Obligation Québec Province 1.65% ( CA748148RW51 ) en CAD

Société émettrice Québec Province
Prix sur le marché 100 %  ▼ 
Pays  Canada
Code ISIN  CA748148RW51 ( en CAD )
Coupon 1.65% par an ( paiement semestriel )
Echéance 03/03/2022 - Obligation échue



Prospectus brochure de l'obligation Province of Quebec CA748148RW51 en CAD 1.65%, échue


Montant Minimal 1 000 CAD
Montant de l'émission 500 000 000 CAD
Cusip 748148RW5
Notation Standard & Poor's ( S&P ) N/A
Notation Moody's N/A
Description détaillée La province du Québec, située au Canada, est la seule province majoritairement francophone, possédant une culture et une identité distinctes, et contribuant significativement à l'économie canadienne par ses secteurs agricole, manufacturier et touristique.

Cet article informatif se penche sur une obligation émise par la Province de Québec, une entité gouvernementale clé du Canada reconnue pour sa gestion budgétaire rigoureuse et sa capacité à lever des capitaux sur les marchés pour financer ses infrastructures et services publics, portant le code ISIN CA748148RW51 et le code CUSIP 748148RW5 ; cette émission, libellée en dollars canadiens (CAD), d'une taille totale de 500 000 000 CAD et accessible par lots de 1 000 CAD minimum, affichait un taux d'intérêt annuel de 1,65% avec une fréquence de paiement semestrielle et a été remboursée à sa maturité du 3 mars 2022, ayant atteint son prix nominal de 100% sur le marché.







Filed pursuant to Rule 424b5
Registration Statement No. 333-200812
PROSPECTUS SUPPLEMENT
(To Prospectus Dated January 29, 2015)
CAN$500,000,000


1.650% Global Notes Series QR due March 3, 2022

We will pay interest on the Notes semi-annually in arrears on March 3 and September 3 of each year, commencing September 3, 2017. The
Notes will mature on March 3, 2022. 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 of and interest on the Notes in Canadian 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.
Application will be made for the Notes offered by this Prospectus Supplement to be admitted to the Official List of the Luxembourg Stock
Exchange and for such Notes to be admitted to trading on the Euro MTF Market of the Luxembourg Stock Exchange. The Euro MTF Market of the
Luxembourg Stock Exchange is not a regulated market for purposes of the Markets in Financial Instruments Directive (Directive 2004/39/EC).
Unless the context otherwise requires, references in this Prospectus Supplement to the Notes being "listed" shall mean that the Notes have been
admitted to trading on the Euro MTF Market and have been admitted to the Official List of the Luxembourg Stock Exchange. We have undertaken
to the underwriters to use all reasonable efforts to have the Notes listed on the Euro MTF Market of the Luxembourg Stock Exchange on or 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
conditioned on obtaining the listing.




Per Note
Total
Price to public(1)

99.895%

CAN$499,475,000
Underwriting discounts and commissions

0.15%

CAN$750,000
Proceeds, before expenses, to Québec

99.745%

CAN$498,725,000

(1)
Plus accrued interest from March 3, 2017, if settlement occurs after that date.
Neither the Securities and Exchange Commission (the "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 CDS Clearing and Depository Services Inc. ("CDS"), and its participants
including Clearstream Banking, société anonyme ("Clearstream, Luxembourg") and Euroclear Bank S.A./N.V. ("Euroclear") on or about
March 3, 2017.


HSBC

RBC Capital Markets
TD Securities Inc.

The date of this prospectus supplement is February 24, 2017.


TABLE OF CONTENTS
Prospectus Supplement


Page
NOTICE REGARDING OFFERS IN THE EEA
S-2
ABOUT THIS PROSPECTUS SUPPLEMENT
S-3
FORWARD-LOOKING STATEMENTS
S-3
SUMMARY
S-3
RECENT DEVELOPMENTS
S-6
USE OF PROCEEDS
S-7
DESCRIPTION OF NOTES
S-8
TAX MATTERS
S-13
UNDERWRITING
S-18
VALIDITY OF THE NOTES
S-22
OFFICIAL STATEMENTS
S-23
GENERAL INFORMATION
S-23
UNDERWRITERS
S-24
LEGAL ADVISORS
S-25
Prospectus



Page
WHERE YOU CAN FIND MORE INFORMATION

2
FORWARD-LOOKING STATEMENTS

3
QUÉBEC

3
USE OF PROCEEDS

3
DESCRIPTION OF THE SECURITIES

4
JURISDICTION AND ENFORCEABILITY
12
PLAN OF DISTRIBUTION
12
DEBT RECORD
13
AUTHORIZED AGENT
13
VALIDITY OF THE SECURITIES
13
OFFICIAL STATEMENTS
13

You should read this prospectus supplement along with the accompanying prospectus. Both documents contain
information you should consider when making your investment decision. We are responsible only for the information
provided or incorporated by reference in this prospectus supplement and the accompanying prospectus. We have not
authorized anyone else to provide you with any different information. We are not offering to sell or soliciting offers to buy any
securities other than the Notes offered under this prospectus supplement, nor are we 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.

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.

S-1


Unless otherwise specified or the context otherwise requires references in this Prospectus Supplement to "CAN$" and
"Canadian dollars" are to lawful money of Canada and "U.S.$" and "U.S. dollars" are to lawful money of the United States of
America. The noon exchange rate between the U.S.$ and the Canadian dollars published by the Bank of Canada on February 24, 2017
was approximately CAN$1.00 = U.S.$0.7631.
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 Member State that has implemented the Prospectus Directive (as defined below) (a "Relevant Member State"),
this prospectus supplement and the offer are only addressed to and directed at persons in that Relevant Member State who
are qualified investors within the meaning of the Prospectus Directive (or who are 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 any offer 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 publish 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
must 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 supplement or prospectus for such offer. This prospectus supplement does not constitute or form part of any
offer or invitation to sell the Notes and is not soliciting any offer to buy the Notes in any jurisdiction where such offer or sale
is not permitted.
In this prospectus supplement, the expression "Prospectus Directive" means Directive 2003/71/EC (and amendments
thereto, including Directive 2010/73/EU) and includes any relevant implementing measures in the Relevant Member State.
Neither Québec nor any underwriters have authorized, nor do they authorize, the making of any offer of the Notes
through any financial intermediary, other than offers made by the relevant underwriters which constitute the final placement
of the Notes contemplated in this prospectus supplement.
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 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.
In connection with the issue of the Notes, The Toronto-Dominion Bank (or person 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, 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 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 The Toronto-Dominion Bank (or a person or
persons acting on its behalf) in accordance with all applicable laws and rules.

S-2


ABOUT 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.
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.
SUMMARY
The information below is qualified in its entirety by the detailed information provided elsewhere in this document.

Issuer
Québec.
Securities Offered
CAN$500,000,000 aggregate principal amount of 1.650% Global Notes Series QR due
March 3, 2022.
Maturity Date
March 3, 2022
Interest Payment Dates
We will pay you interest in two equal semi-annual installments on March 3 and
September 3 of each year, commencing September 3, 2017. Interest will accrue from
March 3, 2017.
Interest Rate
1.650% per year. Whenever it is necessary to compute any amount of interest in respect of
the Notes other than with respect to regular semi-annual payments, we will calculate such
interest on the basis of a 365-day year consisting of actual number of days in the period.
Redemption
We may not redeem the Notes prior to maturity, unless certain events occur involving
Canadian taxation. See "Description of Notes -- Maturity, Redemption and Purchases".
Listing and Admission to Trading
We have undertaken to the underwriters to use all reasonable efforts to have the Notes
admitted to the Official List of the Luxembourg Stock Exchange and to trading on the
Euro MTF Market of the Luxembourg Stock Exchange 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 conditioned on obtaining the listing. The Euro MTF Market
is not a regulated market for purposes of the Markets in Financial Instruments Directive.
Form and Settlement
We will issue the Notes in the form of one or more fully registered permanent global notes
registered in the name of CDS & Co., as nominee of CDS Clearing and Depository
Agency Inc. ("CDS"). The Notes will be recorded in a Register held by BNY Trust
Company of Canada, as Registrar. Beneficial interests in the Notes will be represented
through book-entry accounts of financial

S-3


institutions acting on behalf of owners of those beneficial interests as direct and indirect
participants in CDS. Clearstream, Luxembourg and Euroclear will hold interests on behalf
of their participants through their respective Canadian depositaries, which in turn will hold
such interests in accounts as participants in CDS. Except in the limited circumstances
described in this prospectus supplement, owners of beneficial interests in the Notes will
not be entitled to have Notes registered in their names, will not receive or be entitled to
receive physical certificates representing the Notes and will not be considered holders of
Notes under the Fiscal Agency Agreement. Notes will only be sold in denominations of
CAN$5,000 and in multiples of CAN$1,000 in excess thereof. See "Description of
Notes -- Form, Denomination and Registration".
Proceeds
After deducting the underwriters' discount and our estimated expenses of CAN$194,404,
our net proceeds will be CAN$498,530,596. The net proceeds of the Notes will be used for
projects that offer environmental benefits as further described under "Use of proceeds".
Withholding Tax
Principal of and interest on the Notes are payable by us without withholding or deduction
for Canadian withholding taxes, to the extent permitted under applicable law, as set forth
in this prospectus supplement.
Status of the Notes
The Notes constitute our direct and unconditional obligations for the payment and
performance of which our full faith and credit will be pledged. The Notes will rank equally
among themselves and with all notes, debentures or other similar debt securities issued by
us and outstanding at the date hereof or in the future.
Events of Default
An event of default will occur if we do not pay the principal of, or interest or additional
amounts on, the Notes or Coupons as and when the same become due and payable and
such default continues for 45 days. An event of default will also occur if we do not pay any
principal of, or premium, interest or additional amounts on, any of our indebtedness (direct
or under a guarantee) for borrowed money exceeding U.S.$50,000,000 (or its equivalent in
other currencies) in aggregate principal amount, other than the Notes, as and when the
same becomes due and payable and such default continues for a period of 45 days. An
event of default will occur if we do not duly perform or observe any covenant or
agreement contained in the Notes (other than the payment of principal, premium, interest
or additional amounts) or in the Fiscal Agency Agreement and such default continues for a
period of 60 days.
Negative Pledge
The terms of the Notes will not contain a negative pledge.
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.
Immunity
We have waived any immunity for service of process on the Delegate General of Québec
in New York and any immunity from jurisdiction of any court to which we might
otherwise be entitled based upon the Notes. In enforcing a foreign judgment in foreign
currency, a Québec court will convert it into Canadian currency at the rate of exchange
prevailing on the date the foreign judgment became enforceable at the place where it was
rendered.

We enjoy no immunity under Québec law from suit or judgment, irrespective of whether a
party to the action is the holder of the Notes, is or is not a resident within Québec or is or is
not a citizen of Canada.

S-4


Although any judgment obtained in an action brought in the courts of Québec against us
may not be enforced by execution, applicable statutes provide that whenever we are
condemned by a judgment that has become definitive to pay a sum of money, the Ministre
des Finances, after having received a certified copy of the judgment, shall pay the amount
due out of the money at his or her disposal for that purpose or, failing that, out of the
Consolidated Revenue Fund of Québec.
Governing Law
Laws of Québec and the laws of Canada applicable in Québec.
CUSIP
748148RW5
Common Code
157312502
ISIN Code
CA748148RW51

S-5


RECENT DEVELOPMENTS
The information set forth below does not purport to be complete and supplements, and is qualified in its entirety by, the more
detailed information contained in Québec's Annual Report on Form 18-K for the fiscal year ended March 31, 2016, as amended, and
the other documents incorporated by reference in the basic prospectus. See "Where You Can Find More Information" in the
accompanying prospectus.
Recent Economic Developments in 2016
The following table shows the changes in the main economic indicators for Canada and Québec through the latest period
reported over the comparable period in the preceding year:

Percentage Changes Through
Latest Period Reported Over
Comparable Period in Preceding


Latest Period
Year(1)

Reported (2016)
Canada

Québec
GDP:


Real GDP (chained 2007 dollars)

October
1.1
1.7
Merchandise exports (2007 prices)

November
0.5

-1.9
Retail trade

November
3.7
4.3
Housing starts

December
1.2

2.7
Value of manufacturers' shipments

December
1.0
-0.4
Employment

December
0.7

0.9
Consumer Price Index(2)
December
1.4
0.7


Latest Month
Percentage of Labor Force


Reported
Canada

Québec
Unemployment rate

December
6.9
6.5
(1)
Seasonally adjusted average of months available except for Consumer Price Index.
(2)
Year over year change, not seasonally adjusted.
Sources: Statistics Canada, Canada Mortgage and Housing Corporation and the Institut de la statistique du Québec.

S-6


Economic Assumptions
The projections in the Québec Economic Plan ­ October 2016 Update reflect the following assumptions regarding the economy of
Québec for 2016.
Economic Assumptions included in the Québec Economic Plan ­ October 2016 Update
(in percentage)

Percentage Change over 2015



GDP

At current market prices

2.6
In chained 2007 dollars

1.4
Household income

3.0
Business non-residential capital expenditures (2007 prices)

-1.9
International exports (2007 prices)

-0.5
Household consumption (2007 prices)

1.9
Labor force

0.1(1)
Employment

0.9(1)

Average Rate
Unemployment rate

7.1(1)
Note: Economic assumptions, such as those included in the table above, are developed by Québec and are a necessary part of the
budget process. Actual results may differ materially from these assumptions.

(1) Observed data.
Sources : Ministère des Finances du Québec.
Other developments
The new U.S. Administration has announced its intention to renegotiate the North American Free Trade Agreement ("NAFTA") with
Canada and Mexico. At this stage, it is uncertain what form this re-opening will take or its extent. Consequently, it is unclear how this
would impact Québec's trade and economy.
The "stand-still" period during which the United States undertook not to initiate trade actions against Canadian softwood lumber
expired on October 13, 2016. On November 25, 2016, the U.S. Lumber Coalition filed a petition with the U.S. Department of
Commerce ("DOC") and the U.S. International Trade Commission, seeking the imposition of duties on certain softwood lumber
products imported from Canada. The DOC initiated its investigation on December 16, 2016. Preliminary determinations are expected
in late April 2017, and final determinations in late 2017. In parallel with its defense in the DOC investigation, Quebec supports the
efforts of the Canadian federal government to finding a negotiated solution to the Softwood Lumber Dispute, through the conclusion
of a new U.S.-Canada Softwood Lumber Trade Agreement.
USE OF PROCEEDS
The net proceeds of the issue, being approximately CAN$498,530,596 (after deduction of our estimated expenses of
CAN$194,404), will be added to the Consolidated Revenue Fund of Québec or advanced to Financement-Québec as permitted by law
for the purpose of the Eligible Projects (as defined below).
The net proceeds of the Notes will not be held in a segregated account. An amount equal to the net proceeds of the Notes will
be recorded in a designated account in Québec's financial records, or as the case may be in Financement-Québec's financial records,
in order to track the use and allocation of funds relating to Eligible Projects. As long as the account balance is positive, amounts
equivalent to the funds disbursed are deducted from the balance of the designated account as the funds are allocated to Eligible
Projects approved under Québec's internal selection process.

S-7


The term "Eligible Projects" refers to a group of selected projects that offer environmental benefits for protecting the
environment, reducing greenhouse gas emissions or adapting to climate change in Québec. Electricity generation projects involving
fossil fuels and nuclear energy are excluded.
Without limitations, Eligible Projects may fall into the following categories:
- Public transit
- Energy efficiency
- Renewable energy
- Sustainable waste management
- Sustainable land development
- Water management and/or water treatment
- Forest, agricultural land, and land management
- Climate adaptation and resilience
Proceeds of the Notes are expected to be used to fund some or all of such types of Eligible Projects.
The Notes will be direct and unconditional obligations of Québec as described under "Summary - Status of the Notes" and
holders of the Notes will not assume any specific project risk related to any of the Eligible Projects.
DESCRIPTION OF NOTES
This prospectus supplement describes the terms of the Notes in greater detail than the accompanying prospectus and may
provide information that differs from the prospectus. If the information in this prospectus supplement differs from the prospectus, you
should rely on the information in this prospectus supplement.
Québec will issue the Notes under the Fiscal Agency Agreement (as defined below). The information contained in this section
and in the accompanying prospectus summarizes some of the terms of the Notes. Because this is a summary, it does not contain all of
the information that may be important to you as a potential investor in the Notes. Therefore, you should read the Fiscal Agency
Agreement and the form of Notes in making your investment decision. Québec will file copies of these documents with the
Commission and will also file copies of these documents at the offices of the fiscal agent and the paying agents.
The Notes constitute a separate series of debt securities of Québec being offered by Québec from time to time. The portion of
the Notes being offered by this prospectus supplement and the accompanying prospectus dated January 29, 2015 to be sold in the
United States was registered under Registration Statement No. 333-200812, which Québec has filed with the Commission under the
United States Securities Act of 1933, as amended (the "Securities Act").
The Notes in the aggregate principal amount of CAN$500,000,000 will be issued subject to a fiscal agency agreement to be
dated as of March 3, 2017 (the "Fiscal Agency Agreement"), between Québec and BNY Trust Company of Canada, as fiscal agent,
transfer agent, registrar and principal paying agent (in all such capacities, the "Registrar"). Such terms and conditions will be
available to owners of beneficial interests in the Notes from Québec or the Registrar upon request. Holders of Notes will be bound by,
and deemed to have notice of, the provisions contained in the Fiscal Agency Agreement. Copies of the Fiscal Agency Agreement will
be available for inspection at the Commission and also may be inspected at and obtained, free of charge, from the offices of the
Registrar during their normal business hours on any weekday. References to principal and interest in respect of the Notes shall be
deemed also to refer to any Additional Amounts which may be payable as described below. See "Payment of Additional Amounts".
Form, Denomination, Title and Registration
The Notes will be issued in the form of one or more fully registered permanent Global Notes registered in the name of
CDS & Co., as nominee of CDS, and held by BNY Trust Company of Canada, as custodian for CDS. Beneficial interests in the Notes
will be represented through book-entry accounts of financial institutions acting on behalf of owners of such beneficial interests as
direct and indirect participants in CDS, Euroclear or 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.
Neither Québec nor the Registrar will have any responsibility or liability for any aspect of the records of the Clearing Systems
relating to or payments made by such Clearing Systems on account of

S-8


beneficial interests in the Global Notes or for maintaining, supervising or reviewing any records of such Clearing Systems relevant to
such beneficial interests. Owners of beneficial interests in the Notes will not, except in limited circumstances described herein, be
entitled to receive certificates representing Notes ("Certificated Notes") or to have Notes registered in their names, and will not be
considered holders thereof under the Fiscal Agency Agreement. See "Certificated Notes". Subject to applicable law and the terms of
the Fiscal Agency Agreement, Québec and the Registrar shall deem and treat the persons in whose name the Global Notes are
registered, initially CDS, as the absolute owners thereof for all purposes whatsoever notwithstanding any notice to the contrary. All
payments to, or on the order of, the registered holders shall be valid and effectual to discharge the liability of Québec and the
Registrar on the Notes to the extent of the sum or sums so paid.
The Notes will only be sold in denominations of CAN$5,000 and in multiples of CAN$1,000 in excess thereof.
The Registrar will be responsible for (i) maintaining a record of the aggregate holdings of Notes; (ii) ensuring that payments
of principal and interest in respect of the Notes received by the Registrar from Québec are duly credited to CDS; and (iii) transmitting
to Québec any notices from owners of beneficial interests in the Notes. The Registrar will not impose any fees in respect of the Notes,
other than reasonable fees for the replacement of lost, stolen, mutilated or destroyed Notes. However, 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.
Interest
The Notes will bear interest from March 3, 2017 at a rate of 1.650% per annum, payable in two equal semi-annual
installments, in arrears on March 3 and September 3, commencing on September 3, 2017. 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 365-day year consisting of actual number of days in the period.
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 Canadian dollars to the person registered at the close of business on the relevant record date in the
register held by the Registrar. With respect to Notes held by CDS, for the benefit of CDS, payment will be made to owners of
beneficial interests in the Notes in accordance with customary procedures established from time to time by CDS and its direct and
indirect participants, including Euroclear and Clearstream, Luxembourg. The Registrar will act as Québec's principal paying agent
for the Notes pursuant to the Fiscal Agency Agreement.
If any date for payment in respect of any Note is not a Business Day in the applicable place of payment, the holder thereof
shall not be entitled to payment until the next following Business Day, and no further interest shall be paid in respect of the delay in
such payment. In this paragraph, "Business Day" means a day on which banking institutions in the City of Montréal 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.
Record Date
The record date for purposes of payments of principal of and interest and Additional Amounts, if any, on the Notes will be as
of 5:00 p.m., Montréal 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.

S-9