in other currencies) calculated as described herein.
The Notes will be issued on a continuing basis to one or more of the Dealers specified under "Overview of the Programme" (each a "Dealer" and
together the "Dealers", which expression shall include any additional entity appointed as a Dealer under the Programme from time to time either fo r
a specific issue or on an ongoing basis). Notes may also be issued to third parties other than Dealers and such third parties and Dealers are
referred to collectively as "Purchasers".
Application has been made to the Luxembourg Stock Exchange for Notes issued under the Programme during the period of twelve m onths
following the date of this Offering Circular to be admitted to the official list of the Luxembourg Stock Exchange (the "Official List") and admitted to
trading on the Euro MTF market of the Luxembourg Stock Exchange (the "Euro MTF Market"). The Euro MTF Market is not a regulated market for
the purposes of the Markets in Financial Instruments Directive (Directive 2014/65/EU) (as amended, "MiFID II"). The Programme provides that
Notes may be listed or admitted to trading, as the case may be, on such further or other stock e xchanges or markets as Québec and the relevant
Purchaser(s) may agree as specified in the applicable Pricing Supplement (as defined herein), subject to compliance with all applicable laws and
the rules of such stock exchange. Québec may also issue unlisted Notes and/or Notes not admitted to trading on any market. The applicable
Pricing Supplement will specify whether the Notes are to be listed or will be unlisted Notes.
This Offering Circular is a "prospectus" and the pricing supplement constitutes the "final terms" for the purposes of admission to listing on the Official
List and admission to trading of the Notes on the Euro MTF Market in accordance with the rules and regulations of the Luxembo urg Stock
Exchange and Part IV of the Luxembourg law dated 1 6th July 2019 on prospectuses for securities, as amended. THIS OFFERING CIRCULAR
DOES NOT CONSTITUTE A PROSPECTUS FOR THE PURPOSES OF ARTICLE 8 OF REGULATION (EU) 2017/1129, AS AMENDED (THE
"PROSPECTUS REGULATION").
In relation to Notes offered in a Relevant State (as defined below) in circumstances which would otherwise require publication of a prospectus in
accordance with the Prospectus Regulation, such Notes shall have a minimum denomination of not less than 100,000 (or its equ ivalent in other
currencies).
See "Risk Factors" on pages 9 through 21 for a discussion of certain risks that should be considered in connection w ith an inv estment in
certain types of Notes w hich may be offered under the Programme.
Unless otherwise specified in the applicable Pricing Supplement, the Notes of each issue will initially be represented by one or more temporary
global Notes which wil be deposited on or prior to the issue date thereof with (i) if the temporary global Note is intended to be issued in new global
note ("NGN") form as specified in the applicable Pricing Supplement, a common safekeeper (the "Common Safekeeper") for Euroclear Bank
SA/NV ("Euroclear") and/or Clearstream Banking S.A. ("Clearstream, Luxembourg") and (ii) if the temporary global Note is intended to be issued
in classic global note ("CGN") form as specified in the applicable Pricing Supplement, a common depositary on behalf of Euroclear and
Clearstream, Luxembourg and/or such other clearing system as otherwise agreed, as further described in "Form of the Notes" herein. Interests in a

temporary global Note will be exchangeable for interests in a permanent global Note upon certification as to non -U.S. beneficial ownership as
required by U.S. Treasury regulations. Interests in a permanent glob al Note will be exchangeable for definitive Notes only in the limited
circumstances described in "Terms and Conditions of the Notes Definitive Notes" or as specified in the applicable Pricing Supplement.
Québec may agree with any Purchaser that Notes may be issued in a form or with terms and conditions (the "Conditions") not contemplated by the
"Terms and Conditions of the Notes" herein or not ful y set out in the "Terms and Conditions of the Notes" and the "Pro Forma Pricing Supplement"
set out herein.

ARRANGER
BofA Securities
DEALERS
BNP PARIBAS
BofA Securities
Citigroup
Deutsche Bank
HSBC
J.P. Morgan
Société Générale Corporate & Investment Banking

ii

IMPORTANT NOTICES
Québec has prepared this Offering Circular for the purpose of giving information with regard to the
Programme, the Notes to be issued thereunder and itself as the issuer of such Notes.
Québec (the "Responsible Person") accepts responsibility for the information contained in this
Offering Circular. To the best of the knowledge and belief of the Responsible Person, having taken all
reasonable care to ensure that such is the case, the information contained in this Offering Circular is
in accordance with the facts and contains no omission likely to affect the import of such information.
MIFID II PRODUCT GOVERNANCE / TARGET MARKET
The Pricing Supplement may include a legend entitled " MIFID II PRODUCT GOVERNANCE /
TARGET MARKET" which will outline the target market assessment in respect of the Notes
and which channels for distribution of the Notes are appropriate. Any person subsequently
offering, selling or recommending the Notes (a "distributor") should take into consideration
the target market assessment; however, a distributor subject to MiFID II is responsible for
undertaking its own target market assessment in respect of the Notes (by either adopting or
refining the target market assessment) and determining appropria te distribution channels.
A determination will be made in relation to each issue about whether, for the purpose of the
MiFID II Product Governance rules under Commission Delegated Directive (EU) 2017/593 (the
"MiFID II Product Governance Rules"), any Dealer subscribing for any Notes is a manufacturer
in respect of such Notes, but otherwise neither the Arranger nor the Dealers nor any of their
respective affiliates will be a manufacturer for the purposes of the MiFID II Product
Governance Rules.
PRIIPS REGULATION PROHIBITION OF SALES TO EEA AND UK RETAIL INVESTORS
If the applicable Pricing Supplement includes a legend entitled "PRIIPS REGULATION
PROHIBITION OF SALES TO EEA AND UK RETAIL INVESTORS", the Notes are not intended to
be offered, sold or otherwise made available to and should not be offered, sold or otherwise
made available to any retail investor in the European Economic Area ("EEA") or in the United
Kingdom ("UK"). For these purposes, a retail investor means a person who is one (or more) of:
(i) a retail client as defined in point (11) of Article 4(1) of MiFID II; (ii) a customer within the
meaning of Directive (EU) 2016/97 (as amended), where that customer would not qualify as a
professional client as defined in point (10) of Article 4(1) of MiFID I I; or (iii) not a qualified
investor as defined in the Prospectus Regulation (as defined above). Consequently no key
information document required by Regulation (EU) No 1286/2014 (as amended, the "PRIIPs
Regulation") for offering or selling the Notes or otherwise making them available to retail
investors in the EEA or in the UK has been prepared and therefore offering or selling the Notes
or otherwise making them available to any retail investor in the EEA or in the UK may be
unlawful under the PRIIPs Regulation.
NOTICES REGARDING OFFERS IN THE EUROPEAN ECONOMIC AREA AND THE UNITED
KINGDOM
This Offering Circular has been prepared on the basis that all offers of Notes in any Member
State in the EEA and/or the UK (the "Relevant States" and each, a "Relevant State") will be
made pursuant to an exemption under the Prospectus Regulation from the requirement to
produce or publish a prospectus for offers of Notes. Accordingly, any person making or
intending to make any offer within a Relevant State of Notes which a re the subject of an

iii

offering contemplated in this Offering Circular as completed, supplemented or modified by the
applicable Pricing Supplement in relation to those Notes may only do so in circumstances in
which no obligation arises for Québec or for any of the Purchasers to publish a prospectus
pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to
Article 23 of the Prospectus Regulation, in each case, in relation to such offer. In relation to
Notes offered in a Relevant State in circumstances which would otherwise require publication
of a prospectus in accordance with the Prospectus Regulation, such Notes shall have a
minimum denomination of not less than EUR100,000 (or its equivalent in other currencies).
Neither Québec nor any Dealer has authorized, nor do they authorize, the making of any offer
of Notes in circumstances in which an obligation arises for Québec or any Dealer to publish a
prospectus or supplement a prospectus pursuant to the Prospectus Regulation for such offer.
Neither Québec nor any Dealer has authorized, nor do they authorize, the making of any offer
of the Notes through any financial intermediary, other than offers made by the relevant Dealers
which constitute the final placement of the Notes contemplated in the applicable Pricing
Supplement.
If and to the extent that this Offering Circular is communicated in, or an offer of Notes under
the Programme is made in, any Relevant State, this Offering Circular and the offer are only
addressed to and directed at persons in that Relevant State who are qualified investors within
the meaning of the Prospectus Regulation or who are other persons to whom the offer may
lawfully be addressed and must not be acted upon by other persons in that Relevant State.
NOTIFICATION UNDER SECTION 309B(1)(C) OF THE SECURITIES AND FUTURES ACT
(CHAPTER 289) OF SINGAPORE (AS MODIFIED OR AMENDED FROM TIME TO TIME OR
SUPERSEDED (THE "SFA"))
Unless otherwise stated in the applicable Pricing Supplement and notified to the Dealers prior
to any offer of Notes, all Notes issued or to be issued under the Programme shall be
prescribed capital markets products (as defined in the Securities and Futures (Capital Markets
Products) Regulations 2018 of Singapore) and Excluded Investment Products (as defined in
MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16:
Notice on Recommendations on Investment Products).
This Offering Circular is to be read in conjunction with all documents which are incorporated herein by
reference (see "Documents Incorporated by Reference"). This Offering Circular shall be read and
construed on the basis that such documents are so incorporated and form part of this Offering
Circular.
Neither the Arranger (as defined herein) nor any Dealer has separately verified the information
contained herein. Accordingly, no representation, warranty or undertaking, express or implied, is
made and no responsibility is accepted by the Arranger or any Dealer or their respective affiliates as
to the accuracy or completeness of the information contained in this Offering Circular or any other
information provided by Québec in connection with this Offering Circular or the Notes. None of the
Arranger, any Dealer or their respective affiliates accepts any liability in relation to the information
contained in this Offering Circular or any other information provided by Québec in connection with this
Offering Circular or the Notes or their distribution or for any acts or omissions of Québec or any other
person in connection with the issue and offering of the Notes.

iv

No person has been authorized to give any information or to make any representation not contained
in or not consistent with this Offering Circular or any other information supplied in connection with this
Offering Circular or the Notes and, if given or made, such information or representation must not be
relied upon as having been authorized by Québec, the Arranger or any Dealer.
Neither this Offering Circular nor any information incorporated herein by reference nor any other
information supplied in connection with this Offering Circular or the Notes is intended to provide the
basis of any credit or other evaluation and should not be considered as recommendations by Québec,
the Arranger or any Dealer that any recipient of this Offering Circular, or any information incorporated
herein by reference or any other information supplied in connection with this Offering Circular or the
Notes, should purchase any of the Notes. Each investor contemplating purchasing any of the Notes
should make its own independent investigation of the financial condition and affairs, and its own
appraisal of the creditworthiness, of Québec. Neither this Offering Circular, nor any information
incorporated herein by reference nor any other information supplied in connection with this Offering
Circular or the Notes constitutes an offer or invitation by or on behalf of Québec, the Arranger or any
Dealer to any person to purchase any of the Notes.
None of the Arranger, the Dealers or any of their affiliates have authorized the whole or any part of
this Offering Circular and none of them makes any representation or warranty or accepts any
responsibility as to the accuracy or completeness of the information contained in this Offering Circular.
Neither the delivery of this Offering Circular or any Pricing Supplement nor the offering, sale or
delivery of any Notes shall, in any circumstances, create any implication that the information
contained in this Offering Circular is true subsequent to the date hereof or the date upon which this
Offering Circular has been most recently amended or supplemented or that there has been no
adverse change in the prospects or financial or trading position of Québec since the date hereof, or,
as the case may be, the date upon which this Offering Circular has been most recently amended or
supplemented or that any other information supplied in connection with the Programme or the Notes
is correct as at any time subsequent to the date on which it is supplied or, if different, the date
indicated in the document containing the same. The Arranger and the Dealers expressly do not
undertake to review the financial condition or affairs of Québec during the life of the Programme or
advise any investor in the Notes of any information coming to their attention. Each recipient of this
Offering Circular or any Pricing Supplement shall be taken to have made its own investigation and
appraisal of the condition (financial or otherwise) of Québec.
This Offering Circular may not be used for the purpose of an offer or solicitation by anyone in any
jurisdiction in which such offer or solicitation is not authorized or to any person to whom it is unlawful
to make such offer or solicitation. The distribution of this Offering Circular and any Pricing Supplement
and the offer or sale of the Notes may be restricted by law in certain jurisdictions. Persons into whose
possession this Offering Circular, any Notes or any other offering material come must inform
themselves about, and observe, any such restrictions. This Offering Circular does not constitute, and
may not be used for or in connection with, an offer to any person to whom it is unlawful to make such
an offer or a solicitation by anyone not authorized so to act. In particular, there are restrictions on the
distribution of this Offering Circular and the offer or sale of the Notes in the United States, the
European Economic Area (including in Belgium, France, Republic of Italy and The Netherlands), the
UK, Hong Kong, Japan, the People's Republic of China, Singapore and Canada (see "Subscription
and Sale"). Québec and the Dealers do not represent that this Offering Circular may be lawfully
distributed, or that Notes may be lawfully offered, in compliance with any applicable registration or
other requirements in any such jurisdiction, or pursuant to an exemption available thereunder, or
assume any responsibility for facilitating any such distribution or offering. In particular, no action has
been taken by Québec, the Arranger or any Dealer that would permit a public offering of the Notes or

v

distribution of the Offering Circular in a jurisdiction where action for that purpose is required.
Accordingly, the Notes may not be offered or sold, directly or indirectly, and neither this Offering
Circular nor any advertisement or other offering material may be distributed or published in any
jurisdiction, except under circumstances that will result in compliance with any applicable laws and
regulations and the Dealers have represented that all offers and sales by them will be made on the
same terms.
The Notes have not been and will not be registered under the United States Securities Act of 1933, as
amended (the "Securities Act"), or with any securities regulatory authority of any state or other
jurisdiction of the United States, and the Notes may include bearer notes that are subject to U.S. tax
law requirements. Subject to certain exceptions, Notes may not be offered, sold or delivered within the
United States or to U.S. persons (see "Subscription and Sale").
In this Offering Circular, references to "Can$" and "$" are to Canadian dollars, references to "U.S.
dollars" and "U.S.$" are to United States dollars, references to "euro" and "" are to the currency of
the Member States of the European Union that have adopted the single currency in accordance with
the Treaty on the functioning of the European Union, as amended by the Treaty on European Union,
as amended, references to "yen" and "¥" are to Japanese yen, references to "RMB", "CNY" or
"Renminbi" refer to the currency of the PRC and references to "sterling" and "£" are to United
Kingdom pounds sterling. References herein to the "European Economic Area" or "EEA" are to the
Member States of the European Union together with Iceland, Norway and Liechtenstein and
references herein to "PRC" are to the People's Republic of China, which for the purpose of this
Offering Circular shall exclude the Hong Kong and Macao Special Administrative Regions and
Taiwan.
References in this Offering Circular to Regulations or Directives include, in relation to the UK, those
Regulations or Directives that form part of the UK's domestic law by virtue of the European Union
(Withdrawal) Act 2018 or as have been implemented in UK domestic law, as appropriate.
THE PURCHASE OF NOTES MAY INVOLVE SUBSTANTIAL RISKS AND MAY BE SUITABLE
ONLY FOR INVESTORS WHO HAVE THE KNOWLEDGE AND EXPERIENCE IN FINANCIAL AND
BUSINESS MATTERS NECESSARY TO ENABLE THEM TO EVALUATE THE RISKS AND THE
MERITS OF AN INVESTMENT IN THE NOTES. PRIOR TO MAKING AN INVESTMENT DECISION,
PROSPECTIVE INVESTORS SHOULD CONSIDER CAREFULLY, IN LIGHT OF THEIR OWN
FINANCIAL CIRCUMSTANCES AND INVESTMENT OBJECTIVES, (I) ALL THE INFORMATION
SET FORTH IN THIS OFFERING CIRCULAR AND, IN PARTICULAR, THE CONSIDERATIONS SET
FORTH BELOW AND (II) ALL THE INFORMATION SET FORTH IN THE APPLICABLE PRICING
SUPPLEMENT. PROSPECTIVE INVESTORS SHOULD MAKE SUCH ENQUIRIES AS THEY DEEM
NECESSARY, INCLUDING (WITHOUT LIMITATION) WITH THEIR OWN FINANCIAL, TAX AND
LEGAL ADVISORS, WITHOUT RELYING ON QUÉBEC OR ANY DEALER.
The Notes may not be suitable for all investors. Each potential investor in the Notes must determine
the suitability of that investment in light of its own circumstances. In particular, each potential investor,
either on its own or with the help of its financial or other professional advisers, should consider
whether it:
(a)
has sufficient knowledge and experience to make a meaningful evaluation of the Notes, the
merits and risks of investing in the Notes and the information contained or incorporated by
reference in this Offering Circular or any applicable supplement;

vi

(b)
has access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its
particular financial situation, an investment in the Notes and the impact the Notes will have on
its overall investment portfolio;
(c)
has sufficient financial resources and liquidity to bear all of the risks of an investment in the
Notes, including Notes with principal or interest payable in one or more currencies, or where the
currency for principal or interest payments is different from the potential investor's currency;
(d)
understands thoroughly the terms of the Notes and be familiar with the behaviour of any
relevant indices and financial markets; and
(e)
is able to evaluate possible scenarios for economic, interest rate and other factors that may
affect its investment and its ability to bear the applicable risks.
The investment activities of certain investors are subject to legal investment laws and regulations, or
review or regulation by certain authorities. Each potential investor should consult its legal advisers to
determine whether and to what extent (1) Notes are legal investments for it, (2) Notes can be used as
collateral for various types of borrowing, (3) Notes can be used as repo-eligible securities, and (4)
other restrictions apply to its purchase or pledge of any Notes. Financial institutions should consult
their legal advisers or the appropriate regulators to determine the appropriate treatment of Notes
under any applicable risk-based capital guidelines or similar rules.
IN CONNECTION WITH THE ISSUE OF ANY TRANCHE OF NOTES, THE DEALER OR DEALERS
(IF ANY) NAMED AS THE STABILIZING MANAGER(S) (OR PERSON(S) ACTING ON BEHALF OF
ANY STABILIZING MANAGER(S)) IN THE APPLICABLE PRICING SUPPLEMENT MAY OVER-
ALLOT NOTES OR EFFECT TRANSACTIONS WITH A VIEW TO SUPPORTING THE MARKET
PRICE OF THE NOTES AT A LEVEL HIGHER THAN THAT WHICH MIGHT OTHERWISE
PREVAIL. HOWEVER, STABILIZATION MAY NOT NECESSARILY OCCUR. ANY
STABILIZATION ACTION MAY BEGIN ON OR AFTER THE DATE ON WHICH ADEQUATE
PUBLIC DISCLOSURE OF THE TERMS OF THE OFFER OF THE RELEVANT TRANCHE OF
NOTES IS MADE AND, IF BEGUN, MAY CEASE AT ANY TIME, BUT IT MUST END NO LATER
THAN THE EARLIER OF 30 DAYS AFTER THE ISSUE DATE OF THE RELEVANT TRANCHE OF
NOTES AND 60 DAYS AFTER THE DATE OF THE ALLOTMENT OF THE RELEVANT TRANCHE
OF NOTES. ANY STABILIZATION ACTION OR OVER-ALLOTMENT MUST BE CONDUCTED BY
THE RELEVANT STABILIZING MANAGER(S) (OR PERSON(S) ACTING ON BEHALF OF ANY
STABILIZING MANAGER(S)) IN ACCORDANCE WITH ALL APPLICABLE LAWS AND RULES.
Credit Ratings
As of the date of this Offering Circular, the Programme has been rated AA- by S&P Global Ratings,
acting through S&P Global Ratings Canada, a business unit of S&P Global Canada Corp. ("S&P
Global") and Aa2 by Moody's Canada Inc. ("Moody's Canada"). A rating is not a recommendation to
buy, sell or hold securities and may be subject to suspension, change or withdrawal at any time by the
assigning rating agency and each rating should be evaluated independently of any other rating.

vii

TABLE OF CONTENTS
Clause

Page
OVERVIEW OF THE PROGRAMME ....................................................................................... 1
RISK FACTORS ................................................................................................................... 9
DOCUMENTS INCORPORATED BY REFERENCE ................................................................. 22
SUPPLEMENTAL OFFERING CIRCULAR ............................................................................. 24
GENERAL DESCRIPTION OF THE PROGRAMME ................................................................. 25
FORM OF THE NOTES ....................................................................................................... 26
PRO FORMA PRICING SUPPLEMENT ................................................................................. 29
TERMS AND CONDITIONS OF THE NOTES ......................................................................... 47
USE OF PROCEEDS .......................................................................................................... 82
QUÉBEC ........................................................................................................................... 83
GREEN BOND FRAMEWORK.............................................................................................. 86
SUBSCRIPTION AND SALE ................................................................................................ 88
TAXATION ........................................................................................................................ 95
GENERAL INFORMATION .................................................................................................. 97

OVERVIEW OF THE PROGRAMME
This overview must be read as an introduction to this Offering Circular and any decision to
invest in any Notes should be based on a consideration of this Offering Circular as a whole,
including any documents incorporated by reference.
The terms and conditions (the "Conditions") of any particular Tranche of Notes will be the terms and
conditions substantially in the form set out under "Terms and Conditions of the Notes" as
supplemented, modified or replaced by the Pricing Supplement applicable thereto and, in respect of
any Notes represented by an Note in global form (a "Global Note"), by the provisions of such Global
Note. Words and expressions defined in "Form of the Notes", "Pro Forma Pricing Supplement" and
"Terms and Conditions of the Notes" below shall have the same meanings in this overview.
Issuer:
Québec is the largest by area of the ten provinces in Canada (1,667,712
square kilometers or 643,907 square miles, representing 17% of the
geographical area of Canada) and the second largest by population (8.5
million, representing 22.5% of the population of Canada, as of January
2020). The population of Québec increased on average by 0.8% per year
since 2015. Over the same period, the population of Canada increased on
average by 1.2% per year.

Québec has a modern, developed economy. In 2019, the service sector
contributed 72.6%, the manufacturing industry 13.6%, the construction
industry 6.4%, the utilities industry 3.5% and the primary sector 4.2% to real
GDP in chained 2012 dollars. Québec's real GDP represented 19.4% of
Canada's real GDP in 2019. The leading service industries in Québec are
community, business and personal services, finance, insurance and real
estate, wholesale and retail trade, governmental services, transportation and
warehousing and information and cultural services. The leading
manufacturing industries in Québec are food products, transportation
equipment (including aircraft, motor vehicles and parts), primary metal
products (including aluminum smelting), fabricated metal products, chemical
products and paper products. With its significant hydroelectric resources,
Québec generated 33.1% of the electricity produced in Canada in 2019.

Montréal and Ville de Québec, the capital of Québec, are the main centers
of economic activity. Montréal is one of the important industrial, commercial
and financial centers of North America and is Canada's second largest
urban area as measured by population. Port of Montréal is the leading
container port in Eastern Canada and a major international port linked to
more than 140 countries around the world. Situated on the St. Lawrence
River, Port of Montréal provides access to the Atlantic Ocean and the inland
navigation system of the Great Lakes.

French is the official language of Québec and is spoken by approximately
94% of its population.
1

The Québec government (the "Government") and the Government of
Canada share the power to levy personal income taxes in Québec. The
Government levies and collects its own personal income tax at rates ranging
from 15% to 25.75% in four tax brackets.

In Québec, businesses are subject to taxes on profits and on total payroll.
The Québec tax rate applied to corporate profits was reduced from 11.6% to
11.5% as of 1 January 2020. Small and medium-sized enterprises ("SMEs")
benefit from a reduced tax rate of 5% that applies to the first $500,000 of
income of an eligible enterprise, which will be reduced to 4% as of 1 January
2021. The tax rate applicable to SMEs in the primary and manufacturing
sectors is 4%.
Issuer Legal Entity
549300WN65YFEQH74Y36
Identifier (LEI):
Description:
Euro Medium Term Note Programme
Arranger:
Merrill Lynch International
Dealers:
BNP Paribas
Citigroup Global Markets Limited
Deutsche Bank AG, London Branch
HSBC France
J.P. Morgan Securities plc
Merrill Lynch International
Société Générale
and any other Dealer appointed from time to time by Québec in accordance
with the Programme Agreement either generally in respect of the
Programme or in relation to a particular Tranche of Notes.

Notes may also be sold directly to third parties on the basis of enquiries
made by such third parties to Québec.
Issuing and Principal Citibank, N.A., London Branch
Paying Agent:
Paying Agent:
Banque Internationale à Luxembourg, société anonyme
Programme Amount: Up to a maximum aggregate nominal amount of Notes outstanding issued
under the Programme of U.S.$ 22,000,000,000 (or its equivalent in other
currencies calculated as described herein) at any time. Québec will have the
option at any time to increase the Programme amount in accordance with
the terms of the Programme Agreement (as defined under "Subscription and
Sale").
2