Securities and loans issued by Quebec

New loans issued by the Government of Quebec (unaudited).

SAVINGS PRODUCT DEFINITIONS:

QUEBEC MEDIUM-TERM NOTE REGIMES

Borrowing by the government under specific borrowing regimes authorizing
the issuance and sale of Quebec medium-term tickets as part of a continuous offer on various
markets (Canada, United States, Europe, Australia).

QUEBEC'S NON-SPECIFIC BORROWING REGIME

Borrowing by the government under a non-specific borrowing regime authorizing
the issuance and sale of Quebec bonds on various markets.

SAVINGS PRODUCTS

Loans made by the Government under the borrowing regime authorizing the issuance and sale
of Quebec savings products using an account registration system.

IMMIGRANT INVESTOR PROGRAM

The Immigrant Investor Business Assistance Program allows businesses to obtain
a non-repayable financial contribution that comes from interest generated by investments
carried out by immigrant investors. The program is administered by IQ Immigrant Investors
inc., a subsidiary of Investissement Québec.