Obbligazione Québec Province 4.625% ( US748148RT21 ) in USD

Québec Province

100 USD ⇌

Canada

US748148RT21 ( in USD )

4.625% per anno ( pagato 2 volte l'anno)

14/05/2018 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione Province of Quebec US748148RT21 in USD 4.625%, scaduta

1 000 USD

1 000 000 000 USD

748148RT2

Il Québec è una provincia del Canada, situata nella parte orientale del paese, nota per la sua cultura francofona e la sua ricca storia.

The Obbligazione issued by Québec Province ( Canada ) , in USD, with the ISIN code US748148RT21, pays a coupon of 4.625% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 14/05/2018

Prospectus Supplement
424B5 1 d424b5.htm PROSPECTUS SUPPLEMENT
Filed Pursuant to Rule 424(b)(5)
Registration Statement No. 333-137673
PROSPECTUS SUPPLEMENT
(To Prospectus Dated September 29, 2006)
U.S.$1,000,000,000

4.625% Global Notes Series QG due May 14, 2018

We will pay interest on the Notes semi-annually in arrears on November 14 and May 14 of each year,
commencing November 14, 2008. We may not redeem the Notes prior to maturity unless certain events occur
involving Canadian taxation. See "Description of Notes Maturity, Redemption and Purchases".
We will make all payments of principal and interest on the Notes in U.S. dollars. We will make all such
payments without deduction for, or on account of, taxes imposed or levied by or within Canada, subject to the
exceptions described in this prospectus supplement.
We are offering to sell the Notes in North America, Europe and Asia in places where sales are permitted.
We have undertaken to the underwriters to use all reasonable efforts to have the Notes admitted to the Official
List of the UK Listing Authority and to trading on the London Stock Exchange's Regulated Market, which is a
regulated market for purposes of the Markets in Financial Instruments Directive (2004/39/EC), as soon as
possible after the closing of the issue. We cannot guarantee that these applications will be approved and
settlement of the Notes is not conditional on obtaining the listing.

Per Note
Total
Price to public(1)
U.

99.399%
S.$ 993,990,000
Underwriting discounts and commissions
U.

0.25%
S.$
2,500,000
Proceeds, before expenses, to Québec(1)
U.

99.149%
S.$ 991,490,000
(1) Plus accrued interest from May 14, 2008, if settlement occurs after that date.
Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of
these securities or determined if this prospectus supplement or the prospectus is truthful or complete. Any
representation to the contrary is a criminal offense.
Delivery of the Notes, in book-entry form, will be made through The Depository Trust Company, Clearstream,
Luxembourg and Euroclear on or about May 14, 2008.

file:////23filesrv01/ljs/Tamara/Quebec, 4.625% Global Nts due 2018.htm (1 of 69)5/27/2008 11:43:47 AM

Prospectus Supplement
Deutsche Bank Securities
HSBC

Merrill Lynch & Co. RBC Capital Markets
National Bank Financial Inc.
CIBC World Markets

Scotia Capital

TD Securities
ABN AMRO
BMO Capital Markets
Casgrain & Company (USA)

Limited
Citi
JPMorgan
Mitsubishi UFJ

Securities International plc.

The date of this prospectus supplement is May 7, 2008.

file:////23filesrv01/ljs/Tamara/Quebec, 4.625% Global Nts due 2018.htm (2 of 69)5/27/2008 11:43:47 AM

Prospectus Supplement
TABLE OF CONTENTS
Prospectus Supplement

Page
NOTICE REGARDING OFFERS IN THE EEA

S-3
ABOUT THIS PROSPECTUS SUPPLEMENT

S-4
DOCUMENTS INCORPORATED BY REFERENCE

S-5
FORWARD-LOOKING STATEMENTS

S-5
SUMMARY

S-6
QUÉBEC
S-12
USE OF PROCEEDS
S-14
DESCRIPTION OF NOTES
S-14
TAX MATTERS
S-19
UNDERWRITING
S-22
VALIDITY OF THE NOTES
S-25
OFFICIAL STATEMENTS
S-25
GENERAL INFORMATION
S-25
Prospectus

Page
WHERE YOU CAN FIND MORE INFORMATION

2
FORWARD-LOOKING STATEMENTS

2
QUÉBEC

3
USE OF PROCEEDS

3
DESCRIPTION OF THE SECURITIES

3
JURISDICTION

10
PLAN OF DISTRIBUTION

11
DEBT RECORD

11
AUTHORIZED AGENT

11
VALIDITY OF THE SECURITIES

11
OFFICIAL STATEMENTS

12

You should rely only on the information contained in this document or to which we have referred you. We
have not authorized anyone to provide you with information that is different. This document may only be
used where it is legal to sell these securities. The information in this document may only be accurate on the
date of this document.

file:////23filesrv01/ljs/Tamara/Quebec, 4.625% Global Nts due 2018.htm (3 of 69)5/27/2008 11:43:47 AM

Prospectus Supplement
Please note that in this prospectus supplement, references to "we", "our" and "us" refer to Québec and all
references to the "European Economic Area", or "EEA", are to the Member States of the European Union
together with Iceland, Norway and Liechtenstein.
NOTICE REGARDING OFFERS IN THE EEA
If and to the extent that this prospectus supplement is communicated in, or the offer of the Notes to which
it relates is made in, any EEA Member State that has implemented the Prospectus Directive (2003/71/
EC) (a "Relevant Member State") (together with any applicable implementing measures in each Relevant
Member State, the "Prospectus Directive"), this prospectus supplement and the offer are only addressed to
and directed at persons in that Member State who are qualified investors within the meaning of the
Prospectus Directive (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 Member State.
This prospectus supplement has been prepared on the basis that all offers of Notes in any Relevant
Member State will be made pursuant to an exemption under the Prospectus Directive, as implemented in
that Relevant Member State, from the requirement to produce a prospectus for offers of the Notes.
Accordingly, any person making or intending to make any offer in that Relevant Member State of the
Notes that are the subject of the offering contemplated in this prospectus supplement should only do so in
circumstances in which no obligation arises for Québec or any of the underwriters to publish a prospectus
pursuant to Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article 16 of the
Prospectus Directive, in each case, in relation to such offer. Neither Québec nor the underwriters have
authorized, nor do they authorize, the making of any offer of the Notes in circumstances in which an
obligation arises for Québec or the underwriters to publish a prospectus or supplement a prospectus for
such offer.
This is not a prospectus under the Prospectus Directive but an advertisement as defined in the Prospectus
Directive and investors in the EEA should not subscribe for or purchase Notes once admitted to trading on
the London Stock Exchange's Regulated Market except on the basis of information in the Listing
Prospectus (as defined below). Québec intends to file a single prospectus (the "Listing Prospectus")
pursuant to Section 5.3 of the Prospectus Directive with the Financial Services Authority in its capacity
as competent authority under the Financial Services and Markets Act 2000 as amended for the purpose
of having the Notes admitted to trading on the London Stock Exchange's Regulated Market as
soon as possible after closing of this issue. Once approved, the Listing Prospectus will be published
in accordance with the Prospectus Directive and investors will be able to view the Listing
Prospectus on the website of the Regulatory News Service operated by the London Stock Exchange at
http://www.londonstockexchange.com/engb/pricesnews/marketnews/ under the name of Quebec and the
headline "Publication of Prospectus" and investors shall be able to obtain copies without charge from the
office of Deutsche Bank AG, London Branch, Winchester House, 1 Great Winchester Street, London
EC2N 2DB, and from the office of the Direction du financement des organismes publics et de la
documentation financière, at the Ministère des Finances at 12, rue Saint-Louis, Québec, Québec, Canada
G1R 5L3.
This prospectus supplement is only being distributed to and is only directed at (i) persons who are outside
the United Kingdom or (ii) to investment professionals falling within Article 19(5) of the Financial Services
file:////23filesrv01/ljs/Tamara/Quebec, 4.625% Global Nts due 2018.htm (4 of 69)5/27/2008 11:43:47 AM

Prospectus Supplement
and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth entities, and
other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order
(all such persons together being referred to as "relevant persons"). The Notes are only available to, and
any invitation, offer or agreement to subscribe, purchase or otherwise acquire such Notes will be engaged
in only with, relevant persons. Any person who is not a relevant person should not act or rely on this
document or any of its contents.

S-3
file:////23filesrv01/ljs/Tamara/Quebec, 4.625% Global Nts due 2018.htm (5 of 69)5/27/2008 11:43:47 AM

Prospectus Supplement
In connection with the issue of the Notes, Merrill Lynch, Pierce, Fenner & Smith Incorporated (or persons acting
on its behalf) 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, there is no assurance that Merrill Lynch,
Pierce, Fenner & Smith Incorporated (or persons acting on its behalf) will undertake stabilization action. Any
stabilization action may begin on or after the date on which adequate public disclosure of the terms of the Notes
is made and, if begun, may be ended at any time, but it must end no later than the earlier of 30 days after the issue
date of the Notes and 60 days after the date of the allotment of the Notes. Any stabilization action or over-
allotment will be conducted by Merrill Lynch, Pierce, Fenner & Smith Incorporated (or by persons acting on its
behalf) in accordance with all applicable laws and rules.
ABOUT THIS PROSPECTUS SUPPLEMENT
You should read this prospectus supplement along with the accompanying prospectus. Both documents contain
information you should consider when making your investment decision. You should rely only on the
information provided or incorporated by reference in this prospectus supplement and the accompanying
prospectus. Québec has not authorized anyone else to provide you with different information. Québec is not
offering to sell or soliciting offers to buy any securities other than the Notes offered under this prospectus
supplement, nor is Québec offering to sell or soliciting offers to buy the Notes in places where such offers are not
permitted by applicable law. You should not assume that the information in this prospectus supplement or the
accompanying prospectus is accurate as of any date other than the date of this prospectus supplement.
Québec is furnishing this prospectus supplement and the accompanying prospectus solely for use by prospective
investors in connection with their consideration of a purchase of Notes. Québec confirms that:

· the information contained in this prospectus supplement is true and correct in all material respects and is

not misleading;

· it has not omitted other facts the omission of which makes this prospectus supplement as a whole

misleading; and

· it accepts responsibility for the information it has provided in this prospectus supplement and the

prospectus.
In this prospectus supplement, unless otherwise specified or the context otherwise requires, all dollar amounts are
expressed in Canadian dollars. On May 7, 2008, the noon spot exchange rate for U.S. dollars as reported by the
Bank of Canada, expressed in Canadian dollars, was $1.0021.

S-4
file:////23filesrv01/ljs/Tamara/Quebec, 4.625% Global Nts due 2018.htm (6 of 69)5/27/2008 11:43:47 AM

Prospectus Supplement
DOCUMENTS INCORPORATED BY REFERENCE
The prospectus incorporates by reference Québec's Annual Report on Form 18-K for the fiscal year ended
March 31, 2007 and the amendments to that report filed through the date of this prospectus supplement, in
addition to all future annual reports and amendments to annual reports, and any other information we file with the
Securities and Exchange Commission (the "Commission") pursuant to Sections 13(a) and 13(c) of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), until we sell all of the Notes. See "Where You Can
Find More Information" in the accompanying prospectus.
FORWARD-LOOKING STATEMENTS
This prospectus supplement contains forward-looking statements. Statements that are not historical facts,
including statements about Québec's beliefs and expectations, are forward-looking statements. These statements
are based on current plans, estimates and projections, and therefore you should not place undue reliance on them.
Forward-looking statements speak only as of the date they are made, and Québec undertakes no obligation to
update publicly any of them in light of new information or future events. Forward-looking statements involve
inherent risks and uncertainties. Québec cautions you that actual results may differ materially from those
contained in any forward-looking statements.

S-5
file:////23filesrv01/ljs/Tamara/Quebec, 4.625% Global Nts due 2018.htm (7 of 69)5/27/2008 11:43:47 AM

Prospectus Supplement
SUMMARY
This summary must be read as an introduction to this prospectus supplement and the accompanying prospectus
and any decision to invest in the Notes should be based on a consideration of this prospectus supplement and the
accompanying basic prospectus as a whole, including the documents incorporated by reference.
Essential Characteristics of the Issuer
In this Summary, unless otherwise specified or the context otherwise requires, all dollar amounts are expressed in
Canadian dollars. The fiscal year of Québec ends March 31. "Fiscal 2008" and "2007-2008" refer to the fiscal
year ended March 31, 2008, and unless otherwise indicated, "2007" means the calendar year ended December 31,
2007. Other fiscal and calendar years are referred to in a corresponding manner. Any discrepancies between the
amounts listed and their totals in the tables included in this prospectus supplement are due to rounding.
Québec is the largest by area of the ten provinces in Canada (1,541,000 square kilometers or 594,860 square
miles, representing 15.4% of the geographical area of Canada) and the second largest by population (7.7 million,
representing 23.3% of the population of Canada, as of January 2008).
Québec has a modern, developed economy, in which the service sector contributed 73.2%, the manufacturing
industry 18.8%, the construction industry 5.8% and the primary sector 2.2% of real GDP at basic prices in
chained 2002 dollars in 2007. The leading manufacturing industries in Québec are primary metal products
(including aluminum smelting), transportation equipment products (including aircraft and motor vehicles and
associated parts), food products, petroleum and coal products, chemical products, paper products and fabricated
metal products. Québec also has significant hydroelectric resources, generating 31% of the electricity produced in
Canada in 2007.
Montréal and Ville de Québec, the capital of Québec, are the centers of economic activity. Montréal is one of the
main industrial, commercial and financial centers of North America and is Canada's second largest urban area as
measured by population. Montréal is also Canada's largest port, situated on the St. Lawrence River, which
provides access to the Atlantic Ocean and the inland navigation system of the Great Lakes.
The Quebec government (the "Government") and the federal government share the power to levy personal
income taxes in Québec. The Government levies and collects its own personal income tax at rates ranging from
16% to 24% in three brackets. In Québec, businesses are subject to a tax on profits, a tax on payroll and a tax on
capital. A tax rate of 11.4% is applied to the profits of corporations. Québec's other major sources of revenue
other than taxes are transfer payments from the federal government.
French is the official language of Quebec and is spoken by approximately 95% of its population.
Constitutional Framework
Canada is a federation of ten provinces and three federal territories, with a constitutional division of
responsibilities between the federal and provincial governments as set out in The Constitution Acts, 1867 to 1982
(the "Constitution").
Under the Constitution, each provincial government has exclusive authority to raise revenue for provincial
purposes through direct taxation within its territorial limits. Each provincial government also has exclusive
file:////23filesrv01/ljs/Tamara/Quebec, 4.625% Global Nts due 2018.htm (8 of 69)5/27/2008 11:43:47 AM

Prospectus Supplement
authority to regulate education, health, social services, property and civil rights, natural resources, municipal
institutions and, generally, to regulate all other matters of a purely local or private nature in its province, and to
regulate and raise revenue from the exploration, development, conservation and management of natural
resources.
The Parti Québécois, which has as its principal objective the sovereignty of Québec, formed the Government
from September 1994 to April 14, 2003. During its term in office, the Parti Québécois tabled in the

S-6
file:////23filesrv01/ljs/Tamara/Quebec, 4.625% Global Nts due 2018.htm (9 of 69)5/27/2008 11:43:47 AM

Prospectus Supplement
National Assembly a Bill entitled An Act respecting the future of Québec (the "Act"), which provided that upon
receipt of a favorable vote in a referendum, the Act would be enacted and Québec would proclaim its sovereignty
following a formal offer to Canada of a treaty of economic and political partnership. In November 1995, a slight
majority of Québec citizens (50.6%) voted against the Act. The Québec Liberal Party, a federalist party, won a
general election on April 14, 2003 and formed the Government with 72 out of 125 seats in the National
Assembly. It has been re-elected as a minority Government on March 26 2007. With regard to the constitutional
issue, the Québec Liberal Party pursues a policy that emphasizes the values of Canadian federalism. In particular,
its platform is focused on strengthening Québec's place within the federation, on forming new alliances with the
other provinces and on promoting intergovernmental cooperation. The next general election must be called no
later than March 2012.
The Supreme Court of Canada decided in August 1998, on a reference from the federal government in which
Québec did not participate, that (i) under the Constitution, Québec may not secede unilaterally without
negotiation with the other parties in the Canadian Confederation within the existing Constitutional framework;
(ii) under international law, Québec has no right to secede unilaterally from Canada; (iii) nonetheless, the clear
repudiation by the people of Québec of the existing constitutional order and the clear expression of a desire to
pursue secession would oblige the other provinces and the federal government to negotiate in accordance with
constitutional principles, and Québec would also have to negotiate in accordance with such principles; and (iv) if
Québec were to so negotiate but face unreasonable intransigence from the other parties, it would be more likely
to be recognized than if it did not itself act according to constitutional principles in the negotiations.
Public Finances
The Minister of Finance is responsible for the general administration of the Government's finances. The
Financial Administration Act, the Balanced Budget Act and the Act to establish a budgetary surplus reserve fund
govern the management of public monies of Québec and the Public Administration Act governs the management
of financial, human, physical and information resources of the Administration.
All revenues and monies over which the Parliament has power of appropriation form the Consolidated Revenue
Fund of Québec. The Budget and appropriations from the Consolidated Revenue Fund and consolidated entities
are published at the beginning of each fiscal year.
The Balanced Budget Act is designed to ensure that over time and on a cumulative basis the Government
maintains budgetary balance.

S-7
file:////23filesrv01/ljs/Tamara/Quebec, 4.625% Global Nts due 2018.htm (10 of 69)5/27/2008 11:43:47 AM

Document Outline

Local Disk
- #1">Prospectus Supplement