Province of Quebec Issues Notes

On July 9, 2003, the province of Quebec issued $500 million 4.25 per cent notes due on July 9, 2010, series 164, pursuant to its US$10 billion Euro medium term note programme. The underwriting syndicate was led by Royal Bank of Canada Europe Limited, National Bank Financial Inc. and TD Bank, and included CIBC, London Branch, DEPFA Bank plc., ABN AMRO Bank NV, Bank of Montreal, BNP Paribas, Commonwealth Bank of Australia, Credit Suisse First Boston (Europe) Limited, Deutsche Bank AG London, Dexia Banque Internationale à Luxembourg, société anonyme acting under the name of Dexia Capital Markets, Fortis Bank NV/SA, HSBC Bank plc, ING Belgium SA/NV, KBC Bank NV, Merrill Lynch International, Prudential-Bache International Limited, Scotia Capital Inc. and WestLB AG. Peter Noble of Ogilvy Renault in London represented the underwriters.