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Québec completes issues of CHF200 Million 2.875% Euro Medium Term Notes

CLIENT

Royal Bank of Scotland (Zurich)

DATE

December 17, 2009

On December 17, 2009, Québec issued CHF200 million 2.875% Notes due December 17, 2021 under its US$18 billion Euro Medium Term Note Programme. The Notes were listed on the SIX Swiss Exchange. The Notes were offered by the Joint-Lead Managers, The Royal Bank of Scotland plc, Edinburgh, Zurich Branch and Deutsche Bank AG London Branch, acting through Deutsche Bank AG Zurich Branch.

Susan Mann and Peter Noble (London) and Jules Charette (Montreal - Tax) of Ogilvy Renault LLP represented the dealers.

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