Commentary & Deal Flow

Reoffer: 10yr: SOFR MS+66bp / 99.171 / 4.73%
Benchmark: 10yr: T 4⅜ 15-May-36 (CT10: 99-10+ / 4.459%) / B+27.1bp / HR: 99%

Launched: 10yr: US$3bn @ SOFR MS+66bp - Books closed in excess of US$14bn (excl. JLM interest)
Spread set at: 10yr: SOFR MS+66bp - Orderbook US$13bn excl. JLM interest
Guidance: 10yr: SOFR MS+67a - IOIs in excess of US$6.5bn excl. JLM interest

• Issuer: Province of Québec
• Ticker: Q
• Issuer Ratings: Aa2/A+/AA- (Moody's/S&P/Fitch - all stable)
• Format: SEC Registered Global
• Size: US$3bn
• Maturity: 03-Jun-36 (10yr)
• Settlement: 03-Jun-26 (T+5)
• Spread: SOFR MS S/A 30/360 +66bp
• Coupon: 4.625%, Fixed, SA 30/360
• UST Ref: +27.1bp vs T 4⅜ 15-May-36 (CT10: 99-10+ / 4.459%, HR: 99%)
• Reoffer: 99.171 / 4.73%
• Denominations: US$5,000 + US$1,000
• Bookrunners: BMO/BofA/CIBC (DM/B&D)/JPM/TD
• Listing: Luxembourg (Euro MTF Market)
• Law: Québec and Canada
• Target Market: Professional / Eligible Counterparties (All Distribution Channels)
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the securities
• ISIN: US748148SJ30
• Timing: Priced. TOE 3.19pm LDN
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The prospectus relating to the securities is available on the Luxembourg Stock Exchange: https://www.luxse.com/issuer/QuebecPr/27854
• SEC Filing: The issuer has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the "SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and the related prospectus supplement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at http://www.sec.gov
• Restrictions: EEA restrictions applicable: Prohibition of sales to EEA retail investors. This is only directed at persons outside UK, investment professionals and others to whom may be lawfully communicated and only such persons may rely on this or be engaged with re the bonds.
• Stabilization: Reg M/FCA