Québec Completes Issuance of Notes

On February 11, 2009 Québec issued CHF275,000,000 3.125 per cent Notes due December 11, 2015 and CHF200,000,000 3.875 per cent Notes due December 11, 2018 under its US$18,000,000,000 Euro Medium Term Note Programme. The Notes were listed on the SIX Swiss Exchange. The Notes were offered by underwriting syndicates jointly led by ABN AMRO Bank N.V., Amsterdam, Zurich Branch, Deutsche Bank AG London Branch, acting through Deutsche Bank AG Zurich Branch and The Royal Bank of Scotland plc and including Bank Sarasin & Cie AG, Bank Vontobel AG, Bank Julius Bär & Cie AG, Bayerische Hypo- und Vereinsbank AG, Munich, Zurich Branch, BNP Paribas (Suisse) SA, Credit Suisse, Lombard Odier Darier Hentsch & Cie, Raiffeisen Switzerland Cooperative, UBS AG and Zurich Cantonalbank.

The dealers were represented by Ogilvy Renault LLP with a team including Susan Mann and Peter Noble (London) and Jules Charette (Montréal – tax) and by Dr. Christoph Balsiger of Niederer Kraft & Frey in Zurich.

Lawyer(s)

Jules Charette Susan E. Mann Peter S. Noble