Québec completes issue of US$1.4 billion of Global Notes

August 25,2011 Client: Toronto-Dominion Securities

On August 25, 2011, Québec issued US $1.4 billion 2.750 per cent Global Notes Series QK due August 25, 2021. The Notes were listed on the London Stock Exchange’s Main Market pursuant to a post-closing UK listing prospectus. The Notes were offered by an underwriting syndicate lead by Merrill Lynch, Pierce, Fenner & Smith Incorporated, Deutsche Bank Securities Inc., J.P. Morgan Securities Ltd. and Scotia Capital (USA) Inc.

The underwriters were represented by Norton Rose OR LLP (Canadian law, EEA regulatory matters and London listing), with a team including Peter S. Noble and Susan E. Mann (London), Andrew Bleau (US law) and Jules Charette (Tax - Montréal)